International News

China Investment Firm Fosun Buying Stake In Ironshore

An investment group from China will buy a big stake in in Ironshore Inc., a billion-dollar insurance holding company led by former AIG executives that filed plans for a $100 million IPO in June. Fosun International Ltd. has agreed to …

Berlin Bans Car Service Uber; Insurance Concerns Cited

Berlin has banned car service Uber, which allows users to summon a ride on their smartphone, for not offering drivers and vehicles licensed to carry passengers, or full insurance cover, the German capital said. The ban takes immediate effect and …

Ex-Zurich Insurance CEO, Goldman Lead Director James Schiro Dies

The former head of Zurich Insurance and lead director of Goldman Sachs, James Schiro has died at the age of 68, the bank said. The American citizen, who also served on the boards of Pepsico and Reva Medical, had retired …

NAB Sees $410 Million in U.K. Charges in Annual Result

National Australia Bank Ltd., the nation’s largest lender by assets, will set aside more than £245 million ($410 million) in its full-year result for compensation related to U.K. insurance and hedging products. The Melbourne-based lender’s shares fell 0.9 percent to …

Amlin First-Half Profit Drops as Catastrophe Losses Widen

Amlin Plc, the second-biggest Lloyd’s of London insurer by market value, posted an eight percent drop in first-half pretax profit on losses from foreign exchange and natural catastrophes. Profit declined to £148.5 million ($248.5 million) from £161.4 million [$270 million] …

McMellin to Replace Sinfield as CEO of Catlin Group’s London Hub

Catlin Group Limited (CGL) announced that Andrew McMellin, currently CEO of the Group’s US underwriting hub, will become CEO of the London hub during the first half of 2015. The bulletin also explained that Paul Jardine, the Group’s COO, will …

Tough Competition Could Pressure Global Reinsurers Ratings: S&P Report

Standard & Poor’s Ratings Services announced that it will publish its annual “Global Reinsurance Highlights” to coincide with the 2014 Reinsurance Rendezvous in September. The report “will provide a detailed perspective on the market, focusing on the competitive pressures that …

Liberty International Appoints Montoya Sr. VP, Managing Director – Latin America

Liberty International Underwriters (LIU), part of the Global Specialty business unit of Liberty Mutual Insurance, announced the appointment of Alexander Montoya as Senior Vice President, Managing Director – LIU Latin America. He will report to David Cohen, President LIU US …

Allied World to Build Out Canadian Energy Market Property Coverage, Hires Two Vets to Lead

Allied World Assurance Company Holdings, AG has launched its property line for energy risks in the Canadian market with a new team of underwriters. The company launched its initial property & excess casualty offerings for Canada in May. The new …

Berkshire Hathaway Hires Two Sr. Execs from AIG Asia – WSJ Report

Berkshire Hathaway has hired two senior executives from American International Group’s Asia operations to boost its insurance business in the region, the Wall Street Journal reported citing people familiar with the matter. Berkshire Hathaway has hired Marc Breuil, who headed …

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