News - Re/Insurance groups

VIG receives award as the most innovative insurance company

The third round of pitches in Vienna Insurance Group's "VIG Xelerate" digitalisation initiative ended in November 2019. VIG is providing around EUR 5 million to promote award-winning projects submitted by its Group companies.

AM Best revised Barents Re outlooks to negative

On December 13, 2019, AM Best announced the revision of the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of Barents Re and Barents Re Lux.

The Executive Committee of GENERALI CEE Holding has two new members

GENERALI announced as of 10 December 2019 Antonella MAIER and Andrej BUKOVCAN are becoming new members of the Executive Committee of Prague-based GENERALI CEE Holding B.V. Antonella MAIER will become Chief Insurance Officer for Life and Health Business in Austria, CEE & Russia Region, while Andrej BUKOVCAN will take the position of ExCo Member, remaining responsible for HR & Organization for the whole Region.

AM Best affirms Credit Ratings of Colonnade Insurance SA

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Colonnade Insurance S.A. (Luxembourg), a member of Fairfax Financial Holdings Limited (Fairfax). The outlook of these Credit Ratings (ratings) is stable.

Reinsurer HANNOVER Re and Global Parametrics launch natural disaster fund

Global Parametrics (GP), the provider of parametric protection against climate risks in developing markets and the German Federal Ministry for Economic Cooperation and Development (BMZ), in partnership with the German Development Bank (KfW) and reinsurer HANNOVER Re jointly announce the formation of the Natural Disaster Fund (NDF) Deutschland. NDF will invest in risk transfer instruments relating to natural catastrophes and climate risks in developing markets.

John DRZIK steps back from Marsh GR&D leader position

At the end of November 2019, Marsh announced that John DRZIK, President, Global Risk and Digital (GR&D), will step back from full-time responsibilities as leader of GR&D effective January 1, 2020, but will remain involved with the business as a senior advisor.

MetLife's European insurance assets acquisition by Generali on stand by

Italian insurance group Generali could postpone presenting a formal bid for the European assets of MetLife Inc. until end March 2020, after the 2019 year-end results will be known, international news agencies report. Currently, the talks between the two parts are stalling because the difference of opinion on the operation's value.

SCOR issues a new 3-year contingent capital facility

SCOR announced the launch of a new three-year contingent capital facility. This takes the form of a contingent equity line, providing the Group with EUR 300 million coverage in case of extreme natural catastrophe or life events impacting mortality.