Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Wed, 06 May 2015 05:18:09 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.1 EXOR Bid for PartnerRe Still Has Legs as Shareholders Weigh Offers: Real M&A http://www.insurancejournal.com/news/international/2015/05/05/366830.htm Tue, 05 May 2015 17:49:51 +0000 http://www.insurancejournal.com/?p=366830 PartnerRe Ltd. is betting the value of a merger with AXIS Capital Holdings Ltd. is worth more in the long run than an extra few dollars a share now. Shareholders may not agree. The Bermuda-based reinsurer on Monday chose a …

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Argo Group Posts $58.8 Million Q1 2015 Net Income; $29.3 Million Operating http://www.insurancejournal.com/news/international/2015/05/05/366855.htm Tue, 05 May 2015 11:12:18 +0000 http://www.insurancejournal.com/?p=366855 The Bermuda-based Argo Group International Holdings, Ltd. announced first quarter net income of $58.8 million or $2.05 per diluted share, compared to $40.2 million or $1.36 per diluted share for the first quarter of 2014. Other earnings highlights were listed …

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XL Catlin Unified Brand Launched With Global Marketing Campaign http://www.insurancejournal.com/news/international/2015/05/05/366843.htm Tue, 05 May 2015 10:26:33 +0000 http://www.insurancejournal.com/?p=366843 Following the completion of XL Group plc’s acquisition of Bermuda-based Catlin Group Limited on May 1, XL and Catlin have officially joined operations and launched a new brand, XL Catlin. A new global marketing campaign, reflecting the greater scale, ambition and …

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Endurance Reports Q1 Net Income of $100.3M, Up From $96.3M in Q1 2014 http://www.insurancejournal.com/news/international/2015/05/05/366841.htm Tue, 05 May 2015 10:05:22 +0000 http://www.insurancejournal.com/?p=366841 Endurance Specialty Holdings Ltd. reported net income available to common shareholders of $100.3 million and $2.23 per diluted common share for the first quarter of 2015 versus net income of $96.3 million and $2.17 per diluted common share for the …

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Ironshore to Raise Capacity Limits to $50M for Builder’s Risk Property Products http://www.insurancejournal.com/news/international/2015/05/05/366839.htm Tue, 05 May 2015 09:19:44 +0000 http://www.insurancejournal.com/?p=366839 Bermuda-based Ironshore Inc. announced its global property division will raise capacity limits for builder’s risk products to $50 million, an increase from the current $35 million limit, effective immediately. Ironshore’s builder’s risk property program provides risk transfer protection for U.S.-based …

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Canadian Oil Trains Shift to Carry Less-Volatile Crude http://www.insurancejournal.com/news/international/2015/05/05/366837.htm Tue, 05 May 2015 08:55:57 +0000 http://www.insurancejournal.com/?p=366837 A growing share of Canadian oil-by-rail traffic is made up of tough-to-ignite undiluted heavy crude and raw bitumen, say industry executives, as companies scramble to cut expenditures with the price of crude down more than 40 percent since June. By …

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Australian Storms Trigger ICA’s 5th Catastrophe Declaration for 2015 http://www.insurancejournal.com/news/international/2015/05/05/366834.htm Tue, 05 May 2015 08:50:33 +0000 http://www.insurancejournal.com/?p=366834 Thousands of claims, lodged from SE Queensland and Northern NSW storms, have now been declared catastrophes – the 5th such declaration this year – by the Insurance Council of Australia (ICA). Most of the insured damage was “caused by heavy …

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In Land of Negative Yields, Even Conservative Insurers Eye Junk Bond Investments http://www.insurancejournal.com/news/international/2015/05/05/366832.htm Tue, 05 May 2015 08:46:34 +0000 http://www.insurancejournal.com/?p=366832 The new fixed-income haven is, of all things, the market for junk bonds. With government securities in Germany to Japan and Ireland yielding less than nothing, money is pouring into exchange- traded funds that buy speculative-grade debt, traditionally the riskiest …

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EXOR Says Remains ‘Fully Committed’ to Spurned PartnerRe Offer http://www.insurancejournal.com/news/international/2015/05/04/366764.htm Mon, 04 May 2015 16:46:06 +0000 http://www.insurancejournal.com/?p=366764 Italy’s EXOR said on Monday it remained fully committed to its $6.4 billion offer for PartnerRe after the Bermuda-based reinsurer rejected its attempt to trump a rival bid by AXIS Capital Holdings. EXOR’s decision to press ahead with its offer …

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PartnerRe Rejects EXOR Offer; Confirms AXIS Deal w/ Enhanced Terms http://www.insurancejournal.com/news/international/2015/05/04/366716.htm Mon, 04 May 2015 11:39:58 +0000 http://www.insurancejournal.com/?p=366716 Bermuda-based PartnerRe Ltd. announced that its Board of Directors has rejected the unsolicited proposal by EXOR S.p.A. to acquire PartnerRe at a price of $130 per share, and reconfirmed its commitment to the planned merger with AXIS Capital Holdings Limited. …

