Latest Europe Headlines

World Leaders Urge Obama to Shape New Economic Order

Nov 5 2008 // Political leaders urged U.S. President-elect Barack Obama on Wednesday to help forge a new economic order and lead the world out of its worst financial crisis since the 1930s. Excitement about the election of Democrat...

Global Crisis Dominates A.M. Best’s London Conference

Nov 2 2008 // Execs Say Market Remains Attractive Even as Crisis Puts Pressure on Prices The by now all too familiar litany of the world’s financial woes took pride of place at A.M. Best’s conference in London on Oct. 15....

Credit Crisis Hits Europe: Coface Lowers UK, Ireland, Iceland Ratings

Oct 31 2008 // Coface, the Paris-based business specialist, has issued a bulletin, which notes that the “credit crisis is spreading throughout Europe amid a deepening financial crisis, leading to a sudden squeeze in banking credit,...

Marsh Rolls Out New Binding Authorities for ‘Tough Times’

Oct 30 2008 // Marsh announced the creation of a dedicated binding authority and consumer placement service in London to meet the needs of clients globally. “This team will be the access point to the London and European insurance...

ACE Europe Names Dmitriev Russia Manager

Oct 30 2008 // The ACE European Group has appointed Nikolay Dmitriev as Country Manager for its Russian operation, ACE Insurance Company CJSC. He replaces Andreas Wania who moved to the role of Regional Manager Central Eastern Europe,...

Aon Redomiciles White Rock RRG from Gibraltar to Malta

Oct 28 2008 // Aon announced that part of its White Rock operation, described as a “unique group of insurance and reinsurance vehicles with operations in key domiciles including Bermuda, Gibraltar, Guernsey and Luxembourg,”...

EC’s Barroso Says Crisis Needs Heightened Coordination

Oct 23 2008 // The current financial crisis will require unprecedented levels of global coordination to resolve it because no country is immune to its effects, European Commission President Jose Manuel Barroso said on Thursday. Speaking...

European Commission to Crack Down on Derivatives Risk

Oct 21 2008 // The European Commission said on Friday that it intends to make proposals to control risks in the $60 trillion credit derivatives market, which is seen as one of the causes of the worst financial crisis in 80...

Global Crisis Dominates A.M. Best’s London Conference

Oct 20 2008 // The by now all too familiar litany of the world’s financial woes took pride of place at A.M. Best’s well-attended conference (over 240 attendees) in London on October 15. Roger Sellek, the rating agency’s...

The Era of Re-Regulation is Upon Us

Oct 20 2008 // Although the nation’s attention is focused on the financial crisis it is worth thinking about how this mess will affect attitudes toward government intervention. The July issue of The Atlantic magazine, published...

Oct 20 2008 // Darleen Madden has been elected president of the Independent Insurance Agents of Dallas (IIAD) for a term beginning Sept.1, 2008, through August 2009. Madden is co-owner of Glenn-Madden & Associates located in Dallas,...

Financial Crisis Dominates European Risk Manager Debates, Conference

Oct 20 2008 // One of Pat Oliphant’s more recent editorial cartoons shows presidential candidate John McCain held in the trunk of an enraged elephant labeled “The Economy.” “My friends,” says McCain to a...

FERMA Lauds EU Action on Captives

Oct 10 2008 // The Federation of European Risk Management Associations (FERMA) has issued a bulletin welcoming the vote by the European Parliament on October 7, which endorsed a “vast majority of the special amendments regarding...

Best Upgrades/Affirms Arch Re, Arch Europe Ratings

Oct 9 2008 // A.M. Best Co. has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of Bermuda-based Arch Reinsurance Ltd. and...

Aegon, Aviva Bolster Risk Hedges, EU Insurers’ Shares Rise

Oct 9 2008 // European insurance shares rose sharply on Thursday, as Dutch insurer Aegon announced steps to boost capital and reduce risk, while British peer Aviva Plc bolstered its hedges against slumping stock markets. Aegon, which...

Europe Strives to Combat Financial Crisis in Unison

Oct 7 2008 // European governments struggled on Monday to shelter banks and bank depositors from a global financial crisis that is eroding confidence, endangering the economy and challenging their ability to respond as one. Germany...

Best Reports on Europe’s Insurers

Oct 7 2008 // “Non-life insurance premiums are flat or declining while claims costs are escalating in Western Europe’s major markets,” said a bulletin from A.M. Best. “Meanwhile, life insurers’ growth is...

Swiss Re Partners with CelsiusPro for Weather Derivatives

Oct 3 2008 // Swiss Re announced a partnership with Zurich-based CelsiusPro to offer weather risk transfer solutions to European companies. Swiss Re said it would “provide the risk capacity and expertise to support...

Wall Street Looks to House After Senate Approves Rescue Measure

Oct 2 2008 // Shockwaves from the global credit crisis spread on Thursday, threatening industry and jobs worldwide and putting pressure on the U.S. Congress to finish up a $700 billion bailout of the U.S. financial sector. The fate of...

Fortis ‘in Play’ as Trichet Joins Emergency Talks

Sep 29 2008 // Fortis, the Belgian-Dutch banking and insurance giant, faced a takeover or break-up as European Central Bank President Jean-Claude Trichet held emergency talks with Dutch and Belgian lawmakers to restore faith in the...