Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 17 Apr 2014 12:21:31 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 Broker/Insurer Combo Launch Food and Beverage Industry Contamination Coverage http://www.insurancejournal.com/news/international/2014/04/17/326683.htm Thu, 17 Apr 2014 10:24:51 +0000 http://www.insurancejournal.com/?p=326683 Willis Group Holdings has announced the launch of a new product contamination insurance proposition, in partnership with XL Group, Willis Limited’s Food and Drink and Faber Global teams, in association with BRC Global Standards – the world’s biggest provider of …

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Mexico Broker AER Joins Brokerslink in Expansion Move http://www.insurancejournal.com/news/international/2014/04/17/326681.htm Thu, 17 Apr 2014 10:17:44 +0000 http://www.insurancejournal.com/?p=326681 Independent insurance broker network Brokerslink announced that it has gained a new member in the key Monterrey corporate market in Mexico with the addition of broker AER as a member. Brokerslink’s bulletin described Monterrey as a “key corporate market in …

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Sompo Japan, Nipponkoa Looking for Growth beyond Traditional Assets http://www.insurancejournal.com/news/international/2014/04/17/326679.htm Thu, 17 Apr 2014 10:13:13 +0000 http://www.insurancejournal.com/?p=326679 Sompo Japan Insurance and Nipponkoa Insurance are already acting as one entity ahead of their merger in September. They’ve announced plans to invest “tens of billions of yen” in new areas such as energy, environment and infrastructure, mainly through private …

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Willis Exec Warns Mutual Insurers Face Increasing ‘Pricing Pressure’ http://www.insurancejournal.com/news/international/2014/04/17/326677.htm Thu, 17 Apr 2014 10:07:23 +0000 http://www.insurancejournal.com/?p=326677 According to David Thomas, CEO of Market Services & Solutions at Willis, Mutual insurers face increasing pricing pressure so must differentiate themselves to remain competitive. Speaking in a video blog on WillisWire, Thomas said: “Mutuals generally take a long-term view …

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Poland’s PZU to Pay $498 Million for RSA’s Eastern European Units http://www.insurancejournal.com/news/international/2014/04/17/326675.htm Thu, 17 Apr 2014 10:00:57 +0000 http://www.insurancejournal.com/?p=326675 PZU SA, central Europe’s largest insurer by market value, agreed to buy RSA Insurance Group Plc’s four units in the biggest foreign acquisition by a Polish financial company. PZU will pay a combined €360 million ($498 million) for Lietuvos Draudimas …

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UPDATE: So. Korean Divers Search for Ferry Survivors; Re/Insurers Identified http://www.insurancejournal.com/news/international/2014/04/17/326673.htm Thu, 17 Apr 2014 09:55:17 +0000 http://www.insurancejournal.com/?p=326673 South Korean President Park Geun Hye arrived at the site where a ferry sank yesterday, as divers battled high waves and strong winds in their search for 287 people still missing, including hundreds of students. Over 100 ships and more …

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Beazley Enhances Worldwide Breach Response Services http://www.insurancejournal.com/news/international/2014/04/16/326668.htm Thu, 17 Apr 2014 03:27:10 +0000 http://www.insurancejournal.com/?p=326668 Beazley has enhanced its Beazley Breach Response (BBR) product to include expanded privacy breach response services and broader coverage The enhancements, which will come standard on all future BBR policies, will also further improve Beazley insureds’ ability to respond to …

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Best Affirms Montpelier Re Holdings and Company Ratings http://www.insurancejournal.com/news/international/2014/04/16/326405.htm Wed, 16 Apr 2014 10:36:07 +0000 http://www.insurancejournal.com/?p=326405 A.M. Best has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Montpelier Reinsurance Ltd. (Montpelier Re) as well as the ICR of “bbb” and debt ratings of the parent company, Montpelier Re …

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Elia Joins Argo Group as Chief Human Resources Officer http://www.insurancejournal.com/news/international/2014/04/16/326403.htm Wed, 16 Apr 2014 10:33:11 +0000 http://www.insurancejournal.com/?p=326403 The Bermuda-based Argo Group International Holdings, Ltd. announced that Kurt Elia has joined the company as Senior Vice President and Chief Human Resources Officer. He Elia will report to Argo Group President and CEO Mark E. Watson III. “Attracting, developing …

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Kerr to Head New Allied World Canada Branch Office http://www.insurancejournal.com/news/international/2014/04/16/326401.htm Wed, 16 Apr 2014 10:30:52 +0000 http://www.insurancejournal.com/?p=326401 Allied World Assurance Company Holdings, AG announced the opening of a branch office in Toronto, Ontario to further expand its North American insurance operations. Allied World appointed Gord Kerr as Senior Vice President, Chief Agent & Branch Manager for the …

