trending Market Intelligence /marketintelligence/en/news-insights/trending/c3ejR6ERnai-7FSeS3C7AQ2 content esgSubNav
In This List

Weekly news through July 15


No disruption on the road to digitization

Climate Credit Analytics: Milestones Achieved


Essential IR Insights Newsletter - April 2023


Practical steps to achieve net-zero underwriting – Set a baseline, define targets and take action

Weekly news through July 15

S&P Global Market Intelligenceoffers our top picks of insurance news stories and more published throughout theweek.

SCOR scores point against Frenchstate

* claimed legal victory aftera Paris court ruled thatFrance must either terminate its guarantee of Caisse Centrale de Reassurance's natural catastrophe reinsurancebusiness or notify the European Commission of the scheme within a year.

Britain and the Brexit fallout

* Ina busy news week in the U.K., Theresa May tookover from David Cameron as prime minister, appointing Philip Hammondas chancellor of the exchequer, and the Bank of England left its key official interestrate unchanged but saidit was likely to ease monetary policy in August. It chose not to reactivate itsquantitative easing program.

* Meanwhile,the aggregate deficit across the U.K.'s 5,945 defined benefit pension schemes to £383.6 billion at the endof June from £294.6 billion at the end of May, according to figures from the country'sPension Protection Fund.


* A "substantiallybetter" investment return led TrygA/S to reporta second-quarter profit of 734 million Danish kroner, up from 580 million kronerfrom the year-ago period. The company's executives told analysts they were pushing through price increases oninsurance policies to pay for rising claims in some segments, but that the impacton the bottom line will be delayed.

* second-quarter profit attributableto shareholders of 705 million Norwegian kroner, up from 255 million kroner in theyear-ago period. Forthe first half, attributable profit rose year over year to 1.01 billion kroner from501 million kroner.

* Forthe first half of 2016, Achmea BVexpects a "limitednegative operational result" at group level due to higher-than-expected healthcarecosts and claims for severe weather damage.

* Inconnection with the divestment of its £9 billion annuity portfolio in the U.K.,AEGON NV to incur a second-quarter post-taxbook loss of £481 million.


* Theoverallotment option of 15% was partially exercisedin ASR Nederland NV'sIPO. As a result, the overall offering comprised 54,449,885 ordinary shares, representing36.3% of the insurer's share capital.

* India-basedICICI Prudential Life Insurance Co.Ltd., which is a joint venture between Prudential Plc and ICICIBank Ltd., is aiming to conduct its planned IPO in the current financial year ending March 31, 2017.

Management moves

* named Matthieu André CEO of AXA Global Life & Savings.

* appointed Christophe Zaniewski CEO of its French operations,replacing Fabrice Domange.

* Max Schönholzer CEO of SanitasBeteiligungen AG, the holding company of its insurance operations. Schönholzer ispresently chief claims officer for ZurichInsurance Group Ltd.'s Swiss business.

* CEO Nikolaus von Bomhardsaid he would be open to returningto chair the company in 2019.

In other news

* Newissuance of nonlife insurance-linked securities hit $1.0 billion in the second quarter,down from $2.7 billionin the year-ago quarter.

* Globalnatural catastrophes drove up global lossesin the first six months of 2016 with insured losses totaling $27 billion, comparedwith $19 billion recorded in the year-ago period, Munich Re estimated.

Featured during the week on S&PGlobal Market Intelligence

: Coface's new managers are working on a plan to fix thecredit insurer's troubles in emerging markets.

: With their U.K. life insurance operations either reduced oreliminated, AEGON, Ageas and AXA look set to maintain their presences in the countryin the wake of the vote for Brexit.