International News

Lloyd’s to Apply for Onshore Reinsurance License in Malaysia

Lloyd’s has announced that it intends to apply for an onshore reinsurance license in Malaysia. The move has been confirmed by the UK and Malaysian governments. The announcement that Lloyd’s will apply for a “Tier 1 license”, and open an …

Swiss Re P&C Unit Misses Earnings Targets; Shares Drop

Shares in Swiss Re, Europe’s second-biggest reinsurer, fell the most since April in Zurich trading after second quarter earnings missed analysts’ estimates on lower profitability at its property and casualty unit.  The shares declined 2.9 percent at 10 a.m., crimping …

Ironshore Int’l. Appoints Bamford to Head Global M&A, Tax; Ups M&A Capacity

Bermuda-based Ironshore International has named Rowan Bamford as its new Global Head of Mergers & Acquisitions and Tax, effective immediately. He will oversee the M&A business lines the company’s portfolio, as well as the Tax division, throughout Ironshore’s global platform …

Lancashire’s CEO Maloney Dismisses Value of Merger with Larger Rival

Lancashire Holdings Ltd. Chief Executive Officer Alex Maloney dismissed suggestions the insurer would be better off combining with a larger competitor. “I don’t really buy the bigger is better thing,” Maloney said on a conference call with analysts Wednesday. “I see …

Lancashire 1st Half Profit Drops 10% Amid ‘Pricing Pressures’ at Lloyd’s

Lancashire Holdings Ltd. reported a 10 percent fall in first-half profit amid “pricing pressure” in the Lloyd’s of London insurance market. The company said pretax profit decreased to $88.6 million in the six months through June, while gross written premiums fell …

Generali 2nd Quarter Profit Rises 51% on Life Business

Assicurazioni Generali SpA said second-quarter profit rose 51 percent, beating analysts’ estimates, after earnings from life insurance surged. The shares climbed in Milan. Net income at Italy’s biggest insurer increased to 626 million euros ($687 million) from 415 million euros a year …

Japan Earthquake Premiums to Rise as Insurers Reassess Risk After Fukushima

Japan’s insurance companies are pushing for an average 19 percent increase in earthquake premiums as they reassess risk following the unprecedented magnitude 9 quake four years ago. The increase could come into effect in January 2017, according to the Ministry of Finance …

Zurich Insurance Confirms Offer for RSA – if Made – Would Be in Cash

Zurich Insurance Group AG said any offer for RSA Insurance Group would be in cash. Wednesday’s statement from Zurich means “there’s a very high likelihood that it will come through with an offer in the next few weeks.” said Ben Cohen, a London-based analyst …

RenRe Reports Q2 Net Income of $73.2M, Operating Income of $99.9M

RenaissanceRe Holdings Ltd. reported net income available to common shareholders of $73.2 million, or $1.59 per diluted common share, in the second quarter of 2015, compared to $120.8 million, or $2.95, respectively, in the second quarter of 2014. Operating income …

SCOR 2nd Quarter Net Income Rises 26% to $168 Million

SCOR SE, France’s largest reinsurer, said second-quarter profit rose 26 percent as the stronger dollar helped push up premium growth. Net income climbed to 152 million euros ($168 million) from 121 million euros a year earlier, the Paris-based company said …

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