International News

Integro Acquires UK’s Howard Global Insurance Services

International insurance broker and risk management firm Integro announced its acquisition of Howard Global Insurance Services Ltd., a Lloyd’s-registered specialty broker headquartered in London. Financial details of the transaction have not been disclosed. Howard Global was established in 2000, and …

Catlin Says XL Group Made $3.9 Billion Takeover Bid; Talks Are Ongoing

Catlin Group Ltd. said it received a takeover approach from Ireland’s XL Group plc valued at about 2.5 billion pounds ($3.9 billion). The shares surged the most on record. Under the terms, XL would buy Catlin for 410 pence in …

A.M. Best Report: ‘Grey Swan’ Risks Can Affect Balance Sheets, Ratings

A new special report from A.M. Best discusses the need for non-life and life insurers to address threats called “grey swans,” the low-probability, high-severity events that have the potential to impair balance sheets and lower financial strength ratings. “Although some risks do …

Cooper Gay Uruguay Launched; Ferrari Appointed Managing Director

Cooper Gay Swett & Crawford (CGSC), the reinsurance, wholesale and specialty broker, has launched Cooper Gay Uruguay as part of its strategic expansion in Latin America. Based in Montevideo, the team will focus on placing both facultative and treaty reinsurance …

Swiss Re sigma 2014 Disaster Insured Loss Estimates = $34 Billion

According to Swiss Re’s preliminary sigma estimates, total economic losses from natural catastrophes and man-made disasters were $113 billion in 2014, down from $135 billion in 2013. Out of the total economic losses, insurers covered $34 billion in 2014, down …

XL Group Offers Artworks Coverage in UK for Art Exhibitions

XL Group has launched Key Artworks insurance coverage in the U.K. to cover cancelled or abandoned fine art exhibitions and their financial losses in cases where a star attraction art piece is damaged, stolen or otherwise unfit to be publicly …

Mallie Joins Spencer Re as Chief Executive Officer

Puerto Rico-based Spencer Re, a Spencer Capital Holdings company, announced that Tina Youngblood Mallie has joined the firm as chief executive officer. Mallie also serves as vice chair of Spencer Capital Holdings. Mallie joins Spencer Re most recently from Cunningham …

China Journal Says Planned Insurance Trust Fund to Start with $6.5 Billion

A planned insurance fund for China’s trust industry will have an initial size of around 40 billion yuan ($6.47 billion), the state-owned China Securities Journal reported on Saturday, citing unidentified officials from the banking regulator. The fund, the first of …

Zurich Insurance to Offer Direct Lending in Europe to Boost Returns

Zurich Insurance Group AG, Switzerland’s largest insurer, is about to make its first investments in European direct lending, including infrastructure debt. The insurer wants to lend to small to medium-sized European companies and commercial real estate owners to finance infrastructure …

Drone Risks Require More Safety Regulation, IATA Chief Says

The surging popularity of inexpensive radio-controlled airplanes and helicopters raises risks that require a firm response from regulators to ensure safety, the head of a leading commercial aviation trade group told Reuters. “I’m not one who often calls for regulation,” …

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