Allianz reinsuring €30B of liabilities; Hendrik-Ignatz insured losses

Property and casualty

Arthur J. Gallagher & Co. has completed its acquisition of substantially all of Willis Towers Watson PLC's treaty reinsurance brokerage operations, which will combine with Gallagher's existing reinsurance operations under the leadership of James Kent.

Banco Santander SA unit Santander Bank Polska SA finalized the sale of approximately 10% stakes in local insurance companies Aviva Towarzystwo Ubezpieczeń na Życie SA and Santander Aviva Towarzystwo Ubezpieczeń SA to Allianz SE.

Catastrophe insurance data provider Perils AG's initial estimate of the insured property market loss for extratropical windstorm Hendrik-Ignatz is €311 million.

ASR Nederland NV has appointed Ewout Hollegien CFO, effective Dec. 1.

Stephanie Smith will step down as COO of Allianz Holdings PLC, effective Dec. 31.

Reinsurance

Allianz will reinsure liabilities of approximately €30 billion in the U.S. Reinsuring the liabilities in its U.S. fixed index annuity portfolio will result in a capital release of about €3.6 billion and should increase the Solvency II ratio by 9 percentage points, the German insurer said.

The National Association of Insurance Commissioners and the California Department of Insurance have allowed Convex Insurance UK Ltd. and Convex Reinsurance Ltd. to operate as a reciprocal jurisdiction reinsurer, effective Jan. 1, 2022.

Aon PLC created a reinsurance broking unit in Saudi Arabia, Aon Reinsurance Brokers Saudi Arabia LLC, Reinsurance News reported.

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