Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 31 Oct 2014 21:33:02 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Best Revises Outlook for Union Insurance in United Arab Emirates http://www.insurancejournal.com/news/international/2014/10/31/345578.htm Fri, 31 Oct 2014 10:52:27 +0000 http://www.insurancejournal.com/?p=345578 A.M. Best has revised the outlook to positive from stable for the issuer credit rating (ICR) of Union Insurance Company P.S.C. (Union) (United Arab Emirates). At the same time, A.M. Best has affirmed the financial strength rating (FSR) of B++ (Good) and the …

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A.M. Best Upgrades Rating of Greenlight Reinsurance Ireland http://www.insurancejournal.com/news/international/2014/10/31/345576.htm Fri, 31 Oct 2014 10:29:51 +0000 http://www.insurancejournal.com/?p=345576 A.M. Best has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and the issuer credit rating (ICR) to “a” from “a-” of Greenlight Reinsurance Ireland Limited. Concurrently, A.M. Best has affirmed the FSR of A (Excellent) and the ICR …

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Tropical Storm Heads to Mexico’s Western Coast http://www.insurancejournal.com/news/international/2014/10/31/345572.htm Fri, 31 Oct 2014 09:39:33 +0000 http://www.insurancejournal.com/?p=345572 With just about a month left in the eastern Pacific’s hurricane season, Mexico is once again the target of a tropical system on its western coast. The latest system, Tropical Storm Vance, was drifting west in the Pacific Ocean with …

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Africa Provides Insurers With New Business Opportunities http://www.insurancejournal.com/news/international/2014/10/31/345569.htm Fri, 31 Oct 2014 08:54:42 +0000 http://www.insurancejournal.com/?p=345569 Global insurance companies are flocking to Africa, where millions of people have started earning enough to afford business cover and protection for their families, said private equity firm LeapFrog Investments. “We’re at an immense inflection point in history where millions of people …

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Korean Regulators: Insurers Must Boost Capital to Prepare for Aging Population http://www.insurancejournal.com/news/international/2014/10/30/345428.htm Thu, 30 Oct 2014 13:04:32 +0000 http://www.insurancejournal.com/?p=345428 South Korea’s insurers have been told by regulators to boost capital to prepare for an aging population, with the United Nations predicting a world-beating average life expectancy of 95.5 years by the end of the century. The Financial Supervisory Service …

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German Insurer Uses Phone App to Help Improve Young Driver Safety http://www.insurancejournal.com/news/international/2014/10/30/345416.htm Thu, 30 Oct 2014 11:17:24 +0000 http://www.insurancejournal.com/?p=345416 Signal Iduna, a German insurance provider, has launched a new car insurance policy through ‘sijox’, its young customer brand. “AppDrive powered by TomTom” uses a smartphone app to provide feedback on driving performance, to help increase road safety awareness for …

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Meinschenk Named VP, Sales & Producer Management at CNA Canada http://www.insurancejournal.com/news/international/2014/10/30/345413.htm Thu, 30 Oct 2014 10:51:59 +0000 http://www.insurancejournal.com/?p=345413 CNA Canada has appointed Paul Meinschenk as vice president of sales & producer management. In this role, Meinschenk is responsible for the development and management of the distribution strategy and sales initiatives to support growth and new profitable products and …

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Aviva New Business Growth Driven by Europe and Asia Operations http://www.insurancejournal.com/news/international/2014/10/30/345409.htm Thu, 30 Oct 2014 10:43:40 +0000 http://www.insurancejournal.com/?p=345409 Aviva plc, the U.K.’s second-biggest insurer by market value, reported a 15 percent rise in new business in the first nine months of the year, driven by its European and Asian operations. The value of new business, a measure of …

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Hedge Funds Move Into Catastrophe Reinsurance http://www.insurancejournal.com/news/international/2014/10/29/345196.htm Wed, 29 Oct 2014 13:51:30 +0000 http://www.insurancejournal.com/?p=345196 Hedge funds are muscling their way into the market to share the cost of cleaning up after natural catastrophes, but skeptics are questioning whether they will stick around ahead of the next “big one” as underwriting returns fall. Hedge funds …

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Audi Cars in China Recalled Over Airbags From German Supplier http://www.insurancejournal.com/news/international/2014/10/29/345127.htm Wed, 29 Oct 2014 11:19:33 +0000 http://www.insurancejournal.com/?p=345127 FAW-Volkswagen Automobile Ltd, a Chinese joint venture of Volkswagen AG, will recall 270,635 Audi cars in China due to an air bag software issue, China’s quality watchdog said. A spokeswoman at Audi China said the airbags were from a German …

