Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 22 May 2015 23:07:46 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 PartnerRe Board Slammed by Activist Hedge Fund for Rejecting EXOR Bid http://www.insurancejournal.com/news/international/2015/05/22/369210.htm Fri, 22 May 2015 23:07:46 +0000 http://www.insurancejournal.com/?p=369210 Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, said PartnerRe Ltd. directors hurt shareholders by pushing a merger with AXIS Capital Holdings Ltd. rather than talks with a hostile bidder. “We will not hesitate to exercise the rights …

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Bermuda Monetary Authority Appoints Lespere as Chief Operations Officer http://www.insurancejournal.com/news/international/2015/05/22/369132.htm Fri, 22 May 2015 15:42:17 +0000 http://www.insurancejournal.com/?p=369132 The Bermuda Monetary Authority has appointed Shanna Lespere as its chief operations officer (COO). In her new position, effective immediately, Lespere will oversee the authority’s operational functions – communications, document management, enterprise risk management, facilities, finance and currency, human resources, …

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AXA Plans to Sell Coal Assets, Citing Concerns About Climate Change http://www.insurancejournal.com/news/international/2015/05/22/369115.htm Fri, 22 May 2015 13:35:55 +0000 http://www.insurancejournal.com/?p=369115 France’s largest insurer will scrap holdings in coal companies because of concerns about climate change, broadening support for the fossil-fuel divestment movement to a major mainstream investor. AXA SA Chief Executive Officer Henri de Castries said he’s working to sell …

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UK’s Regulator Criticizes Insurers for Failures in Handling Claims for SMEs http://www.insurancejournal.com/news/international/2015/05/22/369102.htm Fri, 22 May 2015 12:02:15 +0000 http://www.insurancejournal.com/?p=369102 The UK’s Financial Conduct Authority criticized the insurance industry for “poor practices” and “significant” failures in handling claims for small and medium-sized enterprises (SMEs). The regulator said a review of the experiences of business customers showed more dissatisfaction with insurers than a …

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PartnerRe Shareholders to Decide on AXIS Bid; Board Rejects EXOR Offer http://www.insurancejournal.com/news/international/2015/05/22/369096.htm Fri, 22 May 2015 11:44:49 +0000 http://www.insurancejournal.com/?p=369096 PartnerRe Ltd. said in a statement on Friday that its suitor EXOR has rejected any negotiations to raise its $6.8 billion hostile offer. As a result, the Bermuda-based PartnerRe said it will ask shareholders to vote on the planned merger with …

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Montpelier Re to Hold Special Shareholders’ Meeting on Endurance Acquisition http://www.insurancejournal.com/news/international/2015/05/22/369086.htm Fri, 22 May 2015 09:54:12 +0000 http://www.insurancejournal.com/?p=369086 Bermuda-based Montpelier Re Holdings Ltd announced that it has scheduled a special general meeting of its shareholders to “consider and vote upon a proposal to approve the previously announced Agreement and Plan of Merger,” dated March 31, 2015. Shareholders will …

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AXA to Acquire Large Commercial Risks Subsidiary of SulAmérica http://www.insurancejournal.com/news/international/2015/05/22/369082.htm Fri, 22 May 2015 08:59:21 +0000 http://www.insurancejournal.com/?p=369082 AXA announced it has entered into an agreement with SulAmérica SA to acquire 100 percent of its large industrial and commercial risks insurance subsidiary, SulAmérica Companhia de Seguros Gerais, for 135 million Brazilian real ($44.7 million ). The subsidiary handles …

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EXOR Refuses to Sweeten $6.8 Billion Offer to Acquire PartnerRe http://www.insurancejournal.com/news/international/2015/05/22/369079.htm Fri, 22 May 2015 08:16:15 +0000 http://www.insurancejournal.com/?p=369079 EXOR SpA, the investment vehicle of Italy’s Agnelli family, reiterated that it won’t sweeten a $6.8 billion offer to buy PartnerRe Ltd. as the reinsurer demands a higher price to abandon a merger deal with AXIS Capital Holdings Ltd. EXOR …

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Ascot, Chaucer & Skuld Form Underwriting Consortium for Renewable Energy http://www.insurancejournal.com/news/international/2015/05/21/368961.htm Thu, 21 May 2015 11:31:41 +0000 http://www.insurancejournal.com/?p=368961 Ascot Underwriting Ltd. has formed Renewco Consortium (ReCo), a dedicated and independent underwriting platform for the renewable energy industry. The Lloyd’s consortium is jointly led by Ascot and Chaucer and managed by Ascot; Skuld is the third consortium partner. With …

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Zurich Aims to Cut Costs by $1B, Seeking to Reverse Earnings Decline http://www.insurancejournal.com/news/international/2015/05/21/368959.htm Thu, 21 May 2015 11:13:49 +0000 http://www.insurancejournal.com/?p=368959 Zurich Insurance Group AG, Switzerland’s biggest insurer, will cut costs by more than planned as it seeks to reverse a drop in earnings. Chief Executive Officer Martin Senn said he will make additional annual savings of at least $1 billion by …

