Allianz News

Fire a Growing Risk to Shipping Because of Lithium-ion Batteries, Allianz Says

Fire has always been a peril for shipping, but the advent of lithium-ion batteries has elevated the risk to the point that it now is the most expensive cause of loss for the industry, according to a new bulletin issued …

Allianz to Pay $6B in US Fraud Case, Fund Manager Charged

Germany’s Allianz agreed to pay more than $6 billion and its US asset management unit will plead guilty to criminal securities fraud over the collapse of its Structured Alpha funds early in the COVID-19 pandemic. Allianz’s settlements with the U.S. …

Behind Allianz’s $4 Billion Fund Blowup, Red Flags and Fat Fees

It’s every investor’s dream: Make money when markets go up, and when markets go down, and even when markets go practically nowhere. But inside Allianz SE, where a handful of hedge fund managers claimed they could do just that, few …

Multiple Investors File to End Allianz Lawsuits Over Funds Collapse

FRANKFURT, Germany –– A number of big investors on Monday filed to end their lawsuits against Allianz after a settlement was reached over their losses in a multibillion-dollar trading debacle at the German asset manager’s funds arm. The move marks …

“Flashing Red”: Finance System Grows More Dangerous – Allianz CEO

FRANKFURT — Allianz Chief Executive Officer Oliver Baete said on Thursday that the financial world was getting more dangerous, not safer, setting an ominous tone for investors. Baete, who oversees one of the world’s largest insurers and asset managers, pointed …

Claims People: Allianz, Accūrō Solutions, ATF Medical

Allianz Appoints Aviation Claims Head Allianz Global Corporate & Speciality promoted Cristina Schoen as global head of aviation claims in New York. Schoen previously was director of airline claims, a role she retains in her new position. She reports to …

Allianz Wins Order Requiring Other Insurers to Contribute to Defense of Asbestos, Pollution Claims

Carriers that insured Freightliner Corp. before it was purchased by Daimler-Benz AG in 1981 — even those that entered into fronting agreements that transferred liability back to the insured — have to contribute to the defense of claims related to …

Insurers Face ‘Mind-Blowingly’ Large Loss if Olympics Canceled

LONDON — Insurers are facing a $2-3 billion loss if the Tokyo Olympics are canceled this year, amounting to the largest ever claim in the global event cancellation market, brokers say. With less than six months until the Games are …

Sources: Insured Losses From Beirut Blast Seen Around $3 Billion

Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say. The blast on Tuesday, the biggest …

UK Watchdog Aims For July Court Date on Business Interruption Insurance

LONDON — Britain’s Financial Conduct Authority (FCA) aims to get business interruption insurance policies examined by a court as soon as July, a member of a policyholder action group said on Thursday. The Hiscox Action Group, which is seeking to …