International News

Canada’s New Rules Could Charge Railways that Cause Forest Fires

Canada’s new rail safety legislation would make it possible for governments to recover costs from railways for any fire they cause, not just accidents that involve crude oil, said Transport Canada, a change that could force railways to pay millions …

Allianz Profit Drops as Gross’ Exit Spurs PIMCO Asset Outflows

Allianz SE reported an unexpected decline in fourth-quarter profit as the exit of Bill Gross at Pacific Investment Management Co. (PIMCO) spurred clients to withdraw assets. The shares fell the most in five months. Net income fell to 1.22 billion …

Brit Chief Says Excess Capital Will Spark More Mergers & Acquisitions

Brit plc Chief Executive Officer Mark Cloutier said an excess of insurance industry capital will force more executives to sell or merge their companies. Cloutier said Brit’s planned $1.88 billion sale to Prem Watsa’s Fairfax Financial Holdings Ltd., which was …

1st Cayman Portfolio Insurance Company Formed by Ascension Insurance

The first portfolio insurance company (PIC) has been formed in the Cayman Islands, as a direct result of new insurance regulations Cayman enacted in January to provide risk management alternatives for insurers incorporated as segregated portfolio companies (SPCs). AARIS Insurance …

Willis Signs Indian Market Joint Venture with Almondz Insurance Brokers

Willis Group Holdings plc announced that it has agreed to purchase a 49 percent stake in Almondz Insurance Brokers Private Limited, an Indian insurance broker with nearly 300 associates in nine offices in India serving clients with a broad range …

Platinum’s Ratings Remain on CW Positive Pending RenRe Acquisition: S&P

Standard & Poor’s Ratings Services has maintained its ‘BBB’ long-term counterparty credit rating on Bermuda-based Platinum Underwriters Holdings Ltd. on CreditWatch with positive implications. S&P has also maintained its ‘A-‘ counterparty credit and financial strength ratings on Platinum’s operating subsidiaries …

Emerging Markets Private Health Premiums to Double: Swiss Re Report

In a new sigma report, the first for 2015 Swiss Re concludes that “demand and expectations for better healthcare services are rising in the emerging markets,” and that as a result it expects “premiums for reimbursement-type products to double by …

Europe’s Insurers to Boost Dividends for Investors Seeking Higher Yields

Europe’s insurers are preparing to boost dividends to the highest of any industry except utilities, making use of expanding surplus capital to offer investors an alternative to record low interest earnings from bonds. Companies including Allianz SE, Europe’s biggest insurer, …

AXA Posts 12% Increase in 2014 Profit Led by Life & Savings Division

AXA SA, France’s largest insurer, reported a 12 percent jump in full-year profit, buoyed by its life and savings division. The shares rose. Net income climbed to 5.02 billion euros ($5.7 billion) from 4.48 billion euros a year earlier, AXA …

IPCC Selects Acting Chair after R.K. Pachauri Steps Down

The Bureau of the Intergovernmental Panel on Climate Change (IPCC) announced that it has agreed, in accordance with its procedures, to designate Vice-Chair Ismail El Gizouli as Acting IPCC Chair. The IPCC said the selection of “Gizouli follows the decision …

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