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Brokerslink Signs Partnership Pact with African Insurer Saham Finances http://www.insurancejournal.com/news/international/2015/05/21/368952.htm Thu, 21 May 2015 10:21:06 +0000 http://www.insurancejournal.com/?p=368952 Independent broker network Brokerslink has signed a three year strategic partnership agreement with pan-African insurance group, Saham Finances. The bulletin said the agreement one of the biggest pan-African insurance groups (outside of South Africa) with a turnover of more than …

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Amlin Reports 1.4% Drop in Q1 Gross Written Premiums to $1.96 Billion http://www.insurancejournal.com/news/international/2015/05/21/368949.htm Thu, 21 May 2015 10:05:18 +0000 http://www.insurancejournal.com/?p=368949 London-based Amlin plc reported gross written premium for the three months ended March 31, 2015 of £1.26 billion ($1.96 billion), compared with £1.27 billion ($1.97 billion) reported for the said period in 2014. At constant rates of exchange, gross written …

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‘Outside Forces’ are Changing the Industry: Markel’s Kumana Has Solutions http://www.insurancejournal.com/news/international/2015/05/21/368833.htm Thu, 21 May 2015 09:17:35 +0000 http://www.insurancejournal.com/?p=368833 Darius Kumana leads a new team with a new mission that aims to bring the re/insurance industry into the 21st century. He recently joined Markel International in London as head of IT and Digital Strategy – specialties that until recently …

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AEGIS London’s Managing Director Moves to Canopius as Group CEO http://www.insurancejournal.com/news/international/2015/05/21/368946.htm Thu, 21 May 2015 08:28:48 +0000 http://www.insurancejournal.com/?p=368946 AEGIS London announced that Stuart Davies, the company’s managing director, has resigned to take up the group CEO role at Canopius. At Canopius, Davies succeeds Michael Watson who remains the company’s chairman. As group chief executive officer, Davies will assume executive responsibility for …

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Berkshire Hathaway Specialty Names Emerson to Head Liability Claims in Canada http://www.insurancejournal.com/news/international/2015/05/21/368940.htm Thu, 21 May 2015 06:03:31 +0000 http://www.insurancejournal.com/?p=368940 Berkshire Hathaway Specialty Insurance (BHSI) has named Paul Emerson as head of liability claims in Canada. Emerson comes to BHSI from the law firm of Clyde & Co Canada LLP. “As an attorney with extensive experience handling casualty, executive and …

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AXIS Says Termination Fee Would Soften Blow if PartnerRe Deal Collapses http://www.insurancejournal.com/news/international/2015/05/21/368937.htm Thu, 21 May 2015 05:50:10 +0000 http://www.insurancejournal.com/?p=368937 AXIS Capital Holdings Ltd. Chief Executive Officer Albert Benchimol, who’s working to complete a merger with PartnerRe Ltd., said his company can withstand a collapse of the deal and that a termination fee would soften the blow. “We intend to …

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Update: PartnerRe Says $6.8B EXOR Offer Unacceptable; Open to Negotiations http://www.insurancejournal.com/news/international/2015/05/20/368813.htm Wed, 20 May 2015 13:29:06 +0000 http://www.insurancejournal.com/?p=368813 PartnerRe Ltd. said it would engage in discussions with hostile bidder EXOR SpA to seek a better offer than the $6.8 billion proposal that the target company called “unacceptable.” “While we believe that PartnerRe is worth materially more than EXOR …

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AIG Acquires Controlling Stake in ING Employee Benefits Global Network http://www.insurancejournal.com/news/international/2015/05/20/368798.htm Wed, 20 May 2015 12:27:10 +0000 http://www.insurancejournal.com/?p=368798 American International Group Inc. has acquired a controlling stake in ING Employee Benefits Global Network and renamed it AIG Global Benefits Network. The network is based in Belgium. The network’s minority shareholders are Nationale-Nederlanden in the Netherlands and France’s Malakoff Mederic. Terms …

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CNA Hardy Appoints Magnus as Senior Underwriter for Energy http://www.insurancejournal.com/news/international/2015/05/20/368791.htm Wed, 20 May 2015 11:14:11 +0000 http://www.insurancejournal.com/?p=368791 CNA Hardy has appointed Clive Magnus as senior underwriter for energy, reporting to Carl Day, head of energy and marine. Magnus’ appointment follows a string of senior hires in the energy and marine team, including Carl Day, Matthew Bond and Miles …

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Vienna Insurance Posts Lowest Q1 Profit Since ’09, Hit by Low Interest Rates http://www.insurancejournal.com/news/international/2015/05/20/368789.htm Wed, 20 May 2015 10:57:25 +0000 http://www.insurancejournal.com/?p=368789 The financial repercussions of record-low interest rates in Europe were highlighted Wednesday as Vienna Insurance Group AG, eastern Europe’s biggest insurer, posted its worst first-quarter profit since the financial crisis. The insurer, based in Austria’s capital, said the effect of low bond …

