Latest Europe Headlines
All the headlines from our Europe Topic Page, ordered by recency.
Report Urges Phased Reform of EU Financial Oversight
Feb 25 2009 // The European Union should set up two bodies to coordinate oversight of financial institutions across Europe, according to a report on Wednesday which disappointed those seeking simpler structures with more teeth. Part of...
Aegon, L&G See More Defaults, Insurer Woes Continue
Feb 18 2009 // Writedown woes hit European insurers again on Tuesday as life insurers Legal & General Plc and Aegon NV predicted more companies would default on loans, sending insurance shares down. Legal & General more than...
Best’s Solvency II Analysis Concludes Financial Crisis Impacts Insurers
Feb 2 2009 // A report from A.M. Best examines the latest twists and turns of the European Union’s much discussed (and long delayed) implementation of the Solvency II regulations. Best notes that the “current turmoil in the...
Marine Insurance Group Sees ‘Tough Times’ for Insurers
Feb 2 2009 // According to Deirdre Littlefield, president of the International Union of Marine Insurance (IUMI), “While the insurance industry may be more insulated from failure than others in the financial sector, it will not...
ACE Europe Launches Insurance, Risk Management for Mid-size Firms
Jan 27 2009 // ACE Europe has announced the launch of “ACE Evolve,” which it describes as a “coordinated insurance and risk management solution for mid-sized companies with overseas subsidiaries or assets. ACE Evolve...
Ratings: Hannover Re, Scottish Re, NTI, Korean Re, Southern Rock, Ecclesiastical/Ansvar
Jan 26 2009 // A.M. Best Co. has commented that the financial strength rating of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a+” of German reinsurer Hannover Rueckversicherung AG (Hannover Re) remain...
Xl Insurance Hires 8 Engineers for Global Property Loss Prevention
Jan 22 2009 // XL Insurance announced from its office in Hartford that the Company has hired eight new field engineers for its worldwide property loss prevention services business, XL Global Asset Protection Services (XL...
Arch Receives Approval for New Lloyd’s Syndicate
Jan 22 2009 // The Bermuda-based Arch Capital Group announced that the Company has received approval in principle from the Lloyd’s Franchise Board and the Financial Services Authority (FSA) to establish a new managing agent and...
S&P Assigns ‘AA-‘ Ratings to RenRe Europe; Outlook Stable
Jan 22 2009 // Standard & Poor’s Ratings Services has assigned its ‘AA-‘ counterparty credit and financial strength ratings on Renaissance Reinsurance of Europe (RenRe Europe) with a stable outlook. “RenRe...
UK launches 2nd Bank Rescue Plan, RBS Losses Near $30 Billion
Jan 20 2009 // The UK launched a second bank rescue plan on Monday. One of the recipients, Royal Bank of Scotland, said it lost over £20 billion ($29.3 billion) last year and Japan said bad loans worldwide had further to climb. The...
Obama Inauguration is a Global Event
Jan 20 2009 // For the past 100 years or so the election of a new American President has been more than just a local event. But the inauguration of Barack Obama as the nation’s 44th president has taken on a special importance. It...
Zurich Appoints Parker as CEO of Direct Business in Europe
Jan 13 2009 // Zurich Financial Services Group has appointed Ian Parker (43, UK citizen) to the position of CEO Direct business for Europe General Insurance (EGI) effective immediately. He has been acting as interim head of the direct...
Garrard to Head Willis Europe; Donovan Named for Australasia
Jan 7 2009 // Willis Group Holdings announced that Adam Garrard has been appointed CEO of Willis Continental Europe and Bill Donovan has been named to succeed him as CEO for Willis Australasia. The appointments were effective January 1,...
Climate Change Raises 2008 Cat Losses to $200 Billion Says Munich Re
Dec 31 2008 // Munich Re has released its annual report on the natural catastrophes that occurred in 2008, which it describes as “one of the most devastating years on record.” 2008’s major catastrophes included a number...
Munich Re 2008 Catastrophe Report Cites Role of Climate Change
Dec 30 2008 // Munich Re has released its analytical report on the natural catastrophes that occurred in 2008, which the reinsurer describes as, “one of the most devastating years on record.” 2008’s major catastrophes...
Despite Financial Crisis, Climate Change Concerns Continue
Dec 29 2008 // “This year’s climate change agenda has, if nothing else, highlighted that next year will be hard going for those wishing to set global agreement for action against climate change,” states a recent article...
Ratings II: Zurich (Spain), HDI (Italy), National Grid, Cat Bonds of Ajax, Carillion, Newton
Dec 23 2008 // Standard & Poor’s Ratings Services has raised its counterparty credit and insurer financial strength ratings on non-life insurer Zurich Espana, Compania de Seguros y Reaseguros, S.A.(Zurich España) to...
Ace Strengthens Environmental Team as UK to Implement New Legislation
Dec 17 2008 // ACE Europe (ACE) announced that it has “further strengthened its environmental risk team with the appointment of Chris Strong as Environmental Risk Underwriter.” ACE said it made the appointment in anticipation...
Zurich Reorganizes Irish Subsidiary
Dec 16 2008 // Zurich Financial Services Group announced that Zurich Insurance Ireland Limited (ZIIL), the Group’s Dublin-based European general insurance risk carrier, will be changing its name and incorporation status to Zurich...
Best Rates Liberty Mutual Europe ‘A’
Dec 15 2008 // A.M. Best Co. has assigned a financial strength rating of ‘A’ (Excellent) and an issuer credit rating of “a” to UK-based Liberty Mutual Insurance Europe Limited (LMIE), a part of the Liberty...
