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Ecuador cyber thieves moved $9 million to 23 Hong Kong firms

By: Thomson Reuters

Published May 26, 2016 - 10:40am CST

(Reuters) — Cyber thieves who stole $12 million from an Ecuadorian bank in 2015 routed the funds through 23 companies registered in Hong Kong, some of them with no clear business activity, according to previously unreported court filings and judicial rulings.

Week in pictures

Published May 20, 2016 - 9:28am CST

A downed commercial jet, another quake in Ecuador and a scary forecast for San Francisco top the Business Insurance week in pictures.

Swiss Re names new North America corporate solutions CEO

By: Mark A. Hofmann

Published May 19, 2016 - 9:43am CST

Swiss Re Corporate Solutions Ltd. on Thursday said it has appointed Ivan Gonzalez as CEO of North America effective July 1.

Liberty Mutual net income rebounds in 1Q

By: Donna Mahoney

Published May 18, 2016 - 5:03pm CST

Liberty Mutual Holding Co. Inc. on Wednesday reported first-quarter net income of $403 million, a 48.2% increase over the first quarter of last year.

Insurer adds specialty property/casualty to Mexico operation

By: Joyce Famakinwa

Published May 11, 2016 - 12:34pm CST

The Mexican Insurance Commission has granted formal approval to extend the license of Great American Insurance Group's local company, El Águila Compañía de Seguros, S.A. de C.V., to establish a specialty property/casualty operation in Mexico.

FM Global ranks locales worldwide by quality of their resilience

By: Rob Lenihan

Published May 10, 2016 - 11:16am CST

The central U.S., known for all sorts of natural hazards, ranks seventh in this year's FM Global Resilience Index — and is the top area of risk in the United States.

Week in pictures

Published May 06, 2016 - 10:38am CST

Wildfires rage in Canada, natural disaster damages jump, automotive recalls gain speed and AIG earnings slump. All in the Business Insurance week in pictures.

Indicted former FIFA official wins defense costs in D&O case

By: Judy Greenwald

Published April 28, 2016 - 10:21am CST

A former FIFA official under criminal indictment in New York is entitled to defense costs from Lloyd’s of London underwriters and an Axis Capital Holdings Ltd. unit under the soccer organization’s directors and officers liability coverage, says a U.S. District Court.

Costliest volcanoes

Published April 26, 2016 - 10:24am CST

Rumbling, grumbling, explosive and costly, volcanoes have created losses that run into the billions.

Aspen profit limited by higher expenses, catastrophe losses

By: Rob Lenihan

Published April 22, 2016 - 11:55am CST

Aspen Insurance Holdings Ltd. on Friday reported that its first-quarter net income fell 10.6% to $114.4 million as the Hamilton, Bermuda-based insurer and reinsurer continued to re-examine its business.

Week in pictures

Published April 22, 2016 - 9:36am CST

The earth moved, the water rained, hail fell and class-action deals piled up in the Business Insurance week in pictures.

Japan, Ecuador earthquake insured loss estimates near $4 billion

By: Rob Lenihan

Published April 21, 2016 - 11:49am CST

Catastrophe modelers from AIR Worldwide and Risk Management Solutions issued loss estimates Thursday.

Damage, death toll mounting in deadly quakes in Japan and Ecuador

By: Rob Lenihan

Published April 19, 2016 - 2:32pm CST

Deadly earthquakes that struck Japan and Ecuador during the weekend resulted in major losses and multiple deaths.

World's largest earthquakes

Published April 19, 2016 - 11:12am CST

The earth has been shaking a lot lately, but not as much as with these five earthquakes.

Week in pictures

Published April 08, 2016 - 10:03am CST

The latest in the MetLife SIFI and Panama Papers sagas, plus Business Insurance checks back in with a Women to Watch honoree.

Panama law firm says data hack was external, files complaint

By: Thomson Reuters

Published April 06, 2016 - 10:46am CST

(Reuters) — The Panamanian lawyer at the center of a data leak scandal said his firm was a victim of an outside hack.

Soccer legend Pele sues Samsung over image in newspaper ad

By: Thomson Reuters

Published March 30, 2016 - 11:15am CST

(Reuters) — The Brazilian soccer legend says Samsung used a look-alike in an advertisement without permission.

Insured losses from natural catastrophes eased in 2015

By: Sarah Veysey

Published March 22, 2016 - 9:48am CST

Global insured losses caused by natural catastrophes in 2015 were well below average and totaled about $30.5 billion, according to a report published Tuesday by Guy Carpenter & Co. L.L.C.

Still uninsured for your Latin American event? Expect a Zika exclusion

By: Thomson Reuters

Published March 18, 2016 - 10:05am CST

(Reuters) — Organizers of rock concerts and conferences in Latin America or fringe events at the Rio Olympics beware: If you still need insurance to cover cancellation due to the Zika virus, it's probably too late.

Band's plane has heavy metal fender bender

Published March 15, 2016 - 10:51am CST

Iconic British heavy metal band Iron Maiden won't run to the hills after its tour plane had an accident while being towed at a South American airport.

Annual Aon map shows global reduction in political risk

By: Sarah Veysey

Published March 07, 2016 - 6:00pm CST

More countries saw reductions in political risk than increases for 2016, according to Aon P.L.C.'s Political Risk Map 2016.

Olympus to pay Justice Department penalties for kickback scheme

By: Thomson Reuters

Published March 01, 2016 - 2:44pm CST

(Reuters) — A U.S.-based unit of medical equipment distributor Olympus Corp. will pay $623.2 million to resolve criminal and civil allegations about kickbacks paid to doctors and hospitals, the U.S. Department of Justice said on Tuesday.

Jardine Lloyd Thompson revenue up nearly 5% in 2015

By: Sarah Veysey

Published March 01, 2016 - 9:47am CST

Jardine Lloyd Thompson Group P.L.C. reported revenue of £1.16 billion ($1.61 billion) for 2015, up 4.6% from 2014, the London-based brokerage announced Tuesday.

Captive use starts to spread in Latin American market

By: Gloria Gonzalez

Published February 28, 2016 - 12:01am CST

More Latin American companies are embracing captive insurers, but some countries' rules and taxes increase the hurdles to establishing a captive.

Airlines worry Zika virus may be hurting Americas travel

By: Thomson Reuters

Published February 25, 2016 - 12:17pm CST

In remarks to reporters Thursday, International Air Transport Association Director General and CEO Tony Tyler made the first acknowledgment that the mosquito-borne virus could hit aviation industry revenue.

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