International & Reinsurance News

Merlin Admits Liability; British Court Levies Fine in Rollercoaster Accident

A British court fined Merlin Entertainments 5 million pounds ($6.5 million) on Tuesday over a rollercoaster crash at its Alton Towers theme park in June last year that seriously injured five people. Merlin, the world’s second-biggest visitor attractions group behind …

Investors Urge Food Giants to Lessen Meat Reliance to Lower Risk

A group of 40 investors managing $1.25 trillion in assets have launched a campaign to encourage 16 global food companies to change the way they source protein for their products to help to reduce environmental and health risks. The investors, …

XL Catlin Appoints Chambers as Country Manager, Hong Kong – Insurance

XL Catlin’s insurance operations announced the appointment of Jamie Chambers as country manager for Hong Kong. In his new role, Chambers will be responsible for driving XL Catlin’s insurance business and market presence in Hong Kong. He takes on this …

Global Risk Partners Buys Marshall Wooldridge, a UK Broker with Growth Plans

Global Risk Partners Limited (GRP), the acquisitive insurance broking and managing general agent investment vehicle, has acquired Marshall Wooldridge, a UK commercial insurance broker which controls in excess of £20 million ($25.2 million) GWP. Marshall Wooldridge has served the business …

UK Financial Sector’s Optimism Plunges in Wake of Brexit Vote

Optimism about the outlook for Britain’s financial services sector is at its lowest point since the financial crisis, a survey of finance firms showed on Monday. The latest survey of 115 financial services firms by business lobby CBI [Confederation of …

Typhoon Megi Hits Taiwan, Bringing 20 Foot Waves, Power Cuts; RMS Comments

Typhoon Megi lashed Taiwan with wind and rain on Tuesday, bringing 20-foot-high waves and knocking pedestrians off their feet in Taipei. More than 280,000 households lost electricity, state-owned utility Taiwan Power said on its website. About 5,000 people were evacuated, …

SWIFT Expects Cyber Attacks on Banks to Increase

SWIFT, whose messaging network is used by banks to send payment instructions worth trillions of dollars each day, said three clients were hacked over the summer and cyber attacks on banks are set to increase. The theft of $81 million …

Business Interruption Tops List of Risks Facing Global Organizations: Survey

Business interruption, property damage and general liability are the top three risks faced by businesses, non-governmental organizations and governmental agencies operating outside the U.S., according to the Summer/Fall edition of “Clements Worldwide Risk Index.” In fact, business interruption and property …

Aspen Re Names Hough as Managing Director for Asia Pacific

Aspen Insurance Holdings Ltd. announced that its reinsurance segment, Aspen Re, has appointed Philip Hough as managing director, Asia Pacific. Hough will be based in Singapore and will report to Aspen Re Chief Executive Officer Thomas Lillelund. Hough joined Aspen …

ArgoGlobal Launches Cyber Division; Heaton Named Cyber Class Underwriter

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, announced the launch of its Cyber division with the appointment of Russell Heaton as cyber class underwriter. He takes up his role with immediate effect and reports to Ryan Barnes, head …

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