Czech Republic News

Business Moves

Cadence, Strategic Independent Agents Alliance Cadence Insurance Services of Colorado Springs, Colo., became a member of the Strategic Independent Agents Alliance, a network of independent insurance agencies. Cadence Insurance Services joined the ICA Agency Alliance Master Agency network in Colorado …

ACE Europe Opens Offices in Hungary and Czech Republic

The ACE European Group has opened two new offices in Budapest, Hungary and Prague, Czech Republic, as part of its expansion plan for Central and Eastern Europe. Peter Dudas will head ACE’s Hungarian operation as General Manager for the country. …

Generali, PPF Create Joint Insurer for Eastern Europe

Italy’s Generali Group has concluded an agreement with PPF Group N.V., an international financial group, headquartered in Amsterdam, Netherlands, which is 95 percent controlled by Petr Kellner, a Czech entrepreneur with a strong track record of success. PPF Group in …

Over 30 Countries Agree: Bird Flu Preparedness is Key

The threat of the bird flu virus mutating into a strain capable of causing a pandemic intensifies amidst a growing number of outbreaks and human cases in different parts of the world. Since 2003, a total of 168 people have …

AXIS Kyrill Losses at $40-$55 Million

Bermuda’s AXIS Capital announced that its expects net losses related to Windstorm Kyrill to be between $40 and $55 million, principally from its reinsurance segment. AXIS noted that Kyrill “produced damaging winds across Europe,” and was the “most significant storm …

Allianz Kyrill Losses Around $452 Million

Germany’s Allianz Group announced that “based on the current state of knowledge,” it estimates net claims of around €350 million ($452 million) before taxes. “The amount of claims is within the scope of expectations based on Allianz’s risk modeling systems, …

Munich Re Estimates Kyrill Losses at $775 Million

Based on current estimates, Munich Re expects pretax losses from Windstorm Kyrill to be around €600 million ($775 million). The estimates include claims relating to the Group’s primary insurance subsidiary ERGO. Munich Re’s estimate of overall insured market loss is …

RMS Puts Kyrill Insured Losses at $3.9 to $6.5 Billion

Risk Management Solutions (RMS), has released its initial estimate for insured losses from Windstorm Kyrill, indicating that it expects them to be between €3 billion and €5 billion ($3.9 billion and $6.5 billion). RMS’ estimates are somewhat lower than fellow …

AIR Estimates Europe Storm Insured Losses at $5 to $10 Billion

Catastrophe risk modeler AIR Worldwide has issued a bulletin estimating insured losses from Winter Storm Kyrill (or Cyril) at between €4 billion and €8 billion ($5.18 billion and $10.37 billion). The GDV German insurance industry association estimated that country’s insured …

28 Die as Storm Lashes Europe; Transport Chaos, Widespread Damage

The mild winter weather that much of Europe has been enjoying for the last month came to a sudden halt earlier this week when the most violent storm to hit the continent since 1999 swept in from the Atlantic. So …