Free legal disputes service from Allianz Commercial
by Gill Montia
Story link: Free legal disputes service from Allianz Commercial
Allianz Commercial is offering a free legal disputes service to all of its SME policyholders.
The service, which is being provided in conjunction with Allianz Legal Protection, aims to assist SME customers with contract and professional negligence disputes.
It offers a free legal assessment of any dispute by a commercial solicitor and, if the the [...]
Allianz launches online safe deposit for travellers
by Gill Montia
Story link: Allianz launches online safe deposit for travellers
Allianz has joined forces with Mondial Assistance to develop an online safe deposit and assistance solution for Air France travellers.
Allianz Protect claims to be a first in this area of protection, combining as it does the secure storage of electronic documents with Mondial’s emergency services.
The safe deposit system is accessible from www.airfrance.com and allows customers [...]
Towergate names Allianz top performing insurer
by Gill Montia
Story link: Towergate names Allianz top performing insurer
Towergate Risk Solutions has named Allianz and RBS-owned NIG as the top performing insurers servicing its broking operations.
The research, conducted among the group’s 100 plus broking offices, rates insurer performance when dealing with: quotations; renewals; policy documentation; mid term adjustments; claims and general service.
The key findings of the Q3 2009 survey revealed that:
Allianz scored consistent [...]
Allianz sees profits rising
by Richard Kilner
Story link: Allianz sees profits rising
Allianz Insurance has released its financial results for the last quarter.
The firm saw its operating profit increase markedly despite the continuing recession, recording a rise of 23.1% on the third quarter in 2008, and profits stood at £173.3m (pre-tax) for the first nine months of the year.
Previously Allianz had made profits of £88.3m for [...]
Insurers show interest in RBS and Lloyds asset sale
by Gill Montia
Story link: Insurers show interest in RBS and Lloyds asset sale
According to a BBC report, insurers Allianz, Generali and Zurich could show an interest in branch networks to be sold by Royal Bank of Scotland (RBS) and Lloyds Banking Group.
Both banks are to receive further huge bailouts from the Government: £33.5 billion for RBS and £5.7 billion for Lloyds, the latter taking the form of [...]
Allianz launches online plant machinery guide
by Gill Montia
Story link: Allianz launches online plant machinery guide
Allianz Engineering is keen to help brokers and their client expand their knowledge of plant machinery, and has launched a free online guide with this in mind.
Visitors to the site are shown how to identify plant machinery equipment and how to meet statutory and regulatory requirements.
Details of how equipment should be inspected and the frequency [...]
Allianz Takaful secures Qatar authorisation
by Gill Montia
Story link: Allianz Takaful secures Qatar authorisation
Qatar Financial Centre Regulatory Authority (QFCRA) has granted authorisation to Islamic insurer, Allianz Takaful – QFC Branch, to carry on regulated activities in or from the Qatar Financial Centre.
Allianz Takaful is the first Takaful firm to be authorised by the QFCRA and will be primarily advising on investments in respect of contracts for long-term insurance.
QFCRA [...]
Allianz reports decline in H1 profits
by Richard Kilner
Story link: Allianz reports decline in H1 profits
Allianz UK has released its financial results for the first six months of the year.
IFRS operating profit was 6.1% down on the corresponding period in the previous year, but remains ahead of the firm’s forecasts.
Operating profit fell from £94m to £88.3m from 2008 to 2009.
Last year was an excellent one for Allianz, recording a surge [...]
Euler Hermes profit plummets 99%
by David Masters
Story link: Euler Hermes profit plummets 99%
Euler Hermes’ first half profits slumped 99%, the credit insurer reported this week.
The Allianz-owned unit, hit by higher claims, saw profits slide to €0.7 million, down from €122.3 million in the first half of 2008.
Overall the company posted a technical loss of €59.5 million. However, this was offset by investment earnings.
Chairman Wilfried Verstraete blamed the [...]
Allianz to launch as UK consumer brand
by David Masters
Story link: Allianz to launch as UK consumer brand
Germany-based Allianz, the world’s second biggest insurance firm, is preparing to launch itself as a consumer brand in the UK.
The company currently sells insurance products to British consumers through Cornhill, which it acquired in 1986, and pet insurer Petplan.
David Keel, marketing and communications manager, said the company is registering a number of product names and [...]