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Swiss Re’s New SONAR Report Identifies Top Emerging Risks http://www.insurancejournal.com/news/international/2015/05/20/368780.htm Wed, 20 May 2015 10:26:07 +0000 http://www.insurancejournal.com/?p=368780 De-globalization and political conflict, large natural catastrophes, financial repression and the challenge posed by the “Internet of Things” are some of the risks identified in this year’s “New emerging risk insights” report published by Swiss Re. The publication is based …

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Solvency II’s Impact and Its Future Analyzed at EIF Conference http://www.insurancejournal.com/news/international/2015/05/20/368778.htm Wed, 20 May 2015 09:28:58 +0000 http://www.insurancejournal.com/?p=368778 Solvency II – all 2000 plus pages of it – has been completed and is slated to go into force as of the first of January 2016. As befits a major reorganization of a major EU industry, it took a …

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SCOR Appoints Brémond as Group Human Resources Director http://www.insurancejournal.com/news/international/2015/05/20/368776.htm Wed, 20 May 2015 08:28:46 +0000 http://www.insurancejournal.com/?p=368776 SCOR announced that Laurent Brémond has joined the company as group human resources director, reporting to Denis Kessler, chairman & chief executive officer, based in Paris. Brémond (47) is a graduate of the London School of Economics. He also holds …

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Insurance Linked Securities Specialist Nephila Hired by Blackstone Vehicle http://www.insurancejournal.com/news/international/2015/05/20/368773.htm Wed, 20 May 2015 07:55:08 +0000 http://www.insurancejournal.com/?p=368773 A Blackstone Group LP vehicle offering hedge fund strategies to mutual fund investors plans to allocate money to a firm backed by rival KKR & Co. The Blackstone Alternative Multi-Strategy Fund is hiring Nephila Capital Ltd. as a sub-adviser, according …

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ACE Launches New Corporate Travel Proposition in Sweden http://www.insurancejournal.com/news/international/2015/05/20/368771.htm Wed, 20 May 2015 07:37:56 +0000 http://www.insurancejournal.com/?p=368771 ACE Group has launched in Sweden its new corporate travel proposition ACE Business Class, as it continues to enhance its multinational offering for companies in the Nordic region. ACE Business Class provides comprehensive travel insurance cover by means of a …

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Berkshire Hathaway Specialty Launches Crime Protection Policy in Canada http://www.insurancejournal.com/news/international/2015/05/20/368769.htm Wed, 20 May 2015 07:00:28 +0000 http://www.insurancejournal.com/?p=368769 Berkshire Hathaway Specialty Insurance (BHSI) has introduced a crime protection policy along with a new executive impersonation coverage endorsement for large public and private companies in Canada. “Designed by BHSI executives with more than three decades in the fidelity and …

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Two-Thirds of UK SMEs Not Aware of D&O Insurance: Allianz Research http://www.insurancejournal.com/news/international/2015/05/19/368629.htm Tue, 19 May 2015 11:05:15 +0000 http://www.insurancejournal.com/?p=368629 Two-thirds of small and medium business leaders in the United Kingdom are not aware of what directors & officers insurance is, according to new research by Allianz Insurance, one of the largest general insurers in the UK and part of Allianz …

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DIMA CEO on Ireland’s Recovery and Facing Neglected Challenges http://www.insurancejournal.com/news/international/2015/05/19/368623.htm Tue, 19 May 2015 10:44:57 +0000 http://www.insurancejournal.com/?p=368623 Sarah Goddard, the CEO of the Dublin Insurance Marketing Association (DIMA), organizers of the European Insurance Forum, took time to discuss some of the issues the re/insurance industry faces, now that it has more or less coped with the Solvency …

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Update: Russell Investment Exits Joint Venture With China’s Ping An http://www.insurancejournal.com/news/international/2015/05/19/368622.htm Tue, 19 May 2015 10:38:08 +0000 http://www.insurancejournal.com/?p=368622 Russell Investment Management and China’s Ping An Insurance Group said they have terminated their investment joint venture after four years, the latest sign of friction between foreign fund managers and their Chinese partners. The joint venture, launched in March 2011, …

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ANV Holdings Forms Consumer Products Team for Lloyd’s Syndicate 5820 http://www.insurancejournal.com/news/international/2015/05/19/368619.htm Tue, 19 May 2015 10:15:10 +0000 http://www.insurancejournal.com/?p=368619 ANV Holdings has unveiled a new consumer products team within Lloyd’s Syndicate 5820, reporting to Bruce Whitmee, who was recently appointed active underwriter (subject to regulatory approval). Based in London, the team of eight is headed by Sanjay Vara, head …

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