Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Wed, 29 Jul 2015 04:50:21 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 PartnerRe, M&A Focused, Suffers Large Investment Losses in Q2 http://www.insurancejournal.com/news/international/2015/07/28/376521.htm Tue, 28 Jul 2015 15:13:40 +0000 http://www.insurancejournal.com/?p=376521 PartnerRe has enough on its plate juggling a proposed merger with AXIS Capital Holdings Ltd. and an unsolicited bid from the Italian investment firm EXOR SpA. Now there is a sizable second-quarter loss with which to contend, due to a …

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Aspen Reports Q2 Net Income of $49M, Operating Income of $72.2M http://www.insurancejournal.com/news/international/2015/07/28/376504.htm Tue, 28 Jul 2015 14:48:04 +0000 http://www.insurancejournal.com/?p=376504 Aspen Insurance Holdings Limited, headquartered in Bermuda, reported net income after tax of $49.0 million for the second quarter ended June 30, or $0.62 per diluted share, compared to net income after tax of $130.8 million reported during the same …

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Everest Re Reports Q2 Net Income of $209.1M; Down from $290.2M in Q2 2014 http://www.insurancejournal.com/news/international/2015/07/28/376486.htm Tue, 28 Jul 2015 12:56:57 +0000 http://www.insurancejournal.com/?p=376486 Bermuda-based Everest Re Group Ltd. reported second quarter 2015 net income of $209.1 million, or $4.68 per diluted common share, compared to net income of $290.2 million, or $6.26 per diluted common share, for the second quarter of 2014. After-tax …

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Lloyd’s Supports Natural Catastrophe Resilience Plan across Asia http://www.insurancejournal.com/news/international/2015/07/28/376474.htm Tue, 28 Jul 2015 10:36:41 +0000 http://www.insurancejournal.com/?p=376474 As he prepared to sign a Statement of Intent (SOI) between the British Government, the Monetary Authority of Singapore and Lloyd’s in Singapore, UK Prime Minister David Cameron stressed that insurance is essential to “safeguard economic success.” A bulletin from …

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ACE Names Chubb’s Krump Exec. VP – Global Underwriting & Claims http://www.insurancejournal.com/news/international/2015/07/28/376472.htm Tue, 28 Jul 2015 09:46:35 +0000 http://www.insurancejournal.com/?p=376472 ACE Limited announced that Paul Krump, currently President of Personal Lines and Claims for Chubb, will serve as Executive Vice President for Global Underwriting and Claims for the parent company, effective “upon the completion of the acquisition of Chubb, which is …

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India PM Modi Plans Expansion of Farmer Insurance before India State Elections http://www.insurancejournal.com/news/international/2015/07/28/376470.htm Tue, 28 Jul 2015 09:24:49 +0000 http://www.insurancejournal.com/?p=376470 Indian Prime Minister Narendra Modi is planning to give farmers comprehensive insurance coverage as he looks to win state elections in largely rural areas. The government will start the new insurance program in the winter crop running from October to …

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Zurich Insurance Considering Bid for UK’s RSA http://www.insurancejournal.com/news/international/2015/07/28/376468.htm Tue, 28 Jul 2015 09:15:17 +0000 http://www.insurancejournal.com/?p=376468 Cash-rich Zurich Insurance is weighing a bid for British rival RSA Insurance Group which could top $8 billion and be the latest industry tie-up amid toughening regulations. The impending launch of new European rules governing how much money insurers must …

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PartnerRe Investors Should Vote Against Merger with AXIS: Glass Lewis http://www.insurancejournal.com/news/international/2015/07/28/376466.htm Tue, 28 Jul 2015 07:06:03 +0000 http://www.insurancejournal.com/?p=376466 PartnerRe Ltd. investors should vote against a planned merger with rival reinsurer AXIS Capital Holdings Ltd., proxy adviser Glass Lewis & Co. said in a recommendation that’s a victory for hostile bidder EXOR SpA. “The liquidity, certainty and immediate premium of …

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Hiscox CEO Supports Industry-Wide Stress Test for 9/11-Scale Event http://www.insurancejournal.com/news/international/2015/07/27/376411.htm Mon, 27 Jul 2015 16:22:16 +0000 http://www.insurancejournal.com/?p=376411 UK regulators need to widen stress tests for insurers to show how the whole industry, including themselves, would respond to an event on the scale of the 9/11 attacks, Hiscox Ltd. said. Unless the Prudential Regulation Authority, or PRA, can …

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China Minsheng Investment to Acquire White Mountains’ Sirius for $2.2B http://www.insurancejournal.com/news/international/2015/07/27/376348.htm Mon, 27 Jul 2015 13:21:09 +0000 http://www.insurancejournal.com/?p=376348 White Mountains Insurance Group Ltd. agreed to sell Sirius International Insurance Group Ltd. for about $2.2 billion to an arm of China Minsheng Investment Corp. The price for the reinsurer will be 127 percent of shareholders’ equity, plus $10 million, White Mountains said Monday in …

