Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 03 Jul 2015 15:21:50 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 Willis 1st View Reinsurance Report on Pricing Finds some Stabilization http://www.insurancejournal.com/news/international/2015/07/02/373967.htm Thu, 02 Jul 2015 12:31:51 +0000 http://www.insurancejournal.com/?p=373967 According to the latest 1st View Renewals Report from Willis Re, the relentless “period of rate reductions” in reinsurance pricing shows signs of softening with “early signs” of price stabilization ”beginning to emerge in peak property catastrophe zones.” The report …

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Reinsurance Industry Faces an Uncertain Future as Time Moves on http://www.insurancejournal.com/news/international/2015/07/02/373959.htm Thu, 02 Jul 2015 10:31:10 +0000 http://www.insurancejournal.com/?p=373959 It’s around two months until the annual Reinsurance Rendezvous in Monte Carlo, where the reinsurers, brokers, carriers, lawyers, accountants and cat modelers discuss the state of their industry. That industry, until recently a rock solid bastion of the “we do it …

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XL Catlin Appoints Plessis as Head of Emerging Markets http://www.insurancejournal.com/news/international/2015/07/02/373956.htm Thu, 02 Jul 2015 10:00:59 +0000 http://www.insurancejournal.com/?p=373956 XL Catlin announced the appointment of Brendan Plessis to the newly created role of head of emerging markets. In this new position, Plessis will lead the development of emerging market strategies, partnering with business leaders across XL Catlin to explore …

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Beazley Launches Business Travel Insurance in Australia http://www.insurancejournal.com/news/international/2015/07/02/373952.htm Thu, 02 Jul 2015 09:15:25 +0000 http://www.insurancejournal.com/?p=373952 Specialist insurer Beazley has launched its first international business travel insurance product in the Australian market. Beazley Corporate Travel Insurance will be offered to Australian brokers and coverholders. Beazley Corporate Travel Insurance provides specialist cover for business travelers, such as overseas …

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TransAsia Plane Crashed in February After Faulty Sensor, Errors by Pilots http://www.insurancejournal.com/news/international/2015/07/02/373950.htm Thu, 02 Jul 2015 08:43:05 +0000 http://www.insurancejournal.com/?p=373950 A faulty connector sending inaccurate information and pilots mistakingly shutting down the wrong engine during a flameout led to the February crash of a TransAsia Airways Corp. plane, investigators said. Flight GE235 had a connector that failed to send right …

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Guy Carpenter Confirms Slowing of Pricing Declines in June Renewals http://www.insurancejournal.com/news/international/2015/07/01/373645.htm Wed, 01 Jul 2015 12:44:49 +0000 http://www.insurancejournal.com/?p=373645 Guy Carpenter & Company, LLC, has reported that “after two years of price decreases averaging 15 percent on U.S. property catastrophe placements, risk-adjusted pricing moderated at the most recent June renewals. “Price declines moderated to decreases averaging in the high …

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DUAL Enters Central, East European Market with Launch of DUAL Polska http://www.insurancejournal.com/news/international/2015/07/01/373634.htm Wed, 01 Jul 2015 11:47:48 +0000 http://www.insurancejournal.com/?p=373634 DUAL Group, the underwriting arm of Hyperion Insurance Group, announced its launch into Central and Eastern Europe (CEE), following the acquisition of the majority stake of Toruń, Poland-headquartered insurance specialist, Data Connect Direct (DCD). This acquisition, which creates DUAL Polska, …

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Willis CEO, Casserley, Opts Against Taking Severance Pay in Towers Watson Deal http://www.insurancejournal.com/news/international/2015/07/01/373631.htm Wed, 01 Jul 2015 11:31:18 +0000 http://www.insurancejournal.com/?p=373631 Willis Group Holdings plc’s chief executive officer, who is taking a lesser role under the insurance broker’s planned merger with Towers Watson & Co., has opted against taking some compensation that he was entitled to get. “Dominic Casserley will not receive a …

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Corbett to Join Hyperion Insurance Group as Group CFO http://www.insurancejournal.com/news/international/2015/07/01/373629.htm Wed, 01 Jul 2015 11:21:27 +0000 http://www.insurancejournal.com/?p=373629 Hyperion Insurance Group, the London-based insurance and reinsurance intermediary group, has announced that Oliver Corbett will join the group as CFO. Corbett, currently interim CFO at Towergate, will take up the role in August, subject to regulatory approval.  After seven …

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ILS Products Are Changing Reinsurance Industry Norms: ‘Acts of God’ Author http://www.insurancejournal.com/news/international/2015/07/01/373612.htm Wed, 01 Jul 2015 10:00:28 +0000 http://www.insurancejournal.com/?p=373612 Second of two articles In the first article in this series, Paula Jarzabkowski, professor of Strategic Management at Cass Business School, City University London, discussed the findings of her book on the reinsurance industry, which show that the market is …

