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Insurance Newsletter, No. 527, 3 December, 2020

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES



TOP NEWS
VIG to acquire AEGON business in CEE
by Mihaela CIRCU, 2020-11-29
Wiener Versicherung Gruppe (VIG) agreed with Aegon N.V. on 29 November 2020 to acquire Aegon's insurance business in Hungary, Poland, Romania and Turkey. VIG will take over Aegon's non-life and life insurance companies as well as pension funds, asset management and service companies in these countries
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Bulgarian EUROHOLD maintains its revenues at a stable level in Q3 2020
by Andrei Victor, 2020-12-02
Bulgarian financial holding EUROHOLD Bulgaria, - the shareholder of EUROINS Insurance Group - one of the main players in CEE/SEE/CIS region, increased its revenues and maintained its operating profit in a challenging period in the context of the COVID-19 pandemic, according to the holding's consolidated financial statement for the first nine months of 2020.
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SLOVAKIA: KBC finalises acquisition of OTP business
by Andrei Victor, 2020-12-02
Belgium's KBC Group and OTP Bank, the Hungarian parent company of OTP Banka Slovensko (Slovakia), closed the agreement announced in February 2020 for KBC Bank NV to acquire ownership of 99.44% of the shares in OTP Banka Slovensko.
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Moody's confirms Generali's IFS and debt instruments ratings
by Cosmin CONCEATU, 2020-11-27
Moody's announced that it has confirmed Generali's IFS rating at Baa1. At the same time, Moody's confirmed all ratings of debt instruments issued or guaranteed by the Group, outlook stable.
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SCOR ILS Atropos fund exceed the USD 1 billion mark of assets under management
by Cosmin CONCEATU, 2020-11-27
The assets under management for SCOR ILS Fund Atropos ("Atropos") recently exceeded the USD 1 billion mark. As of October 31, 2020, the total outstanding Insurance Linked Securities ("ILS") managed by SCOR Investment Partners and its London subsidiary Coriolis Capital Limited have reached USD 2.4 billion.
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ERGO-WUSTENRON partnership to be expanded from spring 2021 in real estate financing
by Andrei Victor, 2020-12-02
ERGO Beratung und Vertrieb AG and WUSTENRON Bausparkasse AG are expanding their long-standing partnership to include the real estate financing segment. The extended, long-term cooperation is scheduled to start in spring 2021.
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LLOYD's Brexit business transfer received final High Court approval
by Andrei Victor, 2020-12-02
LLOYD's confirmed it has received final approval from the High Court of England and Wales to transfer EEA policies to LLOYD's Insurance Company SA (LLOYD's Europe), with its registered office in Brussels, Belgium. The transfer will take effect from 00:01 on 30 December 2020.
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ALLIANZ to buy Australian WESTPAC general insurance business
by Andrei Victor, 2020-12-02
ALLIANZ today it has agreed to purchase the general insurance business of Australian WESTPAC, and enter into a new 20-year exclusive agreement for the distribution of general insurance products to WESTPAC customers.
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AXA to sell its insurance operations in the Gulf region to GIG for EUR 225 million
by Andrei Victor, 2020-12-02
French insurer AXA announced that it has entered into an agreement with Gulf Insurance Group (GIG) to sell its insurance operations in the Gulf region, which includes its shareholding in AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company.
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MUNICH Re announces profit target of EUR 2.8 billion for 2021
by Andrei Victor, 2020-12-02
Global reinsurer MUNICH Re is aiming for a profit of EUR 2.8 billion in 2021. MUNCH Re representatives announced the Group expects financial consequences from COVID-19 next year as well, but on a considerably smaller scale than in 2020.
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Swiss Re to expand nat cat portfolio with SRILIM fund launch
by Andrei Victor, 2020-12-02
Global reinsurer Swiss Re targets nat cat portfolio growth with the launch of a new standalone fund company, which enables investors to access the firm's natural catastrophe business.
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Generali has won the 2020 "Oscar di Bilancio" for its Annual Report
by Alexandra GUZUN, 2020-12-03
2020 "Oscar di Bilancio" has been awarded to Milan-Generali for its 2019 Annual Integrated Report due to its clarity, methodological rigour and transparency.
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KYRGYZSTAN: Incurrence of liability for failure to comply with MTPL law postponed
by Marina MAGNAVAL, 2020-12-02
Taking into account the decrease in the level of income of the country's population, associated with the protracted situation of the pandemic, it was decided to postpone the incurrence of liability for non-compliance with the MTPL law, as Arzybek KOZHOSHEV, Chairman of the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic announced.
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RUSSIA: the 24th Annual Reinsurance Conference and the 19th Annual November Business Meetings for Reinsurers held on November 25-26, 2020
by press.release, 2020-12-02
On November 25-26, 2020, the event was held in Moscow that united the 24th Annual Reinsurance Conference and the 19th Annual November Business Meetings for Reinsurers.
