Chinese banks must rate their clients’ risk of criminal conduct on a scale of 1-5 as part of the central bank’s moves to curb money laundering and fraudulent transactions estimated at hundreds of billions of dollars a year. The new …
The development of low-carbon energy is progressing too slowly to limit global warming, the International Energy Agency (IEA) said on Wednesday. With power generation still dominated by coal and governments failing to increase investment in clean energy, top climate scientists …
Willis Re may be positive about the market changes that could benefit mutual insurers , but Barry Costi-Mouyia, Technical Claims Director of Willis Re, has indicated that while many of the claims issues arising from catastrophe losses are common to …
Catalina Holdings (Bermuda) Ltd announced that it has completed its acquisition of KX Reinsurance Company Limited, including its Re’s wholly owned subsidiary OX Reinsurance Company Limited (OX Re), from Tawa plc, following then approval received from the UK Prudential Regulation …
Catastrophe modeling firm AIR Worldwide has issued a report on the powerful M7.8 earthquake, which struck a sparsely populated area of southeastern Iran about 50 kilometers (30 miles) from the country’s border with Pakistan, just after 3:00 p.m. local time …
Global risk advisor, insurance and reinsurance broker Willis Group Holdings announced that it has extended by one year the exercise date of its call option to acquire full ownership of French insurance broker Gras Savoye, from 2015 to 2016. Willis …
Cooper Gay Swett & Crawford Limited (CGSC), the global wholesale insurance and reinsurance broker, has announced the successful completion of a $500 million financing exercise from US based investors. The debt repayment terms have been extended from 2014 to 2020. …
Chubb Insurance Company of Europe announced two appointments in its financial lines business. Julie Marcello has been named to the role of European Chubb Specialty Insurance Manager. Chubb Specialty Insurance (CSI) manages financial lines insurance through its Executive Protection and …
A.M. Best Europe – Rating Services Ltd. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a+” of Lloyd’s Syndicate 958, both with stable outlooks. Best has also withdrawn the ratings in response to management’s …
On Friday April 12, 2013 the Government of Jamaica and the Caribbean Catastrophe Risk Insurance Facility (CCRIF) signed a Memorandum of Understanding (MoU), formalizing a donation of $100,000 made by CCRIF to the Government of Jamaica to support Jamaica’s post-disaster …
