June 25, 2019

Looking West

Looking West
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Liberty acquires surety operations of AmTrust

Liberty Mutual Insurance announced the completion of the acquisition of the business and operations of AmTrust Surety, the US surety operations of AmTrust Financial Services, Inc., following satisfaction of customary closing conditions. The AmTrust Insurance Spain, Nationale Borg, and Nationale Borg Reinsurance portion of the acquisition is expected to close...

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Azerbaijan to get new agri insurance tool

A new agricultural insurance model will be launched in Azerbaijan till late 2020, Firdovsi Agashirinov, head of the Insurance Supervision Department of the Financial Market Supervisory Authority of Azerbaijan (FIMSA) has said. “Turkey’s and Spain’s agricultural insurance mechanisms were chosen as samples for the development of the bill on agricultural...

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Central Bank calls for deposit insurance scheme

The Bank of Spain called on euro zone countries recently to complete the banking union by setting up a deposit insurance scheme and to create a stabilisation fund, while warning of risks to bloc’s economy such as Brexit uncertainty. Spokespersons said Europe faced significant downside risks from Britain’s plans to leave...

Allianz strengthens its presence in the UK

Allianz has entered into transactions with two parties which will strengthen the insurer’s presence in the UK insurance market. The transactions, which are expected to be completed by end of 2019, will position Allianz among the top two general insurers in the UK with a 2018 combined gross written premium...

Notre-Dame fire raises questions on insurance

The world saw the renowned Notre-Dame, an 800-year-old historical monument go down in flames recently. Rebuilding this architectural work will cost billions of dollars. Interestingly, the Notre-Dame has not been insured. Notre Dame and all of its pre-1905 artworks are the property of the French state and not insured. The...

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Canopius, Amtrust Lloyd’s sign merger agreement

Canopius AG announced the signing of the definitive sale and purchase agreement that will see the merger of its Lloyd’s business with that of AmTrust at Lloyd’s, a division of AmTrust Financial, subject to regulatory approval. Upon completion, expected in Q3 2019, the transaction will create a top-five insurer at...

B3i Raises USD16 Million

Zurich-based blockchain startup B3i Service AG has increased its capital by USD16 million in February, according to recently published filings from the Swiss commercial register. B3i Service AG — a blockchain initiative formed by “Blockchain Insurance Industry Initiative” B3i in 2018 and run by several international insurance companies including Munich Re and Swiss Re — has raised about...

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Focus on consumer needs, FCA cautions insurers

The Financial Conduct Authority (FCA) has cautioned General Insurance (GI) firms about manufacturing, sales and distribution approaches that can lead to customers purchasing inappropriate products, paying excessive prices or receiving poor service. The recently implemented Insurance Distribution Directive requires that all firms in the GI distribution chain act in accordance...

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French Life insurers can invest in cryptocurrencies

Recently, the French government passed an Action Plan for Business Growth and Transformation (Pacte) Law that will allow life insurance companies to invest in cryptocurrencies. The law is a new step in France’s economic transformation as it will simplify business creation, ease obligations concerning workforce thresholds and remove obstacles that usually overburden companies in every...

Aon will not do business with WTW

Aon has confirmed in a statement that the company is not considering a potential all-share business with Willis Towers Watson. News of Aon’s consideration to merge with Willis Towers Watson became public and Aon was required to issue a statement because Willis Towers Watson is an Irish company and is subject to...

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