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Hiscox Delivers H1 Pre-Tax Profit of £135.1M, Up From £124.6M in H1 2014 http://www.insurancejournal.com/news/international/2015/07/27/376340.htm Mon, 27 Jul 2015 10:08:49 +0000 http://www.insurancejournal.com/?p=376340 Hiscox, the Bermuda-based specialist insurer, delivered a pre-tax profit of £135.1 million* ($205.2 million) in the first half ending June 30, 2015, compared with £124.6 million ($189.3 million) during the same period in 2014. Gross written premiums for the six-month …

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UK’s Aviva to Target $3.9B in Renewable Energy Investments http://www.insurancejournal.com/news/international/2015/07/27/376337.htm Mon, 27 Jul 2015 08:54:22 +0000 http://www.insurancejournal.com/?p=376337 Aviva plc will target 2.5 billion pounds ($3.9 billion) of investments in renewables and energy efficiency over five years to cut exposure to climate risks. The company, which manages about 250 billion pounds of assets, will embed carbon risk into its …

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PartnerRe Holders Should Reject Merger with AXIS, Favor EXOR Deal, ISS Says http://www.insurancejournal.com/news/international/2015/07/27/376334.htm Mon, 27 Jul 2015 08:18:46 +0000 http://www.insurancejournal.com/?p=376334 PartnerRe Ltd. investors should reject a planned merger with rival reinsurer AXIS Capital Holdings Ltd. and instead opt for a bid of more than $6.7 billion from Italy’s EXOR SpA, ISS Proxy Advisory Services said in a report. “A vote against …

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Foreign Insurers Take Cautious Look at Iran Business in Wake of Nuclear Deal http://www.insurancejournal.com/news/international/2015/07/27/376332.htm Mon, 27 Jul 2015 08:04:27 +0000 http://www.insurancejournal.com/?p=376332 Western and Middle East insurance specialists see Iran as an appealing $8 billion market in the wake of its nuclear deal with world powers, though uncertainty over when sanctions on Tehran will be lifted means they are treating the country …

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Beazley CEO Calls on Lloyd’s to Overhaul Data Systems http://www.insurancejournal.com/news/international/2015/07/24/376252.htm Fri, 24 Jul 2015 14:56:27 +0000 http://www.insurancejournal.com/?p=376252 Beazley Plc CEO Andrew Horton called on Lloyd’s of London to overhaul the way it manages trade information to make the world’s oldest insurance market more efficient and globally competitive. “The transfer of data in the market has got to …

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Qin Lu to Head Aon Benfield, Aon Risk Solutions in China http://www.insurancejournal.com/news/international/2015/07/24/376223.htm Fri, 24 Jul 2015 11:11:10 +0000 http://www.insurancejournal.com/?p=376223 Aon announced that Qin Lu has joined the group as CEO, Aon Benfield Greater China and CEO, Aon Risk Solutions, China, to take effect later this year. The bulletin said the new appointment would “help to align Aon’s retail and …

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Generali Acquires MyDrive Solutions, a UK Data Analysis Firm http://www.insurancejournal.com/news/international/2015/07/24/376221.htm Fri, 24 Jul 2015 11:05:27 +0000 http://www.insurancejournal.com/?p=376221 Trieste-based Generali Group announced that it has acquired MyDrive Solutions, a UK company that uses data analytics tools to profile driving behavior. MyDrive Solutions, which was founded in 2010, specializes in identifying innovative and tailor-made products for customers as well …

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Mt. Logan Re Ltd. Appoints Caponigro as Head of Business Development http://www.insurancejournal.com/news/international/2015/07/24/376218.htm Fri, 24 Jul 2015 10:16:25 +0000 http://www.insurancejournal.com/?p=376218 Bermuda-based Mt. Logan Re Ltd.* has appointed Chris Caponigro as head of business development. Caponigro brings a diverse background with over 20 years of experience, which includes property, specialty, and structured underwriting, in addition to various financial and analytical roles. …

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DUAL Acquires Oliva Underwriting, UK-based MGA http://www.insurancejournal.com/news/international/2015/07/24/376216.htm Fri, 24 Jul 2015 09:28:12 +0000 http://www.insurancejournal.com/?p=376216 DUAL, the underwriting arm of the Hyperion Insurance Group, announced it has acquired Oliva Underwriting, the UK-based MGA specializing in property & casualty, contractor trades and marine insurance. The acquisition forms a core part of DUAL’s UK commercial strategy, and will allow it …

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ACE Creates New Head of Claims Role for Eurasia and Africa http://www.insurancejournal.com/news/international/2015/07/24/376214.htm Fri, 24 Jul 2015 09:14:07 +0000 http://www.insurancejournal.com/?p=376214 ACE Group has created a new regional head of claims role for the Eurasia and Africa region and has promoted Stephen Crabb, currently political risk and energy claims manager for ACE European Group, to the position. ACE said the appointment …

