Allianz sets aside an extra €1.9bn to cover costs of Structured Alpha funds scandal May 11, 2022 German asset manager Allianz has set aside another €1.9bn (£1.6bn) to cover the costs of lawsuits arising from the multi-billion-dollar collapse of its Structured Alpha funds. The extra sum brings Allianz’ total reserves to €5.6bn, after the Munich firm set aside €3.7bn to settle the lawsuits in February this year. The move comes as Allianz [...]
Aviva chair hits back at shareholders following ‘inappropriate’ comments at AGM May 11, 2022 The chair of Aviva has said he was left “flabbergasted” by a barrage of “inappropriate” comments targeted towards female board members at Aviva’s annual general meeting (AGM) this week. The Aviva chair hit out at shareholders, after investors subjected female company executives, including Aviva chief Amanda Blanc, to a barrage of sexist comments on Monday, [...]
Slater Investments slaps down Miami fund’s £482m Randall & Quilter takeover bid May 10, 2022 A major investor in AIM listed insurer Randall & Quilter has rejected a £482m offer to take the company private, after claiming the offer is too low. Slater Investments, which owns a 10 per cent stake in the Bermuda based firm, rejected Brickell’s offer, after slamming the Miami headquartered fund’s offer to pay 175p-per-share. “In [...]
EU mulls plans to ban insurers from insuring ships carrying Russian oil May 9, 2022 The European Union is considering banning insurers from insuring ships carrying Russian oil, as another means of draining Russia of the financial resources it needs to continue bankrolling its war in Ukraine. If brought into force, the new sanctions would come as another blow to Russia’s energy export industry, as the EU also weighs up [...]
Cost of Ukraine crisis akin to ‘mid-sized natural catastrophe,’ Axa finance chief says May 9, 2022 French insurance giant Axa has said it expects the costs it will incur the Ukraine crisis will be similar to the financial hit posed by a “mid-sized natural catastrophe”. Speaking to reporters, Axa chief financial officer Alban de Mailly Nesle said: “We currently expect the net underwriting losses from the crisis to be akin to [...]
Exclusive: Six-in-ten UK small businesses forced to borrow to pay insurance premiums, new figures show May 9, 2022 Almost six out of ten (59 per cent) UK small and medium enterprises (SMEs) are relying on credit to pay their insurance costs, due to rising premiums and lower incomes linked to the impacts of Covid-19. On average, UK SMEs have borrowed £1,105 to pay for insurance costs, while nearly one in ten have borrowed [...]
Allianz strikes deal with South African insurer Sanlam to form Africa’s biggest insurance firm May 4, 2022 German insurance giant Allianz has struck a deal with South African insurance company Sanlam to create the biggest insurer in Africa. The deal will see two firms launch a new joint venture that is set to become the biggest pan-African non-banking financial services firm on the continent. The new firm will operate in 29 different [...]
Direct Line takes financial hit from watchdog’s new ‘price walking’ ban May 4, 2022 Insurance company Direct Line has said its Q1 performance was “broadly in line with expectations,” after the FCA’s new pricing practice reforms hit its bottom line. The Bromley based firm said its overall premiums were 2.4 per cent lower in Q1 2022 than in the first quarter of last year, as revenues dropped across its [...]
Allianz vows to stop insuring Arctic oil and gas projects April 29, 2022 Insurance giant Allianz has said it will stop insuring Arctic oil and gas fields by the middle of next year. The German multinational, which is one of the biggest oil and gas sector insurers in the world, vowed to stop insuring new oil and gas fields, oil powerplants, and oil pipelines in the Arctic by [...]
Sanctions are having ‘profound’ impact on London insurers, expert tells MPs April 26, 2022 The sanctions imposed on Russia are having a “profound” impact on London’s insurance sector, a leading insurance expert has told MPs. London insurers are struggling to keep on top of complex sanctions legislation and have resorted to taking an extremely cautious approach, the insurance chief said. “The volume of the legislation that’s been coming [...]