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Pirate Attacks on Small Oil Tankers Rising in Southeast Asia Waters http://www.insurancejournal.com/news/international/2014/10/29/345122.htm Wed, 29 Oct 2014 10:21:35 +0000 http://www.insurancejournal.com/?p=345122 Hijackings of small oil tankers by armed gangs are increasing in Southeast Asia, home to the shortest sea-trade route between the Middle East and China, even as pirate attacks globally fell for a third year. Five of the six vessels …

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China Insurers Face Shadow Banking Default Risk: Ratings Agencies http://www.insurancejournal.com/news/international/2014/10/29/345117.htm Wed, 29 Oct 2014 09:52:16 +0000 http://www.insurancejournal.com/?p=345117 A doubling in the trust holdings of China’s insurers has prompted ratings companies to warn the industry may be taking on too much shadow banking default-risk. Insurers held 281 billion yuan ($46 billion) of trust products on June 30, surging …

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Ping An Profit Rises, Along With Investment Returns http://www.insurancejournal.com/news/international/2014/10/28/345040.htm Tue, 28 Oct 2014 17:54:19 +0000 http://www.insurancejournal.com/?p=345040 Ping An Insurance (Group) Co., China’s second-largest insurer, said profit rose in the third quarter as banking revenue expanded and a stock-market rally bolstered investment returns. Net income climbed to 10.3 billion yuan ($1.68 billion), or 1.23 yuan a share, …

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XL Group’s Operating Net Income Increases During Q3 http://www.insurancejournal.com/news/international/2014/10/28/345034.htm Tue, 28 Oct 2014 17:08:11 +0000 http://www.insurancejournal.com/?p=345034 XL Group plc, headquartered in Dublin, reported operating net income of $187.1 million, or $0.70 per share, for the third quarter, compared to operating net income of $154.6 million in last year’s third quarter (primarily due to higher underwriting profit …

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Montpelier Reports Third Quarter Financial Results http://www.insurancejournal.com/news/international/2014/10/28/345028.htm Tue, 28 Oct 2014 16:39:13 +0000 http://www.insurancejournal.com/?p=345028 Montpelier Re Holdings Ltd., the Bermuda-based provider of short-tail reinsurance and other specialty lines, reported operating income for the third quarter ended September 30, 2014, of $39.9 million, or $0.86 per common share, compared with $71.5 million, or $1.38 per …

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Ryan Specialty Hires McKenna in London for MGA Strategy http://www.insurancejournal.com/news/international/2014/10/28/345002.htm Tue, 28 Oct 2014 15:23:53 +0000 http://www.insurancejournal.com/?p=345002 Ryan Specialty Group (RSG), the specialty insurance services business based in Chicago, has hired Peter McKenna in a new senior role to oversee the development of the company MGA strategy in the UK market. McKenna, who joined RSG from AIG, …

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Aon, in Partnership with Hiscox, Offers Ebola Liability Cover http://www.insurancejournal.com/news/international/2014/10/28/344991.htm Tue, 28 Oct 2014 14:59:12 +0000 http://www.insurancejournal.com/?p=344991 Aon has launched an Ebola response product available to all health care institutions and features worldwide coverage on cases brought in the U.S. Negotiated in partnership with Hiscox, the product – called the Ebola liability insurance wrap – covers scenarios …

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Aon Hotline Supports Clients Affected by Recall or Contamination Crisis http://www.insurancejournal.com/news/international/2014/10/28/344147.htm Tue, 28 Oct 2014 12:30:53 +0000 http://www.insurancejournal.com/?p=344147 Aon Risk Solutions and the Aon WorldAware Operations Center have together launched the Aon Re-Call Crisis Center, a new feature to support business clients affected by a recall or contamination crisis. The hotline is designed to provide policy owners with …

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Banca Carige Sells Insurance Units to Apollo to Raise Capital http://www.insurancejournal.com/news/international/2014/10/28/344939.htm Tue, 28 Oct 2014 10:00:31 +0000 http://www.insurancejournal.com/?p=344939 Banca Carige SpA, one of the two Italian lenders that need to plug a capital shortfall after the European Central Bank’s review, agreed to sell its two insurance units to Apollo Management Holdings LP. Carige will sell Carige Assicurazioni SpA …

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Remnants of Hurricanes Still Can Be Powerful – and Dangerous http://www.insurancejournal.com/news/international/2014/10/28/344935.htm Tue, 28 Oct 2014 09:53:29 +0000 http://www.insurancejournal.com/?p=344935 A hurricane may lose its name, its structure and even its place on National Hurricane Center tracking maps. None of that is a guarantee the storm’s meteorological energy won’t keep making mischief. While still-dangerous storm remnants — let’s call them …