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RUSSIA: for 9 months of 2020 profit of insurers (before tax) increased by almost a quarter y-o-y
by Marina MAGNAVAL, 2020-12-02
During the pandemic, insurance companies remained stable. According to the results for 9 months of 2020, the profit of the insurance market (before tax) increased by almost a quarter (+24.6% y-o-y), to RUB 230.4 billion (~EUR 2.49 billion*), according to the "Financial Stability Review" of the Central Bank of the Russian Federation.
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RUSSIA: RSHB-Life Insurance awarded in the nomination "Growth Leader of accumulative life insurance"
by Marina MAGNAVAL, 2020-12-03
On November 24, at the analytical conference "Life Insurance: Market Transformation", RSHB-Life Insurance was awarded a diploma in the nomination "Growth Leader of accumulative life insurance" based on a study of the life insurance market for 9 months of 2020, the insurer's press service reported.
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UKRAINE: GWP growth of the Ukrainian insurance group exceeded 24% y-o-y
by Marina MAGNAVAL, 2020-12-02
According to the Ukrainian Insurance Group, for the first 9 months of 2020, the company's GWP grew by 24.2% y-o-y, Forinshurer reports.
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STATISTICS
STATISTICS: BELARUS, 3Q2020: The market expanded by 6.43% y-o-y
by Marina MAGNAVAL, 2020-12-03
For 9 months of 2020, GWP of the Belarusian insurance market amounted to BYN 1.09 billion (EUR 355.72 million), which is 6.43% more y-o-y in local currency. At the same time, paid claims increased by 12.25% to BYN 577.79 million, according to the data published by the Ministry of Finance of the Republic.
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STATISTICS: KOSOVO, 3Q2020: Insurers reported profits of almost EUR 5 million at end-September
by Andrei Victor, 2020-12-03
Kosovo insurers posted a net profit of EUR 4.9 million in the nine months through September, compared to a net loss of EUR -0.8 million a year earlier, Central Bank monthly figures showed.
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STATISTICS: KYRGYZSTAN, 3Q2020: market total GWP decreased by more than 10%, paid claims remained almost unchanged
by Marina MAGNAVAL, 2020-12-03
As of the end of 3Q2020, the Kyrgyz insurance market amounted to KGS 658.58 million (~EUR 7.08 million*), having decreased by more than 10% y-o-y, according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
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ON THE MOVE
Hartwig LOGER appointed to Managing Board of VIG as of January 2021
by Andrei Victor, 2020-12-02
On 1 December 2020, the Supervisory Board of VIENNA Insurance Group (VIG) chaired by Gunter GEYER appointed Hartwig LOGER to the Group's Managing Board for the period from 1st January 2021 to 30th June 2023.
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Lukas Herrmanns will be CEO of Marsh Germany and Central Eastern Europe
by Alexandra GUZUN, 2020-12-02
According to a recent press release from Marsh, the group has appointed Lukas Herrmanns as Chief Executive Officer of Germany and CEE (Central Eastern Europe) starting with 1 January, 2021.
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Dirk Bohme joins the management boards of HDI Systeme AG and HDI Lebensversicherung AG
by Cosmin CONCEATU, 2020-11-27
Dirk Bohme will succeed Michael Krebbers, taking on the roles of the Management Board of HDI Systeme AG (HSY) and on the Management Board of HDI Lebensversicherung AG. The change is effective beginning March 1st, 2021.
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ACHMEA: Willem van DUIN to step down as Chairman of the Executive Board
by Andrei Victor, 2020-12-02
Willem van DUIN will step down as Chairman of the Executive Board of ACHMEA in April 2021 and the current Vice-Chair, Bianca TETTEROO, is to be appointed as his successor, the Dutch insurer informed in a statement.
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MAPFRE appoints Group Head of Sustainability and new CEO for Inmuebles branch
by Cosmin CONCEATU, 2020-11-27
MAPFRE recently announced two new Head appointments in its Sustainability and Inmuebles, both of them being placed in vacant positions after one management restructure and one retirement.
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CHUBB appoints LAZARO as Digital Head, International General Insurance Business
by Andrei Victor, 2020-12-02
CHUBB announced that Gabriel LAZARO has been appointed Senior Vice President, Digital Head for Overseas General Insurance, the company's international general insurance business in 51 countries and territories. The appointment is effective January 1, 2021.
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ON THE CORONAVIRUS FRONT
Most Brits used lockdown 2.0 to review finances
by Andrei Victor, 2020-12-02
More than half of Brits (57%) took action in relation to their saving in preparation for the November lockdown in England, according to the latest analysis by AVIVA.
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7th Catastrophe Insurance & Risk Management Summit 2021
25-28 January 2021
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26 - 28 January 2021
ZOOM
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February 17, 2021
Dusit Thani Hotel, Dubai, United Arab Emirates
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Zurich, Switzerland
23-24 September 2021
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