Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 27 Feb 2015 03:50:23 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 XL Expects Increased Oversight From Global Regulators After Catlin Deal http://www.insurancejournal.com/news/international/2015/02/26/358755.htm Thu, 26 Feb 2015 19:45:07 +0000 http://www.insurancejournal.com/?p=358755 XL Group plc, the insurer that agreed to buy Catlin Group Ltd. for about $4 billion, said it faces a risk label after the deal that could lead to increased oversight from global regulators. “Following the completion of the proposed acquisition …

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2014 Insured Losses Hit Lowest Level in Five Years: Guy Carpenter http://www.insurancejournal.com/news/international/2015/02/26/358687.htm Thu, 26 Feb 2015 12:05:38 +0000 http://www.insurancejournal.com/?p=358687 Insured losses in 2014 were at the lowest level seen since 2009, according to Guy Carpenter’s annual Global Catastrophe Review. The report says that significant insured losses in 2014 totaled approximately USD33 billion, a dramatic drop when compared to the …

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Hong Kong-Based AIA Group Beats Estimates With 22% Jump in Profit http://www.insurancejournal.com/news/international/2015/02/26/358685.htm Thu, 26 Feb 2015 10:49:12 +0000 http://www.insurancejournal.com/?p=358685 AIA Group Ltd., the third-largest Asia-based insurer by market value, posted a bigger-than-expected 22 percent increase in full-year profit, led by business growth in China and Hong Kong. Net income climbed to $3.45 billion, or 28.73 cents a share, in …

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Global Atlantic Appoints Cai as Chief Risk Officer http://www.insurancejournal.com/news/international/2015/02/26/358682.htm Thu, 26 Feb 2015 10:25:34 +0000 http://www.insurancejournal.com/?p=358682 Bermuda-based Global Atlantic Financial Group Limited has appointed Peter Cai, Ph.D., as Chief Risk Officer (CRO). A move, which the company said, “enhances risk management functions throughout the enterprise,” as it “experiences continued growth.” Dr. Cai will report directly to …

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RSA’s Restores 2014 Profit and Dividend; CFO Plans to Step Down http://www.insurancejournal.com/news/international/2015/02/26/358680.htm Thu, 26 Feb 2015 10:25:15 +0000 http://www.insurancejournal.com/?p=358680 RSA Insurance Group plc reported its first full-year profit since Stephen Hester took charge, restoring dividends after a string of asset sales and cost-cutting measures. Pretax profit was 275 million pounds [$425.9 million], compared with a loss of 244 million pounds …

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Canada’s New Rules Could Charge Railways that Cause Forest Fires http://www.insurancejournal.com/news/international/2015/02/26/358679.htm Thu, 26 Feb 2015 10:22:39 +0000 http://www.insurancejournal.com/?p=358679 Canada’s new rail safety legislation would make it possible for governments to recover costs from railways for any fire they cause, not just accidents that involve crude oil, said Transport Canada, a change that could force railways to pay millions …

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Allianz Profit Drops as Gross’ Exit Spurs PIMCO Asset Outflows http://www.insurancejournal.com/news/international/2015/02/26/358677.htm Thu, 26 Feb 2015 09:57:55 +0000 http://www.insurancejournal.com/?p=358677 Allianz SE reported an unexpected decline in fourth-quarter profit as the exit of Bill Gross at Pacific Investment Management Co. (PIMCO) spurred clients to withdraw assets. The shares fell the most in five months. Net income fell to 1.22 billion …

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Brit Chief Says Excess Capital Will Spark More Mergers & Acquisitions http://www.insurancejournal.com/news/international/2015/02/26/358675.htm Thu, 26 Feb 2015 08:30:09 +0000 http://www.insurancejournal.com/?p=358675 Brit plc Chief Executive Officer Mark Cloutier said an excess of insurance industry capital will force more executives to sell or merge their companies. Cloutier said Brit’s planned $1.88 billion sale to Prem Watsa’s Fairfax Financial Holdings Ltd., which was …

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1st Cayman Portfolio Insurance Company Formed by Ascension Insurance http://www.insurancejournal.com/news/international/2015/02/25/358571.htm Wed, 25 Feb 2015 10:38:06 +0000 http://www.insurancejournal.com/?p=358571 The first portfolio insurance company (PIC) has been formed in the Cayman Islands, as a direct result of new insurance regulations Cayman enacted in January to provide risk management alternatives for insurers incorporated as segregated portfolio companies (SPCs). AARIS Insurance …

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Willis Signs Indian Market Joint Venture with Almondz Insurance Brokers http://www.insurancejournal.com/news/international/2015/02/25/358569.htm Wed, 25 Feb 2015 10:31:30 +0000 http://www.insurancejournal.com/?p=358569 Willis Group Holdings plc announced that it has agreed to purchase a 49 percent stake in Almondz Insurance Brokers Private Limited, an Indian insurance broker with nearly 300 associates in nine offices in India serving clients with a broad range …

