Ethniki sale saga continues: NBG to ask EU for more time to complete the sale
The National Bank of Greece (NBG) and the owner of the largest and the oldest Greek insurer - Ethniki - will ask the EU for more time to complete the planned asset sale under the EU-approved restructuring plan, according to sources quoted by international media.
REUTERS wrote, quoting NBG representatives, that "no further negotiations with GONGBAO would be pursued".
GONGBAO was the only bidder in the final stage of binding financial offers for the buyout of a 75% stake in Greece's leading insurer.
Greece: the devastating fires in Attica will cost insurers over EUR 33.7 million
Greek insurers will pay over EUR 33.7 million in compensation for the devastating fires that hit Attica on 23 July 2018, according to the first estimate of the Hellenic Insurance Companies Association (EAEE).
STATISTICS: GREECE: Almost EUR 1 billion in first quarter GWP
At the end of March 2018, the Greek insurance market totaled EUR 999.5 million, up by 3.5% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
NBG to continue the ETHNIKI sale process with the runners-up in the last phase
Following the failure to sell its insurance arm, NBG - National Bank of Greece announced it would continue the process for the sale of ETHNIKI Insurance with the final bidders, wrote local media.
Greece: China's FOSUN to bid again for ETHNIKI if winning bid fails
China's FOSUN expressed its interest in Greece's largest insurer ETHNIKI a few days before the deadline for the EXIN Group to implement the deal for the acquisition of 75% of ETHNIKI from National Bank of Greece - NBG.
STATISTICS: GREECE, FY2017: The positive rates reported on non-life side, maintained the market at the 2016 size
According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totalled EUR.3.78 billion at the end of 2017, up by 0.05% y-o-y.
The sale of the Greek largest insurer remained under the question mark
The sale of the Greek largest insurer to the American-Dutch consortium CALAMOS-EXIN remained under the question mark after CALAMOS Family Partners had filed a legal action against EXIN Financial Services Holdings, wrote ekathimerini.com.
STATISTICS: Greece, 3Q2017: The insurance industry remained at the 2016 level
The Greek insurers reported gross written premiums of EUR 2.80 billion at the end of September 2017, up by 0.26% y-o-y, according to the nine-months market report published by the Hellenic Association of Insurance Companies (HAIC).
STATISTICS: GREECE, 1H2017: Over 65% y-o-y growth on the life U-L line GWP
The Greek insurers members of HAIC - Hellenic Association of Insurance Companies, reported a GWP of EUR 1.9 billion in 1H2017, or 1.2% more y-o-y, according to the half year report published on HAIC's website.
ON THE MOVE
Andrej SLAPAR reappointed the President of the Management Board of Zavarovalnica TRIGLAV for another five years term
The Supervisory Board of Zavarovalnica TRIGLAV reappointed the President of the Management Board of Zavarovalnica TRIGLAV Andrej SLAPAR for a new five-year term of office and approved the proposal submitted by the President of the Management Board, reappointing Uros IVANC and Tadej COROLI as Members of the Management Board.
IGI appoints its first Chief Technology Officer
International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.
BEAZLEY's CUO to join Lloyd's of London Board in February 2019
Lloyd's, the specialist insurance and reinsurance market announced that Neil MAIDMENT has been appointed as an independent non-executive of the Lloyd's Board with effect from February 2019.
The "Croatian Insurance Days" took place in Opatija, Croatia
The most important annual meeting of the Croatian insurers, the "Croatian Insurance Days", took place in Opatija, Croatia, on 7 - 9 November.
Reducing the risks in agriculture by using insurance means, discussed in Skopje
On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.
IIF 2018 - Insurance in a DIGITAL WORLD
Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.
VIDEO: MUNICH Re: We have the duty to find solutions for cyber risks, which are a threat at the global level
Becoming a growing threat globally, cyber risks is both a challenge and an opportunity for the insurance industry. MUNICH Re's representatives talked to XPRIMM TV in Baden Baden, about the different approach to this type of risk that the Group, as one of the most active players on the cyber market solutions, proposes.
Willis Towers Watson: reinsurance products backed by 'alternative' capital have become mainstream
End investors, Insurance-Linked Securities (ILS) funds, and buyers - the three groups active in ILS - have predominantly weathered 2017 loss activity with a view that reinsurance products backed by 'alternative' capital have become mainstream, according to a new Global ILS Market Survey by Willis Towers Watson.
Swiss Re expects the reinsurance industry to further consolidate
Swiss Re expects the global reinsurance industry to consolidate as the distinction between insurers and reinsurers become increasingly blurred, an executive from the Swiss Group said in Baden Baden, reports Reuters.
NASH, Guy Carpenter: The current pressure on returns is a stimulus for consolidation
Current market conditions are putting increasing pressure on returns with some companies viewing consolidation as a potential solution, James NASH, CEO of International at Guy Carpenter said in his opening remarks at the Baden-Baden 2018 Reinsurance Meeting hosted by the global risk and reinsurance specialist.
Hannover Re expects modestly higher premiums and stable conditions for its German business
E+S Ruckversicherung AG, the Hannover Re Group's unit handling German business, continues to expect a positive premium development in the German market for the January 2019 renewals, albeit at a somewhat more diminished pace than in 2018.
November Business Meetings (NBM) for Reinsurers
21-22 November 2018
"Novaya Ploschad" Business Center, Moscow, Russia
Organizer: The All-Russian Insurance Association (ARIA)
Media Partner: XPRIMM Publications
For details: ins-df.com
5 - 6 December 2018
Excel London, UK
Media Partner: XPRIMM Publications
For details: fintechconnect.com
IFRS 9 After Implementation In-House Training
Date, venue & schedule - chosen by the applicants
Organizer: GLC Europe
Media Partner: XPRIMM Publications
For details: glceurope.com