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AIA New Business Value Advances 21% in First Half on China http://www.insurancejournal.com/news/international/2015/07/24/376212.htm Fri, 24 Jul 2015 08:59:42 +0000 http://www.insurancejournal.com/?p=376212 AIA Group Ltd., the third-largest Asia-based insurer by market value, posted a 21 percent increase in new business value as China became its second-largest market for the first time by that measure. The gauge of projected profitability of new policies …

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Beazley First-Half Profit Rises 16%, Led by U.S. Premium Growth http://www.insurancejournal.com/news/international/2015/07/24/376210.htm Fri, 24 Jul 2015 08:46:30 +0000 http://www.insurancejournal.com/?p=376210 Beazley plc, the first Lloyd’s of London insurer to report earnings, had a 16 percent increase in first-half profit, helped by growth in its U.S. business. Pretax profit rose to $154.5 million from $132.9 million a year earlier, the Dublin-based insurer said Friday. Gross …

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DUAL Strengthens Latin America & Caribbean Team with Hayes Appointment http://www.insurancejournal.com/news/international/2015/07/24/376208.htm Fri, 24 Jul 2015 08:32:24 +0000 http://www.insurancejournal.com/?p=376208 DUAL, the underwriting arm of the Hyperion Insurance Group, announced it has appointed Amanda Hayes as managing director of Latin America and Caribbean Business Development. Hayes starts on August 1 and will report to DUAL’s global chief underwriting officer, Talbir …

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Jardine Lloyd Sues Rival Howden Over Mass Resignation in Singapore http://www.insurancejournal.com/news/international/2015/07/24/376206.htm Fri, 24 Jul 2015 07:44:26 +0000 http://www.insurancejournal.com/?p=376206 Jardine Lloyd Thompson Group plc sued Howden Insurance Brokers in a bid to thwart plans by the rival to poach 17 of its Singapore staff. The broking arm of Hyperion Insurance Group, headhunter Huntington Search Partners Pte, JLT Singapore Managing Director Goh Chye Huat …

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ACE Appoints Stapleton VP, Cyber Insurance Manager – ACE Overseas General http://www.insurancejournal.com/news/international/2015/07/23/376131.htm Thu, 23 Jul 2015 12:16:59 +0000 http://www.insurancejournal.com/?p=376131 ACE Group announced that Tim Stapleton has joined the company as Vice President and Cyber Insurance Product Manager, a newly created position, for ACE Overseas General, the company’s general insurance business outside of North America. The bulletin said Stapleton would …

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Elliot Joins International General (UK) as Political Violence Underwriter http://www.insurancejournal.com/news/international/2015/07/23/376123.htm Thu, 23 Jul 2015 09:07:29 +0000 http://www.insurancejournal.com/?p=376123 International General Insurance Holdings Company (UK) announced it has appointed Stuart Elliot as Political Violence Underwriter based in the London office. He joins IGI from Ace European Group, where he was a Terrorism and Political Violence Underwriter. Prior to that, …

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Allied World Reports Decreases in Q2 Net and Operating Income http://www.insurancejournal.com/news/international/2015/07/23/376121.htm Thu, 23 Jul 2015 08:54:05 +0000 http://www.insurancejournal.com/?p=376121 Allied World Assurance Company Holdings, AG has reported net income of $9.5 million, or $0.10 per diluted share, for the second quarter of 2015 compared to net income of $151.9 million, or $1.52 per diluted share, for the second quarter …

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Beazley Launches New Insurance Product for Australian Expat Workers http://www.insurancejournal.com/news/international/2015/07/23/376117.htm Thu, 23 Jul 2015 08:31:52 +0000 http://www.insurancejournal.com/?p=376117 Specialist insurer Beazley has launched Expatriate Medical and Emergency Evacuation, a new tailored insurance solution for Australian employees who live and work overseas. The product combines elements of both health and travel insurance to provide comprehensive coverage for expats based …

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JLT Re Builds Programs & Binding Authorities Division with 3 New Hires http://www.insurancejournal.com/news/international/2015/07/23/376115.htm Thu, 23 Jul 2015 08:16:44 +0000 http://www.insurancejournal.com/?p=376115 JLT Re, the London-based reinsurance broker and consultancy, announced it is continuing to develop and diversify its Programs and Binding Authority Division with three new appointments. Mark Sleet has joined from Miller where he specialized in casualty business; Sleet has …

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India’s Product Recalls Bring New Business for Insurers Such as AIG, Allianz http://www.insurancejournal.com/news/international/2015/07/23/376112.htm Thu, 23 Jul 2015 07:23:48 +0000 http://www.insurancejournal.com/?p=376112 As Nestle SA slugs it out with India’s food regulator over the amount of lead in its popular Maggi instant noodles, the dispute is whipping up business for insurers. The local unit of American International Group Inc. is predicting a …

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