International News

Aspen Ceases Underwriting Property Insurance from Bermuda Platform

Aspen Insurance Holdings confirmed on Friday, Feb. 16 that it has ceased underwriting property insurance on its Bermuda platform, effective immediately, as a result of the company’s 2017 catastrophe losses. The move was made in response to CEO Chris O’Kane’s …

XL Catlin Names Carpenter’s Xue as CEO/General Manager of XL Insurance (China)

XL Catlin announced the appointment of Phil Xue as chief executive officer (general manager) of XL Insurance (China) Co. Ltd. The appointment is pending regulatory approval. Xue will also act as country manager for XL Catlin in China, coordinating all …

Zurich, Insurtech Startup CoverWallet Offer End-to-End Insurance for SMEs

Zurich Insurance has launched ZurichEmpresas.es, a new digital distribution channel, which initially will provide insurance solutions for small-and-medium-sized enterprises (SMEs) in Spain. The platform, powered by CoverWallet, will provide end-to-end insurance solutions, streamlining the entire process for business owners and …

Europe’s Windstorm Burglind (aka Eleanor) Estimated to Cost $802.5M: PERILS

Initial insured losses for Extratropical Cyclone Burglind (also known as Eleanor) are estimated at 643 million (US$802.5 million), according to PERILS, the Zurich-based organization that provides industry-wide catastrophe insurance data. On Jan. 2-3, the event caused significant damage across Austria, …

London Unveils New Rules for Uber’s Drivers, Cars; Fleet Insurance Also Eyed

London’s transport authority unveiled proposed new rules for private hire taxi companies such as Uber by requiring them to limit working hours for their drivers, share data on travel patterns and ensure provision of wheelchair-accessible vehicles. Companies “should ensure that …

Cyber Risk Management Fails to Measure Up to Escalating Cyber Risks: Marsh, Microsoft

Few organizations are highly confident in their ability to manage the risk of a cyber attack, despite viewing cyber security as a top risk management priority, according to a new global survey conducted by Marsh and Microsoft Corp. In the …

Allianz Reports 22% Drop in Q4 Profit but Still Plans Dividend Hike

A record year for natural-disaster insurance claims worldwide and a decline in fourth quarter profit wasn’t enough to stop Allianz SE from raising its dividend. Europe’s biggest insurer will increase the dividend for 2017 by 5.3 percent to 8 euros …

Siemens Joins 8 Industry Partners (Including Allianz) to Counter Cyber Attacks

Siemens AG is joining with companies including Airbus SE and IBM to try to counter large-scale hacking attacks that threaten to cost $8 trillion in damage over the next five years. The group plans to sign a charter Friday at …

UK Supports Post-Brexit Mutual Recognition System for London’s Financial Services

Britain’s government is ready to push for the kind of Brexit plan for financial services that the City of London has long favored, but which has already run into opposition in Brussels, two government officials said on Friday. London is …

London Will Be Weakened as Financial Center After Brexit, Warns Bundesbank Exec

The U.K.’s exit from the European Union will be a watershed moment for the City of London and weaken its role as one of the world’s leading financial centers, Bundesbank Executive Board member Joachim Wuermeling said on Thursday. Speaking in …

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