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Best Affirms Ratings of XL and Subs; Removes from Under Review http://www.insurancejournal.com/news/international/2015/05/04/366709.htm Mon, 04 May 2015 08:58:00 +0000 http://www.insurancejournal.com/?p=366709 A.M. Best has removed from under review with negative implications and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a+” of the ongoing property/casualty (P/C) subsidiaries of XL Group plc, “based on …

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S&P Revises Outlook on Fairfax Financial to Stable; Affirms Ratings http://www.insurancejournal.com/news/international/2015/05/04/366707.htm Mon, 04 May 2015 08:49:16 +0000 http://www.insurancejournal.com/?p=366707 Standard & Poor’s Ratings Services has revised its outlook on Fairfax Financial Holdings Ltd. to stable from negative. At the same time, we affirmed our ‘BBB-‘ long-term counterparty credit rating on Fairfax and its ‘A-‘ long-term counterparty credit and financial …

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QBE Appoints Huber as Head of European Liability http://www.insurancejournal.com/news/international/2015/05/04/366703.htm Mon, 04 May 2015 08:05:13 +0000 http://www.insurancejournal.com/?p=366703 London-based QBE European Operations, which is part of QBE Insurance Group, has appointed Thomas Huber to lead the expansion of its European liability portfolio. Huber has joined as head of European liability with responsibility for developing QBE’s liability book in …

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Hiscox London Market Launches Stand-Alone Threat Product http://www.insurancejournal.com/news/international/2015/05/04/366701.htm Mon, 04 May 2015 07:41:02 +0000 http://www.insurancejournal.com/?p=366701 Specialist global insurer Hiscox has launched a stand-alone Threat product designed to protect businesses against the loss of revenue suffered as a result of a threat or hoax. The Hiscox Threat policy provides non-physical damage business interruption (BI) cover as …

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XL Looks to Illiquid Securities, Infrastructure to Boost Yields: McGavick http://www.insurancejournal.com/news/international/2015/05/04/366698.htm Mon, 04 May 2015 07:09:57 +0000 http://www.insurancejournal.com/?p=366698 XL Group plc Chief Executive Officer Mike McGavick said the insurer is looking to illiquid securities and infrastructure investments to boost portfolio yields squeezed by interest rates that are near record lows. “We can get a little bit into the …

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Updated: China’s Fosun to Buy Remaining Shares in Ironshore for $1.84B http://www.insurancejournal.com/news/international/2015/05/04/366696.htm Mon, 04 May 2015 06:57:52 +0000 http://www.insurancejournal.com/?p=366696 Fosun International Ltd., the investment arm of China’s biggest closely held conglomerate, is planning a $1.84 billion merger with Ironshore Inc. after buying the shares it doesn’t already own in the Bermuda-based insurer. Fosun’s unit Mettlesome Investment 2 will combine …

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Uber’s Office in Southern China Raided by Government: Xinhua News Agency http://www.insurancejournal.com/news/international/2015/05/01/366581.htm Fri, 01 May 2015 15:58:42 +0000 http://www.insurancejournal.com/?p=366581 Authorities in the southern Chinese city of Guangzhou have raided the local office of online ride-hailing service Uber on suspicion of “unlicensed operation,” seizing a number of mobile phones, the official Xinhua news agency said on Friday. “The company is …

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Aon Reports $328M in Q1 Net Income, Compared to $325M in Q1 2014 http://www.insurancejournal.com/news/international/2015/05/01/366541.htm Fri, 01 May 2015 12:27:19 +0000 http://www.insurancejournal.com/?p=366541 Aon plc reported net income attributable to Aon shareholders of $328 million, or $1.14 per share, compared to $325 million, or $1.06 per share, for the prior year quarter. Net income per share attributable to Aon shareholders, adjusted for certain items, increased 7 percent to $1.37, …

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Nepal Quake Death Toll Exceeds 6,200; Rebuilding Costs Rise to $2B http://www.insurancejournal.com/news/international/2015/05/01/366536.htm Fri, 01 May 2015 12:00:56 +0000 http://www.insurancejournal.com/?p=366536 The death toll from Nepal’s devastating earthquake rose steadily past 6,200 on Friday as fresh aftershocks and the stench of rotting bodies made it hard for nervous survivors to return to their homes. Disposal of the hundreds of bodies still …

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Validus Reports $173.4M Q1 Net Income, Up From $162.4M in Q1 2014 http://www.insurancejournal.com/news/international/2015/05/01/366530.htm Fri, 01 May 2015 11:31:21 +0000 http://www.insurancejournal.com/?p=366530 Bermuda-based Validus Holdings Ltd. reported net income available to Validus of $173.4 million, or $1.98 per diluted common share, for the three months ended March 31, 2015, compared to $162.4 million, or $1.66 per diluted common share, for the three …