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3rd IPCC Report: Greenhouse Gas Emissions Accelerate Despite Reduction Efforts http://www.insurancejournal.com/news/international/2014/04/16/326397.htm Wed, 16 Apr 2014 10:27:35 +0000 http://www.insurancejournal.com/?p=326397 The latest in a series of reports from the Intergovernmental Panel on Climate Change (IPCC) unfortunately confirms that “global emissions of greenhouse gases have risen to unprecedented levels despite a growing number of policies to reduce climate change. Emissions grew …

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South Korea Says 293 Missing After Ferry Sinks En Route to Jeju Island http://www.insurancejournal.com/news/international/2014/04/16/326395.htm Wed, 16 Apr 2014 10:10:05 +0000 http://www.insurancejournal.com/?p=326395 South Korea’s government said 293 people remain missing after a ferry carrying hundreds of high school students sank en route to the resort island of Jeju. At least two people, including a student, died in the accident. A total of …

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RSA U.K. Chief Brown to Leave in First Resignation under Hester http://www.insurancejournal.com/news/international/2014/04/16/326393.htm Wed, 16 Apr 2014 10:03:15 +0000 http://www.insurancejournal.com/?p=326393 RSA Insurance Group Plc said the head of its U.K. and Western Europe business will leave the company, marking the first resignation of a senior manager since Stephen Hester was hired to revamp the British insurer. Adrian Brown, a 25-year …

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Ratings Recap: Samsung Europe, Transmonde, MAPFRE PRAICO, Ocaso http://www.insurancejournal.com/news/international/2014/04/15/326279.htm Tue, 15 Apr 2014 10:30:24 +0000 http://www.insurancejournal.com/?p=326279 A.M. Best has affirmed the financial strength rating of ‘A’ (Excellent) and the issuer credit rating of “a” of UK-based Samsung Fire & Marine Insurance Company of Europe, Limited (SFME), both with stable outlooks. Best said SFME’s ratings “reflect its …

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London-Based MGA Nexus Forms New Specialist Product Line http://www.insurancejournal.com/news/international/2014/04/15/326277.htm Tue, 15 Apr 2014 10:25:35 +0000 http://www.insurancejournal.com/?p=326277 The London-based Nexus Group, a Managing General Agency (MGA) announced the formation of a new specialist product line covering a wide range of accident, sickness and travel insurance, written on a direct and facultative basis, up to an Event Aggregate …

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Best Upgrades Ratings for Most ACE Limited Subsidiaries; Outlooks Stable http://www.insurancejournal.com/news/international/2014/04/15/326275.htm Tue, 15 Apr 2014 10:21:54 +0000 http://www.insurancejournal.com/?p=326275 A.M. Best has upgraded the financial strength rating (FSR) to ‘A++’ (Superior) from ‘A+’ (Superior) and the issuer credit ratings (ICR) to “aa+” from “aa” of the North American property/casualty subsidiaries of ACE Limited, which is based in Zurich, Switzerland, …

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AIR Worldwide Appoints Guin Executive VP to Direct Research Program http://www.insurancejournal.com/news/international/2014/04/15/326273.htm Tue, 15 Apr 2014 10:15:16 +0000 http://www.insurancejournal.com/?p=326273 Catastrophe modeling firm AIR Worldwide announced that Dr. Jayanta Guin has been appointed executive vice president. He “will continue to direct AIR’s innovative research program as well as assist with strategic management of AIR’s overall business strategy and new initiatives,” …

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Will Ratings Concerns Hinder Reinsurer M&A, Hedge Fund ‘Play’? -Litmus Analysis http://www.insurancejournal.com/news/international/2014/04/15/326271.htm Tue, 15 Apr 2014 10:09:56 +0000 http://www.insurancejournal.com/?p=326271 In the “investment banker 101 playbook” for cyclical industries the reinsurance industry has arrived at the page marked “weak pricing due to too much competition; sell M&A services to our clients,” wrote Stuart Shipperlee, Analytical Partner at London-based Litmus Analysis*. …

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XL’s CEO McGavick Says He’s Open to Deals for Life Reinsurance Unit http://www.insurancejournal.com/news/international/2014/04/15/326269.htm Tue, 15 Apr 2014 09:58:02 +0000 http://www.insurancejournal.com/?p=326269 XL Group Plc Chief Executive Officer Michael McGavick said he’s open to proposals for the company’s life reinsurance business as investment firms expand their pursuit of deals for such assets. “There has been increasing interest in transactions in this space,” …

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Aspen Rejects Endurance’s $3.2B Hostile Acquisition Bid As ‘Ill-Conceived’ http://www.insurancejournal.com/news/international/2014/04/14/326178.htm Mon, 14 Apr 2014 13:56:41 +0000 http://www.insurancejournal.com/?p=326178 Bermuda-based Endurance Specialty Holdings Ltd. today offered to buy Aspen Insurance Holdings Limited, also based in Bermuda, for $3.2 billion, or $47.50 per Aspen share, in a hostile takeover. The combined company would have more than $5 billion of combined …

