International News

Specialist Broker Capsicum Re Launches in Latin America; Operation Led by Smith

Capsicum Re, the specialist reinsurance broker, announced it has launched Capsicum Re Latin America (CRLA). “This is a major step in Capsicum Re’s strategy to become a full service, international, challenger reinsurance broker,” said the company, adding that the unit …

Canada Province of Alberta Orders Evacuation of Entire City as Wildfire Advances

The Canadian province of Alberta raced to evacuate the entire population of Fort McMurray where an uncontrolled wildfire was taking hold in the heart of the country’s oil sands region, with dry winds forecast for Wednesday that could fuel the blaze. Alberta appealed …

Global Risk Partners Funds Acquisition of McGrady Ltd. in Northern Island

Global Risk Partners Ltd. (GRP), the London-based insurance broking and managing general agent investment vehicle, has completed its second transaction in Northern Ireland by funding the acquisition of broker McGrady Ltd. by Abbey Bond Lovis Ltd. (ABL), a GRP subsidiary. …

Aegon to Acquire BlackRock’s U.K. Defined-Contribution Pension Business

Aegon NV agreed to buy BlackRock Inc.’s U.K. defined-contribution pension business to bolster its position in the country’s workplace-savings market. The deal will transfer 12 billion pounds ($17.6 billion) of assets under management and 350,000 customers to the Hague-based company, …

MS Amlin Now Operating at Lloyd’s Under One Brand: MS Amlin Underwriting

MS Amlin announced it is now operating as one brand in the Lloyd’s market, as a single managing agency, MS Amlin Underwriting Ltd. Operating from 22 locations across three continents, the MS Amlin business will inherit Amlin’s tripartite legacy business …

Everest Re Appoints Knipper to Head Its Continental Europe Operations

Bermuda-based Everest Re Group Ltd. announced that Stephan Knipper joins the company as managing director Continental Europe (subject to regulatory approval), based in Zurich. Knipper joins Everest with more than 25 years of industry experience, most recently as CEO and …

Allianz Q1 Profit Rises 21% to $2.5B, Helped by Gains from Selling Investments

Allianz SE said first-quarter profit surged 21 percent, beating analysts’ estimates, as Europe’s biggest insurer was helped by gains from selling investments. The shares rose. Net income climbed to 2.2 billion euros ($2.5 billion) from 1.8 billion euros [$2.1 billion] …

Greenlight Re Reports Q1 Net Income of $28.7M in 1st Profit Since 2014

Greenlight Capital Re Ltd. posted a quarterly profit for the first time since 2014 on a rebound in the reinsurer’s investment portfolio, which is overseen by hedge fund manager David Einhorn. Net income of $28.7 million in the three months …

AIG Selling $1.2 Billion Worth of Shares in China’s PICC P&C: Report

American International Group is offering for sale about $1.2 billion worth of shares in China’s PICC Property and Casualty Co. Ltd. (PICC P&C) in a block deal, IFR said on Saturday, citing a term sheet of the deal. AIG’s stake …

S&P Expects UK to Vote to Stay in EU by Small Majority; Warns About Brexit

Ratings agency Standard & Poor’s said on Friday it expected Britons to vote to remain in the European Union by a small majority in a June 23 referendum, but that the risk of leaving was a negative for the country’s …

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