Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 28 Aug 2014 23:59:15 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Willis Re Strengthens Senior Management Team in Canada http://www.insurancejournal.com/news/international/2014/08/28/338903.htm Thu, 28 Aug 2014 10:31:45 +0000 http://www.insurancejournal.com/?p=338903 Willis Re Inc., the North American reinsurance operation of Willis Group Holdings plc announced the appointment of Geoff Lubert as Managing Director and Executive Vice President of Willis Re Canada, replacing Robert Wildbore, who will be returning to the UK …

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S&P Report Urges ‘Disaster Resilience’ with Governments for Reinsurers’ Growth http://www.insurancejournal.com/news/international/2014/08/28/338901.htm Thu, 28 Aug 2014 10:25:31 +0000 http://www.insurancejournal.com/?p=338901 Standard & Poor’s Rating Services announced the publication of its “Global Reinsurance Highlights” to coincide with the 2014 Reinsurance Rendezvous in September. S&P described the report as providing “a detailed perspective on the market, focusing on the competitive pressures that …

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Baloise of Switzerland Profit Jumps on Life Insurance Sales http://www.insurancejournal.com/news/international/2014/08/28/338899.htm Thu, 28 Aug 2014 10:19:31 +0000 http://www.insurancejournal.com/?p=338899 Baloise Holding AG, Switzerland’s third-biggest insurer, said first-half profit jumped 43 percent, boosted by earnings from life insurance. The shares rose on expectations for a higher dividend. Net income increased to CHF349.9 million ($383 million) from CHF244.8 million [$268 million] …

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Dutch SNS Reaal Expects Wide Interest for Insurance Division Sale http://www.insurancejournal.com/news/international/2014/08/28/338897.htm Thu, 28 Aug 2014 10:15:29 +0000 http://www.insurancejournal.com/?p=338897 SNS Reaal, the Dutch financial services group nationalized last year, said international and domestic parties had expressed interest in its insurance operations which will go up for sale in September. The comments came as the financial services group, which was …

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Munich Re Joins Broker Steadfast to Acquire Australia’s Calliden Insurance Operations http://www.insurancejournal.com/news/international/2014/08/28/338895.htm Thu, 28 Aug 2014 10:10:53 +0000 http://www.insurancejournal.com/?p=338895 Munich Re’s primary insurance subsidiary Great Lakes Australia (GLA) has reached an agreement to support Australia’s largest broker network, Steadfast Group in their proposed acquisition of Calliden Group Ltd. Munich Re said it plans to “acquire the authorized insurer, Calliden …

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Global Atlantic Announces Retirement of Ariel Holdings Co-CEO Milligan http://www.insurancejournal.com/news/international/2014/08/27/338689.htm Wed, 27 Aug 2014 12:42:19 +0000 http://www.insurancejournal.com/?p=338689 Bermuda-based Global Atlantic Financial Group Limited announced that Tom Milligan, Co-CEO of its Ariel Holdings Limited subsidiary, will retire upon the closing of the planned sale of Ariel Re companies to Brazil’s Banco BTG Pactual S.A. Tom Hulst, currently Co-CEO …

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IPCC Sends Draft Synthesis Report to Governments for Comments http://www.insurancejournal.com/news/international/2014/08/27/338687.htm Wed, 27 Aug 2014 12:38:01 +0000 http://www.insurancejournal.com/?p=338687 The Intergovernmental Panel on Climate Change (IPCC) announced that the authors have “finished drafting the Synthesis Report of the Fifth Assessment Report (AR5) and sent the draft to governments for comments on the text.” The IPCC noted that this is …

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Hurricane Cristobal to Pass North of Bermuda; No Threat to U.S. http://www.insurancejournal.com/news/international/2014/08/27/338685.htm Wed, 27 Aug 2014 10:43:59 +0000 http://www.insurancejournal.com/?p=338685 The most recent report from the National Hurricane Center in Miami, at 5:00 A.M. EDT, notes that Cristobal is now hurricane strength with maximum sustained winds of 80 mph – 130 km/h, and “some strengthening is possible during the next …

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Pacific Hurricane Marie Weakens to Category 1 Storm; No Warnings in Place: NHC http://www.insurancejournal.com/news/international/2014/08/27/338683.htm Wed, 27 Aug 2014 10:41:16 +0000 http://www.insurancejournal.com/?p=338683 The most recent report from the National Hurricane Center in Miami, at 8:00 P.M. PDT, indicates that Hurricane Marie is “gradually weakening over colder water.” The storm, located around 1190 kms [740 miles] west of the southern tip of Baja …

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Swiss Re sigma Report Estimates 1st Half 2014 Insured Losses at $21 Billion http://www.insurancejournal.com/news/international/2014/08/27/338681.htm Wed, 27 Aug 2014 10:36:39 +0000 http://www.insurancejournal.com/?p=338681 According to preliminary estimates in a sigma report from Swiss Re, total economic losses from natural catastrophes and man-made disasters reached $44 billion in the first half of 2014. The global insurance industry covered $21 billion of these losses, down …

