Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 04 Sep 2015 18:33:39 +0000 en-US hourly 1 http://wordpress.org/?v=4.3 Cost of Tianjin Explosions Could Reach $3.3 Billion: Guy Carpenter http://www.insurancejournal.com/news/international/2015/09/04/380787.htm Fri, 04 Sep 2015 09:42:44 +0000 http://www.insurancejournal.com/?p=380787 The two massive explosions which hit China’s Port of Tianjin last month could generate insurance losses of up $3.3 billion, according to a report published by Guy Carpenter. The report estimates damages between $1.6 billion and $3.3 billion, which could …

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Aon Benfield August Cat Report Highlights Global Droughts, El Niño, Typhoons http://www.insurancejournal.com/news/international/2015/09/04/380785.htm Fri, 04 Sep 2015 09:12:48 +0000 http://www.insurancejournal.com/?p=380785 The monthly report for August from Aon Benfield’s Impact Forecasting catastrophe model development team cites the “severe drought conditions” in the western U.S. as resulting in “economic losses expected to reach at least $3.0 billion – mostly attributable to agricultural …

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Zurich Names Terryn General Insurance CEO, as Kerner Steps Down http://www.insurancejournal.com/news/international/2015/09/04/380783.htm Fri, 04 Sep 2015 09:04:33 +0000 http://www.insurancejournal.com/?p=380783 Zurich Insurance Group announced that Kristof Terryn, currently CEO of Global Life, will take over as CEO of General Insurance, effective October 1, 2015. He replaces Mike Kerner, who is stepping down for personal reasons and will be leaving the …

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Hiscox Appoints Berg-Winters as Head of UK Claims http://www.insurancejournal.com/news/international/2015/09/04/380780.htm Fri, 04 Sep 2015 08:30:43 +0000 http://www.insurancejournal.com/?p=380780 Specialist global insurer Hiscox announced the appointment of Eva Berg-Winters as head of UK Claims. Berg-Winters joins Hiscox from strategy consultants OC&C, where she was an associate partner. Originally from Germany, she has spent time working at McKinsey & Company, …

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Generali Appoints Hodges as Head of IT Systems http://www.insurancejournal.com/news/international/2015/09/04/380777.htm Fri, 04 Sep 2015 07:45:10 +0000 http://www.insurancejournal.com/?p=380777 Bruce M. Hodges will join the Generali Group as group head of Information Systems, effective October 1, 2015, the Trieste, Italy-based company announced. Hodges will be responsible for Generali’s global IT systems and application landscape, with a focus on modernizing …

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Tier 1 Reinsurers More Resilient than Smaller Firms in Current Market: Fitch http://www.insurancejournal.com/news/international/2015/09/04/380774.htm Fri, 04 Sep 2015 07:25:30 +0000 http://www.insurancejournal.com/?p=380774 Major tier 1 reinsurers stand to benefit most from a changing reinsurance market and mounting competitive pressures, while small mono-line companies will be the hardest-hit, according to a reinsurance report published by Fitch. Reported financial results confirm that major Tier …

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DUAL M&A Liability Team Open for Business in Frankfurt and London http://www.insurancejournal.com/news/international/2015/09/04/380772.htm Fri, 04 Sep 2015 06:38:39 +0000 http://www.insurancejournal.com/?p=380772 DUAL, the underwriting arm of the Hyperion Insurance Group, announced that its Frankfurt and London-based M&A Liability team is open for business. Niki Demirbilek joins as global head of M&A Insurance, supported by up to EUR/USD 50 million of A-rated …

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Emerton and Fisher Join Allied World’s Expanded Casualty Team http://www.insurancejournal.com/news/international/2015/09/03/380690.htm Thu, 03 Sep 2015 15:21:46 +0000 http://www.insurancejournal.com/?p=380690 Allied World Assurance Company Holdings, AG announced that its Allied World Global Markets unit has expanded its casualty team with the appointments of James Emerton as Vice President and Martin Fisher as Assistant Vice President. They will be based in …

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A.M. Best: Reinsurance Sector Faces New Reality Shaped by Abundant Capacity http://www.insurancejournal.com/news/international/2015/09/03/380671.htm Thu, 03 Sep 2015 14:49:12 +0000 http://www.insurancejournal.com/?p=380671 The reinsurance market is operating in a new reality of abundant capacity from traditional and alternative sources, low interest rates and thinner reinsurance margins, driven by intense competition against shrinking demand for reinsurance cover, according to A.M. Best’s annual special …

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S&P Report Urges Discipline as Reinsurers Adjust Exposure to Cat Risk http://www.insurancejournal.com/news/international/2015/09/03/380642.htm Thu, 03 Sep 2015 09:42:45 +0000 http://www.insurancejournal.com/?p=380642 Standard & Poor’s Ratings Services has released a report – “Discipline Is Necessary As Reinsurers Adjust Their Exposure To Catastrophe Risk” – that examines diverging attitudes to catastrophe risk among reinsurers facing a prolonged soft market. S&P explained that “two years …

