P&C Companies News

Investor Protest Votes on Executive Pay Here to Stay

Company directors will remain under pressure from shareholders over executive pay long after the market downturn ends and lawmakers stop the heckling that has helped prompt votes against remuneration policies at this year’s annual meetings. Investors and directors say the …

Willis Warns Companies to ‘Wake up to Cyber Threats,’ Liabilities

Company Directors must wake up to cyber threats or they risk litigation from all sides, warned  Francis Kean of Willis Group Holdings. Speaking at a Willis-hosted cyber liability conference in London this week, the Executive Director of Willis’ FINEX Global …

Broker/Analyst Cheuvreux Urges Buffett to ‘Come to Europe’

Warren Buffett should come to Europe to tap regional champions at knock-down valuations, including in his favored sectors, Cheuvreux analysts said in an open ‘letter’ to the billionaire U.S. investor detailing their seven top picks. The firm, CA Cheuvreux, a …

Japan Offers Help to Companies Hit by Thai Floods

Japan has offered extra loans, insurance and a baht cash line to help Japanese companies in flood-ravaged Thailand, signaling growing concerns over the disaster’s impact on the world’s third biggest economy. Thai officials have said it could take as long …

Hong Kong Stock Exchange Approves Listing of Guernsey Companies

Guernsey has received the green light for its companies to list on the Hong Kong Stock Exchange (HKEx). The Exchange’s Listing Committee has “formally approved Guernsey as an acceptable overseas jurisdiction for the purpose of companies incorporated in the Island …

FERMA Calls for ‘Mandatory’ Protocol for Broker/Company Transactions

The Federation of European Risk Management Associations (FERMA) has issued a response concerning the revised European Insurance Mediation Directive (IMD), which states that it “should incorporate binding standards of transparency for brokers in their relationship with insurance buyers no matter …

Swiss Re Places $97 Million Windstorm Cat Bond for Groupama

Swiss Re Capital Markets has successfully structured and placed €75 million [app. $97 million] of notes issued by Green Fields Capital Limited covering French windstorm events. “Green Fields is a newly established Irish special purpose company incorporated with limited liability,” …

Minnesota Gov. Picks Rothman To Head Commerce Department

Minnesota Gov. Mark Dayton has appointed Mike Rothman the new Commissioner of Commerce. The Department of Commerce and Revenue regulates the business of insurance in the state. Rothman was most recently an attorney with the firm of Winthrop & Weinstine …

New York Insurers Applaud Plan to Merge State’s Regulatory Arms

A key trade group for insurers in New York State applauded a proposal by Gov. Andrew Cuomo to merge the state’s insurance regulatory arm into a single agency overseeing insurance, banking and consumer protection. The proposal for the so-called Department …

Best Upgrades Am. Country, Am. Service after Kingsway Public Offering

A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘B’ (Fair) from ‘B-’ (Fair) and issuer credit ratings (ICR) to “bb” from “bb-” of American Country Insurance Company and American Service Insurance Company, Inc., both domiciled in Elk …