Allianz
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Lara Martiner joined Allianz in 2011 as group legal compliance officer and legal counsel. -
The firm, one of three major reinsurance fronts, said it would manage run-off in an orderly way.
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The firm’s group reinsurance officer Thorsten Fromhold said the insurer will consider using more cat bond coverage “if the market stays where it is”.
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The deal will provide per-occurrence, Cresta-weighted industry insured loss cover for European windstorm.
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The European insurer has not issued a cat bond for its own benefit since 2013.
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The new issuance is offered with pricing guidance at 2.5x the expected loss.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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The German carrier will increase the attachment point on its US coverage by 50% to $300mn.
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Allianz Global Corporate & Specialty (AGCS) is adding five new roles dedicated to ILS alongside an expansion of the ART team.
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The unit will aim to grow captive solutions and structured solutions.
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She succeeds William Mills, who left his role as group head of ceded re and third-party capital for Allianz.
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William Mills was most recently group head of ceded reinsurance and third-party capital at Allianz.
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Thorsten Fromhold has been appointed to the new role of chief group reinsurance buyer.
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The third-party business brings in around EUR1.8bn ($2bn) of Allianz Re’s portfolio.
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A case against Fireman’s Fund reversed an earlier decision that Covid-19 cannot cause physical damage.
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The varying treatment of the flood losses raises questions over how the industry should define flood events.
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The executive has worked for Beazley for almost 16 years.
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M Best affirmed its rating of A on the Leadenhall-affiliated platform, which it said plans to increase open market business to take advantage of rising rates.
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Profits slipped by 3% at the carrier in Q1, driven by floods in Australia, which added to the highest Q1 cat claims in over a decade.
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The bond provides annual aggregate industry loss cover for named storm and earthquake.
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The bond offers annual aggregate index cover against named storms and earthquakes.
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Another pandemic outbreak came in fourth place, with 22% of respondents saying they were worried about further health and workforce issues and movement restrictions in 2022.
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The insurer pegged its updated gross claims figure higher than the Elbe flood of 2002.
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‘We are not shrinking to greatness,’ said Allianz Global Corporate & Speciality CEO Joachim Müller.
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Hannover Re has estimated that the floods could end up costing the industry as much as EUR7.5bn.
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The carrier is expecting 30,000 property claims, as well as 5,000 vehicle claims.
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The executive will be replaced by CFO Holger Tewes-Kampelmann.
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Costs outpaced the European benchmark rate change, but Covid loss negotiations have been deferred.
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A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.
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The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
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The executive’s interim role as head of the ART unit becomes permanent.
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LiquidX is a trade finance and trade credit insurance exchange that has executed more than $21bn in trades since 2016.
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The deal could be expanded by up to 50 percent at the top end of pricing guidance.
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The carrier’s P&C division could miss its 2020 operating profit target by 20 percent, CFO Giulio Terzariol said today.
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After 13 years at Axis, Kiernan has completed gardening leave and taken up a new role.
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Simon Buxton left the Allianz-owned specialty insurer last year.
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The insurer is buying a new £500mn cover to sit beneath its SuperCat and MegaCat treaty cover for 1 January.
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The firm is “far from a start-up” according to head of ILS business Rick Pagnani.
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Hyeji Kang succeeds Bernhard Arbogast who is retiring in May 2020.
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The firms will back the Heart of Texas development via a “proxy generation swap”.
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Just two percent of the insurer’s portfolio has exposure to US risk.
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The insurer sounded a cautious note on cyber ILS plans after previously saying it had done some test deals.
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The insurer’s chief regions and markets officer says cyber risk could be adapted to allay investor concerns about long-tail exposures.
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Bentele was formerly head of global crisis management for the firm.
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The maturity dates for Blue Halo Re Series 2016-1 Class A and Resilience Re Series 1861A notes have been extended, according to the Bermuda Stock Exchange.
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Grant Maxwell will be responsible for overseeing the underwriting process for Allianz Risk Transfer’s capital solutions business as well as portfolio management for ART.
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Allianz will participate in Pimco’s new ILS business both as an underwriter and an investor in its ILS funds, a spokesperson said.
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A large reinsurer is looking at launching an ILS fronting business to fill the gap left by the pending departure from the space of Tokio Millennium Re.
