Insurance Journal » International News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Wed, 28 Jan 2015 13:24:55 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 QBE Europe Appoints Johnson Surety Underwriter; Targeting Growth http://www.insurancejournal.com/news/international/2015/01/28/355646.htm Wed, 28 Jan 2015 11:15:35 +0000 http://www.insurancejournal.com/?p=355646 QBE European Operations, the group’s business insurance specialist, announced the appointment of Tom Johnson as Surety Underwriter within QBE’s Trade Credit and Surety department. He will take up his role in February and will report to Steve Manwaring, Surety Manager. …

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ABI Says Cost of UK Home Insurance Falls by 6%-Buildings; 5%-Contents http://www.insurancejournal.com/news/international/2015/01/28/355644.htm Wed, 28 Jan 2015 11:10:36 +0000 http://www.insurancejournal.com/?p=355644 The Association of British Insurers announced that the cost of home insurance has fallen over the last year according to its latest Average Quarterly Household Premium Tracker, which is based on information from ABI members, who cover 90 percent of the …

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Tokio Marine Kiln Appoints Woodward Head of Company Liability http://www.insurancejournal.com/news/international/2015/01/28/355642.htm Wed, 28 Jan 2015 11:06:19 +0000 http://www.insurancejournal.com/?p=355642 Tokio Marine Kiln has appointed Paul Woodward as Head of Liability for its Company platform. He has more than 30 years’ experience in the liability insurance market, and will underwrite Employers, Product and Public Liability risks for clients in the …

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XL Expands German Professional Indemnity Offering With Heienbrok Appointment http://www.insurancejournal.com/news/international/2015/01/27/355591.htm Tue, 27 Jan 2015 20:11:44 +0000 http://www.insurancejournal.com/?p=355591 XL Group has expanded its professional indemnity offering in the German market with the appointment of Jens Heienbrok as professional indemnity manager. XL Group said it made this strategic appointment because the market for professional indemnity insurance cover in Germany …

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Asia’s Top-Performing Hedge Fund Bullish About China Insurers http://www.insurancejournal.com/news/international/2015/01/27/355569.htm Tue, 27 Jan 2015 18:29:42 +0000 http://www.insurancejournal.com/?p=355569 Asia’s top-performing hedge fund is holding on to yuan shares of Chinese insurance and utilities companies, even after the Shanghai Composite Index surged 53 percent in 2014. Monetary easing in China will help bolster investment-linked insurance sales and make the dividend yields of …

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AXIS Says Debt-Free Merger With PartnerRe Paves Way for More Deals http://www.insurancejournal.com/news/international/2015/01/27/355549.htm Tue, 27 Jan 2015 17:01:00 +0000 http://www.insurancejournal.com/?p=355549 The creation of one of the world’s largest reinsurers in an all-stock merger paves the way for more deals. AXIS Capital Holdings Ltd. and PartnerRe Ltd.’s combination without taking on debt will leave the new firm with ample capacity to …

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Oil Tankers in Front Line of Libya’s Struggle; Insurance at Risk http://www.insurancejournal.com/news/international/2015/01/27/355516.htm Tue, 27 Jan 2015 11:37:19 +0000 http://www.insurancejournal.com/?p=355516 Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages, caught in a struggle between the rival governments there and threatened by air attacks. John Dalby of maritime security firm MRM, said he had prepared …

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Best Places AXIS and Subs Ratings under Review w/ Negative Implications http://www.insurancejournal.com/news/international/2015/01/27/355514.htm Tue, 27 Jan 2015 11:09:56 +0000 http://www.insurancejournal.com/?p=355514 A.M. Best has placed under review with negative implications the financial strength rating (FSR) of ‘A+’ (Superior) and the issuer credit ratings (ICR) of “aa-” of AXIS Specialty Limited and its operating affiliates. Best also put the ICR of “a-” …

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AirAsia Probe Vets Possible Computer Glitch, Crew Response http://www.insurancejournal.com/news/international/2015/01/27/355512.htm Tue, 27 Jan 2015 10:28:16 +0000 http://www.insurancejournal.com/?p=355512 Investigators probing the crash of an AirAsia jetliner are examining maintenance records of a key part of its automated control systems, and how the pilots may have handled the plane if it failed, two people familiar with the matter said. …

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Size Matters in Bermuda as Reinsurance Deals Heat Up: Real M&A http://www.insurancejournal.com/news/international/2015/01/27/355510.htm Tue, 27 Jan 2015 10:21:27 +0000 http://www.insurancejournal.com/?p=355510 Insurance deal making is heating up as companies embrace a bigger-is-better philosophy. AXIS Capital Holdings Ltd.’s plan to merge with PartnerRe Ltd., creating a firm with a combined market value of $11 billion, marks the third sizable deal for a …