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Indonesia Military Plane Crash Puts Focus on Aging Aircraft http://www.insurancejournal.com/news/international/2015/07/01/373617.htm Wed, 01 Jul 2015 09:51:09 +0000 http://www.insurancejournal.com/?p=373617 The loss of at least 150 lives in the crash of an Indonesian cargo plane raises fresh questions about the military’s reliance on old aircraft and on spending that has prioritized the army over the air force. The 51-year-old Lockheed …

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Castel Appoints Nugent Chief Underwriting Officer to Prepare New MGA Cells http://www.insurancejournal.com/news/international/2015/07/01/373615.htm Wed, 01 Jul 2015 09:38:30 +0000 http://www.insurancejournal.com/?p=373615 UK-based Castel Underwriting Agencies, the club-style MGA formation platform, has appointed James Nugent as its first chief underwriting officer. He joins Castel from Amlin where he was head of underwriting performance and responsible for underwriting performance, governance and quality assurance. …

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Catalina Completes Portfolio Transfer of Quinn Insurance Legacy Liabilities http://www.insurancejournal.com/news/international/2015/07/01/373613.htm Wed, 01 Jul 2015 09:33:11 +0000 http://www.insurancejournal.com/?p=373613 Catalina Holdings (Bermuda) Ltd. announced that “following receipt of approvals from the Central Bank of Ireland and from the High Court of Ireland, it completed the portfolio transfer of UK and EU insurance liabilities in run-off from Quinn Insurance Limited …

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World Economic Forum Sees Finance/Insurance Industry in Digital Firing-Line http://www.insurancejournal.com/news/international/2015/07/01/373609.htm Wed, 01 Jul 2015 08:11:11 +0000 http://www.insurancejournal.com/?p=373609 The world’s top banks and insurers are being forced to review their business models amid rapid inroads by nimble “fintech” start-ups, which are reshaping what consumers and businesses expect out of financial services, a report out Tuesday said. The report …

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Germanwings Offers Emotional Damage Payments to Crash Victims’ Families http://www.insurancejournal.com/news/international/2015/06/30/373478.htm Tue, 30 Jun 2015 15:34:15 +0000 http://www.insurancejournal.com/?p=373478 Germanwings is offering €25,000 ($27,833) compensation payments to close relatives of those killed in the March 24 plane crash for their pain and suffering, it said on Tuesday. Evidence shows co-pilot Andreas Lubitz locked the captain out of the cockpit …

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Swett & Crawford Brasil Expands with Purchase of Shares in Local Broker http://www.insurancejournal.com/news/international/2015/06/30/373472.htm Tue, 30 Jun 2015 15:03:31 +0000 http://www.insurancejournal.com/?p=373472 Wholesale insurance broker Swett & Crawford Brasil, part of Cooper Gay Swett & Crawford (CGSC), the independent global wholesale, underwriting management and reinsurance broker, announced that it has purchased 51 percent of the shares of Casa do Corretor, a wholesale …

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Two Uber Executives Detained by French Police Pending Investigation http://www.insurancejournal.com/news/international/2015/06/30/373423.htm Tue, 30 Jun 2015 09:32:09 +0000 http://www.insurancejournal.com/?p=373423 French police have detained two executives from Uber for questioning as a government clampdown intensifies on the U.S.-based taxi and ride-sharing service. Thibaud Simphal, manager of Uber France, and Pierre-Dimitri Gore-Coty, general manager for western Europe, were detained as part …

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Willis Group, Towers Watson Agree to $18 Billion Merger http://www.insurancejournal.com/news/international/2015/06/30/373421.htm Tue, 30 Jun 2015 09:22:25 +0000 http://www.insurancejournal.com/?p=373421 Global reinsurance and insurance broker Willis Group Holdings and professional services and analytics firm Towers Watson have agreed to an all-stock merger of equals valued at $18 billion. Upon completion of the merger, Willis shareholders will own approximately 50.1 percent …

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Fairfax’s Potential Hit from Greek Exposure to be Limited – RBC Report http://www.insurancejournal.com/news/international/2015/06/30/373419.htm Tue, 30 Jun 2015 09:04:55 +0000 http://www.insurancejournal.com/?p=373419 Fairfax Financial Holdings, which bet on a successful turnaround in Greece in 2014, stands to take a hit from a Greek default, but one-time gains and other factors are likely to soften the blow, the Royal Bank of Canada (RBC) …

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Berkshire Hathaway Specialty Expands in Australia, New Zealand http://www.insurancejournal.com/news/international/2015/06/30/373417.htm Tue, 30 Jun 2015 09:00:03 +0000 http://www.insurancejournal.com/?p=373417 Berkshire Hathaway Specialty Insurance Co. (BHSI) said it is entering the healthcare underwriting market in Australia, and has appointed Tony Bainbridge, previously with American International Group (AIG), to lead the effort. The insurer also announced it has opened an office …

