News - Insurance

BULGARIA: EIG to expand its services in Malta under FoS

Sofia-based EUROINS Insurance Group announced its Bulgarian subsidiary Insurance Company EUROINS AD intends to offer legal expenses insurance on the territory of the Republic of Malta under the terms of the freedom of provision of services, according to a statement by Bulgaria's Financial Supervision Commission (FSC).

FITCH placed EUROHOLD's rating under observation

With reference to the agreement that EUROHOLD Bulgaria AD signed to acquire CEZ's assets in Bulgaria, the international credit rating agency FITCH Ratings placed EUROHOLD Bulgaria AD's Rating under observation.

Swiss Re to stop the ReAssure's IPO due to market conditions

Swiss Re announced the suspension of its previously communicated plans for an initial public offering (IPO) of ReAssure. "This action is in response to the heightened caution and weaker underlying demand in the UK primary market from large institutional investors", as the global reinsurer mentioned in a statement.

STATISTICS: Almost EUR 5 million in profit for Latvian insurers at the end-March

Latvian insurers generated EUR 4.8 million in first quarter net profit, EUR 2.2 more compared with Q12018, according to figures released by the Financial and Capital Market Commission (FKTK). About 64% of total GWP were written by local insurers (EUR 132.5 million, or 1% less y-o-y), the rest by EU insurers (EUR 75 million, up by 7.9% y-o-y).

MOLDOVA: the base MTPL premium to grow by approximately 8% from July 1

From July 1 this year, a new procedure for premium calculation in MTPL entered into force in Moldova and an estimated premium was introduced as part of tariff liberalization for the segment, reports (the informational pamphlet of the National Financial Market Commission (CNPF).

RUSSIA: RNRC announces appointment of new President - Natalia KARPOVA

Natalia KARPOVA, previous RNRC Deputy Chairman of the Board, was appointed as RNRC (Russian National Reinsurance Company) President, Chairman of the Board effective from July 1, 2019 based on the resolution of the Central Bank of Russia, as the company reported on its website.

ZURICH appoints Alison MARTIN as CEO EMEA and Bank Distribution

ZURICH Insurance Group has appointed Alison MARTIN to the role of Chief Executive Officer Europe, Middle East & Africa (EMEA) and Bank Distribution with immediate effect. She succeeds Amanda BLANC who recently left the business (more details here). The appointment is subject to regulatory approval.

Pool Re purchases pioneering terrorism NDBI retro cover

Pool Re, Britain's leading terrorism reinsurer, today announced the placement of its new retrocession programme covering non-damage business interruption ("NDBI") losses. The programme incepted on July 5th.

STATISTICS: POLAND: Almost EUR 4 billion in GWP after the first quarter

Polish insurers' aggregate GWP was up by 0.6% y-o-y to PLN 16.35 billion (~EUR 3.80 billion) in the first quarter of 2019, financial indicators from the Polish Financial Supervision Authority (KNF) showed. Official figures also revealed that the amount of paid claims/indemnities during the period was PLN 10.2 billion, representing a decrease of 2.7% y-o-y.