World leader in legal protection insurance, ARAG, gears up for Solvency II with Barrie & Hibbert
Last updated 6th December 2011 - One of the two largest providers for legal protection insurance worldwide has selected Barrie & Hibbert for Solvency II.
ARAG, the largest family-owned insurance company in Germany and one of the two largest providers for legal protection insurance worldwide has selected Barrie & Hibbert for its internal model for market risk, and for quantifying strategic asset allocation opportunities in a Solvency II environment.
Internationally recognised as an independent partner for justice and protection, ARAG offers a broad range of insurance products in Germany and is Europe’s largest sports insurer. Customised legal protection is sold in 13 European markets and also the United States.
Wolfgang Mathmann, Head of Group Risk Management commented, “A number of factors convinced ARAG that Barrie & Hibbert has the right solution for our business. Apart from the company’s track record and reputation as the market leader in this area, we were particularly impressed by the dependency structure. The calibrations offered by Barrie & Hibbert extend across all economies in which ARAG has investments, so this too was an important selling point for us.”
Thomas Gleixner, Regional Manager CEE added, “We are delighted to be working with ARAG and welcome them as a new member of our German client group. ARAG’s commitment to enhancing its asset and liability modelling capabilities is evident. Barrie & Hibbert’s highly sophisticated models and calibrations are ideal to complement the company’s effort in this area. At a time of high market volatility, insurers need realistic projections to manage their risk, whether they have partial or full internal models. In the run up to Solvency II and beyond, Barrie & Hibbert’s solutions will be instrumental in helping insurers manage that risk.”
Notes for editors
The ARAG Group
The ARAG Group is the largest family-owned company in the German insurance industry. As a versatile quality insurer with a focus on legal insurance, ARAG relies on a segment mix that is entirely in line with its historical background and expertise. The basis is provided by highly productive subsidiaries in the German composite, health and life insurance business as well as ARAG’s international subsidiaries and affiliates in 12 other European countries and the USA – many of which hold leading positions in their respective legal insurance markets. With nearly 3,500 employees, the Group earns revenues and premiums of nearly € 1.5 billion.
For further information visit: http://www.arag.com
