International News

New York-Based Insurer Says U.S. Has Lifted Sanctions for Iranian Oil Cargoes

A U.S.-based insurer to the global shipping industry said it got government authorization to cover non-American companies transporting oil from Iran, potentially helping the Persian Gulf country to revive exports of crude and petroleum products following the lifting of sanctions …

Willis Group Reports (Pre-Merger) Q4 Loss of $24M, vs. Q4 2014 Earnings of $76M

Willis Group reported a net loss of $24 million, or $(0.35) per diluted share during the fourth quarter of 2015, compared to earnings of $76 million, or $1.12 per diluted share, in the prior year quarter. During the 12 months …

Liberty Specialty Announces Specialty Lines and Fine Art & Specie Appointments

Liberty Specialty Markets, part of Liberty Mutual Insurance Group, has promoted Mike Gosselin to the role of chief underwriting officer for specialty, while also naming David Saillen as head of fine art & specie – Continental Europe. An industry veteran …

Sompo Canopius Partners with UK’s SSBN for US Flood Models, Hazard Maps

Sompo Canopius AG has entered into a license agreement with SSBN, which will provide it with flood models and hazard maps for the United States. SSBN works within the insurance sector, providing global flood risk analytics, which are based on …

Norwegian Hull Club to Open Office in London

The Norwegian Hull Club, one of the world’s largest pure marine insurers, is planning to “plug into London” with the opening of its first office outside Norway. The club’s board confirmed this week that it intends to open a branch …

Allied World Offers Trade Credit & Political Risk Products in Canada

Allied World Assurance Company Holdings AG announced its suite of trade credit & political risk insurance products are available in Canada, as part of the Global Crisis Management Division. This coverage helps clients mitigate the risk of non-payment due to …

‘Weird & Wacky’ Methods to Absorb Global Warming Pollution Viewed Too Risky

Some of the most dramatic measures to suck global warming pollution out of the atmosphere are probably too risky to be worth trying, an academic at a climate research institution concluded. Phil Williamson, a scientist at the University of East Anglia in …

‘Brexit’ Will Create Real ‘Risks & Uncertainties’ for Lloyd’s & London Market

A UK exit from the European Union will create a “rarely experienced” level of uncertainty for Lloyd’s, the London market as well as the UK and other European economies, according to Sean McGovern, Lloyd’s chief risk officer and general counsel. …

Marsh Appoints Lobban as Senior Adviser on Cyber Risk

Marsh has announced the appointment of Sir Iain Lobban as senior adviser on cyber risk. Lobban is the former director of the Government Communications Headquarters (GCHQ), the UK’s security and intelligence organization. In the newly created role, Lobban will provide strategic …

Mapfre Posts 32% Drop in Q4 Net Profit to $132 Million

Mapfre SA, Spain’s largest insurer, cut its annual dividend and posted a 32 percent drop in quarterly net profit as income from premiums fell. The shares fell [on Feb. 10] to the lowest since August 2012. The Madrid-based insurer proposed a dividend of …

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