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Platinum’s Ratings Remain on CW Positive Pending RenRe Acquisition: S&P http://www.insurancejournal.com/news/international/2015/02/25/358567.htm Wed, 25 Feb 2015 10:21:23 +0000 http://www.insurancejournal.com/?p=358567 Standard & Poor’s Ratings Services has maintained its ‘BBB’ long-term counterparty credit rating on Bermuda-based Platinum Underwriters Holdings Ltd. on CreditWatch with positive implications. S&P has also maintained its ‘A-‘ counterparty credit and financial strength ratings on Platinum’s operating subsidiaries …

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Emerging Markets Private Health Premiums to Double: Swiss Re Report http://www.insurancejournal.com/news/international/2015/02/25/358565.htm Wed, 25 Feb 2015 10:16:51 +0000 http://www.insurancejournal.com/?p=358565 In a new sigma report, the first for 2015 Swiss Re concludes that “demand and expectations for better healthcare services are rising in the emerging markets,” and that as a result it expects “premiums for reimbursement-type products to double by …

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Europe’s Insurers to Boost Dividends for Investors Seeking Higher Yields http://www.insurancejournal.com/news/international/2015/02/25/358563.htm Wed, 25 Feb 2015 09:50:59 +0000 http://www.insurancejournal.com/?p=358563 Europe’s insurers are preparing to boost dividends to the highest of any industry except utilities, making use of expanding surplus capital to offer investors an alternative to record low interest earnings from bonds. Companies including Allianz SE, Europe’s biggest insurer, …

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AXA Posts 12% Increase in 2014 Profit Led by Life & Savings Division http://www.insurancejournal.com/news/international/2015/02/25/358561.htm Wed, 25 Feb 2015 09:32:48 +0000 http://www.insurancejournal.com/?p=358561 AXA SA, France’s largest insurer, reported a 12 percent jump in full-year profit, buoyed by its life and savings division. The shares rose. Net income climbed to 5.02 billion euros ($5.7 billion) from 4.48 billion euros a year earlier, AXA …

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IPCC Selects Acting Chair after R.K. Pachauri Steps Down http://www.insurancejournal.com/news/international/2015/02/24/358440.htm Tue, 24 Feb 2015 15:08:34 +0000 http://www.insurancejournal.com/?p=358440 The Bureau of the Intergovernmental Panel on Climate Change (IPCC) announced that it has agreed, in accordance with its procedures, to designate Vice-Chair Ismail El Gizouli as Acting IPCC Chair. The IPCC said the selection of “Gizouli follows the decision …

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U.K. Regulator Fines Aviva $27 Million for Failing to Manage Conflicts of Interest http://www.insurancejournal.com/news/international/2015/02/24/358430.htm Tue, 24 Feb 2015 14:08:47 +0000 http://www.insurancejournal.com/?p=358430 Aviva plc was fined 17.6 million pounds ($27.2 million) by the U.K. financial markets regulator for failing to manage conflicts of interest among funds in its fixed-income business. From August 2005 to June 2013, Aviva served funds that paid different …

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Hagerty to Join RenRe Board as MacGinnitie Steps Down http://www.insurancejournal.com/news/international/2015/02/24/358424.htm Tue, 24 Feb 2015 11:09:12 +0000 http://www.insurancejournal.com/?p=358424 Bermuda-based RenaissanceRe Holdings Ltd. announced that W. James (“Jim”) MacGinnitie, 76, who has served as a member of the Board since 2000, will retire as a Director, and that William F. (“Bill”) Hagerty IV, 55, will join the Board, in …

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Lloyd’s Appoints First General Representative in South Korea http://www.insurancejournal.com/news/international/2015/02/24/358422.htm Tue, 24 Feb 2015 10:48:51 +0000 http://www.insurancejournal.com/?p=358422 Lloyd’s has appointed Jin-Yung Sun as its first general representative in South Korea. Sun has worked in the (re)insurance industry for 35 years as both an underwriter and a Lloyd’s broker. He spent the first 17 years of his career …

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CN Derailment Shows Inadequacy of New Oil Tank Cars Says Canada’s TSB http://www.insurancejournal.com/news/international/2015/02/24/358420.htm Tue, 24 Feb 2015 10:11:10 +0000 http://www.insurancejournal.com/?p=358420 A train derailment in Canada this month that set ablaze several new-model tank cars carrying crude oil shows the need for tougher rail car standards, Canada’s safety watchdog said on Monday. The Canadian National Railway Co. train, carrying crude and …

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Specialist Yacht Syndicate Launches Enhanced Accident Coverage http://www.insurancejournal.com/news/international/2015/02/24/358418.htm Tue, 24 Feb 2015 10:02:53 +0000 http://www.insurancejournal.com/?p=358418 Yachtowners, the specialist yacht syndicate of The Shipowners’ P&I Club, has launched an additional service for those owners who have purchased its Enhanced PA cover – (crew Personal Accident with medical expenses cover). The enhancement includes a “dedicated helpline for …