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QBE Wins Time for Cleanup as Plan Reduces Risk: Australia Credit http://www.insurancejournal.com/news/international/2014/08/27/338679.htm Wed, 27 Aug 2014 10:25:50 +0000 http://www.insurancejournal.com/?p=338679 QBE Insurance Group Ltd.’s John Neal is shoring up the insurer’s balance sheet by selling shares and assets. He still has work to do convincing bond investors that business is improving after three profit warnings in two years. QBE debt …

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German Insurers Weigh Funding to Plug Merkel Infrastructure Gap http://www.insurancejournal.com/news/international/2014/08/27/338676.htm Wed, 27 Aug 2014 10:18:38 +0000 http://www.insurancejournal.com/?p=338676 Germany’s insurers said they may back a government call to invest in infrastructure to help cover an annual €7 billion ($9.23 billion) taxpayer shortfall to repair roads and bridges. The GDV, the Berlin-based group that represents insurers including Allianz SE, …

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Pacific Hurricane Marie Grows to Category 5 Storm http://www.insurancejournal.com/news/international/2014/08/26/338562.htm Tue, 26 Aug 2014 10:08:47 +0000 http://www.insurancejournal.com/?p=338562 Hurricane Marie grew into a large and powerful Category 5 storm and moved west-northwestward far off the Pacific coast of Mexico, threatening dangerous surf conditions from Baja California Peninsula up through Southern California early this week. The National Hurricane Center …

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El Nino Seen Delayed to End of Year as Australia Stays on Watch http://www.insurancejournal.com/news/international/2014/08/26/338560.htm Tue, 26 Aug 2014 10:05:47 +0000 http://www.insurancejournal.com/?p=338560 Australia remains on El Nino watch even as the onset of the weather event that brings drought to the Asia-Pacific region and heavier-than-usual rains to South America may be delayed to the end of the year. Four of seven climate …

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Iceland Monitors Tremors after Retracting Volcanic Eruption Warning http://www.insurancejournal.com/news/international/2014/08/25/338453.htm Mon, 25 Aug 2014 10:17:52 +0000 http://www.insurancejournal.com/?p=338453 Iceland is monitoring rumbling at the Bardarbunga volcano for a second week after it yesterday retracted an announcement of an eruption and eased a warning to airlines over a possible ash plume. The national police moved back to an “alert …

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TS Cristobal – Season’s 3rd Storm – Triggers Caribbean Warnings; No U.S. Threat http://www.insurancejournal.com/news/international/2014/08/25/338451.htm Mon, 25 Aug 2014 10:14:06 +0000 http://www.insurancejournal.com/?p=338451 The National Hurricane Center in Miami has finally been able to give the third weather disturbance of the current hurricane season a name – Tropical Storm Cristobal. According to the 5:00 A.M. bulletin from the NHC Cristobal is “expected to …

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Swiss Re Corporate Solutions Names Linder Country Manager Germany http://www.insurancejournal.com/news/international/2014/08/25/338449.htm Mon, 25 Aug 2014 10:08:26 +0000 http://www.insurancejournal.com/?p=338449 Swiss Re Corporate Solutions announce the appointment of Kuno Linder as Country Manager Germany. He will be based in Munich and be in charge of the company’s interests in the German commercial insurance market, concentrating on the development and implementation …

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Ratings Recap: Trust Re, Alliance http://www.insurancejournal.com/news/international/2014/08/22/338382.htm Fri, 22 Aug 2014 10:14:51 +0000 http://www.insurancejournal.com/?p=338382 A.M. Best has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” of Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re, which is based in Bahrain. The outlook for both ratings remains …

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Allied World to Acquire RSA’s Hong Kong, Singapore Operations http://www.insurancejournal.com/news/international/2014/08/22/338380.htm Fri, 22 Aug 2014 10:11:08 +0000 http://www.insurancejournal.com/?p=338380 Allied World Assurance Company Holdings, AG announced that one of its operating units, Allied World Assurance Company, Ltd. has reached definitive agreements to acquire the Hong Kong and Singapore operations of Royal & Sun Alliance Insurance plc (RSA) for approximately …

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After Food Safety Scares, China Retailer Offers Baby Milk Insurance http://www.insurancejournal.com/news/international/2014/08/22/338378.htm Fri, 22 Aug 2014 10:07:03 +0000 http://www.insurancejournal.com/?p=338378 A Chinese retailer is offering insurance to customers who buy infant milk powder, highlighting the lengths to which companies are going to address concerns about food safety in China. Suning Commerce Group Ltd, which owns the Redbaby chain of stores, …