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China Seeking “Win-Win” Climate Plan; Poised for Pledge http://www.insurancejournal.com/news/international/2015/06/29/373351.htm Mon, 29 Jun 2015 16:43:46 +0000 http://www.insurancejournal.com/?p=373351 China is seeking a fair, global system to tackle climate change and is about to make a joint announcement on the environment, Chinese Premier Li Keqiang said before a summit in Brussels with top European Union officials on Monday. Expectations …

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AeroMexico Dreamliner Makes Emergency Landing in Ireland http://www.insurancejournal.com/news/international/2015/06/29/373342.htm Mon, 29 Jun 2015 16:33:45 +0000 http://www.insurancejournal.com/?p=373342 A Boeing 787 Dreamliner en route from Mexico City to Paris made an emergency landing at Ireland’s Shannon Airport on Monday and all 193 people on board disembarked safely, a spokesman for the airport said on Monday. Mexico’s Aeromexico said …

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Steve Hearn to Leave Willis for CEO Role at Cooper Gay Swett & Crawford http://www.insurancejournal.com/news/international/2015/06/29/373274.htm Mon, 29 Jun 2015 10:39:57 +0000 http://www.insurancejournal.com/?p=373274 Willis Group Holdings confirmed that Deputy CEO Steve Hearn has decided to leave the company and will take up the role of CEO at Cooper Gay Swett & Crawford (CGSW) at the beginning of November. The announcement came one day …

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Towergate Insurance Reports Q1 Net Income of $134 Million; Down 8% http://www.insurancejournal.com/news/international/2015/06/29/373270.htm Mon, 29 Jun 2015 09:11:23 +0000 http://www.insurancejournal.com/?p=373270 Towergate Insurance reported first quarter income of £86 million ($134 million), down 8 percent from £93 million ($145 million) reported for the same period in 2014 – with its performance adversely affected by the group’s financial restructuring and change program. The …

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Allied World Top Backer of Puerto Rico Municipal Bond http://www.insurancejournal.com/news/international/2015/06/26/373172.htm Fri, 26 Jun 2015 18:30:30 +0000 http://www.insurancejournal.com/?p=373172 Allied World Assurance Co. is the top backer of MatlinPatterson Global Advisers’ bets on Puerto Rico’s rebound, according to a person familiar with the arrangement. The insurer provided more than half of the $150 million that MatlinPatterson invested in the …

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Global Insurance Regulators Postpone Tougher Capital Standards http://www.insurancejournal.com/news/international/2015/06/26/373184.htm Fri, 26 Jun 2015 15:05:12 +0000 http://www.insurancejournal.com/?p=373184 Global insurance regulators will take more time than previously planned to address industry concerns before applying tougher capital rules to some of the largest companies they oversee. Capital rules for global insurers, known as the Insurance Capital Standard, or ICS, will be pushed back …

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Towergate Hires Deakin as Retail Broking Director; Dalgarno as Chief Risk Officer http://www.insurancejournal.com/news/international/2015/06/26/373171.htm Fri, 26 Jun 2015 12:28:32 +0000 http://www.insurancejournal.com/?p=373171 Towergate is creating a new retail broking division led by Janice Deakin, who will join the group as retail broking director on August 12, subject to regulatory approval. This division will encompass all the Towergate Insurance retail broking businesses, Towergate Insurance …

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Reinsurance Market’s Evolution Could Affect Its Stability: ‘Acts of God’ Author http://www.insurancejournal.com/news/international/2015/06/26/373154.htm Fri, 26 Jun 2015 11:05:28 +0000 http://www.insurancejournal.com/?p=373154 First of Two Articles The reinsurance market is moving from coverage of acts of God to one that covers commoditized risks – an evolution that could have long-term implications for market stability and trading large-scale risk, according to an industry expert …

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EU Capital Markets Plan Must Improve Investor Protections: UK Regulator http://www.insurancejournal.com/news/international/2015/06/26/373152.htm Fri, 26 Jun 2015 09:10:22 +0000 http://www.insurancejournal.com/?p=373152 The European Union’s plan for a unified capital market needs more work to protect investors from losses if it is to provide the economic boost policymakers’ are hoping for, a top British regulator said on Thursday. Martin Wheatley, chief executive …

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DUAL Australia Launches Suite of Marine Products with New Team http://www.insurancejournal.com/news/international/2015/06/26/373142.htm Fri, 26 Jun 2015 07:00:27 +0000 http://www.insurancejournal.com/?p=373142 DUAL, the underwriting arm of the Hyperion Insurance Group*, has announced the continued expansion of its global marine and energy practice following the launch of a marine offering at DUAL Australia Pty Ltd. DUAL Australia will now offer a suite …

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