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QBE Returns to Profit During 2014 as North American Unit Improves http://www.insurancejournal.com/news/international/2015/02/24/358416.htm Tue, 24 Feb 2015 09:24:33 +0000 http://www.insurancejournal.com/?p=358416 QBE Insurance Group Ltd., Australia’s second-largest insurer by market value, climbed the most in four years in Sydney stock trading as an improving North American business and lower provisions helped it return to profit. Net income in the year ended Dec. 31 …

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MGAA Unveils Plans for First UK MGA Conference http://www.insurancejournal.com/news/international/2015/02/23/358374.htm Mon, 23 Feb 2015 17:16:26 +0000 http://www.insurancejournal.com/?p=358374 The UK’s Managing General Agents’ Association (MGAA) announced plans at its 3rd Annual General Meeting to hold its first UK MGA conference at the One America Square in London on 1 July 2015. The organization has rapidly become one of …

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Arthur J. Gallagher Names Chilton as CEO of UK-Based Brokerage http://www.insurancejournal.com/news/international/2015/02/23/358347.htm Mon, 23 Feb 2015 15:32:03 +0000 http://www.insurancejournal.com/?p=358347 Arthur J. Gallagher & Co. announced that Grahame “Chily” Chilton has been named CEO of the company’s UK-based international brokerage division, subject to regulatory approval. Chilton will be responsible for leading Gallagher’s international brokerage operations and will also become a …

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AXA to Acquire 7% of Africa Re to Increase Pan-African Exposure http://www.insurancejournal.com/news/international/2015/02/23/358327.htm Mon, 23 Feb 2015 11:05:10 +0000 http://www.insurancejournal.com/?p=358327 AXA has entered into an agreement to acquire a 7.15 percent stake in African Reinsurance Corporation, the leading reinsurance company in Africa. Under the terms of the agreement, the total cash consideration payable at closing would amount to USD$61 million …

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Swiss Re Corporate Solutions Granted So. Africa License http://www.insurancejournal.com/news/international/2015/02/23/358325.htm Mon, 23 Feb 2015 09:59:52 +0000 http://www.insurancejournal.com/?p=358325 Swiss Re Corporate Solutions announced that its new wholly-owned subsidiary, Swiss Re Corporate Solutions Advisors South Africa Pty Ltd, is now licensed by the South African Financial Services Board to operate in the country as a Financial Services Provider (FSP). …

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Australia Cyclone Causes Power Cuts, but Spares Miners, Farmers http://www.insurancejournal.com/news/international/2015/02/23/358323.htm Mon, 23 Feb 2015 09:55:56 +0000 http://www.insurancejournal.com/?p=358323 Commodities producers were spared the full wrath of a powerful cyclone that smashed into the east coast of Australia packing winds up to 285 kph (175 mph), but thousands of coastal residents on Monday faced a third day without electricity. …

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Canada to Overhaul Rail Safety Rules; More Insurance Will Be Required http://www.insurancejournal.com/news/international/2015/02/23/358320.htm Mon, 23 Feb 2015 08:58:46 +0000 http://www.insurancejournal.com/?p=358320 The Canadian government is overhauling its safety rules for crude oil shipments by train, creating a disaster fund and forcing railways to carry more insurance. Oil companies will pay into the fund, which will be used when a railway’s insurance can’t cover the …

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Berkshire Hathaway Specialty Insurance Fills 2 Key Positions in Singapore http://www.insurancejournal.com/news/international/2015/02/23/358318.htm Mon, 23 Feb 2015 08:34:35 +0000 http://www.insurancejournal.com/?p=358318 Berkshire Hathaway Specialty Insurance (BHSI) announced two appointments to its leadership and underwriting team in Asia, naming Malin Fredriksson as Asia regional head of first party lines, and Kiran Prakash as Asia regional head of engineering and construction, both based …

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AXA Buys London Pinnacle Site for Redesigned Skyscraper http://www.insurancejournal.com/news/international/2015/02/20/358168.htm Fri, 20 Feb 2015 16:14:26 +0000 http://www.insurancejournal.com/?p=358168 Axa Real Estate Investment Managers, the property unit of France’s AXA Group, has bought the London site of the halted Pinnacle skyscraper and plans to build a tower of its own design. The building at 22 Bishopsgate will have more …

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Global Reinsurance M&A – A Strategy or an Ultimatum? Best’s Briefing http://www.insurancejournal.com/news/international/2015/02/20/358166.htm Fri, 20 Feb 2015 16:05:23 +0000 http://www.insurancejournal.com/?p=358166 A.M. Best has released a briefing exploring the recent wave of merger and acquisition (M&A) activity in the global reinsurance industry and how it reflects on reinsurance companies’ “desire for scale to maintain relevance amid challenging market conditions.” Briefing, titled, …

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