International News

Swiss Re Estimates $3.6B in Claims from U.S. Hurricanes & Mexican Quakes

Swiss Re, the world’s second-largest reinsurer, estimated its claims burden from hurricanes Harvey, Irma and Maria in the United States and from two earthquakes in Mexico at roughly $3.6 billion in the third quarter. For the industry overall, Zurich-based Swiss …

Extreme Rainfall Could Cost South Asian Cities Up to $215B Annually by 2030

As global attention focused on hurricanes Harvey and Irma, more than 41 million people across South Asia battled floods and displacement. From Afghanistan in the west to Bangladesh in the east, floods could cost South Asia — home to a …

Ironshore’s Singapore Branch Hikes Capacity to $50M for Political Risk Lines

Ironshore Insurance Ltd., Singapore Branch, announced an increase in capacity for political risk business lines within its Political Risk & Trade Credit unit. Available capacity now stands at US$50 million, an increase from $15 million, effective immediately. In addition, Ironshore …

5 Risk Management Associations to Develop Mutual Recognition of Certifications

Five of the world’s largest risk management associations have agreed to work together towards a recognition of their respective risk management designations/certification programs. The organizations, ALARYS (Latin America), FERMA (Europe), IRMSA (South Africa), PARIMA (Asia) and RIMS (North America), signed …

Willis Towers Watson Appoints Tosti as Head of Italy

Willis Towers Watson has named Gianmarco Tosti as the new country leader of Italy. He starts his new role on Jan. 1, 2018, and will be based in Milan. Tosti will also take up the role of head of Corporate …

BHSI Introduces Motor Truck Cargo Legal Liability Insurance in Canada

Berkshire Hathaway Specialty Insurance (BHSI) announced it has expanded its inland marine product line in Canada with the launch of its Motor Truck Cargo Legal Liability policy, a new product that protects against the legal liability exposure commercial truckers face …

Zurich Estimates Claims of US$700M from Hurricanes Harvey, Irma & Maria

Zurich Insurance Group estimates that Hurricanes Harvey, Irma and Maria will aggregate claims in the third quarter of approximately US$700 million, net of reinsurance and before tax. After tax, the losses are expected to be around US$620 million, the company …

AIG UK Sells Its 1st Sharia-Compliant M&A Policy in London

AIG UK said on Thursday it had underwritten its first sharia-compliant warranty and indemnity policy out of London’s M&A insurance market, as the city looks to Islamic finance to help bring new business. Development of Islamic finance is accelerating in …

Compensation for London’s Grenfell Fire Victims May Be Capped at $5M: Reuters

The bill for compensating families of those who died in the Grenfell Tower fire in London may be as low as 4 million pounds ($5 million), according to several lawyers and a Reuters analysis of how damages laws apply in …

Ascot Group Taps Ironshore’s Roberts as CFO, Promotes Dimsey to Group COO

Ascot Group Ltd. (AGL), a Bermuda-based holding company, announced the appointment of Joe Roberts as group chief financial officer, and the promotion of Rob Dimsey to group chief operating officer. Roberts has 30 years’ experience and has worked in the …

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