International News

Italy Earthquake Unlikely to Trigger 200M Euro Cat Bond Cover: Investors

A powerful earthquake in Italy on Wednesday is unlikely to force UnipolSai’s 200 million euro ($226 mln) catastrophe bond into default as the bond has low exposure to the affected region, the Italian insurer said. The earthquake devastated a string …

Low Prices Ultimately Could Bite London Market Insurers: A.M. Best, PwC Reports

The business outlook for the London insurance market is a familiar one across other global markets: underwriting profits are under pressure as ongoing soft market prices begin to take a toll. In separate reports on the London market, both A.M. …

U.K. Lawmakers Call for Ban on Plastic Microbeads, Citing Dangers to Food Chain

U.K. lawmakers called for a ban on plastic microbeads used in products such as shaving gel, exfoliating scrubs and toothpaste, saying they are harming marine life and entering the food chain. In a report published Wednesday, the House of Commons …

Update: Deadly Quake Hits Central Italy; Death Toll Continues to Rise

A powerful earthquake hit central Italy in the middle of the night, killing at least 120 people, in the latest challenge to Italian Prime Minister Matteo Renzi as he tries to speed up the country’s economy and overhaul its political …

Willis Re Taps Aon’s McDowell to Lead Bermuda Unit; Harden as APAC President

Willis Re announced the appointment of Chris McDowell as CEO of Willis Re Bermuda. Effective Jan. 1, 2017, he will succeed Michael Harden, CEO of Willis Re Bermuda since 2014, who is returning to the Asia Pacific region as president …

China’s Anbang Insurance Readies for 2017 IPO: Sources

Anbang Insurance Group Co., the Chinese owner of New York’s Waldorf Astoria hotel, has asked banks to pitch for role on a planned Hong Kong initial public offering next year, according to people with knowledge of the matter. The Beijing-based …

Caribbean Cat Facility, CCRIF, Pays Belize for Excess Rain From Hurricane Earl 

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) made a pay-out of US$261,073 to the government of Belize as a result of heavy rains from Hurricane Earl on Aug. 4-5. Rainfall from the hurricane caused widespread flood damage to homes and …

Soft Prices May Bring Reinsurer Losses when Typical Cat Levels Return: Execs

It won’t take another Hurricane Katrina for reinsurers to face losses from covering the cost of storms and earthquakes. Competitors such as hedge funds have eroded prices so much that a typical year of claims could move the industry into …

RMS Releases Suite of Europe Inland Flood Risk Data to Open U/W Opportunities

RMS, the Newark, Calif.-based catastrophe risk management firm, has released a suite of Europe inland flood hazard data products. Describing the release as “the highest resolution view of the risk available on the market,” RMS said the data products include …

Typhoon Mindulle Batters Tokyo, Bringing Risk of Floods and Landslides

Tokyo was pummeled by rain and winds as Mindulle became the first typhoon to make landfall near the metropolitan region in 11 years on Monday, bringing the risk of floods and landslides. The typhoon’s center was estimated to have passed …

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