Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 19 Dec 2014 14:05:25 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Anbang Expands Reach With Diverse Investments in China, Europe & US http://www.insurancejournal.com/news/international/2014/12/19/350655.htm Fri, 19 Dec 2014 10:16:12 +0000 http://www.insurancejournal.com/?p=350655 Anbang Insurance Group Co., the Chinese insurer that’s buying New York’s Waldorf Astoria hotel, is expanding at home with investments from China Minsheng Banking Corp. to Financial Street Holdings Co. The insurer became the largest shareholder of Minsheng Bank with a 9.1 …

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China Forms 1st Insurance Fund to Cap Financial Risk in Shadow Banking http://www.insurancejournal.com/news/international/2014/12/19/350653.htm Fri, 19 Dec 2014 10:01:17 +0000 http://www.insurancejournal.com/?p=350653 China on Friday set up its first insurance fund for its $2.1 trillion trust industry in a move to reduce financial risk in shadow banking, the country’s banking regulator said. The fund, jointly established by China Trustee Association and 13 trust firms, will …

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UK Government, Insurers Reach Agreement to Establish Flood Re http://www.insurancejournal.com/news/international/2014/12/18/350533.htm Thu, 18 Dec 2014 14:35:57 +0000 http://www.insurancejournal.com/?p=350533 The UK’s insurance industry and Government have announced the final agreement securing the development and delivery of Flood Re, described as a “pooled insurance system which will allow even the highest risk homes to insure against floods,” by the Association …

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Fired Obese Employees Can Sue for Discrimination: EU Court of Justice http://www.insurancejournal.com/news/international/2014/12/18/350509.htm Thu, 18 Dec 2014 13:39:06 +0000 http://www.insurancejournal.com/?p=350509 The European Union’s highest court extended discrimination laws to obesity, saying employees in limited situations may be able to sue over firings if their weight hinders or limits them at work. Workers who are so overweight that they can’t do …

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Allied World Syndicate to Offer Insurance, Facultative Cover in Latin America http://www.insurancejournal.com/news/international/2014/12/18/350500.htm Thu, 18 Dec 2014 10:47:20 +0000 http://www.insurancejournal.com/?p=350500 Allied World’s Lloyd’s Syndicate 2232 has received approval to commence underwriting direct insurance and facultative reinsurance business for Latin America and the Caribbean. Paul Manguson, senior vice president, underwriting, and Paul Obolensky, senior vice president, business development, will build out …

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Integro Acquires UK’s Howard Global Insurance Services http://www.insurancejournal.com/news/international/2014/12/17/350413.htm Wed, 17 Dec 2014 16:17:53 +0000 http://www.insurancejournal.com/?p=350413 International insurance broker and risk management firm Integro announced its acquisition of Howard Global Insurance Services Ltd., a Lloyd’s-registered specialty broker headquartered in London. Financial details of the transaction have not been disclosed. Howard Global was established in 2000, and …

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Catlin Says XL Group Made $3.9 Billion Takeover Bid; Talks Are Ongoing http://www.insurancejournal.com/news/international/2014/12/17/350403.htm Wed, 17 Dec 2014 15:12:17 +0000 http://www.insurancejournal.com/?p=350403 Catlin Group Ltd. said it received a takeover approach from Ireland’s XL Group plc valued at about 2.5 billion pounds ($3.9 billion). The shares surged the most on record. Under the terms, XL would buy Catlin for 410 pence in …

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A.M. Best Report: ‘Grey Swan’ Risks Can Affect Balance Sheets, Ratings http://www.insurancejournal.com/news/international/2014/12/17/350374.htm Wed, 17 Dec 2014 12:35:57 +0000 http://www.insurancejournal.com/?p=350374 A new special report from A.M. Best discusses the need for non-life and life insurers to address threats called “grey swans,” the low-probability, high-severity events that have the potential to impair balance sheets and lower financial strength ratings. “Although some risks do …

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Cooper Gay Uruguay Launched; Ferrari Appointed Managing Director http://www.insurancejournal.com/news/international/2014/12/17/350364.htm Wed, 17 Dec 2014 11:19:14 +0000 http://www.insurancejournal.com/?p=350364 Cooper Gay Swett & Crawford (CGSC), the reinsurance, wholesale and specialty broker, has launched Cooper Gay Uruguay as part of its strategic expansion in Latin America. Based in Montevideo, the team will focus on placing both facultative and treaty reinsurance …

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Swiss Re sigma 2014 Disaster Insured Loss Estimates = $34 Billion http://www.insurancejournal.com/news/international/2014/12/17/350361.htm Wed, 17 Dec 2014 10:13:20 +0000 http://www.insurancejournal.com/?p=350361 According to Swiss Re’s preliminary sigma estimates, total economic losses from natural catastrophes and man-made disasters were $113 billion in 2014, down from $135 billion in 2013. Out of the total economic losses, insurers covered $34 billion in 2014, down …

