Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Wed, 26 Nov 2014 23:08:24 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Japan Assesses Damage from Earthquake in Olympics Site Region http://www.insurancejournal.com/news/international/2014/11/26/348397.htm Wed, 26 Nov 2014 14:58:20 +0000 http://www.insurancejournal.com/?p=348397 The damage from an overnight earthquake in a mountainous area of central Japan that hosted the 1998 winter Olympics proved more extensive than initially thought. A daylight assessment Sunday found at least 50 homes destroyed in two villages, and 41 …

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New London Reinsurer Sets Sights on Africa http://www.insurancejournal.com/news/international/2014/11/26/348370.htm Wed, 26 Nov 2014 11:20:50 +0000 http://www.insurancejournal.com/?p=348370 One Re Ltd., the first reinsurer approved under Britain’s “twin peaks” system of financial regulation, said it’s seeking clients across 38 African countries in the next year as growth outpaces developed regions. One Re, started by Johannesburg-born brothers Andrew and …

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Swiss Re Economists Forecast ‘Modest’ Global Growth http://www.insurancejournal.com/news/international/2014/11/26/348368.htm Wed, 26 Nov 2014 10:54:18 +0000 http://www.insurancejournal.com/?p=348368 Swiss Re’s Chief economist, Kurt Karl and his colleague, Senior Economist Roman Lechner, presented a somewhat cautious scenario for the global economy over the next two years. As detailed in Swiss Re’s “Global insurance review 2014 and outlook 2015/16,” the …

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UK Insurers Already Banned from Paying Ransoms to Terrorist Organizations http://www.insurancejournal.com/news/international/2014/11/25/348244.htm Tue, 25 Nov 2014 17:36:22 +0000 http://www.insurancejournal.com/?p=348244 The UK Government’s proposal to ban the payment of ransoms by insurers to terrorist organizations, which will be officially presented to Parliament tomorrow, is in fact already inscribed in law, not only by the UK, but also by the U.S., …

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Allied World Launches Network Security Insurance Product for Canada http://www.insurancejournal.com/news/international/2014/11/25/348228.htm Tue, 25 Nov 2014 16:24:49 +0000 http://www.insurancejournal.com/?p=348228 Allied World Assurance Company Holdings AG announced the launch of Allied World North America’s privacy and network security insurance product, called Privacy//101SM, which is tailored for the Canadian marketplace. Designed for small to mid-size companies, including law firms, healthcare and …

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ACE Names Waterford as Deputy Head of Accident & Health in Asia Pacific http://www.insurancejournal.com/news/international/2014/11/25/348111.htm Tue, 25 Nov 2014 10:24:29 +0000 http://www.insurancejournal.com/?p=348111 ACE Group announced the appointment of Blain Waterford to the newly created role of vice president & deputy head of its accident & health business in Asia Pacific. In his new capacity, Waterford will head direct marketing, telemarketing, mobile assurance, …

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IKEA, Ikano Group Testing Affordable Accident & Health Cover in Sweden http://www.insurancejournal.com/news/international/2014/11/25/347854.htm Tue, 25 Nov 2014 09:30:45 +0000 http://www.insurancejournal.com/?p=347854 OMIFALL, a Swedish health insurance product for pregnant women and children, came about as a “mutual dream” between home furnishings icon IKEA and its sister company, Ikano Group. The dream was to create and easily distribute an affordable alternative to …

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India’s Opposition Party Could Support Insurance Industry Liberalization http://www.insurancejournal.com/news/international/2014/11/25/348104.htm Tue, 25 Nov 2014 08:11:44 +0000 http://www.insurancejournal.com/?p=348104 India’s main opposition Congress party signaled on Monday it could support government legislation to liberalize the insurance industry, a long-delayed reform expected to help improve investor confidence. Prime Minister Narendra Modi proposed in August to lift the cap on foreign …

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ACE Authorizes $1.5 Billion of Share Buybacks http://www.insurancejournal.com/news/international/2014/11/24/347915.htm Mon, 24 Nov 2014 16:22:36 +0000 http://www.insurancejournal.com/?p=347915 ACE Ltd., the Swiss insurer with operations in more than 50 nations, authorized $1.5 billion of share buybacks to take place in 2015. The plan replaces the authorization that expires at the end of this year, according to a statement …

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Aquiline Capital Acquires Majority Stake in Beach & Associates in Toronto http://www.insurancejournal.com/news/international/2014/11/24/347100.htm Mon, 24 Nov 2014 16:12:37 +0000 http://www.insurancejournal.com/?p=347100 Aquiline Capital Partners, a New York-based private equity firm investing in financial services, has made an investment for a majority of the equity in Beach & Associates Ltd., an independent global reinsurance broker based in Toronto, Canada. Beach & Associates’ …

