Hungarian market News

Reinsurance Fraud Triggers Stock Plunge in Lehman-Founded Hungarian Insurer

Hungarian insurer Cig Pannonia Nyrt., which lists Lehman Brothers as one of its founders, lost as much as a quarter of its value in two days after Italian reinsurance contracts at one of its units turned out to be counterfeit. …

Record Flooding Impacts Southeast Europe: AIR Analysis

According to catastrophe modeling firm AIR Worldwide, Southeast Europe is experiencing record levels of flooding after three months’ worth of rain fell in just three days. The report cited the “many landslides” that have covered roads, homes, and villages, as …

Swiss Re Estimates Europe Flood Claims at $300 Mn; Overall Losses $3.5-$4.5 Bn

Swiss Re has estimated that its claims burden from recent flooding in central and Eastern Europe is approximately $300 million, net of retrocession and before tax. Industry-wide insured losses are estimated to be between $3.5 and $4.5 billion. The flooding …

MetLife to Acquire Aviva’s Czech, Hungarian, Romanian Operations

MetLife, Inc. announced that it has agreed to acquire the life insurance businesses of UK-based Aviva plc in the Czech Republic (Aviva Czech Life) and Hungary (Aviva Hungary Life), and its life insurance and pension businesses in Romania (Aviva Romania …

Chubb Program Expedites Clinical Trials in Czech Rep., Hungary, Portugal

The Chubb Group of Insurance Companies announced that it has added the Czech Republic, Hungary and Portugal to its WORLDcert program, a proprietary online system that instantly generates certificates of insurance in 152 countries. The system enables life sciences companies …

Swiss Re is ‘Well Placed’ for Baden-Baden Renewal Discussions

Swiss Re has issued a bulletin noting that it is “well placed for the upcoming 2011 renewal negotiations with its European clients.” The talks, which begin this week in the German resort of Baden-Baden, bring together brokers and reinsurers (and …

Aon: EU’s Environmental Liability Directive May Dominate Hungarian Spill

“The unfolding disaster in Hungary, in which toxic sludge escaped from a failed reservoir belonging to an industrial company, should serve as a warning to companies with industrial operations in Europe that the Environmental Liability Directive (ELD) leaves no place …

Hungary Aluminum Sludge Flood Called ‘Ecological Disaster’

Hungary declared a state of emergency in three counties Tuesday after a flood of toxic red sludge from an alumina plant engulfed several towns and burned people through their clothes. One official called it “an ecological disaster” that may threaten …

ICC Survey Concludes Economy is Rebounding ‘at a Slower Pace’

The world economy continued its rebound from the worst recession in decades, according to the quarterly ICC/Ifo World Economic Survey released today, but at a slower pace. The survey concluded that “some regions, notably North America and Asia, saw slowing …

QBE Europe Promotes Tonchev and Jenny

QBE’s European division announced that Petko Tonchev has been promoted to General Manager for Central and Eastern Europe and Felix Jenny will take up the interim position of General Manager of QBE‟s German operation. Both roles are effective immediately. They …