International News

Pirate Attacks on Small Oil Tankers Rising in Southeast Asia Waters

Hijackings of small oil tankers by armed gangs are increasing in Southeast Asia, home to the shortest sea-trade route between the Middle East and China, even as pirate attacks globally fell for a third year. Five of the six vessels …

China Insurers Face Shadow Banking Default Risk: Ratings Agencies

A doubling in the trust holdings of China’s insurers has prompted ratings companies to warn the industry may be taking on too much shadow banking default-risk. Insurers held 281 billion yuan ($46 billion) of trust products on June 30, surging …

Ping An Profit Rises, Along With Investment Returns

Ping An Insurance (Group) Co., China’s second-largest insurer, said profit rose in the third quarter as banking revenue expanded and a stock-market rally bolstered investment returns. Net income climbed to 10.3 billion yuan ($1.68 billion), or 1.23 yuan a share, …

XL Group’s Operating Net Income Increases During Q3

XL Group plc, headquartered in Dublin, reported operating net income of $187.1 million, or $0.70 per share, for the third quarter, compared to operating net income of $154.6 million in last year’s third quarter (primarily due to higher underwriting profit …

Montpelier Reports Third Quarter Financial Results

Montpelier Re Holdings Ltd., the Bermuda-based provider of short-tail reinsurance and other specialty lines, reported operating income for the third quarter ended September 30, 2014, of $39.9 million, or $0.86 per common share, compared with $71.5 million, or $1.38 per …

Ryan Specialty Hires McKenna in London for MGA Strategy

Ryan Specialty Group (RSG), the specialty insurance services business based in Chicago, has hired Peter McKenna in a new senior role to oversee the development of the company MGA strategy in the UK market. McKenna, who joined RSG from AIG, …

Aon, in Partnership with Hiscox, Offers Ebola Liability Cover

Aon has launched an Ebola response product available to all health care institutions and features worldwide coverage on cases brought in the U.S. Negotiated in partnership with Hiscox, the product – called the Ebola liability insurance wrap – covers scenarios …

Aon Hotline Supports Clients Affected by Recall or Contamination Crisis

Aon Risk Solutions and the Aon WorldAware Operations Center have together launched the Aon Re-Call Crisis Center, a new feature to support business clients affected by a recall or contamination crisis. The hotline is designed to provide policy owners with …

Banca Carige Sells Insurance Units to Apollo to Raise Capital

Banca Carige SpA, one of the two Italian lenders that need to plug a capital shortfall after the European Central Bank’s review, agreed to sell its two insurance units to Apollo Management Holdings LP. Carige will sell Carige Assicurazioni SpA …

Remnants of Hurricanes Still Can Be Powerful – and Dangerous

A hurricane may lose its name, its structure and even its place on National Hurricane Center tracking maps. None of that is a guarantee the storm’s meteorological energy won’t keep making mischief. While still-dangerous storm remnants — let’s call them …

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