International News

Hackers Target Global Tanker, Container Shipping Fleet

The next hacker playground: the open seas – and the oil tankers and container vessels that ship 90 percent of the goods moved around the planet. In this internet age, as more devices are hooked up online, so they become …

UK Insurer Saga Could Announce $5 Billion IPO Next Week

British over-50s insurer Saga is planning to announce its intention to float next week in a London stock market debut that could value the company at £3 billion ($5.1 billion), two sources familiar with the matter said on Wednesday. The …

Divers Continue Search as South Korea Ferry Probe Turns to Cargo

Divers retrieved more bodies from a South Korean ferry that sank last week, as investigators turned their attention to whether the vessel had been carrying more cargo than it was designed to hold. The official death toll reached 159 today, …

Echo Re to Write Treaty Reinsurance in Latin America with Madroñero’s EGRM

Zurich-based Echo Reinsurance Ltd., wholly owned subsidiary of German mutual insurance group DEVK, announced that it will target writing treaty reinsurance from Latin America in order to further enhance and diversify its portfolio. Echo Re also noted that it has …

Sanlam Unit Buys Controlling Stake in MCIS Zurich of Malaysia

Sanlam Emerging Markets, a unit of South African insurance company Sanlam Ltd., said it’s buying 51 percent of Malaysia’s MCIS Zurich Insurance Berhad for about 1.25 billion rand ($118.4 million). Sanlam will first buy a 40 percent stake in MCIS …

China Regulators Draft Rules for Insurer Trusts

Collective trusts that insurers are allowed to invest in are confined to those backed by financing assets and non-listed equity assets, according to draft rules posted on the website of China Insurance Regulatory Commission [CIRC]. Collective trusts backed by fixed-income …

Genworth Financial to Raise as Much as $700 Million in Australia Offer

Genworth Financial Inc. plans to raise as much as $700 million by selling a minority stake in its Australian mortgage guarantor, in what may be the biggest share sale in the country for more than three years. The seller of …

Aetna Completes Acquisition of UK-Based InterGlobal

Aetna announced that it has completed its acquisition of United Kingdom-based InterGlobal from a group led by its majority shareholder Alchemy Partners. The bulletin noted that “InterGlobal specializes in international private medical insurance for groups and individuals in the Middle …

CNA Appoints Mueller Vice President – International

CNA Financial Corporation announced the appointment of Timon Mueller as Vice President of International. He “will lead an underwriting team to strengthen our Home Foreign business and expand our international capabilities,” said the announcement. John Beckman, Chief Underwriting Officer, Commercial, …

Endurance Appoints Housley as Global Property Insurance Leader

Bermuda-based Endurance Specialty Holdings has announced that Richard Housley has joined the company this week as Executive Vice President and Global Practice Leader for Property Insurance. He has extensive experience in property insurance markets where he has held various underwriting …

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