Allianz rescues Hartford with $2.5bn investment
by David Masters
Story link: Allianz rescues Hartford with $2.5bn investment
Germany-based insurer Allianz SE has announced plans to invest $2.5 billion in troubled US-based insurer The Hartford Financial Services Group.
The deal sees Allianz acquire a 24% stake in Hartford, purchasing $750 million of preferred shares at $31 dollars per share.
In addition, Allianz has purchased $1.75 billion of Hartford’s junior subordinated debt.
On the New York stock […]
AIG to sell three Japanese life businesses
by Gill Montia
Story link: AIG to sell three Japanese life businesses
Troubled US insurer, American International Group (AIG), says it will be including three of its Japanese life insurance units in its programme of disposals.
The businesses for sale are Alico Japan, AIG Edison Life Insurance Co and AIG Star Life Insurance Co; Japanese analysts estimate they could be worth over $9.5 billion in total.
In mid-September, AIG […]
Allianz sells Dresdner Bank to Commerzbank
by Gill Montia
Story link: Allianz sells Dresdner Bank to Commerzbank
Allianz has sold its Dresdner Bank subsidiary to Commerzbank, Germany’s second-largest bank.
The cash and shares transaction values Dresdner at €9.8 billion, Allianz having paid €24 billion for the business in 2001.
Allianz bought the bank because it planned to cross-sell its insurance products to Dresdner’s customers and take advantage of growth in the European pensions sector.
However, […]
Allianz awaits Commerzbank bid for Dresdner Bank
by Gill Montia
Story link: Allianz awaits Commerzbank bid for Dresdner Bank
Allianz is understood to be finalising the sale of its Dresdner Bank subsidiary to Commerzbank, Germany’s second largest bank.
In March of this year, Munich-based Allianz restructured its Dresdner business, which includes investment division Dresdner Kleinwort, in preparation for a sale.
Allianz acquired Dresdner Bank in 2001 and while the latter’s private and corporate business has produced […]
Allianz releases Q2 results
by Richard Kilner
Story link: Allianz releases Q2 results
Allianz Insurance has released its results for the second quarter of this year which shows profits and premiums rising.
The firm recorded pre-tax profits of £94m, compared to £91.1m from the equivalent period last year.
Gross written premiums also rose on a similar comparison, hitting £802m, up 3.1% from £777.7m in 2007.
Commercial Lines GWP increased by 4.5% […]
Allianz Insurance appoints motor supply manager
by Richard Kilner
Story link: Allianz Insurance appoints motor supply manager
Allianz Insurance has announced the appointment of Simon Law to the position of motor damage supply manager.
He has been with the firm for nine years, and joined from AGF Insurance in 1999.
Law will be tasked with responsibility for the chain of motor supply, most especially the managing the repairer network and liaising with trade […]
Lloyds TSB rumours: Scottish Widows swap for Allianz’s Dresdner Bank
by Gill Montia
Story link: Lloyds TSB rumours: Scottish Widows swap for Allianz’s Dresdner Bank
Allianz’s auction of its German banking division is reported to be attracting a bid from Lloyds TSB.
In March of this year, Munich-based Allianz restructured its Dresdner Bank subsidiary, which includes investment division Dresdner Kleinwort, in preparation for a sale.
Allianz acquired Dresdner Bank in 2001 and while the latter’s private and corporate business has produced sound […]
AIRMIC negotiates “reservation of rights” protocol
by Gill Montia
Story link: AIRMIC negotiates “reservation of rights” protocol
The Association of Insurance and Risk Managers (AIRMIC), which represents the insurance buyers and risk managers of leading UK companies, is questioning the current use of “reservation of rights”, whereby a policyholder receives notice that the insurer may not accept liability for a claim.
The association is aware that some insurers make routine use of “reservation […]
Allianz ups premiums for drivers on mobiles
by Gill Montia
Story link: Allianz ups premiums for drivers on mobiles
Allianz has become the first motor insurer to raise premiums specifically for drivers convicted of using their mobile phones whilst at the wheel.
Previously, the insurer treats points on a licence for mobile phone use as equivalent to a speeding a conviction.
