International News

UK MGAA Membership Hits $5.6 Billion Premium Mark

MGA membership in the UK’s Managing General Agents’ Association (MGAA) now represents over £3.3 billion [$5.6 billion] of Gross Written Premium (GWP). Jonathan Evans MP, chairman of The All Party Parliamentary Group on Insurance and Financial Services, made the announcement at …

UPDATE: Bad Weather Likely Cause of Air Algerie Crash – French Officials

Poor weather was the most likely cause of the crash of an Air Algerie flight over the West African state of Mali with 116 people on board, French officials said on Friday. Investigators at the scene of the crash had …

Canada Transport Board Welcomes U.S. Oil-by-Rail Ideas; Warns Dangers Remain

The Transportation Safety Board of Canada on Thursday welcomed proposed U.S. regulations for oil-by-rail tankers, but cautioned of the persistent danger until tank cars built before 2011 stop carrying oil and other flammable liquids. The independent federal agency, which investigates …

Air Crashes Set 2014 on Course to Be Deadliest Since 2005

Three fatal airline crashes in a week mean 2014 is shaping up to become the worst year in almost a decade for passenger fatalities. The crash of a McDonnell Douglas MD-83 aircraft on the fringes of the Sahara desert yesterday …

AIA First-Half New Business Value Rises 23%, Led by China

AIA Group Ltd., the second-largest Asia-based insurer, posted a 23 percent increase in new business value in the first half, beating analyst estimates and exceeding the full-year figure for 2010 when it went public. The gauge of projected profitability of …

El Nino Seen Weak or Delayed for Several Months by Forecasters

El Nino will probably develop as a weak event in late summer or early fall in the Northern Hemisphere, according to MDA Weather Services, while Commodity Weather Group LLC said it may be delayed for several months as the warming …

Validus Reports $153.4 Million Q2 Net Income; $315.8 Million 1st Six Months

Bermuda-based Validus Holdings, Ltd. reported net income available to Validus of $153.4 million, or $1.61 per diluted common share, for the three months ended June 30, 2014, compared to $30.7 million, or $0.28 per diluted common share, for the three …

Air Algerie-operated Plane with 116 People Aboard Disappears en Route to Algiers

An Air Algerie-operated MD-83 carrying 116 passengers and crew disappeared en route from Burkina Faso in Africa to Algiers, the aircraft´s owner said. The plane, which took off in the West African country shortly after midnight, was supposed to land …

AIG Identified As Lead Insurer in Taiwan Plane Crash

American International Group Inc. is the lead insurer of the TransAsia Airways Corp. passenger plane that crashed near Taiwan’s Magong airport, according to Aon Plc, a broker that tracks the market for aviation coverage. The ATR-72 plane is valued at …

Everest Re Posts $290.2 Million Q2 Net Income; $584.1 Million Half Year

Everest Re Group reported second quarter 2014 net income of $290.2 million, or $6.26 per diluted common share, compared to net income of $275.6 million, or $5.56 per diluted common share, for the second quarter of 2013. After-tax operating income, …

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