International News

Bank of Ireland Shares Fall 6%, as Fairfax Financial Sells Stake

Canada’s Fairfax Financial Holdings has sold half of its 5.8 percent stake in Bank of Ireland for more than triple what it paid for it in 2011, a source with knowledge of the deal said, pushing the share price down …

Aon Benfield Aggregate Study Confirms Reinsurer Capital Builds to $575 Bn

In the latest edition of its Aon Benfield Aggregate (ABA) report, which analyses the financial results of 31 major reinsurers in 2014, Aon Benfield confirmed earlier estimâtes that global reinsurer capital rose by 6 percent to $575 billion in 2014, including …

ACE Creates International Excess Unit in Asia Pacific; Appoints Sexton

ACE Group has created a new business unit – ACE International Excess (AIE) – to provide commercial property insurance on an excess basis for large companies in the Asia Pacific region. The new business unit will be modeled after ACE Bermuda International, …

Allianz Estimates $300 Million in Claims for Germanwings Crash, Sources Say

Germany’s Allianz has estimated insurers will pay $300 million in claims and costs stemming from the crash of a Germanwings plane in the French Alps last week, insurance industry sources said on Monday. The figure gives a preliminary orientation to …

AIG Seeks $507 Million Through Sale of Some of Its Shares in China’s PICC

American International Group Inc. is seeking as much as $507 million through the sale of part of its holding in PICC Property & Casualty Co., China’s biggest non-life insurer. AIG, the largest commercial insurer in the U.S., is offering about …

Cooper Gay Swett & Crawford Names Soares CEO for Latin America

Cooper Gay Swett & Crawford (CGSC) announced the appointment of Ulisses Soares as Chief Executive Officer for the Latin America region, effective immediately. He “will lead all of CGSC’s business in Latin America and work with local country CEO’s in …

Co-Pilot’s Ex-Girlfriend Tells of his Psychiatric Problems; Big ‘Gesture’ Plan

The co-pilot suspected of deliberately crashing an airliner, killing 150 people, had told his girlfriend he was planning a spectacular gesture so “everyone will know my name,” a German daily said on Saturday. The Bild newspaper published an interview with …

Yemen Conflict Adds to Worries for Ships Dodging Pirates, Terror

When it comes to world trade, a 17-day shortcut trumps terror, piracy and now bombs. That’s the time a supertanker saves by using the Bab el-Mandeb waterway that skirts Yemen at the southern tip of the Arabian Peninsula, rather than …

ACE Appoints McDonald as Regional General Counsel for Eurasia & Africa

ACE Group has appointed Susan McDonald to the role of regional general counsel for Eurasia and Africa, as it continues to build its management team in its newest business region. Currently legal and compliance manager for MENA, in her new …

Towergate Gets U.K. Court Nod for Plan to Restructure $1.49 Billion Debt

Towergate Finance plc said it won court approval for its plan to restructure 1 billion pounds ($1.49 billion) of debt. The restructuring will be completed by early April, the U.K. insurance broker said in a statement Friday. The company previously reached an …

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