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Cyclone Ita Landfall in Queensland as Cat 4; Cat 3 as It Moves Inland: AIR Analysis http://www.insurancejournal.com/news/international/2014/04/14/326169.htm Mon, 14 Apr 2014 10:37:08 +0000 http://www.insurancejournal.com/?p=326169 According to catastrophe modeling firm AIR Worldwide, “Tropical Cyclone Ita crossed the north Queensland coast near Cape Flattery between 11:00 and 12:00 UTC (9-10 p.m. Australian Eastern Standard Time [AEST]) Friday, April 11, as a Category 4 cyclone (on the …

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Willis Highlights Coverage Gap of $100 Million in Uninsured Cargo Losses http://www.insurancejournal.com/news/international/2014/04/14/326167.htm Mon, 14 Apr 2014 10:32:37 +0000 http://www.insurancejournal.com/?p=326167 “In recent years cargo losses worth more than one hundred million dollars have not been recovered under traditional cargo insurance policies due to critical exposures being excluded,” warned Willis Group Holdings plc. Willis said: “Heightened levels of political unrest and …

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Willis Strengthens Capital Markets Unit in Asia, London http://www.insurancejournal.com/news/international/2014/04/14/326165.htm Mon, 14 Apr 2014 10:24:02 +0000 http://www.insurancejournal.com/?p=326165 Willis Group Holdings plc announced two key appointments to further strengthen its capital markets division, Willis Capital Markets & Advisory (WCMA). Rui Huang joins Willis as Senior Vice President. He is based in Hong Kong and will be charged with …

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Firefighters Battle Killer Blaze in Valparaiso, Chile http://www.insurancejournal.com/news/international/2014/04/14/326162.htm Mon, 14 Apr 2014 10:20:51 +0000 http://www.insurancejournal.com/?p=326162 A large forest fire raging in the Chilean port city of Valparaiso has killed at least two people and destroyed 500 homes, officials said Sunday. Thousands of people have been evacuated, including more than 200 female inmates at a prison. …

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Magnitude 7.6 Quake, Heavy Waves Strike Solomon Islands http://www.insurancejournal.com/news/international/2014/04/14/326160.htm Mon, 14 Apr 2014 10:16:31 +0000 http://www.insurancejournal.com/?p=326160 A powerful magnitude-7.6 earthquake triggered large waves in the Solomon Islands on Sunday, and authorities were trying to determine if there was any serious damage or injuries. Government spokesman George Herming said people throughout the Pacific island chain awoke to …

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Impact Forecasting to Launch Combined Chile Quake/Tsunami Cat Model http://www.insurancejournal.com/news/international/2014/04/14/326158.htm Mon, 14 Apr 2014 10:13:17 +0000 http://www.insurancejournal.com/?p=326158 Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, announced the launch of a Chile earthquake model that also incorporates tsunami risks, the first such model to do so. The  launch is timely in view of the catastrophic …

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Global Reinsurer Capital at All-Time High of $540 Billion: Aon Benfield http://www.insurancejournal.com/news/international/2014/04/11/326084.htm Fri, 11 Apr 2014 10:46:48 +0000 http://www.insurancejournal.com/?p=326084 The latest edition of the Aon Benfield Aggregate (ABA) report estimates that global reinsurer capital totaled $540 billion as of December 31, 2013, an increase of 7 percent ($35 billion) over the year, with net income up 16 percent to …

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Aon’s New Political Risk Map Highlights ‘BRICS’ Increased Risks http://www.insurancejournal.com/news/international/2014/04/11/326082.htm Fri, 11 Apr 2014 10:39:10 +0000 http://www.insurancejournal.com/?p=326082 Aon Risk Solutions, the global risk management business of Aon plc, has unveiled its 2014 Political Risk Map, which identifies an increased risk rating for all five emerging market BRICS countries.  Aon noted that “as a result, countries representing a …

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Catlin Establishes General Aviation Consortium at Lloyd’s Asia http://www.insurancejournal.com/news/international/2014/04/11/326079.htm Fri, 11 Apr 2014 10:28:11 +0000 http://www.insurancejournal.com/?p=326079 The Catlin Group Limited (CGL) announced from its Singapore, office the formation of the General Aviation Consortium at Lloyd’s Asia to write General Aviation insurance and reinsurance risks based in the Asia-Pacific and Middle East regions, as of April 1, …

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UN Climate Report Seeks ‘Clear-Cut’ Economics to Guide Actions http://www.insurancejournal.com/news/international/2014/04/11/326077.htm Fri, 11 Apr 2014 10:14:02 +0000 http://www.insurancejournal.com/?p=326077 A U.N. report about ways to fix global warming due on Sunday is likely to disappoint investors seeking clear-cut economic calculations about the benefits and costs of curbing rising greenhouse gas emissions. Authors say the report stops short of an …

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