International News

Aviva in $8.76 Billion Deal to Buy Friends Life after Pensions Shake-up

British insurer Aviva said on Friday it had agreed terms on a possible deal to buy rival Friends Life for £5.6 billion [$8.76 billion], as British pension reform puts pressure on insurance companies to find new business. Pension providers are …

China Re to Underwrite at Lloyd’s, Syndicate to Be Managed by Catlin

China Reinsurance (Group) Corporation has received approval from Lloyd’s to transform its existing special purpose syndicate into a stand-alone syndicate that will underwrite a diversified book of business, initially focusing on reinsurance, incepting from January 1, 2015. The China Re …

Successful Brokers Put Clients Front and Center: Aon’s Dominic Christian

The brokerage industry has changed “utterly and fundamentally” over the past 30 years from a risk transfer function to much more of an advisory role, according to Dominic Christian, executive chairman, Aon Benfield, London. Christian spoke at an event this …

Russian Firms Face Huge Insurance Costs as Foreign Insurers Flee

Russian companies face billions of dollars in extra insurance costs as Western sanctions prompt foreign insurance firms to start pulling out, worried that any business they undertake is at risk from future measures and an increasingly sick economy. Russian President …

LeapFrog Buys Majority Stake in Kenya’s Resolution Insurance

LeapFrog Investments, the private equity firm with a focus on Africa and Asia, said it will pay 1.68 billion shillings ($18.6 million) to gain control of Kenya’s Resolution Insurance and tap growth in health coverage. LeapFrog will invest through Resolution …

Evans to Succeed Thoresen as ABI Director General

The Association of British Insurers (ABI) announced that Huw Evans will succeed Otto Thoresen as Director General in February 2015, as Thoresen will assume the chairmanship of the National Employment Savings Trust (NEST). ABI chairman, Paul Evans, said: “On behalf …

Aon Benfield Places UK’s ‘Smart Meter Drive’ Coverage with AIG

Aon Benfield announced that it has successfully completed an “insurance placement as part of a UK government energy initiative to install smart meter systems nationwide by 2020 with AIG. The placement was made on “behalf of global smart meter solution …

Generali Meets Targets Ahead of Schedule, Sheds Global Non-Core Assets

Assicurazioni Generali SpA said it has reached most of its targets ahead of schedule after shedding non-core assets around the world and will present a new strategy in May. “The next plan will be quite different because it will not be focused …

AIG Global Real Estate Seeks $450 Million in Sale of South Korean Hotel

AIG Global Real Estate, a unit of American International Group Inc., is seeking at least $450 million from the sale of a luxury hotel in the South Korean capital, people with knowledge of the matter said. AIG’s Korean real estate …

U.K.’s Towergate Bonds Plunge on News of Takeover Bids

Towergate Finance plc’s high-yield bonds plunged to a record after Europe’s largest insurance broker said it received takeover offers. The company’s 304.6 million pounds ($475.5 million) of 10.5 percent notes fell 16 pence on the pound to 45 pence, the …

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