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Allianz, Atrium lead insurance coverage on downed Malaysian Airlines plane

Published July 18, 2014 - 9:51am CST

(Reuters) — Insurance on the Malaysian Airlines plane brought down over Ukraine is likely to pay out quickly, but settling insurance for the loss of 298 lives and other liability could be complex and lengthy.

Insurers struggle to get grip on burgeoning cyber risk market

Published July 14, 2014 - 9:07am CST

(Reuters) — Insurers are eagerly eyeing exponential growth in the tiny cyber coverage market but their lack of experience and skills handling hackers and data breaches may keep their ambitions in check.

German insurers face $887M bill for June storm

Published July 02, 2014 - 9:21am CST

(Reuters) — German insurers are on the hook for about €650 million ($887.2 million) in damage claims from storm "Ela" in early June, which hit northwestern Germany especially hard, an industry body said on Wednesday.

Big insurers may escape regulators' systemic list: Watchdog

Published June 19, 2014 - 9:42am CST

(Reuters) — Global insurers deemed by regulators as likely to destabilize the financial system should they fail could find a way of removing themselves from the list, such as by simplifying themselves, a German watchdog said.

German official calls for compulsory flood insurance

Published June 03, 2014 - 2:03pm CST

(Reuters) — Property owners in Germany should be required to insure against floods and other natural hazards, a senior German government official said Tuesday, seeing this as a way of spreading the cost of disaster cover.

S&P questions value of systemic designation for international insurers

By: Mark A. Hofmann

Published June 03, 2014 - 1:29pm CST

The merits of the global systemically important insurer designation — G-SII — assigned to nine international insurers by the Financial Stability Board are not clear, according to an analysis released Tuesday by Standard & Poor’s Corp. in London.

Allianz reports lower profits for 2014 first quarter

By: Sarah Veysey

Published May 14, 2014 - 11:29am CST

Allianz S.E. posted net income of €1.74 billion ($2.39 billion) for the first quarter of 2014, down 3.4% compared with the first quarter of 2013 as its asset management business reported lower operating profits and revenues.

Allianz reports first-quarter profit of $2.26 billion

By: Sarah Veysey

Published May 07, 2014 - 9:36am CST

Allianz S.E.’s net income for the first quarter of 2014 was €1.64 billion ($2.26 billion), down 4.1% from the comparable period in 2013, the Munich-based insurer said Wednesday in a preliminary report.

Allianz warns of new insurance risks from super-sized ships

Published March 13, 2014 - 8:10am CST

(Reuters) — The rise of super-sized container vessels and the opening up of potentially hazardous routes through once-frozen Arctic waters pose the biggest new challenges to ships and their insurers, a report said.

Worldwide shipping losses, piracy decrease in 2013, report shows

By: Sarah Veysey

Published March 13, 2014 - 8:00am CST

There were 94 reported shipping losses worldwide in 2013, down from 117 the previous year, according to a report by Allianz Global Corporate & Speciality, the corporate insurance arm of Munich-based Allianz S.E.

Allianz leads insurance for missing Malaysia Airlines jet

By: Sarah Veysey

Published March 10, 2014 - 9:36am CST

Malaysia Airlines has more than $100 million in hull and liability coverage led by Munich-based Allianz S.E. for the jet that went missing Saturday, according to sources.

Fireman's Fund aims for 2014 underwriting profit: Allianz

Published March 05, 2014 - 2:24pm CST

(Reuters) — Allianz S.E.'s U.S. property/casualty insurer unit, Fireman's Fund Insurance Co., is aiming to make a profit in 2014 for the first time in years as efforts to turn the business around begin to pay off.

Allianz to extend CEO's contract as it seeks successor: Magazine

Published February 19, 2014 - 10:52am CST

(Reuters) — Allianz S.E., Europe's biggest insurer, is poised to offer its 59-year-old CEO, Michael Diekmann, a two-year extension to his contract to smooth the way for a potential successor, a German magazine reported on Wednesday.

Zurich's profit hit by business overhaul costs

Published February 13, 2014 - 10:03am CST

(Reuters) — Zurich Insurance Group Ltd. missed profit expectations in the fourth quarter due to restructuring charges, and said the total cost of an overhaul of its business would be about $600 million.

Allianz takes 8.33% stake in Bayern Munich football club

Published February 11, 2014 - 2:15pm CST

(Reuters) — German insurer Allianz S.E. on Tuesday took an 8.33% stake in the Bayern Munich football club for €110 million ($150.0 million) as part of a deal to help the club pay down debts on its stadium and to sponsor a youth academy.

Allianz Global Corporate & Specialty names new U.S. casualty leader

By: Kate Shepherd

Published December 19, 2013 - 1:43pm CST

Allianz Global Corporate & Specialty A.G. on Thursday announced that Joni Elliott will succeed Jon Prowse as practice leader for casualty for the U.S. market, effective Jan. 1.

E.U. insurance watchdog highlights cat bond market risks

Published December 12, 2013 - 9:22am CST

(Reuters) — A surge of new capital from investors like pension funds into the market for specialized insurance risks could threaten financial systems and needs to be closely watched, the European Insurance and Occupational Pensions Authority said Thursday.

Indonesia aims for insurance, takaful legislation in 2014

Published December 11, 2013 - 9:28am CST

(Reuters) — Insurers in Indonesia, Southeast Asia's largest economy, will have to wait until at least next year for a new law that will require the spinoff of their sharia-compliant units, an official at the country's financial regulator told Reuters.

Weather variations could cost U.S. economy $534B per year: Analysis

By: Rodd Zolkos

Published November 26, 2013 - 1:13pm CST

While businesses often are aware of catastrophic weather risks, they pay less attention to how routine weather variances can affect their bottom line and to managing those exposures, a report says.

Approval of $8.5 billion Bank of America settlement in judge's hands

Published November 22, 2013 - 10:42am CST

(Reuters) — A decision on whether to approve Bank of America Corp.'s proposed $8.5 billion settlement with investors in mortgage securities is now in the hands of a New York state judge, after a nine-week court proceeding ended on Thursday.

Allianz Global Corporate & Specialty adopts Societas Europaea status

By: Sarah Veysey

Published November 19, 2013 - 10:40am CST

Allianz Global Corporate & Specialty A.G., the large corporate risk arm of Allianz S.E., has adopted Societas Europaea status and merged with its Allianz Global Corporate & Specialty (France) subsidiary.

E.U. insurers express relief over deal on new capital rules

Published November 14, 2013 - 8:39am CST

(Reuters) — European insurers breathed a sigh of relief on Thursday that a deal on new capital requirements was less burdensome than initially feared, ending an uncertainty that has been hanging over the sector for many years.

Allianz expects to beat its own 2013 operating profit target

Published November 08, 2013 - 8:02am CST

(Reuters) — Allianz S.E. said it expected operating profit of slightly more than €9.7 billion ($13.08 billion) in 2013, edging over the top of its own target range and in line with analysts' expectations.

European insurers braced for storm damage after RSA warning

Published November 05, 2013 - 9:47am CST

(Reuters) — Britain's largest general insurer, RSA Insurance Group P.L.C., warned on Tuesday that last week's windstorms in northern Europe would hit profits, the first major insurer to say so, sending its shares tumbling over 8%.

Allianz Global Corporate & Specialty opens Stockholm office

By: Kate Shepherd

Published October 01, 2013 - 4:11pm CST

Allianz Global Corporate & Specialty A.G., a subsidiary of Allianz S.E., has opened a new branch in Stockholm, Allianz said Tuesday.

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