Insurance Journal » International News

Lloyd’s Report Highlights Solar Storm Threat as Emerging Risk

Thu, 23 May 2013 13:05:25 +0000

“A large solar storm could leave tens of millions of people in North America without electrical power for several months, if not years, potentially costing trillions of dollars,” according to Lloyd’s latest emerging risks report: “Solar Storm Risk to the …

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Ratings Recap: Dubai Insurance, Jupiter, Ardelis, TT Club

Thu, 23 May 2013 10:47:31 +0000

A.M. Best Europe – Rating Services Limited has revised the outlook to positive from stable and affirmed the issuer credit rating (ICR) of “bbb” and the financial strength rating (FSR) of ‘B++’ (Good) of United Arab Emirates-based Dubai Insurance Company …

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S&P Assesses Insurance Industry and Country Risk Shaping Insurance Markets

Charles E. Boyle — Thu, 23 May 2013 10:41:03 +0000

A report by Standard & Poor’s Ratings Services notes that “for the two main insurance sectors, life and property/casualty (P/C), overall industry and country risks are, on average, much lower in developed than in emerging markets.” S&P explained that it …

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Jacobson Completes Merger with UK’s ejsSearch

Wed, 22 May 2013 10:25:02 +0000

The Chicago-based Jacobson Group, which provides recruits to the insurance industry, and ejsSearch – the London-based insurance executive search firm specializing in assignments in London and broader European and international markets — have completed their merger agreement. The two firms …

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Best Requests Comments on Draft Criteria: Rating Reinsurance Pools

Wed, 22 May 2013 10:19:56 +0000

A.M. Best Co. is requesting comments from market participants in the insurance industry and other interested parties on the draft criteria report, “Rating Reinsurance Pools.” Best explained that it “defines a reinsurance pool as any entity, agent or contractual agreement, …

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Best Affirms Montpelier Re and Holding Co. Ratings; Outlook Stable

Wed, 22 May 2013 10:14:10 +0000

A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a” of Montpelier Reinsurance Ltd. As well as the ICR of “bbb” and debt ratings of the parent company, Montpelier Re Holdings …

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Daucourt Joins XL Group as COO Int’l. Property/ Casualty

Wed, 22 May 2013 10:11:45 +0000

XL Group announced the appointment of Thierry Daucourt as Chief Operating Officer of its International P&C Insurance business. He will be responsible for supporting the unit’s Chief Executive, Jason Harris, in the ongoing development and execution of its strategy and …

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Aon Benfield’s Impact Forecasting Launches Tools to Quantify Cat Models

Wed, 22 May 2013 10:08:41 +0000

Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has launched a suite of tools, designed to “easily quantify uncertainties in catastrophe models across all perils and territories.” The bulletin explained that “devastating events, such as the …

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S&P Affirms AXIS Capital and Subs Ratings; Outlook Stable

Wed, 22 May 2013 10:04:17 +0000

Standard & Poor’s Ratings Services has affirmed its ‘A-’ counterparty credit and senior debt ratings on AXIS Capital Holdings Ltd., as well as the ‘A+’ counterparty credit and financial strength ratings on its core operating subsidiaries (collectively, AXIS). The outlook …

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Willis ILS Report: Q1 2013 Sees $1.6 Billion in New Cat Bond Issuance

Wed, 22 May 2013 10:01:03 +0000

The first quarter of 2013 saw $1.6 billion of new issuance in non-life capacity marketed through five catastrophe bond transactions, including three transactions marketed in the first quarter and closed at the beginning of the second quarter, according to Willis …

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Court Seeks to Bar Factory Owner from Leaving Bangladesh

Tue, 21 May 2013 13:25:27 +0000

The High Court in Bangladesh’s capital has asked authorities to prevent the owner of a garment factory where 112 people died in a fire last year from leaving the country, a lawyer said. The High Court made the request in …

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European Union Set to Vote on ‘Too Big to Fail’ Law

Mon, 20 May 2013 12:11:28 +0000

A European Union law up for a vote on Monday will only fully shield taxpayers from bailing out troubled banks if there is a global framework as well, a top UK regulator said on Monday. Bank of England Deputy Governor …

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Bangladesh Factory Banned by Wal-Mart Still Makes Wrangler Shirts

Mon, 20 May 2013 10:30:27 +0000

A Bangladesh factory where Wal-Mart Stores Inc. and Inditex SA inspectors spotted cracks in the wall this month is still making Wrangler shirts for the world’s largest apparel maker, U.S.-based VF Corp. VF confirmed on Saturday it was still using …

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Abe Faces Uphill Task in Boosting Foreign Investment in Japan

Mon, 20 May 2013 10:24:52 +0000

Japan risks missing, yet again, an opportunity to use foreign investment to help fuel sustained economic growth that has eluded it for the last two decades. Prime Minister Shinzo Abe pledged to make Japan “the world’s easiest country for companies …

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UN: $2.5 Trillion in Global Disaster Losses Since 2000

Fri, 17 May 2013 13:30:56 +0000

Economic losses from disasters since 2000 are in the range of $2.5 trillion, a figure at least 50 percent higher than previous international estimates, according to a U.N. report. The U.N. Office for Disaster Risk Reduction warned in the 246-page …