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Willis Energy Market Review: Still Soft Market; OIL ups Occurence Limits http://www.insurancejournal.com/news/international/2014/08/22/338375.htm Fri, 22 Aug 2014 10:01:00 +0000 http://www.insurancejournal.com/?p=338375 Willis Group Holdings August Energy Market Review (EMR) highlights the decision by Oil Insurance Limited (OIL) to increase its per occurrence limit from $300 million to $400 million and the event aggregation limit from $900 million to 1.2 billion effective …

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Aon Welcomes UK Government’s Launch of ‘Trailblazer’ for Insurance Apprentices http://www.insurancejournal.com/news/international/2014/08/21/338267.htm Thu, 21 Aug 2014 10:09:57 +0000 http://www.insurancejournal.com/?p=338267 Aon plc has issued the following statements regarding the UK government’s announcement of the Trailblazer insurance apprentice program. Dominic Christian, CEO of Aon UK Limited, said: “We are proud to have been instrumental in the development of the new apprenticeship …

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Allied World Names Bender CEO for Global Reinsurance Operations http://www.insurancejournal.com/news/international/2014/08/21/338265.htm Thu, 21 Aug 2014 10:06:42 +0000 http://www.insurancejournal.com/?p=338265 Allied World Assurance Company Holdings, AG announced the appointment of John Bender as CEO for the company’s global reinsurance operations. He has overseen Allied World’s reinsurance platform globally since 2011. President and CEO Scott Carmilani noted Bender’s willingness to take …

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10 Dead, 22 Missing in Hiroshima Landslide http://www.insurancejournal.com/news/international/2014/08/21/338263.htm Thu, 21 Aug 2014 10:03:08 +0000 http://www.insurancejournal.com/?p=338263 Rain-sodden slopes collapsed in torrents of mud, rock and debris early Wednesday in the outskirts of Hiroshima, killing at least 10 people and leaving 22 missing, the government said. [IJ Ed. Note: Latest reports say the death toll is at …

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IAG Posts US$1.467 Billion 2014 Fiscal Year Operating Profit http://www.insurancejournal.com/news/international/2014/08/20/338168.htm Wed, 20 Aug 2014 10:25:16 +0000 http://www.insurancejournal.com/?p=338168 Insurance Australia Group Limited (IAG) announced a strong operating performance for the financial year ended June 30, 2014 (FY14), posting an insurance profit of A$1.579 billion [US$1.467 billion] for the year, up 10.6 percent from A$1.428 billion [US$1.326 billion] for …

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Weakening Operating Fundamentals Tip Reinsurers’ Outlook to Negative: A.M. Best http://www.insurancejournal.com/news/international/2014/08/20/338166.htm Wed, 20 Aug 2014 10:22:25 +0000 http://www.insurancejournal.com/?p=338166 A.M. Best announced that it has “revised its ratings outlook on the global reinsurance sector to negative from stable, citing the significant ongoing market challenges that will hinder the potential for positive rating outlooks or upgrades, and over time, may …

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Canada Railway Audit ‘Inadequate’ before Lac-Mégantic Disaster: Official Report http://www.insurancejournal.com/news/international/2014/08/20/338164.htm Wed, 20 Aug 2014 10:13:49 +0000 http://www.insurancejournal.com/?p=338164 The Canadian government did not adequately audit the railroad company at the center of the Lac-Mégantic crude tanker disaster, which last year killed 47 people, an independent federal agency said on Tuesday, as it called for tougher scrutiny of the …

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Ping An Profit Rises 19% on Higher Bank Revenue, Premium Income http://www.insurancejournal.com/news/international/2014/08/20/338162.htm Wed, 20 Aug 2014 10:07:12 +0000 http://www.insurancejournal.com/?p=338162 Ping An Insurance (Group) Co., China’s second-largest insurer, said first-half profit grew 19 percent as premium income climbed and banking revenue increased. Net income rose to 21.4 billion yuan ($3.5 billion), or a diluted 2.55 yuan [$0.41] a share, from …

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Allianz Launches Cyber Crime Coverage for Canadian Companies http://www.insurancejournal.com/news/international/2014/08/19/338081.htm Tue, 19 Aug 2014 16:22:18 +0000 http://www.insurancejournal.com/?p=338081 Industrial insurance specialist Allianz Global Corporate & Specialty (AGCS) has launched Allianz Cyber Protect in Canada, a suite of coverages with capacity to protect a company in the event of a data loss or a cyber-security incident. Allianz Cyber Protect includes …

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Fosun Said to Pursue Deal for Swiss Re’s Aurora in the U.S. http://www.insurancejournal.com/news/international/2014/08/19/338054.htm Tue, 19 Aug 2014 12:23:15 +0000 http://www.insurancejournal.com/?p=338054 Fosun International Ltd., the investment arm of China’s biggest closely held conglomerate, is in talks to acquire a U.S. life insurance arm of Swiss Re Ltd., people with knowledge of the matter said. Fosun is seeking to buy Aurora National …

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