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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.

Allianz Global Corporate & Specialty expands market-facing focus

By: Sarah Veysey

Published September 24, 2013 - 9:38am CST

Allianz Global Corporate & Specialty A.G., a unit of Munich-based Allianz S.E., has announced several changes to its management board that are aimed at increasing the company’s focus on market-facing activities, the company announced Tuesday.

Allianz, Axa beat forecasts as oversight worries loom

Published August 02, 2013 - 9:00am CST

(Reuters) — Europe's two top insurers, Allianz S.E. and Axa S.A., reported forecast-beating earnings on Friday even as both keep a wary eye on looming regulations, with Axa's CEO warning of the dangers of an "avalanche of bureaucracy."

Regulators target insurers that pose systemic risks

By: Bill Kenealy

Published July 28, 2013 - 6:00am CST

As international and national regulators name insurers they view as “too big to fail,” the insurance industry is pushing back on the designations as the affected insurers are simultaneously readying for heightened regulatory oversight.

Allianz, QBE cover train operator in Spain's deadly rail crash

By: Bill Kenealy

Published July 25, 2013 - 12:04pm CST

Units of Munich-based Allianz S.E. and Sydney-based QBE Insurance Group Ltd. are the personal injury and third-party liability insurers, respectively, for Spanish passenger train operator Renfe-Operadora, which experienced a deadly crash Wednesday.

Ratings firms weigh in on insurers' systemic risk designations

By: Bill Kenealy

Published July 23, 2013 - 2:45pm CST

Recent moves by regulators last week to designate several insurers as systemically risky will have mixed implications for their creditworthiness, according to insurance ratings firms.

Industry reacts to insurers named as globally systemically important

By: Bill Kenealy

Published July 19, 2013 - 11:37am CST

Insurance industry reaction to international regulators' designation of nine insurers being systemically important has been swift and varied.

Marsh, Allianz sign major-claim agreement that extends to marine policies

By: Sarah Veysey

Published July 17, 2013 - 9:40am CST

Marsh Inc. and Allianz Global Corporate & Specialty have signed an agreement to provide policyholders with swift access to funds in the event of a major claim, including first-party marine claims.

Allianz eyes growth in computer hacking insurance

Published July 10, 2013 - 12:00pm CST

(Reuters) — Europe's biggest insurer Allianz is expecting to cash in on growing corporate demand for insurance against computer hacking and Internet breakdowns, it said on Wednesday.

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