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Proposed UK Terrorism Law Would Stop Insurance Cover for Ransom Payments http://www.insurancejournal.com/news/international/2014/11/24/347885.htm Mon, 24 Nov 2014 14:52:43 +0000 http://www.insurancejournal.com/?p=347885 The U.K. government will introduce anti-terrorism legislation this week requiring internet companies to provide user data to authorities. The bill, to be published on Nov. 26 and fast-tracked through Parliament so it becomes law before the general election in May, …

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Cooper Gay Creates Latin American Energy Practice http://www.insurancejournal.com/news/international/2014/11/24/347869.htm Mon, 24 Nov 2014 12:45:52 +0000 http://www.insurancejournal.com/?p=347869 Cooper Gay Miami, the Latin American headquarters of global reinsurance, wholesale and specialty broker Cooper Gay Swett & Crawford (CGSC), announced the creation of a Latin American energy practice. The practice will target regional business with a particular focus on …

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ACE Announces Senior EMEA Accident & Health Appointments http://www.insurancejournal.com/news/international/2014/11/24/347867.htm Mon, 24 Nov 2014 11:42:17 +0000 http://www.insurancejournal.com/?p=347867 ACE Group announced two appointments in its EMEA accident and health management team, as part of its ongoing investment in its consumer insurance offering across the region. Joel Laventure has been appointed to the new role of commercial director, A&H classic …

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RenaissanceRe to Acquire Platinum Underwriters in $1.9 Billion Deal http://www.insurancejournal.com/news/international/2014/11/24/347865.htm Mon, 24 Nov 2014 11:27:29 +0000 http://www.insurancejournal.com/?p=347865 RenaissanceRe Holdings Ltd. and Platinum Underwriters Holdings Ltd. announced that the companies have entered into a definitive merger agreement under which RenaissanceRe will acquire Platinum. Under the terms of the transaction, the common shareholders of Platinum will receive $76.00 per …

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Some Future Effects of Climate Change Are Inevitable: World Bank http://www.insurancejournal.com/news/international/2014/11/24/347863.htm Mon, 24 Nov 2014 11:10:54 +0000 http://www.insurancejournal.com/?p=347863 Some future impacts of climate change, such as more extremes of heat and sea level rise, are unavoidable even if governments act fast to cut greenhouse gas emissions, the World Bank said. Past and predicted emissions from power plants, factories and …

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New Malware Called ‘Regin’ Targets Firms in at Least 10 Countries http://www.insurancejournal.com/news/international/2014/11/24/347861.htm Mon, 24 Nov 2014 10:19:16 +0000 http://www.insurancejournal.com/?p=347861 An unidentified nation may have developed a “highly complex” surveillance tool that targeted companies and other victims in at least 10 countries including Russia and Mexico, Symantec Corp. researchers said. The tool, a malware dubbed “Regin,” has been been used …

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Aviva in $8.76 Billion Deal to Buy Friends Life after Pensions Shake-up http://www.insurancejournal.com/news/international/2014/11/21/347851.htm Fri, 21 Nov 2014 20:59:35 +0000 http://www.insurancejournal.com/?p=347851 British insurer Aviva said on Friday it had agreed terms on a possible deal to buy rival Friends Life for £5.6 billion [$8.76 billion], as British pension reform puts pressure on insurance companies to find new business. Pension providers are …

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China Re to Underwrite at Lloyd’s, Syndicate to Be Managed by Catlin http://www.insurancejournal.com/news/international/2014/11/21/347721.htm Fri, 21 Nov 2014 10:08:36 +0000 http://www.insurancejournal.com/?p=347721 China Reinsurance (Group) Corporation has received approval from Lloyd’s to transform its existing special purpose syndicate into a stand-alone syndicate that will underwrite a diversified book of business, initially focusing on reinsurance, incepting from January 1, 2015. The China Re …

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Successful Brokers Put Clients Front and Center: Aon’s Dominic Christian http://www.insurancejournal.com/news/international/2014/11/21/347717.htm Fri, 21 Nov 2014 09:00:36 +0000 http://www.insurancejournal.com/?p=347717 The brokerage industry has changed “utterly and fundamentally” over the past 30 years from a risk transfer function to much more of an advisory role, according to Dominic Christian, executive chairman, Aon Benfield, London. Christian spoke at an event this …

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Russian Firms Face Huge Insurance Costs as Foreign Insurers Flee http://www.insurancejournal.com/news/international/2014/11/20/347646.htm Thu, 20 Nov 2014 16:57:19 +0000 http://www.insurancejournal.com/?p=347646 Russian companies face billions of dollars in extra insurance costs as Western sanctions prompt foreign insurance firms to start pulling out, worried that any business they undertake is at risk from future measures and an increasingly sick economy. Russian President …