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Developing Countries May Not Be Ready for Coming Increased Investment: World Bank

Fri, 17 May 2013 10:34:43 +0000

The percentage of global investment that goes to developing countries should triple in the next two decades as emerging economies catch up to richer nations and become more integrated into financial markets, the World Bank predicted in a report on …

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Emerging Markets to Lead in Insurance Growth: Munich Re

Fri, 17 May 2013 10:30:59 +0000

Emerging markets will see the highest growth in premiums for insurance companies this year and next, while Europe lags, according to the world’s biggest reinsurer, Munich Re. In a study published on Thursday, Munich Re forecast growth in property/casualty insurance …

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Japan Nuclear Agency Halts Test Reactor Over Safety

Thu, 16 May 2013 16:20:58 +0000

Japan’s nuclear watchdog announced Wednesday that the nation’s trouble-plagued next-generation test reactor will not be allowed to restart due to safety violations, dealing a setback to the country’s pro-nuclear government. The Nuclear Regulation Authority’s decision is the latest blow to …

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U.S., European Retailers Divided on Safety Plan for Bangladesh Factories

Thu, 16 May 2013 10:17:52 +0000

A trans-Atlantic divide between European and U.S. retailers over how best to respond to fatal disasters in Bangladesh textile factories split wide open on Wednesday, with U.S. retailers claiming their European counterparts are giving labor unions too much control over …

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BP to Ask UK Government to Intervene on Gulf Spill Payments: BBC

Thu, 16 May 2013 10:11:52 +0000

British oil company BP wants Prime Minister David Cameron to intervene with the U.S. government over the escalating cost of compensating U.S. companies for the Gulf of Mexico oil disaster in 2010, the BBC reported Thursday. BP is still fighting …

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Terrorism & Political Violence Map: Aon Risk Solutions

Wed, 15 May 2013 16:06:55 +0000

The continued threat of a terrorist attack or political violence worldwide persists and is not going away anytime soon. Despite 19 countries showing improved terrorism and political violence ratings, according to Aon’s 2013 Terrorism and Political Violence Map, 44 percent …

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North American Retailers Devising Own Bangladesh Workplace Safety Plans

Wed, 15 May 2013 15:32:51 +0000

North American retailers on Tuesday discussed forging their own Bangladesh safety agreement–an alternative to a legally binding accord that many European retailers have signed on to–though details of any alternative accord were still unclear. The discussions Tuesday were the latest …

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UK’S MGAA Begins Search for First Managing Director

Wed, 15 May 2013 09:59:16 +0000

The UK’s Managing General Agents’ Association (MGAA) has formally begun its search for its first full time managing director. The announcement explained that the “managing director’s main responsibilities will be to drive the Association’s strategy, execute its business plans and …

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Philip Named President, CEO of American International Co. Ltd. Bermuda

Tue, 14 May 2013 14:34:40 +0000

American International Group Inc. (AIG) has named Anthony Philip as president and CEO of American International Company Limited (AIG) in Bermuda. Philip, a native of Bermuda, will assume his new position effective immediately. He succeeds David Valzania, who was recently …

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Marsh & McLennan Offers Organized Crime Insurance in Mexico

Tue, 14 May 2013 13:43:18 +0000

The Mexican unit of insurer Marsh & McClennan Companies Inc said on Monday it is launching a policy that will cover terrorism, organized crime and sabotage, the first such policy available in a country wracked by drug-related violence. Mexico’s ongoing …

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Willis North America Appoints Japan Global Practice Group Co-Leaders

Mon, 13 May 2013 14:53:16 +0000

Willis North America has named Brian Murphy and Hiromoto Ushiki as North American Practice co-leaders of the Japan Global Practice Group. Murphy and Ushiki assume the position previously held by Junji Hamada who retired in April 2013. Willis North America’s …

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DIMA’s CEO Examines Ireland’s Links to Re/Insurance and Europe

Charles E. Boyle — Mon, 13 May 2013 12:00:49 +0000

The European Insurance Forum, held in Dublin on the 9th and 10th of May, presented an opportunity to examine Ireland’s progress in overcoming the financial crisis that caused a severe recession beginning in 2008. It also highlighted the role played …

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Starr Gets Philippine General Insurance License

Fri, 10 May 2013 12:41:15 +0000

Starr International Insurance (Asia) Limited has received approval from the Philippine Insurance Commission to establish a branch office to provide general insurance. Starr’s Philippine operation will be located in Manila and will serve as a branch of Hong Kong based …

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G7 Agenda: Growth, Financial Reform, Trade

Fri, 10 May 2013 10:24:18 +0000

Top finance officials from the Group of Seven economies will discuss ways to nurture the global economic recovery and push ahead with financial reform when they meet on Friday and Saturday, Britain’s finance minister said. “We will be talking about …

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London Is Venue of Choice for ‘Legal Tourists’ Wanting to Settle Disputes

Thu, 09 May 2013 12:48:31 +0000

Foreigners brought almost two-thirds of all lawsuits heard in London’s leading commercial court over the last five years, according to a new survey, cementing the city’s reputation as the venue of choice for “legal tourists.” London, with a justice system …

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