International News

Ratings Recap: Trust Re, Alliance

A.M. Best has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” of Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re, which is based in Bahrain. The outlook for both ratings remains …

Allied World to Acquire RSA’s Hong Kong, Singapore Operations

Allied World Assurance Company Holdings, AG announced that one of its operating units, Allied World Assurance Company, Ltd. has reached definitive agreements to acquire the Hong Kong and Singapore operations of Royal & Sun Alliance Insurance plc (RSA) for approximately …

After Food Safety Scares, China Retailer Offers Baby Milk Insurance

A Chinese retailer is offering insurance to customers who buy infant milk powder, highlighting the lengths to which companies are going to address concerns about food safety in China. Suning Commerce Group Ltd, which owns the Redbaby chain of stores, …

Willis Energy Market Review: Still Soft Market; OIL ups Occurence Limits

Willis Group Holdings August Energy Market Review (EMR) highlights the decision by Oil Insurance Limited (OIL) to increase its per occurrence limit from $300 million to $400 million and the event aggregation limit from $900 million to 1.2 billion effective …

Aon Welcomes UK Government’s Launch of ‘Trailblazer’ for Insurance Apprentices

Aon plc has issued the following statements regarding the UK government’s announcement of the Trailblazer insurance apprentice program. Dominic Christian, CEO of Aon UK Limited, said: “We are proud to have been instrumental in the development of the new apprenticeship …

Allied World Names Bender CEO for Global Reinsurance Operations

Allied World Assurance Company Holdings, AG announced the appointment of John Bender as CEO for the company’s global reinsurance operations. He has overseen Allied World’s reinsurance platform globally since 2011. President and CEO Scott Carmilani noted Bender’s willingness to take …

10 Dead, 22 Missing in Hiroshima Landslide

Rain-sodden slopes collapsed in torrents of mud, rock and debris early Wednesday in the outskirts of Hiroshima, killing at least 10 people and leaving 22 missing, the government said. [IJ Ed. Note: Latest reports say the death toll is at …

IAG Posts US$1.467 Billion 2014 Fiscal Year Operating Profit

Insurance Australia Group Limited (IAG) announced a strong operating performance for the financial year ended June 30, 2014 (FY14), posting an insurance profit of A$1.579 billion [US$1.467 billion] for the year, up 10.6 percent from A$1.428 billion [US$1.326 billion] for …

Weakening Operating Fundamentals Tip Reinsurers’ Outlook to Negative: A.M. Best

A.M. Best announced that it has “revised its ratings outlook on the global reinsurance sector to negative from stable, citing the significant ongoing market challenges that will hinder the potential for positive rating outlooks or upgrades, and over time, may …

Canada Railway Audit ‘Inadequate’ before Lac-Mégantic Disaster: Official Report

The Canadian government did not adequately audit the railroad company at the center of the Lac-Mégantic crude tanker disaster, which last year killed 47 people, an independent federal agency said on Tuesday, as it called for tougher scrutiny of the …

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