International News

Fidelis Takes Equity Stake in New MGA Firestone Surety

Fidelis Insurance announced it has taken an equity stake in a new managing general agent (MGA) Firestone Surety Ltd., and will provide underwriting capacity. Details about the amount of Fidelis’ investment and capacity provision were not released. London-based Firestone will …

Austrian Gas Blast Caused by Seal in Newly Installed Filtering Unit: Hub Operator

The massive explosion that shut down natural gas flows for half a day in Austria this week was caused by a loose cap seal on a newly installed filtering unit, according to investigations by the operator of the Baumgarten hub. …

UK Keeps Top Spot in Financial Services, but Brexit Threatens: TheCityUK

Britain kept the top spot in global financial services exports last year, but Brexit threatens to raise barriers to its biggest market in Europe, TheCityUK said on Friday. The body, which promotes Britain as a financial center, said banks, insurers, …

Uber’s Food-Delivery Business to Provide Insurance for Couriers in Europe

Uber’s food-delivery business will begin offering an insurance package to its couriers in Europe, a move to address the conditions of “gig economy” workers. Riders for food-delivery companies such as Uber Eats and Deliveroo are typically self-employed and the firms …

Chubb Appoints Church as Head of International Property

Chubb announced the appointment of Brian Church as executive vice president and head of International Property for Chubb’s Overseas General business, effective Jan. 1, 2018. In this role, Church will have responsibility for all of Chubb’s retail commercial property insurance …

Nation-State Believed Responsible for ‘Watershed’ Cyber Attack on Industrial Plant

Hackers likely working for a nation-state recently invaded the safety system of a critical infrastructure facility in a watershed attack that halted plant operations, according to cyber investigators and the firm whose software was targeted. FireEye Inc. disclosed the incident …

La Nina Expected to Linger All Winter

Looks like a potentially market-roiling La Nina will last through the new year, threatening to bring a colder, snowier winter to the northern U.S., drought to Latin America’s soybean-growing regions and rain to Australia’s coal mines. The odds of the …

Pioneer Underwriters Gets Lloyd’s Approval to Launch Syndicate 1980 on Jan. 1

Pioneer Underwriters announced it has received approval from Lloyd’s for Syndicate 1980 to commence underwriting business attaching on or after Jan. 1, 2018. Pioneer Syndicate 1980 will have a gross premium income of £278 million ($371.2 million) and will underwrite …

Munich Re to Increase Shareholding in Global Aerospace to 51%

Global Aerospace, the London-based provider of aerospace insurance, announced that Munich Re has agreed to purchase an additional 11 percent of the shares in Global Aerospace Underwriting Managers Ltd., the company that manages the Global Aerospace Pool. Following the acquisition, …

Gibraltar Introduces License for Fintech Firms Using Blockchain

Gibraltar’s financial services watchdog will introduce the world’s first bespoke license for “fintech” firms using blockchain distributed ledger technology (DLT) from next month in a bid to attract start-ups to the British overseas territory as it prepares for Brexit. The …

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