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Generali Hires Ex-Morgan Stanley Credit-Trading Head Khazen http://www.insurancejournal.com/news/international/2015/09/03/380640.htm Thu, 03 Sep 2015 09:28:10 +0000 http://www.insurancejournal.com/?p=380640 Assicurazioni Generali SpA hired Anna Khazen as head of investments for its asset-management unit. Khazen will cover all asset classes in her new role, said a company official, who asked not to be identified citing company policy. She is based …

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Towers Watson & Cambridge to Provide Usage-Based Auto Insurance Market Info http://www.insurancejournal.com/news/international/2015/09/03/380638.htm Thu, 03 Sep 2015 09:16:41 +0000 http://www.insurancejournal.com/?p=380638 Global professional services company Towers Watson and Cambridge Mobile Telematics (CMT), a telematics technology provider will use “advanced mobile sensing, data analytics and behavioral science,” in an agreement to provide “a jointly developed comprehensive usage-based auto insurance (UBI) solution and …

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Lloyd’s City Risk Index Shows $4.6 Trillion GDP at Risk in 301 Cities http://www.insurancejournal.com/news/international/2015/09/03/380635.htm Thu, 03 Sep 2015 09:11:17 +0000 http://www.insurancejournal.com/?p=380635 The first-ever Lloyd’s City Risk Index, which analyzes the economic output at risk (GDP at risk) in 301 major cities from 18 manmade and natural threats over a 10-year period, concludes that a total of $4.6 trillion of projected GDP …

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National Emissions Plans Fall Short to Limit Climate Change – UN Study http://www.insurancejournal.com/news/international/2015/09/03/380633.htm Thu, 03 Sep 2015 09:03:12 +0000 http://www.insurancejournal.com/?p=380633 National plans for limiting greenhouse gas emissions fall short of tough action needed to slow climate change under a United Nations agreement due in Paris in December, European researchers said on Wednesday. The plans submitted so far to the UN …

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Dutch Court Rules Gas Producer NAM Must Compensate Quake Zone Homeowners http://www.insurancejournal.com/news/international/2015/09/02/380365.htm Wed, 02 Sep 2015 09:54:02 +0000 http://www.insurancejournal.com/?p=380365 A Dutch court ruled on Wednesday that gas producer NAM must compensate homeowners for falls in the value of their properties due to earthquakes linked to gas production at the Groningen field in the north of the Netherlands. The ruling …

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Study Says European Insurers’ Assets under Management Hit $11 Trillion http://www.insurancejournal.com/news/international/2015/09/02/380363.htm Wed, 02 Sep 2015 09:09:22 +0000 http://www.insurancejournal.com/?p=380363 European insurers’ assets under management jumped 9.4 percent to €9.9 trillion ($11.15 trillion) in 2014 from a year earlier, trade body Insurance Europe said on Tuesday, mainly driven by increased investment by life insurers. European gross written premiums rose by …

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ACE Promotes 6 in International Energy Team http://www.insurancejournal.com/news/international/2015/09/02/380361.htm Wed, 02 Sep 2015 08:50:33 +0000 http://www.insurancejournal.com/?p=380361 ACE Group announced six appointments to its ACE Global Markets (AGM) and ACE Overseas General (AOG) energy teams. All appointments are based in London and are effective immediately. Matthew Hardy has been appointed product head AGM Energy and head of …

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Hindson Joins Argo Group as Chief Risk Officer http://www.insurancejournal.com/news/international/2015/09/02/380359.htm Wed, 02 Sep 2015 08:23:25 +0000 http://www.insurancejournal.com/?p=380359 Argo Group International Holdings Ltd., the Bermuda-based underwriter of specialty insurance and reinsurance products, announced that Alex Hindson has been appointed as chief risk officer. Hindson joins Argo Group from Amlin AG where he served as chief risk officer for …

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Hurricane Strikes Cape Verde in East Atlantic — First Time Since 1892 http://www.insurancejournal.com/news/international/2015/09/01/380268.htm Tue, 01 Sep 2015 19:11:21 +0000 http://www.insurancejournal.com/?p=380268 Something rare happened out in the Atlantic  — a hurricane hit Cape Verde. The islands off the coast of Africa lend their name to some of the most powerful storms the Atlantic produces, yet they themselves rarely get hit. According to …

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Willis UK, AIG Launch Automatically Renewing Policy for Mid-Market http://www.insurancejournal.com/news/international/2015/09/01/380200.htm Tue, 01 Sep 2015 13:23:12 +0000 http://www.insurancejournal.com/?p=380200 Willis Group Holdings and American International Group, Inc. have launched “Evergreen,” described as “an innovative, new approach to insurance that removes the need for annual policy renewal – the first UK mid-market offering with no renewal date that covers major …