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XL Group Offers Artworks Coverage in UK for Art Exhibitions http://www.insurancejournal.com/news/international/2014/12/16/350000.htm Tue, 16 Dec 2014 16:12:42 +0000 http://www.insurancejournal.com/?p=350000 XL Group has launched Key Artworks insurance coverage in the U.K. to cover cancelled or abandoned fine art exhibitions and their financial losses in cases where a star attraction art piece is damaged, stolen or otherwise unfit to be publicly …

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Mallie Joins Spencer Re as Chief Executive Officer http://www.insurancejournal.com/news/international/2014/12/16/350225.htm Tue, 16 Dec 2014 14:40:29 +0000 http://www.insurancejournal.com/?p=350225 Puerto Rico-based Spencer Re, a Spencer Capital Holdings company, announced that Tina Youngblood Mallie has joined the firm as chief executive officer. Mallie also serves as vice chair of Spencer Capital Holdings. Mallie joins Spencer Re most recently from Cunningham …

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China Journal Says Planned Insurance Trust Fund to Start with $6.5 Billion http://www.insurancejournal.com/news/international/2014/12/16/350208.htm Tue, 16 Dec 2014 09:43:32 +0000 http://www.insurancejournal.com/?p=350208 A planned insurance fund for China’s trust industry will have an initial size of around 40 billion yuan ($6.47 billion), the state-owned China Securities Journal reported on Saturday, citing unidentified officials from the banking regulator. The fund, the first of …

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Zurich Insurance to Offer Direct Lending in Europe to Boost Returns http://www.insurancejournal.com/news/international/2014/12/16/350207.htm Tue, 16 Dec 2014 09:39:46 +0000 http://www.insurancejournal.com/?p=350207 Zurich Insurance Group AG, Switzerland’s largest insurer, is about to make its first investments in European direct lending, including infrastructure debt. The insurer wants to lend to small to medium-sized European companies and commercial real estate owners to finance infrastructure …

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Drone Risks Require More Safety Regulation, IATA Chief Says http://www.insurancejournal.com/news/international/2014/12/15/350064.htm Mon, 15 Dec 2014 11:38:15 +0000 http://www.insurancejournal.com/?p=350064 The surging popularity of inexpensive radio-controlled airplanes and helicopters raises risks that require a firm response from regulators to ensure safety, the head of a leading commercial aviation trade group told Reuters. “I’m not one who often calls for regulation,” …

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FACTBOX: What Was Agreed and What Wasn’t Agreed at Lima Climate Talks http://www.insurancejournal.com/news/international/2014/12/15/350062.htm Mon, 15 Dec 2014 10:46:00 +0000 http://www.insurancejournal.com/?p=350062 U.N. climate negotiations wrapped up in Lima on Sunday with a modest agreement about the building blocks of a deal due to be agreed on in Paris in a year’s time. The following are details of the agreements: GREENHOUSE GAS …

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FERMA Announces Leadership Appointments http://www.insurancejournal.com/news/international/2014/12/15/350060.htm Mon, 15 Dec 2014 10:39:53 +0000 http://www.insurancejournal.com/?p=350060 The board of the Federation of European Risk Management Associations (FERMA) announced three high level appointments “to secure its leadership succession.” The appointments took effect from as of December 11,  2014, the date on which the FERMA Board met and …

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Willis Sees No Impact on Coverage from UK’s Pool Re Rate Increases http://www.insurancejournal.com/news/international/2014/12/15/350058.htm Mon, 15 Dec 2014 10:35:29 +0000 http://www.insurancejournal.com/?p=350058 The announcement by the UK government that it planned to raise premium rates for its ultimate backup reinsurer Pool Re initially raised fears that coverage through the system could be diminished. Willis noted, however, that although “commentators initially thought the …

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A.M. Best: Global Re Stocks Underperform as Catastrophe Prices Drop http://www.insurancejournal.com/news/international/2014/12/15/350054.htm Mon, 15 Dec 2014 10:07:31 +0000 http://www.insurancejournal.com/?p=350054 Stocks for publicly traded reinsurance companies (including the four large European reinsurers) performed well below the overall market through the third quarter of 2014, driven in part by the increased volatility in the overall equity markets and amplified by continued …

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Peru’s Melting Glaciers Pose Deadly Threat as Temperatures Rise http://www.insurancejournal.com/news/international/2014/12/12/349982.htm Fri, 12 Dec 2014 17:49:01 +0000 http://www.insurancejournal.com/?p=349982 High in the Peruvian Andes, the glacier-fed lake Laguna 513 brims with meltwater atop a populated valley in a region prone to earthquakes. Scientists warn that if a giant chunk of ice from the Hualcan glacier breaks off it could …