The new regime will increase premiums by 30%, the same hike as applied to motorists […]
Allianz restructures Dresdner Bank
by Gill Montia
Story link: Allianz restructures Dresdner Bank
Munich-based insurance group, Allianz, is restructuring its Dresdner Bank subsidiary, which includes the investment division, Dresdner Kleinwort.
Allianz acquired Dresdner Bank in 2001 and now has plans to create “two fully functioning banks under the Dresdner Bank umbrella”.
The move is aimed at giving Allianz “the necessary flexibility in order to play an active role in the […]
Record results for Allianz
by David Masters
Story link: Record results for Allianz
German insurance and reinsurance mega-company Allianz Group have reported a net income growth of 13.5% for 2007 in spite of a difficult environment.
The company attributed its strong growth to a low level of catastrophe claims.
Allianz’s net income increased from €7.021 billion in 2006 to €7.996 billion in 2007.
The group also owns the German investment bank […]
Firms subject to rising claims costs, warns Allianz
by David Masters
Story link: Firms subject to rising claims costs, warns Allianz
Allianz Legal Protection has warned that firms are increasingly subject to rising claims costs. This is due to new compensation limits for employment tribunals and redundancy pay.
The higher limits, which have been in effect since the beginning of this month, are:
The maximum amount of a week’s pay for calculation statutory redundancy pay has increased […]
Allianz records highest ever profits
by Richard Kilner
Story link: Allianz records highest ever profits
The Allianz Group has confirmed its forecast for its 2007 results, based on it prelimary figures.
Both operating profit and net income are expected to rise, to €10.8bn and €8bn respectively.
The operating profit for property and casualty will come in at over €6.2bn for 2007, and life and health will reach the €3bn level.
The banking business […]
Allianz offers recycled option for crash repairs
by Gill Montia
Story link: Allianz offers recycled option for crash repairs
Allianz Insurance has introduced an unusual scheme aimed at reducing carbon emissions.
Following a successful pilot project in the north of England, the insurer has become the first in the UK to give motor policyholders the choice of using recycled parts in the repair of vehicles.
The work will still be undertaken by the company’s network of […]
Allianz loses two general managers
by Richard Kilner
Story link: Allianz loses two general managers
In the aftermath of Allianz’s restructuring of its personal lines and specialty divisions two senior managers have parted ways with the firm.
Nick Hall, until recently personal lines general manager, and Gareth Jones, formerly specialty lines division general manager, have left Allianz.
Their two departments have been combined under the leadership of former claims director Jon Dye.
Andrew […]
Allianz Difficult Q3 Performance Up
by Stewart Douglas
Story link: Allianz Difficult Q3 Performance Up
Insurance group Allianz has today announced its third financial quarter reports, showing a substantial growth in revenues and profits over the period, and for the first nine months of the yeat cumulatively.
The company today reported that its quarterly net revenues had increased to just under 2 billion euros on the period, an improvement in excess […]
Third quarter profits rise for Allianz
by Richard Kilner
Story link: Third quarter profits rise for Allianz
The Allianz Group’s quarterly net income has soared to €1.92bn in the third quarter of 2007, a rise of 20.7%.
The increase in net income is shown in the figures for the first nine months, up 29.7% to €7.3bn compared to the same period last year.
The operating profit, on a nine month basis, has also risen, […]
Motor fleet insurance sold in online auction
by Gill Montia
Story link: Motor fleet insurance sold in online auction
Direct Fleet Insurance (DFI), a new online company providing commercial vehicle fleet insurance, has been launched.
The business model is based on the principle of the online auction in that a fleet operator or broker will submit details of the fleet, and insurers will then proceed to “bid” for the policy.
During the process both buyers and […]
Allianz launches third-party litigation business
by Gill Montia
Story link: Allianz launches third-party litigation business
Allianz is launching a new UK business in November, aimed at providing assistance for small businesses involved in legal disputes.
The insurer will be the first mainstream provider to join the UK market for third-party litigation.
This market has traditionally been dominated by specialist firms that offer to pay legal fees, in return for a share of […]
Allianz Insurance Unveil New Training Programme
by Stewart Douglas
Story link: Allianz Insurance Unveil New Training Programme
Allianz Insurance has today unveiled a raft of new training policies, which it anticipates is set to become a new industry benchmark for quality in staff training and development, as well as customer care.
The move follows the appointment of a new high profile training and development manager within the claims division, to oversee the initiatives […]
