Top insurance executives facing investigation over “undue influence” – report

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Leading Italian insurer Cattolica Assicurazioni – which is reportedly on the brink of a major tie-up with country compatriot Generali – was thrust into the spotlight this weekend.

According to a report by Reuters, a source claims that three executives at the firm – including both its managing director and chairman – are under investigation for “undue influence” over shareholder meetings. The company has reportedly admitted that some of its executives are being investigated by market regulator Consob, but has not named them.

The newswire outlines that tax police have searched the company’s headquarters and taken documents. Its sources

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Insurers create path for significant link-up

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Shareholders in Cattolica Assicurazioni, an Italian cooperative insurer, approved its conversion into a joint-stock company on Friday, according to a Reuters report. The approval clears the way for a tie-up with Generali. Nearly 71% of shareholders agreed to the conversion, just above the required two-thirds majority.

Last month, Generali agreed to buy 24.4% of Cattolica and signed a multi-year partnership in asset management, healthcare, the internet of things, and reinsurance, Reuters reported. The investment will make Generali the largest shareholder in Cattolica.

Cattolica’s cooperative status gives shareholders one vote each regardless of the size of their stake. Conversion to a

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Hiscox hit by skyrocketing combined ratio

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“Operationally resilient.” That is how Hiscox Ltd described itself as it released it interim 2020 results, which saw a drop in its GWP and a surge in its combined ratio.

The group’s combined ratio shot up from 98.8% at the end of the first half of 2019 to 114.6% in the same period this year. The company’s gross premiums written fell from US$2,337.5 million (around SG$3,217.2 million) to US$2,235.5 million (around SG$3,076 million), leaving it with a loss before tax of US$138.9 million (around SG$191.2 million) compared to H1 2019’s profit of US$168 million (around SG$231.2 million).

The firm, which

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Aon CEO speaks on mega merger

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There’s a long way to go before ‘two become one’ for brokerage giants Aon Plc and Willis Towers Watson, whose courtship was first confirmed in March 2019. In the interim, Aon is trumpeting the benefits of the union which is slated to become official – assuming the mammoth merger doesn’t hit a snag – sometime next year.  

In the company’s earnings conference call following the release of its second quarter results, Aon chief executive Greg Case was quoted by Seeking Alpha as noting: “Our global risk survey highlights one of the top 10 risks our clients face – only one … Read More