International News

Willis CEO: Gras Savoye Acquisition Part of Strategy to Expand Global Reach

Willis Group Holdings plc, the third-largest insurance broker, offered to buy the 70 percent of Gras Savoye that it doesn’t already own to expand in France, Eastern Europe and the Middle East. Willis will pay 550 million euros ($590 million), a sum …

Insurers Declare Catastrophe for Storm Battered Parts of New South Wales

The Insurance Council of Australia (ICA) this morning declared a catastrophe for storm-affected parts of New South Wales [NSW], in particular the Central Coast, Hunter, Greater Sydney Metropolitan and Illawarra regions. The ICA said that “as of 7am insurance companies …

ACE Reports Q1 Operating Income of $745 Million; Net Income $681 Million

ACE Limited reported net income for the quarter ended March 31, 2015, of $681 million, or $2.05 per share, compared with $734 million or $2.14 per share in Q1 2014. Operating income was $745 million, or $2.25 per share, compared …

Qatar Insurance Co. Posts 28% Q1 GWP Growth to $527 Million

The Qatar Insurance Company (QIC) posted strong growth in the first quarter of 2014 with gross written premiums rising 28 percent to $527 million, comparted to $412 million in Q1 2013. Net income for the period, however, declined by 12 …

Willis Launches Risk Analytics Suite to Help ‘Proactively’ Manage Risks

Willis Group Holdings plc has unveiled a new suite of analytical tools to help firms proactively manage risks. “These proprietary models will deliver innovative analytical capabilities for diagnosing Natural Catastrophe risk, Cyber risk, Directors & Officers Liability risk and Casualty-related …

Insurers with $6 Trillion Mull Mortgage Loans, Private Equity: Goldman Sachs

Global insurers who oversee more than $6 trillion in assets plan to invest capital in commercial mortgage loans and private equity this year to generate higher returns, a Goldman Sachs Asset Management survey showed. Thirty-five percent of insurance executives said …

A.J. Gallagher Acquires Majority Stake in Chilean Marine Specialist Bareyre

Arthur J. Gallagher – the international broking division of Arthur J. Gallagher & Co. outside of the United States – announced that it has “deepened its investment in Latin America by purchasing a majority shareholding in independent Chilean retail broker …

EU Mounts Fresh Bid to End U.S. Reinsurance Collateral Rule

The European Union will mount a fresh bid to persuade the United States to free up the billions of euros in collateral it requires foreign reinsurers to set aside against policies. EU states agreed on Tuesday to give the bloc’s …

ACE Appoints Fletcher ACE Bermuda Chairman; Clabby, Gonsalves Promoted

ACE Group has announced several key executive appointments in its ACE Bermuda business. Rees Fletcher has been named Chairman of ACE Bermuda. He joined ACE Bermuda 26 years ago, rising to the position of Senior Vice President, Excess Liability in …

Cooper Gay Swett & Crawford Posts 2014 Growth; Overall Revenue up 13.4%

Cooper Gay Swett & Crawford (CGSC) as posted the results of its business activity in 2014, which show overall revenue growth from fees and commission of 13.4 percent to $387 million, compared to $336 million in 2013 CGSC’s EBITDA (operating …

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