Latest Europe Headlines
All the headlines from our Europe Topic Page, ordered by recency.
Zurich Appoints Hongler Swiss CEO
Nov 30 2005 // Zurich Financial Services Group announced the appointment of Markus Hongler, 48, as the new CEO in charge of its Swiss business effective Jan. 1, 2006. He succeeds Hans-Jürg Bernet, 56 who is retiring after serving as...
European Fine Art Collector, Insurer Discusses His Trials, Tribulations at Art Basil, Miami Beach
Nov 30 2005 // The trials and tribulations of maintaining and insuring a well-known corporate art collection, from bombings by the IRA, to being stolen by builders and damaged when cleaners sprayed paintings with window cleaner, were...
Lord Levene Urges U.K. Reinsurers to Support Changes in U.S. Trust Fund Collateral Requirements
Nov 29 2005 // Lloyd’s Chairman, Lord Levene, has called on the London market’s reinsurers to play their part in European efforts to remove the current “inappropriate system” of collateralisation requirements in...
Munich Re Issues $128.7 Million Windstorm Cat Bonds
Nov 28 2005 // Cat bonds seem to be enjoying something of a revival in Europe, largely as a response to increased windstorm and flood losses, as well as the passage of Hurricane Katrina. Munich Re recently increased its commitment to...
Whittington to Set up New Singapore Insurer
Nov 18 2005 // The insurance division of the Omni Whittington Group is to demerge and will benefit from a major injection of expansion capital. A new holding company, Whittington Group Pte Limited, will be domiciled in Singapore with net...
IFSL Report Notes 15% Decline in London Market Premiums in 2004
Nov 17 2005 // A report from International Financial Services, London (IFSL) notes that gross premiums on the London Market fell 15 percent in 2004 to £21.7 billion ($37.3 billion) According to a new edition of IFSL’s Insurance...
QBE (Europe) Ratings “Unaffected” by Branding Change Says S&P
Nov 10 2005 // Standard & Poor’s Ratings Services announced that its ratings and outlook on the recently rebranded QBE Insurance (Europe) Ltd., rated “A+” with a stable outlook, (formerly QBE International...
PXRE Acquires $300 Million Cat Bond Backup Reinsurance
Nov 10 2005 // It may be a case of locking the barn door after the horse has gone (see following article), but Bermuda-based PXRE has taken a significant step to protect itself “from extreme catastrophe losses arising from...
RenRe Announces Appointments; O’Donnell to Head Reins. Sub; Branagan to Head Group Risk Modeling
Nov 9 2005 // RenaissanceRe Holdings is moving to fill the rather large gap created by the sudden departure of James Stanard, its President and CEO (See IJ Website Nov. 1). The company announced that Kevin J. O’Donnell has been...
Converium to Restate Financial Accounts; Delays Q3 Report
Nov 4 2005 // Swiss reinsurer Converium announced that it will restate its financial accounts as soon as it has completed “an extensive internal review of certain reinsurance transactions and engaged outside counsel to assist the...
Best Upgrades Public Data Rating for Liberty Mutual Insurance Europe
Nov 2 2005 // A.M. Best Co. has upgraded the public data rating to A- (Excellent) from B+ (Very Good) of Liberty Mutual Insurance Europe Limited (LMIEL) (United Kingdom). Public data (pd) ratings reflect a quantitative analysis of a...
Best Affirms FSR for Arch Insurance Co. (Europe)
Nov 1 2005 // A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Arch Insurance Company (Europe) Limited (Arch Europe) (United Kingdom). The outlook for both...
S&P Evaluates Effect of EU Regulations on Europe’s Insurers
Oct 24 2005 // Standard & Poor’s Ratings Services has published a study of the effects of new regulations on European insurers, which concludes that the regulations and structural developments within the sector “are...
S&P Finds ‘Positive Trends’ in European Insurance Market
Oct 11 2005 // Standard & Poor’s Ratings Services has published its quarterly analysis of the leading European insurers, entitled “Industry Report Card: European Insurance.” S&P found that positive trends in...
European Polar Satellite Lost
Oct 10 2005 // The European Space Agency’s Cryosat spacecraft was lost minutes after lift-off from the Plesetsk Cosmodrome in northern Russia on Saturday Oct. 8. Cryosat, which cost 135 million euros ($164 million) was designed to...
European Organization Tackles Health Care Fraud; Gee to Head EHFCN
Oct 10 2005 // Health care fraud is of as much concern in Europe as in the U.S. That’s the message from the second annual European Healthcare Fraud and Corruption Conference. The European Healthcare Fraud and Corruption Network...
News Briefs
Oct 3 2005 // Roundup of Katrina Loss Estimates: As the scope of the devastation wrought by Hurricane Katrina became increasingly evident, European and Bermuda-based insurers and reinsurers continued to calculate their potential...
ABI Calls on Government to Delay VAT Enforcement Ruling; Cost Estimated at $352 Million
Sep 30 2005 // The Association of British Insurers (ABI) has called on the Government to delay implementation of an EU court ruling that would impose value added taxes (VAT) on services outsourced beyond EU borders. The ABI estimates...
International Newsbriefs
Sep 19 2005 // European Insurers Estimate Katrina Losses: A disaster the scope of Hurricane Katrina hits everybody, not just U.S. carriers. The following are some of the preliminary estimates of anticipated losses from a number of...
News Briefs
Sep 19 2005 // European Insurers Estimate Katrina Losses: A disaster the scope of Hurricane Katrina hits everybody, not just U.S. carriers. The following are some of the preliminary estimates of anticipated losses from a number of...