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Old Mutual Spends More Than Half of Africa War Chest on UAP Stake in Kenya http://www.insurancejournal.com/news/international/2015/01/26/355362.htm Mon, 26 Jan 2015 15:57:38 +0000 http://www.insurancejournal.com/?p=355362 Old Mutual plc, which earmarked 4.3 billion rand ($374 million) for acquisitions in Africa, increased its stake in Kenya’s UAP Holdings Ltd., meaning that the insurer has now spent more than half of that war chest. Old Mutual, which is …

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Characteristics of ‘Charlie Hebdo’ Attack Thwarted Counter-Terrorism Efforts: RMS http://www.insurancejournal.com/news/international/2015/01/26/355333.htm Mon, 26 Jan 2015 13:48:18 +0000 http://www.insurancejournal.com/?p=355333 A number of unique characteristics of the January 7 terrorist attack against satirical French magazine “Charlie Hebdo” allowed terrorists to succeed despite counter-terrorism efforts, according to a new report by Dr. Gordon Woo, catastrophist and terrorism risk expert at RMS, the …

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Insurance Pool May Unlock India-U.S. Atomic Trade http://www.insurancejournal.com/news/international/2015/01/26/355321.htm Mon, 26 Jan 2015 12:34:59 +0000 http://www.insurancejournal.com/?p=355321 Prime Minister Narendra Modi and U.S. President Barack Obama unveiled a plan centered on insurance on Sunday that they hope will convince U.S. companies to build nuclear power stations in India, but stopped short of demands to soften a liability law. With the 1984 Bhopal gas tragedy …

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African Risk Capacity (ARC) Payouts to Exceed $25 Million http://www.insurancejournal.com/news/international/2015/01/26/355319.htm Mon, 26 Jan 2015 10:21:56 +0000 http://www.insurancejournal.com/?p=355319 The African Union’s African Risk Capacity’s affiliated mutual insurance company, ARC Ltd, is set to make claim payouts of more than $25 million to three of its member states belonging to its catastrophe insurance pool, which was recently established to …

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Opinion: ECB QE, Small, but Imperfectly Formed: James Saft http://www.insurancejournal.com/news/international/2015/01/26/355317.htm Mon, 26 Jan 2015 10:15:36 +0000 http://www.insurancejournal.com/?p=355317 QE [quantative easing], European Central Bank style, passed the markets test but will have a harder time doing as well for the euro zone economy or the currency union project. Mario Draghi’s plan to buy €60 billion [$67.5 billion] a …

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AXIS to Merge with PartnerRe to Create $11 Billion Reinsurer http://www.insurancejournal.com/news/international/2015/01/26/355315.htm Mon, 26 Jan 2015 10:06:39 +0000 http://www.insurancejournal.com/?p=355315 AXIS Capital Holdings Ltd. agreed to merge with PartnerRe Ltd., combining two Bermuda-based reinsurers with a total market value of almost $11 billion amid accelerating consolidation in the industry. PartnerRe shareholders will own 51.6 percent of the new company after …

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Willis China Unveils New Leadership Team to Drive Expansion http://www.insurancejournal.com/news/international/2015/01/23/355050.htm Fri, 23 Jan 2015 14:25:58 +0000 http://www.insurancejournal.com/?p=355050 Willis Group Holdings plc, the global risk adviser, insurance and reinsurance broker, has announced a group of internal promotions and moves to strengthen the Willis China leadership team. Mitchell Ma has been appointed as chairman of Willis China. Ma has been …

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Obama’s Visit to India Ignites Nuclear Accident Liability Debate http://www.insurancejournal.com/news/international/2015/01/23/355041.htm Fri, 23 Jan 2015 13:20:47 +0000 http://www.insurancejournal.com/?p=355041 It’s a $182 billion question for India with no easy answer. That’s the estimated amount the country plans to spend on nuclear power plants to meet Prime Minister Narendra Modi’s pledge to provide around-the-clock electricity, and end the nation’s blackout …

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Global Insurers, Brokers Establish Micro Insurance Consortium http://www.insurancejournal.com/news/international/2015/01/23/355027.htm Fri, 23 Jan 2015 11:08:04 +0000 http://www.insurancejournal.com/?p=355027 A group of global insurance companies and brokers took advantage of the World Economic Forum meeting in Davos to announce that they have established a micro insurance consortium and micro insurance venture incubator (MVI). Among the companies taking part in …

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Swiss Re Corporate Solutions Strengthens Cyber & Technology Team http://www.insurancejournal.com/news/international/2015/01/23/355025.htm Fri, 23 Jan 2015 10:35:46 +0000 http://www.insurancejournal.com/?p=355025 Swiss Re Corporate Solutions has strengthened its Cyber & Technology team with the addition of two new senior executives. Francois Brisson and Richard De Piero have been appointed Global Head and North America Head, respectively, for this key line of …