Allianz Re targets growth despite ‘difficult’ year
by David Masters
Story link: Allianz Re targets growth despite ‘difficult’ year
Allianz Re has confessed that it will be “difficult” to perform as strongly this year as in 2008, but continues to target an average growth of 10% by 2011.
The reinsurance unit of Germany-based Allianz said European windstorms at the start of 2009 will squeeze operating profits.
“There will be difficulties to reach the result seen in [...]
Allianz teaches finance using fluffy pigs
by David Masters
Story link: Allianz teaches finance using fluffy pigs
Insurance giant Allianz uses toy pigs to train its underwriters in financial management, The Times reports.
The Germany-based insurer uses novelty stuffed pigs alongside a plastic farm and wads of fake cash to make finance training more interesting.
According to P3, who run the training programme, using toy pigs helps trainees to remember up to 30% more [...]
Allianz: EU governments must protect insurance industry
by David Masters
Story link: Allianz: EU governments must protect insurance industry
Allianz has warned that government help would be needed if a European insurer collapsed.
Helmut Perlet, Chief Financial Officer of the Germany-based insurance group, said that although the collapse of a European insurer cannot be ruled out, such an event is ‘very unlikely’.
Asked if the state should intervene if an insurer collapsed, Perlet said, “That should [...]
Allianz Commercial agrees SME tie up with R A Cowen
by Gill Montia
Story link: Allianz Commercial agrees SME tie up with R A Cowen
Allianz Commercial has announced a three-year tie up with R A Cowen & Partners, which names the insurer as principal provider for the broker’s SME book.
The partnership is expected to generate significant premium income for Allianz, which will underwrite risks on the Midlands-based firm’s small business product offering.
The deal follows similar agreements made this year [...]
Buncefield insurers recoup £5m in payouts
by David Masters
Story link: Buncefield insurers recoup £5m in payouts
Insurance firms are set to receive back £5 million of pay outs related to the Buncefield oil disaster after a High Court judge ruled that French oil giant Total was fully responsible for the explosion.
The High Court ruled that Total must pay £750 million in damages for the Buncefield oil explosion in December 2005.
The ruling [...]
High Court finds Total liable for Buncefield oil fire claims
by Gill Montia
Story link: High Court finds Total liable for Buncefield oil fire claims
A High Court ruling has established liability for the Buncefield oil fire, which occurred in Hemel Hempstead in December of 2005, when a vapour cloud emanating from a major petrol spillage ignited.
The explosion was reported to be the largest ever in peacetime Europe.
Forty-three people were injured and claims, including damage to property, amounted to over [...]
Allianz sees profits soar by 36.8%
by Richard Kilner
Story link: Allianz sees profits soar by 36.8%
Allianz Insurance has announced its financial results for the full-year of 2008.
IFRS operating profit soared by more than a third (36.8%) to £193.6m, up from £141.5m in 2007.
The Commercial business, Allianz Legal Protection and Petplan all saw growth during 2008, despite difficult economic conditions.
Andrew Torrance, chief executive officer, has expressed his pleasure at the strong [...]
Allianz posts €2.4bn loss for 2008
by David Masters
Story link: Allianz posts €2.4bn loss for 2008
Fourth quarter losses have hit Allianz hard, slashing nearly half off its yearly pre-tax profits, and causing a net loss for the year.
Pre-tax profit for 2008 was €5.4 billion, down 48.2% on year.
Net loss was €2.4 billion, compared to net profit of €7.9 billion in 2007. This is the company’s first annual loss since [...]
Leading insurers launch “Perils” catastrophe data provider
by Gill Montia
Story link: Leading insurers launch “Perils” catastrophe data provider
A new company has been formed to provide a subscription service on European catastrophe insurance data.
Perils AG is a Zurich-based business that will aggregate industry-wide data from European-based insurers and catalogue it by risk type and CRESTA zones (the defined European geographical zones for natural catastrophe insurance).
Founding shareholders include: Allianz, AXA, Groupama, Guy Carpenter, Munich [...]
No acquisitions for Allianz
by David Masters
Story link: No acquisitions for Allianz
Allianz is not interested in acquisitions and has no need for additional capital, according to board member Clement Booth.
The Germany-based insurer is one of the ‘best capitalised’ in Europe, Booth told news agency Reuters.
“We have no need to raise extra capital,” Booth said.
Booth – who is responsible for Allianz operations in the UK and [...]
