3 Jun, 2022
Allianz to off-load majority stake in Russian operations; Policygenius layoffs
By RJ Dumaual
TOP NEWS IN GLOBAL INSURANCE
* Allianz SE is selling a majority stake in its Russian operations, subject to regulatory approvals. The insurer will sell the stake to Interholding LLC, which owns Russian insurer Zetta Insurance. Allianz will retain a 49.9% holding in the combined company.
* Insurtech Policygenius Inc. has reduced its workforce by 25%, one former staff member wrote on LinkedIn. CEO and co-founder Jennifer Fitzgerald confirmed the layoffs, but not the 25% number, in an email to TechCrunch, writing that the "sudden and dramatic shift in the economy has forced us to adapt our strategy."
➤ Allstate raises private auto rates in April; Pioneer State Mutual makes cut
Allstate, GEICO could see the largest cumulative premium increase from hikes approved by state regulators during the month of April.
➤ Liberty Mutual, Farmers raise homeowners insurance rates in April
Chubb topped the list of the most notable homeowners rate increases in April after one subsidiary secured approval for a 10% rate hike in Texas.
PROPERTY AND CASUALTY
* European insurers and reinsurers were banned from insuring ships carrying Russian oil in the latest round of sanctions imposed because of the war in Ukraine, following a decision by the U.K. to do the same, Les Echos reported.
* The German government has thumbed down a request by Volkswagen AG to renew risk insurance for the carmaker's operations in China, The Wall Street Journal reported.
* Sandy Spring Bancorp Inc., the parent company of Sandy Spring Bank, sold its insurance business to Hub International Ltd., effective June 1.
* Marsh & McLennan Agency LLC has acquired Portland, Maine-based Clark Insurance for undisclosed terms. The target provides business insurance, private client services, and employee health and benefits to businesses and individuals across the region.
* CNO Financial Group Inc. appointed Brian Schneider vice president of enterprise risk management and chief risk officer, effective immediately.
* Canada-based Definity Financial Corp. estimates a negative impact on net income of between C$26 million and C$29 million, or between 22 cents and 25 Canadian cents per share currently outstanding, net of taxes and reinsurance, from the severe storm system that hit Ontario and Quebec on May 21.
* Workers' compensation insurance platform Hourly.io has closed a $27 million series A funding round.
LIFE AND HEALTH
* Asia-Pacific's life insurance industry recorded 7% growth in 2021, the highest since 2016, owing to increased insurance awareness as macroeconomic imbalances highlighted the importance of financial security in the wake of the COVID-19 pandemic, data and analytics company GlobalData said.
