International News

Arconic Stops Selling Cladding for High-Rises After Grenfell Tower Tragedy

Arconic Inc. said on Monday it will stop global sales of plastic-filled aluminum cladding panels for use in high-rise buildings after a fire in London’s Grenfell Tower, which used those Arconic panels, killed at least 79 people. Shares of the company, …

Lloyd’s to Cut 10% of UK Employees on Soft Market Pricing Pressures

Lloyd’s of London is planning to cut 10 percent of its staff in the UK as the world’s oldest insurance market looks to streamline operations and reduce costs amid continued pricing pressure on its members. Lloyd’s plans to introduce a …

Existing EU Contracts Must Be ‘Grandfathered’ After Brexit to Avoid Complexity: Lloyd’s CEO Beale

Existing European Union insurance policies should stay in place after Britain leaves the bloc because the process of dividing them into British and EU contracts would be too complex, Lloyd’s of London Chief Executive Inga Beale said. The Lloyd’s of …

AIR Worldwide Launches Crop Hail Model for Canada

Catastrophe risk modeling firm AIR Worldwide announced it has released a Crop Hail Model for Canada to provide crop insurers with a probabilistic view of crop hail risk in Canada. Based on 10,000 simulations of potential annual hail activity, the …

Planned Sale of Israel’s Phoenix Holdings to China’s Yango Is Scrapped

Israeli energy conglomerate Delek said its planned sale of a controlling stake in Israeli insurer Phoenix Holdings to China’s Fujian Yango Group has been called off by both sides after it failed to secure regulatory approval. It did not give …

Whirlpool Fridge Started London’s Grenfell Tower Fire that Killed at Least 79

A deadly fire that killed at least 79 people in a London tower block started in a Whirlpool Corp. fridge and spread at “unexpected speed” through the building’s exterior cladding, police said, indicating they’ll pursue charges if criminal offenses are …

Everest Re Taps Hiscox’s Kelly to Lead International Casualty Facultative Unit

Everest Re Group, Ltd. announced that Matthew Kelly has joined the group as vice president and head of the Reinsurance Division’s International Casualty Facultative unit and is based in Everest Re’s Miami Office. He will be responsible for worldwide casualty …

Allianz Sells Private Bank OLB to Private Equity Firm Apollo for $336M

German insurer Allianz said it had agreed to sell its 90 percent stake in private bank Oldenburgische Landesbank (OLB) to U.S. private equity firm Apollo for 300 million euros ($336 million). Apollo, which is consolidating the northern German banking market …

JLT Re Appoints Chubb’s Williams as Partner in Bermuda Operation

JLT Re, the global provider of reinsurance broking and consultancy, has appointed Deanna Williams as a partner in JLT Re’s Bermuda operation. She will report to Charles Withers-Clarke, partner, JLT Re in Bermuda, who said that Williams will focus on …

Randall & Quilter to Sell Lloyd’s Agency to Medical Liability Insurer Coverys

Randall & Quilter Investment Holdings Ltd. announced it has reached agreement to sell the entire share capital of its Lloyd’s managing agency, R&Q Managing Agency Ltd. (RQMA), to Coverys, a provider of medical professional liability insurance based in Boston, Mass. …

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