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Aon Report Identifies Key Risks for Financial Institutions in EMEA http://www.insurancejournal.com/news/international/2014/12/12/349901.htm Fri, 12 Dec 2014 14:03:25 +0000 http://www.insurancejournal.com/?p=349901 Understanding and managing risk is increasingly a critical success factor for financial institutions, according to a report on financial institutions issued by Aon Risk Solutions, the risk management business of Aon plc. Entitled “2014 EMEA Financial Institutions Industry Report,” the …

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AccuWeather.com: Hagupit-Battered Philippines Faces New Tropical Downpours http://www.insurancejournal.com/news/international/2014/12/12/349898.htm Fri, 12 Dec 2014 11:30:51 +0000 http://www.insurancejournal.com/?p=349898 AccuWeather Global Weather Center reports in the wake of the devastating storm Hagupit, a new round of tropical downpours threatens to hinder cleanup efforts and renew flooding problems across the Philippines to end the week. The former Super Typhoon Hagupit, …

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XL Group Bolsters Marine Insurance Capabilities in Brazil With 2 Appointments http://www.insurancejournal.com/news/international/2014/12/12/349893.htm Fri, 12 Dec 2014 10:50:09 +0000 http://www.insurancejournal.com/?p=349893 XL Group has appointed Nicolás da Silva as marine liability underwriter and Leandro Meili as marine risk engineer, strengthening its marine insurance capabilities in Brazil. Previously, da Silva worked at AIG Seguros Brasil, where he underwrote risks in marine including ports and terminal …

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Malaysia Airlines Flight 370 Search Area Spreads on Analysis of Final Nosedive http://www.insurancejournal.com/news/international/2014/12/12/349889.htm Fri, 12 Dec 2014 10:12:02 +0000 http://www.insurancejournal.com/?p=349889 Investigators seeking the wreckage of Malaysia Airlines Flight 370 in the southern Indian Ocean are widening their search area to cover the chance the aircraft fell from the sky at a shallower angle than expected. It’s possible that “the descent …

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XL Group Launches Crime Insurance Unit; Bangs Named Chief Underwriting Offer http://www.insurancejournal.com/news/international/2014/12/12/349887.htm Fri, 12 Dec 2014 09:22:38 +0000 http://www.insurancejournal.com/?p=349887 To help address businesses’ and financial institutions’ crime concerns, including embezzlement, fraud, and bribery, XL Group is launching a global crime business, under the leadership of Gregory W. Bangs who joins the company as chief underwriting officer of Crime Underwriting. Based …

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Companies May Need to Disclose Fossil-Fuel Exposure: UK Energy Secretary http://www.insurancejournal.com/news/international/2014/12/11/349834.htm Thu, 11 Dec 2014 18:02:21 +0000 http://www.insurancejournal.com/?p=349834 U.K. Energy Secretary Ed Davey called for a debate on forcing companies to disclose their exposure to fossil fuels so that investors know the risks they face as cleaner forms of energy are required. “There’s a case for making it …

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Lloyd’s Appoints Parry as New Director of Finance http://www.insurancejournal.com/news/international/2014/12/11/349768.htm Thu, 11 Dec 2014 16:08:17 +0000 http://www.insurancejournal.com/?p=349768 The Council of Lloyd’s has appointed John Parry as Lloyd’s Director of Finance with immediate effect. He will also become a member of the Lloyd’s Franchise Board. Parry has been acting Director of Finance since July and, following a competitive …

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Willis Completes Acquisition of IFG Ireland for Human Capital & Benefits http://www.insurancejournal.com/news/international/2014/12/11/349761.htm Thu, 11 Dec 2014 15:25:56 +0000 http://www.insurancejournal.com/?p=349761 Willis Ireland, part of Willis Group Holdings plc, announced it has received the relevant regulatory approvals and has completed its acquisition of a range of Irish pension and financial advisory businesses from IFG Group plc. “The investment augments and supports …

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Honda, Nissan Widen Air-Bag Recalls Following Rupture in Japan Scrapyard http://www.insurancejournal.com/news/international/2014/12/11/349754.htm Thu, 11 Dec 2014 11:43:14 +0000 http://www.insurancejournal.com/?p=349754 Honda Motor Co. and Nissan Motor Co. followed Toyota Motor Corp. in widening global air-bag recalls after one of the devices made by Takata Corp. ruptured in a junked car at a Japan scrapyard. Honda will recall about 400,000 more vehicles including …

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U.K.’s Inland Flood-Risk Plan for Thames River Moves Forward http://www.insurancejournal.com/news/international/2014/12/11/349744.htm Thu, 11 Dec 2014 10:56:25 +0000 http://www.insurancejournal.com/?p=349744 The UK’s largest inland flood risk scheme has moved forward with the award of a major appraisal study to GBV, a joint venture comprising Galliford Try and Black & Veatch. Flood risk for more than 15,000 properties, including all communities …

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