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Qatar Re to Change Corporate Domicile to Bermuda http://www.insurancejournal.com/news/international/2015/09/01/380189.htm Tue, 01 Sep 2015 09:29:10 +0000 http://www.insurancejournal.com/?p=380189 Qatar Reinsurance Company LLC (Qatar Re) has announced its intention to transfer its seat of incorporation from the Qatar Financial Centre to Bermuda, during the fourth quarter of 2015. The move is subject to regulatory approvals. The announcement explained that …

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Lloyd’s Casualty Reinsurance Underwriters Concerned History Repeating Itself http://www.insurancejournal.com/news/international/2015/09/01/380186.htm Tue, 01 Sep 2015 08:17:59 +0000 http://www.insurancejournal.com/?p=380186 Lloyd’s international casualty reinsurance underwriters are running the risk of repeating the same mistakes that have placed the market in difficulty in the past, according to a new straw poll of Lloyd’s reinsurance specialists. The survey conducted by the Lloyd’s …

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As Climate Talks Resume, Divisions Between Poor & Rich Nations Highlighted http://www.insurancejournal.com/news/international/2015/09/01/380184.htm Tue, 01 Sep 2015 08:00:49 +0000 http://www.insurancejournal.com/?p=380184 Just days before global negotiators were set to meet for talks on climate change, Tropical Storm Erika killed at least 20 people on Dominica. The small Caribbean island evoked the tragedy to highlight divisions between industrialized nations and developing economies …

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El Nino in Pacific Strongest Since Record Event in 1997-1998 http://www.insurancejournal.com/news/international/2015/09/01/380182.htm Tue, 01 Sep 2015 07:35:36 +0000 http://www.insurancejournal.com/?p=380182 The El Nino that’s changing weather across the globe is now the strongest since the record event almost two decades ago. Sea temperature anomalies in the central Pacific Ocean are now at their highest since 1997–98, Australia’s Bureau of Meteorology said in …

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U.S. Chamber of Commerce Urges China to Open Insurance, Securities Markets http://www.insurancejournal.com/news/international/2015/08/31/380072.htm Mon, 31 Aug 2015 09:22:14 +0000 http://www.insurancejournal.com/?p=380072 Members of the American Chamber of Commerce group urged China on Friday to allow more access to its insurance and other service industries, saying foreign skills could help develop its volatile stock markets and cope with disasters like the recent …

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Carvey Appointed Head of Treaty at Hamilton at Lloyd’s http://www.insurancejournal.com/news/international/2015/08/31/380071.htm Mon, 31 Aug 2015 09:16:56 +0000 http://www.insurancejournal.com/?p=380071 Hamilton Underwriting Limited, the Lloyd’s managing agency of Bermuda-based holding company Hamilton Insurance Group, has hired Trevor Carvey as head of treaty. Carvey will report to Dermot O’Donohoe, chief executive officer of Hamilton Underwriting Limited. He will be responsible for …

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Tissot Named SCOR Group COO http://www.insurancejournal.com/news/international/2015/08/31/380069.htm Mon, 31 Aug 2015 08:45:29 +0000 http://www.insurancejournal.com/?p=380069 French reinsurer SCOR Group has appointed Nicolas Tissot as the Group’s Chief Operating Officer (COO), effective as of today, August 31. He reports to Chairman and CEO Denis Kessler, and joins the SCOR Group Executive Committee. The announcement explained that the …

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QBE Appoints Lingafelter as Managing Director of Asia Pacific Region http://www.insurancejournal.com/news/international/2015/08/31/380065.htm Mon, 31 Aug 2015 07:56:37 +0000 http://www.insurancejournal.com/?p=380065 QBE Insurance has appointed Mark Lingafelter as managing director of its Asia Pacific region with effect from September 1, 2015. Based in Singapore, Lingafelter will be accountable for the ongoing execution of the QBE Asia Pacific Profitable Growth Strategy and …

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S&P: Reinsurance M&A Will Be Driven by Berkshire Hathaway Model http://www.insurancejournal.com/news/international/2015/08/28/379955.htm Fri, 28 Aug 2015 08:00:50 +0000 http://www.insurancejournal.com/?p=379955 Reinsurance M&A activity should continue well into 2016 as competitive pressures continue unabated, Standard & Poor’s said in a new report. The ratings firm said that the Berkshire Hathaways of the world – investment holding companies seeking to enter the insurance …

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Allianz Invests in London’s $6.4 Billion ‘Super Sewer’, Thames Tideway Tunnel http://www.insurancejournal.com/news/international/2015/08/28/379950.htm Fri, 28 Aug 2015 06:54:31 +0000 http://www.insurancejournal.com/?p=379950 A consortium, consisting of pension funds and other long-term investors represented by Allianz, Amber Infrastructure Group, Dalmore Capital and DIF, will invest up to £1.275 billion ($1.9 billion) in London’s “super sewer.” The consortium’s investment in the Thames Tideway Tunnel …

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