Allianz News

Allianz, Mitsui Sumitomo Bidding for Malaysia’s 2d Biggest Car Insurer

Allianz Malaysia Bhd. and Mitsui Sumitomo Insurance Co. have been shortlisted to proceed to the next round of bidding for AmGeneral Insurance Bhd., in a deal that could value Malaysia’s second-biggest car insurer at about $800 million, people with knowledge …

Allianz Extends Contract of CEO Oliver Baete

The supervisory board of Allianz SE has decided to extend Oliver Baete’s contract as chairman of the board of management until September 2024. The original contract was to expire end of September 2019. “Under Mr. Baete’s leadership, Allianz has developed …

Global Regulators Delay, Rethink ‘Too-Big-to-Fail’ Designation for Insurers

Global insurance regulators will put off singling out insurers deemed so important to the financial system that they are required to hold extra capital, in a victory for companies such as American International Group and Prudential. The International Association of …

Allianz’ Q3 Net Profit Surges 24% to €1.94B (US$2.2B)

Allianz is “highly likely” to reach the upper half of its 2018 profit target range, Chief Financial Officer Giulio Terzariol said as the German insurer cited lower costs and claims in its third quarter results on Friday. The group aims …

Allianz Insurance Product Protects Firms Against Clean Energy Price Swings

Microsoft Corp. has helped develop a way to protect corporate buyers of clean power from electricity prices that go up and down with the weather. The company is using a risk-management tool called a volume-firming agreement for almost 500 megawatts …

Berlin Insurtech Startup Simplesurance Sets Sights on U.S. for Future Expansion

Simplesurance founder and CEO Robin von Hein sat down last year with Insurance Journal’s sister publication, Carrier Management, to discuss the company’s strategy. Based on the edge of Berlin’s trendy Mitte district in bright, open offices, Simplesurance is yet another …

Singapore Lender UOB Reviews Non-Life, Life Bancassurance Businesses: Sources

Singapore lender United Overseas Bank Ltd. is reviewing its insurance business, including an existing partnership with Prudential Plc, after Southeast Asia witnessed a wave of lucrative distribution deals, people familiar with the matter said. UOB has been soliciting ideas from …

UK Insurers, Businesses Urge Government Not to Raise Insurance Premium Tax – Again

UK insurers and businesses are urging the UK Treasury not to further penalize insurance customers by raising the insurance premium tax (IPT), which currently costs each household an average of £200 ($262) annually. The UK has the sixth highest IPT …

International Olympic Committee Signs Allianz as Sponsor from 2021 to 2028

The International Olympic Committee (IOC) says insurance company Allianz signed as a worldwide sponsor from 2021 through the 2028 Los Angeles Olympics. The value of the deal, which includes becoming a partner of the Paralympics, was not given. The IOC …

Campaign Calls on U.S. Insurers to Reject Fossil Fuels

A handful of consumer and climate groups are calling on the insurance industry to ditch fossil fuels as part of a new campaign called Insure Our Future. The entreaty came on the eve of this week’s Global Climate Action Summit, …