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Statement of XL CEO McGavick on Closing of Merger with Catlin http://www.insurancejournal.com/news/international/2015/05/01/366526.htm Fri, 01 May 2015 10:53:27 +0000 http://www.insurancejournal.com/?p=366526 XL Group plc CEO Mike McGavick has issued the following statement upon the closing of the acquisition of the Catlin Group by XL. Dear Valued Partner: On behalf of Stephen Catlin and myself, I’m proud to let you know that …

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U.K. Intermediaries Hyperion and R K Harrison Complete Merger http://www.insurancejournal.com/news/international/2015/05/01/366514.htm Fri, 01 May 2015 10:02:39 +0000 http://www.insurancejournal.com/?p=366514 London-based intermediaries Hyperion Insurance Group Limited* and R K Harrison Holdings Limited (RKH) have completed the merger of their two businesses, following receipt of applicable regulatory and legal approvals. Acquiring 100 percent of the share capital of RKH, Hyperion has …

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Catlin Announces ‘Scheme of Arrangement’ with XL has Become Effective http://www.insurancejournal.com/news/international/2015/05/01/366515.htm Fri, 01 May 2015 10:02:12 +0000 http://www.insurancejournal.com/?p=366515 The Bermuda-based Catlin Group Limited announced that the “scheme of arrangement under section 99 of the Companies Act 1981 (as amended), pursuant to which XL Group plc has acquired the entire issued and to be issued share capital of Catlin, …

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U.S., Canada Ready Oil Train Safety Measures http://www.insurancejournal.com/news/international/2015/05/01/366511.htm Fri, 01 May 2015 09:16:59 +0000 http://www.insurancejournal.com/?p=366511 Canada’s transport minister will be in Washington on Friday for a joint announcement with her U.S. counterpart aimed at harmonizing safety regulations on shipping crude oil by rail, a politically sensitive issue on both sides of the border. Lisa Raitt …

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Europe Calls for Tougher Limits on Super Greenhouse Gases (HFCs) http://www.insurancejournal.com/news/international/2015/05/01/366509.htm Fri, 01 May 2015 09:01:16 +0000 http://www.insurancejournal.com/?p=366509 The European Commission on Thursday called for a tougher U.N. Montreal Protocol to protect the ozone layer by curbing super greenhouse gases known as HFCs, that have a global warming potential thousands of times greater than carbon dioxide. The European …

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Roscoe Appointed Head of London and European Broker Relations for Beazley http://www.insurancejournal.com/news/international/2015/05/01/366506.htm Fri, 01 May 2015 08:52:34 +0000 http://www.insurancejournal.com/?p=366506 Specialist insurer Beazley has appointed Will Roscoe to head the company’s broker relations activity in the London and European markets. Roscoe brings extensive experience of the insurance market both as a broker and underwriter. He joined Beazley’s London-based open market …

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Aspen Re Appoints Parker and Wedlock Within Asia Pacific Region http://www.insurancejournal.com/news/international/2015/05/01/366504.htm Fri, 01 May 2015 08:40:18 +0000 http://www.insurancejournal.com/?p=366504 Aspen Re, the reinsurance segment of Aspen Insurance Holdings Limited, announces the appointments of Andrew Parker as head of its Australian branch in Sydney and senior underwriter and Paul Wedlock as senior underwriter – both within its Asia Pacific region. …

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Catastrophe Bonds Risk Subprime Slice-Up, Swiss Re Says http://www.insurancejournal.com/news/international/2015/04/30/366380.htm Thu, 30 Apr 2015 15:39:16 +0000 http://www.insurancejournal.com/?p=366380 Swiss Re, Europe’s second-biggest reinsurer, said regulators should prevent catastrophe bonds from being repackaged like subprime mortgages. “It’s important for traditional players like us and regulators that we make sure we don’t get into a situation where you start having …

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AXIS Reports Q1 Operating Income of $136M on Low Catastrophe Losses http://www.insurancejournal.com/news/international/2015/04/30/366324.htm Thu, 30 Apr 2015 11:41:52 +0000 http://www.insurancejournal.com/?p=366324 Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the first quarter of 2015 of $156 million, or $1.54 per diluted common share, compared with $137 million, or $1.24 per diluted common share, for the first …

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XL Reports Q1 Operating Net Income of $194.4M, Combined Ratio at 88.9% http://www.insurancejournal.com/news/international/2015/04/30/366314.htm Thu, 30 Apr 2015 10:03:38 +0000 http://www.insurancejournal.com/?p=366314 Dublin-based XL Group plc reported first quarter operating net income of $194.4 million, or $0.75 per share, for the first quarter on a fully diluted basis, down from $238.6 million, or $0.85 per share, for the same period in 2014. …

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