Articles by Tom Sims and Alexander Hübner

Allianz Sets Aside $4.2B to Handle Probes, Lawsuits After Collapse of Investment Funds

German insurer and asset manager Allianz ALVG.DE on Thursday said it would set aside 3.7 billion euros ($4.20 billion) to deal with investigations and lawsuits resulting from the collapse of a multi-billion-euro set of investment funds. The provision resulted in …

Finance System Is Getting More Dangerous, Not Safer: Allianz CEO

FRANKFURT – Allianz Chief Executive Officer Oliver Baete said on Thursday that the financial world was getting more dangerous, not safer, setting an ominous tone for investors. Baete, who oversees one of the world’s largest insurers and asset managers, pointed …

‘Not Everything Was Perfect’ in Fund Manager, Says Allianz CEO, After ‘Horrible Week’

Oliver Baete, chief executive officer of Germany’s Allianz, on Friday spoke of a “horrible week” for him and the insurer, his first response to a disclosure that the U.S. Department of Justice was investigating losses at its fund division. Baete, …

EU Fines VW, BMW $1B for Colluding to Curb Use of Emissions Cleansing Technology

BRUSSELS – The European Commission fined German carmakers Volkswagen and BMW a total of 875 million euros ($1 billion) on Thursday for colluding to curb the use of emissions cleaning technology they had developed. The case, separate to the so-called …

Wirecard Hires Forensic Investigator, Say Sources. Findings Could Aid in D&O Litigation.

German payments company Wirecard has hired Alix Partners for a forensic investigation of the accounting scandal that led to its collapse, people close to the matter said. The blue-chip company filed for insolvency last month, owing creditors almost $4 billion …

Allianz Expects to Be Back on Track with Profit Targets as COVID Crisis Subsides: CEO

Allianz, which is facing headwinds from the coronavirus crisis, expects to be back on track in 2021 barring a second major outbreak or financial market correction, the German insurer’s chief executive said in an interview. Allianz is among global insurers …

EU Countries Give Guarantees to Credit Insurers to Prevent Coverage Cuts

European Union states are giving guarantees to credit insurers in a bid to keep coronavirus-hit companies afloat, as some firms cut cover for trade involving bloc members such as Italy and Spain, sources said. Without insurance, companies can be reluctant …

Allianz Emerges as Frontrunner to Invest in Bancassurance Unit of Spanish Lender BBVA

German insurer Allianz has emerged as the frontrunner to invest in the bancassurance business of Spanish lender BBVA, two sources close to the deal told Reuters, after Italian rival Generali pulled out of the race. The deal is worth more …

German Firm Quits Safety Inspection Business Following Brazilian Dam Collapse

Germany’s TÜV SÜD has pulled out of conducting safety assessments of dams after the collapse of a Brazilian dam it had vetted killed almost 250 people in January, the industrial inspection firm’s chief executive told Reuters. The collapse of the …

Allianz Has Reinsurance Exposure to Vale Dam Disaster: Sources

German insurer Allianz may have to cover some of the costs of the dam collapse at Vale’s Corrego do Feijao mine in Brazil, two people familiar with the matter told Reuters. Allianz’s Global Corporate & Specialty division (AGCS) leads a …