International News

Vice Chair of State-Owned People’s Insurance Group of China in Corruption Probe

The vice chairman of state-owned People’s Insurance Group of China is being investigated for alleged discipline violations, the ruling Communist Party’s anti-corruption watchdog said on Thursday, employing the usual euphemism for corruption. Wang Yincheng is the latest senior official of a state-owned …

Europe’s Windstorm Egon to Cost Insurers an Estimated US$223.3M: PERILS

The initial estimate of the insured property market loss for extra-tropical cyclone Egon, which hit France and Germany in January, is €212 million (US$223.3 million), according to PERILS, the independent Zurich-based organization that provides industry catastrophe insurance data. While the …

China Regulator Puts Brakes on Insurers’ 3-Year, $100-Billion Buying Spree

A regulatory clampdown on speculation by insurers and new limits on outbound capital flows are causing one of China’s most acquisitive industries to hit the brakes. Chinese insurers, after announcing almost $100 billion of deals over the past three years, …

EU Solvency II Rules Need ‘Tweaks,’ Not Overhaul: Bank of England

EU capital rules for insurers need some tweaks but are not a deterrent to investment in infrastructure as some insurers’ claim, the Bank of England said on Wednesday. Officials from Aviva and Legal & General, two of Britain’s biggest insurers …

Willis Towers Watson Plans to Acquire French Aviation Broker, OAAGC

Willis Towers Watson has entered into exclusive negotiations with OAAGC, the French aviation brokerage, to acquire its team and book of business. Paris-based OAAGC (Office d’Assurances Aériennes G. de Cugnac) was founded in 1898 and its team of 16 is …

Allianz Officially Launches Its Moroccan Subsidiary

The Allianz Group has officially launched its Moroccan subsidiary, Allianz Maroc, which has has been a part of the Allianz Group since Nov. 3, 2016, following the acquisition of 98.9 percent of Zurich Assurances Maroc. After obtaining the relevant regulatory approvals, …

Insured Losses from New South Wales’ Bushfires & Hailstorms Pass US$53.7M

Combined losses from the two New South Wales catastrophes of bushfires and hailstorms,  have passed A$70 million (US$53.7 million), according to the Insurance Council of Australia (ICA). As of Feb. 20, insured losses for the NSW bushfires had reached A$28.5 …

Ironshore International Hikes Capacity to $400M for Terrorism & Sabotage Cover  

Ironshore International has increased capacity for Terrorism & Sabotage programs to US$400 million, an increase from the current U$375 million limit, effective immediately. Ironshore’s Terrorism & Sabotage cover provides insurance protection for clients against damage to commercial and residential property, …

AXIS Insurance Taps Beazley’s Brown to Lead London Market MGA Growth

AXIS Capital Holdings Ltd. announced that Julian Brown has joined AXIS Insurance as vice president and underwriter, responsible for leading growth initiatives and product development for the company’s London market managing general agency (MGA) unit. Brown will work alongside Paul …

RSA Global Network Expands African Service by Extending Globus Partnership

Leading international insurer RSA can now service multinational customers in five more African countries after extending an existing partnership with Africa-based insurance network, Globus. Founded in 2007, Globus Network operates from its head office in Douala, Cameroon, and is the …

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