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LeapFrog Buys Majority Stake in Kenya’s Resolution Insurance http://www.insurancejournal.com/news/international/2014/11/20/347603.htm Thu, 20 Nov 2014 11:03:35 +0000 http://www.insurancejournal.com/?p=347603 LeapFrog Investments, the private equity firm with a focus on Africa and Asia, said it will pay 1.68 billion shillings ($18.6 million) to gain control of Kenya’s Resolution Insurance and tap growth in health coverage. LeapFrog will invest through Resolution …

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Evans to Succeed Thoresen as ABI Director General http://www.insurancejournal.com/news/international/2014/11/20/347601.htm Thu, 20 Nov 2014 11:00:36 +0000 http://www.insurancejournal.com/?p=347601 The Association of British Insurers (ABI) announced that Huw Evans will succeed Otto Thoresen as Director General in February 2015, as Thoresen will assume the chairmanship of the National Employment Savings Trust (NEST). ABI chairman, Paul Evans, said: “On behalf …

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Aon Benfield Places UK’s ‘Smart Meter Drive’ Coverage with AIG http://www.insurancejournal.com/news/international/2014/11/19/347493.htm Wed, 19 Nov 2014 15:31:40 +0000 http://www.insurancejournal.com/?p=347493 Aon Benfield announced that it has successfully completed an “insurance placement as part of a UK government energy initiative to install smart meter systems nationwide by 2020 with AIG. The placement was made on “behalf of global smart meter solution …

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Generali Meets Targets Ahead of Schedule, Sheds Global Non-Core Assets http://www.insurancejournal.com/news/international/2014/11/19/347467.htm Wed, 19 Nov 2014 10:02:50 +0000 http://www.insurancejournal.com/?p=347467 Assicurazioni Generali SpA said it has reached most of its targets ahead of schedule after shedding non-core assets around the world and will present a new strategy in May. “The next plan will be quite different because it will not be focused …

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AIG Global Real Estate Seeks $450 Million in Sale of South Korean Hotel http://www.insurancejournal.com/news/international/2014/11/19/347465.htm Wed, 19 Nov 2014 09:49:39 +0000 http://www.insurancejournal.com/?p=347465 AIG Global Real Estate, a unit of American International Group Inc., is seeking at least $450 million from the sale of a luxury hotel in the South Korean capital, people with knowledge of the matter said. AIG’s Korean real estate …

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U.K.’s Towergate Bonds Plunge on News of Takeover Bids http://www.insurancejournal.com/news/international/2014/11/19/347463.htm Wed, 19 Nov 2014 09:39:47 +0000 http://www.insurancejournal.com/?p=347463 Towergate Finance plc’s high-yield bonds plunged to a record after Europe’s largest insurance broker said it received takeover offers. The company’s 304.6 million pounds ($475.5 million) of 10.5 percent notes fell 16 pence on the pound to 45 pence, the …

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Allied World Offers D&O Policy in Canada, Addressing Coverage Gaps http://www.insurancejournal.com/news/international/2014/11/19/347461.htm Wed, 19 Nov 2014 09:24:46 +0000 http://www.insurancejournal.com/?p=347461 Allied World North America has launched the Executive ForceField product, a policy specifically developed to address coverage gaps for directors and officers of publicly traded companies in the Canadian market. This upgraded side ‘A’ directors & officers excess and lead …

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CGSC to Rebrand London Insurance Brokerage Operations for 50th Year http://www.insurancejournal.com/news/international/2014/11/18/347350.htm Tue, 18 Nov 2014 16:27:43 +0000 http://www.insurancejournal.com/?p=347350 Cooper Gay Swett & Crawford (CGSC) has announced the renaming of its London market brokerage businesses in advance of its 50th year of trading. From January 1st, 2015, CGNMB LLP will become the single united brand, combining Lloyd’s brokers Cooper …

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Hamilton Insurance Plans to Acquire Sportscover Underwriting at Lloyd’s http://www.insurancejournal.com/news/international/2014/11/18/347319.htm Tue, 18 Nov 2014 11:33:40 +0000 http://www.insurancejournal.com/?p=347319 Hamilton Insurance Group, the Bermuda-based holding company for property-casualty reinsurer Hamilton Re and insurer Hamilton USA, announced it has entered into a share purchase agreement to acquire Sportscover Underwriting Limited, a Lloyd’s managing agent which manages Syndicate 3334, and Kinetic …

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Hong Kong’s Appeal to Financial Community Survives Protests: Poll http://www.insurancejournal.com/news/international/2014/11/18/347317.htm Tue, 18 Nov 2014 11:05:25 +0000 http://www.insurancejournal.com/?p=347317 Hong Kong’s appeal to the financial community has withstood pro-democracy protests that threatened to become the city’s biggest political crisis in decades, according to a Bloomberg Global Poll. Eighty-seven percent of the survey’s 510 respondents said the democracy movement that …

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