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Barker Joins ANV Syndicate 1861 as Political Risk & Violence Underwriter http://www.insurancejournal.com/news/international/2014/10/28/344932.htm Tue, 28 Oct 2014 09:23:55 +0000 http://www.insurancejournal.com/?p=344932 ANV Holdings BV, the Dutch-headquartered specialty insurance business, announced that Julian Barker has joined its ANV Syndicate 1861 as an underwriter in the political risk & violence team. With more than a decade of experience in political risks from both …

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Amlin Increases Interest in Leadenhall Capital Partners http://www.insurancejournal.com/news/international/2014/10/27/344902.htm Mon, 27 Oct 2014 18:02:46 +0000 http://www.insurancejournal.com/?p=344902 Amlin plc confirms it has signed definitive legal agreements to increase its existing interest in Leadenhall Capital Partners LLP, an investment manager in (re)insurance-linked securities which Amlin established in joint venture with LCP’s individual partners in 2008.   Terms of Agreement …

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Climate Change Represents Risks and Opportunities for Corporations http://www.insurancejournal.com/news/international/2014/10/27/344868.htm Mon, 27 Oct 2014 16:21:38 +0000 http://www.insurancejournal.com/?p=344868 Danish climate scientist and TV weatherman Jesper Theilgaard told risk managers from some of Europe’s leading companies that they should not treat climate change as a “doomsday” scenario. Instead, he said, they should look for the business opportunities in helping …

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Carpenter Report Details Impact of 2004 & 2005 Hurricane Seasons http://www.insurancejournal.com/news/international/2014/10/27/344840.htm Mon, 27 Oct 2014 14:10:34 +0000 http://www.insurancejournal.com/?p=344840 Guy Carpenter & Company released Part II of the two-part Ten-Year Retrospective of the 2004 and 2005 Atlantic Hurricane Seasons. Part II focuses on the 2005 hurricane season and the cumulative effects of both the 2004 and 2005 seasons on the …

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A.M. Best Upgrades Ratings for Reaseguradora Patria http://www.insurancejournal.com/news/international/2014/10/27/344828.htm Mon, 27 Oct 2014 13:20:44 +0000 http://www.insurancejournal.com/?p=344828 A.M. Best has upgraded the financial strength rating to A from A- (Excellent) and issuer credit rating (ICR) to “a” from “a-” of Reaseguradora Patria, S.A. (Patria Re) (Mexico). The outlook for these ratings was revised to stable from positive. Concurrently, …

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Ler Appointed President Director for ACE in Indonesia http://www.insurancejournal.com/news/international/2014/10/27/344826.htm Mon, 27 Oct 2014 13:08:33 +0000 http://www.insurancejournal.com/?p=344826 ACE Group has appointed Edward Ler as the new president director for Indonesia’s general insurance business. He will report to Juan Luis Ortega, regional president for ACE in Asia Pacific. Ler is currently the regional head of personal lines and business insurance. His …

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Ang Becomes Chief Representative for Markel International, Malaysia http://www.insurancejournal.com/news/international/2014/10/27/344822.htm Mon, 27 Oct 2014 12:56:30 +0000 http://www.insurancejournal.com/?p=344822 Markel International has appointed Andy Ang as chief representative of Markel International in Malaysia. Based in Markel International Labuan marketing office in Kuala Lumpur, Ang will focus on professional and financial risks as well as overseeing a wider scope of …

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Swiss Re Corporate Solutions Opens Frankfurt Office http://www.insurancejournal.com/news/international/2014/10/27/344817.htm Mon, 27 Oct 2014 12:35:15 +0000 http://www.insurancejournal.com/?p=344817 Swiss Re Corporate Solutions opens an office in Frankfurt, Germany, to reinforce its presence in the German commercial insurance market. The office will initially focus on property and surety products for corporations in Germany. Kuno Linder, Country Manager Germany for …

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Climate Scientists Forecast Severe Winters for Europe http://www.insurancejournal.com/news/international/2014/10/27/344811.htm Mon, 27 Oct 2014 12:29:32 +0000 http://www.insurancejournal.com/?p=344811 The decline in Arctic sea ice has doubled the chance of severe winters in Europe and Asia in the past decade, according to researchers in Japan. Sea-ice melt in the Arctic, Barents and Kara seas since 2004 has made more …

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Takata Quality Control Committee Formed in Response to Air-Bag Crisis http://www.insurancejournal.com/news/international/2014/10/27/344810.htm Mon, 27 Oct 2014 12:29:27 +0000 http://www.insurancejournal.com/?p=344810 Takata Corp. said it will form a global quality control committee in response to an auto-safety crisis created by flaws in its air bags. The company’s chairman and chief executive officer also issued an apology. “We deeply regret that the …

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