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U.S. to Back New System Warning Airlines in Conflict Zones http://www.insurancejournal.com/news/international/2015/01/23/355023.htm Fri, 23 Jan 2015 10:31:06 +0000 http://www.insurancejournal.com/?p=355023 The United States will throw its support behind a proposal by the U.N.’s aviation agency to share information about risks to commercial aircraft over conflict zones after the downing of a Malaysian jet in Ukraine last year, according to a …

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So. Africa’s Liberty May Complete Nigerian Insurance Deal by End of January http://www.insurancejournal.com/news/international/2015/01/22/354870.htm Thu, 22 Jan 2015 13:40:42 +0000 http://www.insurancejournal.com/?p=354870 Liberty Holdings Ltd., the South African insurer controlled by Standard Bank Group Ltd., said it may conclude a deal in Nigeria by the end of January. “We have an opportunity we hope to conclude at the end of the month,” …

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Willis to Acquire Majority Stake in Miller in Ship-Insurance Wager http://www.insurancejournal.com/news/international/2015/01/22/354858.htm Thu, 22 Jan 2015 13:32:31 +0000 http://www.insurancejournal.com/?p=354858 Willis Group Holdings Plc, the third-largest insurance broker by market value, has agreed to take a majority stake in Miller Insurance Services LLP to add shipping clients. Willis will take an 85 percent stake, and partners of Miller will retain …

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Willis Exec Warns on Increasing Urbanization Risks http://www.insurancejournal.com/news/international/2015/01/22/354826.htm Thu, 22 Jan 2015 10:51:46 +0000 http://www.insurancejournal.com/?p=354826 One of the principal concerns for the movers and shakers meeting in Davos has been the increasing tendency of global populations to move from villages and farms to cities. With up to three-quarters of the global population expected to live …

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Allied World Europe Appoints Reuben, Assistant VP, Marine Liability http://www.insurancejournal.com/news/international/2015/01/22/354824.htm Thu, 22 Jan 2015 10:46:28 +0000 http://www.insurancejournal.com/?p=354824 Allied World Assurance Company Holdings, AG announced that “Allied World Europe will enter the marine liability market, which will further complement the company’s current marine cargo offering.” Allied World has appointed Pene Reuben, Assistant VP, Marine Liability, to develop and …

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Swiss Re CEO Says Infrastructure Investment, Insurers Good Match http://www.insurancejournal.com/news/international/2015/01/22/354812.htm Thu, 22 Jan 2015 10:43:40 +0000 http://www.insurancejournal.com/?p=354812 Swiss Re AG Chief Executive Officer Michel Lies called for the creation of a special infrastructure asset class to allow insurers to invest in projects such as roads and bridges. “If you take all the insurance industry, all the money …

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RSA Vows to Fight Case Taken by $39,000 a Month Ex-Irish CEO http://www.insurancejournal.com/news/international/2015/01/21/354740.htm Wed, 21 Jan 2015 16:52:54 +0000 http://www.insurancejournal.com/?p=354740 RSA Insurance Group Plc said it will fight a constructive dismissal case filed by the former head of its Irish unit, who stepped down more than a year ago amid an accounting scandal. Philip Smith, who was paid €34,000 ($39,400) …

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Gen Re Makes Management Changes; Jones, Ferrero Co- Presidents http://www.insurancejournal.com/news/international/2015/01/21/354583.htm Wed, 21 Jan 2015 11:34:06 +0000 http://www.insurancejournal.com/?p=354583 General Re Corporation has announced senior appointments at General Reinsurance Corporation, the group’s global direct Property/Casualty reinsurance operation. Robert M. Jones will serve as co-President and Chief Marketing Officer for global marketing. Carole M. Ferrero will also assume the title …

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Smaje Appointed Willis GB Chief Broking Officer; Rooley for Aerospace http://www.insurancejournal.com/news/international/2015/01/21/354581.htm Wed, 21 Jan 2015 11:01:44 +0000 http://www.insurancejournal.com/?p=354581 Willis Group Holdings, the global risk adviser, insurance and reinsurance broker, announced that it has promoted Philip Smaje to Chief Broking Officer for Willis GB, the operating segment that includes Willis’s UK retail insurance business, facultative and London specialty businesses. …

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Allianz Re CEO Ahmed Says Rate Reductions May Abate in 2015 http://www.insurancejournal.com/news/international/2015/01/21/354579.htm Wed, 21 Jan 2015 10:58:26 +0000 http://www.insurancejournal.com/?p=354579 Rates charged by reinsurers, which have been falling for most of the past decade, may decline more slowly this year, the head of Allianz SE’s reinsurance division said. “Our assessments show that rates in some parts of the market are …

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