International News

Aon Reports 4% Drop in Q1 2016 Net Income to $315 Million

London-based Aon plc reported net income attributable to Aon shareholders of $315 million, or $1.15 per share, during the first quarter ending March 31, which is down 4 percent from $328 million, or $1.14 per share, from the same period …

Hackers in Bangladesh Bank Cyber Heist Pocketed About $70M; NY Fed Criticized

Hackers are likely to get away with about $70 million of Bangladesh’s foreign reserves after a brazen cyber-attack against the South Asian nation, according to Finance Minister Abul Maal Abdul Muhith. The Philippines — where most of the funds ended …

HSB BI&I of Canada Offers Equipment Breakdown Cover for Microelectronics

The Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re, announced the introduction of TechAdvantage™, its new standard equipment breakdown policy. The company said it is the first equipment breakdown insurance product covering undetectable physical damage …

Zurich Canada Appoints Healey as Sr. VP, Distribution & Regional Management

Zurich Canada has appointed Patrick Healey as senior vice president, Distribution and Regional Management. Healey will be responsible for leading and managing broker relationships and supporting market-facing underwriting colleagues towards the goal of continuing to make Zurich more customer focused, …

Swiss Re Q1 Net Income Down 15% to $1.23B; New Head of Reinsurance Named

Swiss Re AG, the world’s biggest reinsurer, reported lower first-quarter profit as the company bulked up its reserves and pricing in the industry remained under pressure. Net income dropped to $1.23 billion from $1.44 billion a year earlier, the Zurich-based …

Willis Capital Markets & Advisory Appoints Lien as Managing Director, Hong Kong

Willis Towers Watson has appointed Vincent Lien as managing director of Hong Kong for Willis Capital Markets & Advisory (WCMA), the firm’s investment banking business. Reporting to WCMA co-CEOs, Michael Guo and Rafal Walkiewicz, Lien will be based in Hong …

French Startup Drivy (‘Airbnb for Cars’) Raises $35M to Expand; Insured by Allianz

Drivy, a French startup that lets people hire out their cars in much the same way Airbnb runs a market for houses, said Thursday it raised 31 million euros ($35 million) to fund its continued expansion across Europe. Already operating …

Volvo to Launch Autonomous Driving Trial in London in 2017

Swedish car maker Volvo will begin an autonomous driving trial in London in 2017. Called “Drive Me London,” the UK trial will use real families in semi-autonomous cars. Starting with a handful of AD cars next year, the trial will …

PERILS Joins Singapore’s NatCatDAX, Aiming to Close Asia Nat Cat Protection Gap

PERILS, the Zurich-based independent organization providing industry-wide catastrophe insurance data, announced it has joined the Singapore-based Natural Catastrophe Data and Analytics Exchange (NatCatDAX) Alliance, which has been set up to help increase data availability for natural catastrophe insurance in Asia. …

Lloyd’s Market Urged to Use Oasis Open-Source Cat Models for Wider Risk View

Lloyd’s managing agents should take full advantage of Oasis, the open source catastrophe modeling platform, in order to get wider views on catastrophe risks, urged Tom Bolt, Lloyd’s director of performance management. “Catastrophe models are valuable tools, but each model …

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