International News

Indonesia Military Plane Crash Puts Focus on Aging Aircraft

The loss of at least 150 lives in the crash of an Indonesian cargo plane raises fresh questions about the military’s reliance on old aircraft and on spending that has prioritized the army over the air force. The 51-year-old Lockheed …

Castel Appoints Nugent Chief Underwriting Officer to Prepare New MGA Cells

UK-based Castel Underwriting Agencies, the club-style MGA formation platform, has appointed James Nugent as its first chief underwriting officer. He joins Castel from Amlin where he was head of underwriting performance and responsible for underwriting performance, governance and quality assurance. …

Catalina Completes Portfolio Transfer of Quinn Insurance Legacy Liabilities

Catalina Holdings (Bermuda) Ltd. announced that “following receipt of approvals from the Central Bank of Ireland and from the High Court of Ireland, it completed the portfolio transfer of UK and EU insurance liabilities in run-off from Quinn Insurance Limited …

World Economic Forum Sees Finance/Insurance Industry in Digital Firing-Line

The world’s top banks and insurers are being forced to review their business models amid rapid inroads by nimble “fintech” start-ups, which are reshaping what consumers and businesses expect out of financial services, a report out Tuesday said. The report …

Germanwings Offers Emotional Damage Payments to Crash Victims’ Families

Germanwings is offering €25,000 ($27,833) compensation payments to close relatives of those killed in the March 24 plane crash for their pain and suffering, it said on Tuesday. Evidence shows co-pilot Andreas Lubitz locked the captain out of the cockpit …

Swett & Crawford Brasil Expands with Purchase of Shares in Local Broker

Wholesale insurance broker Swett & Crawford Brasil, part of Cooper Gay Swett & Crawford (CGSC), the independent global wholesale, underwriting management and reinsurance broker, announced that it has purchased 51 percent of the shares of Casa do Corretor, a wholesale …

Two Uber Executives Detained by French Police Pending Investigation

French police have detained two executives from Uber for questioning as a government clampdown intensifies on the U.S.-based taxi and ride-sharing service. Thibaud Simphal, manager of Uber France, and Pierre-Dimitri Gore-Coty, general manager for western Europe, were detained as part …

Willis Group, Towers Watson Agree to $18 Billion Merger

Global reinsurance and insurance broker Willis Group Holdings and professional services and analytics firm Towers Watson have agreed to an all-stock merger of equals valued at $18 billion. Upon completion of the merger, Willis shareholders will own approximately 50.1 percent …

Fairfax’s Potential Hit from Greek Exposure to be Limited – RBC Report

Fairfax Financial Holdings, which bet on a successful turnaround in Greece in 2014, stands to take a hit from a Greek default, but one-time gains and other factors are likely to soften the blow, the Royal Bank of Canada (RBC) …

Berkshire Hathaway Specialty Expands in Australia, New Zealand

Berkshire Hathaway Specialty Insurance Co. (BHSI) said it is entering the healthcare underwriting market in Australia, and has appointed Tony Bainbridge, previously with American International Group (AIG), to lead the effort. The insurer also announced it has opened an office …

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