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Panama Canal expansion covered by global insurers and reinsurers

By: Sarah Veysey And Bill Kenealy

Published April 13, 2014 - 6:00am CST

Major global players in the insurance industry are providing coverage for the pivotal Panama Canal expansion project.

Marine insurers prepare to cover huge cargo shipments as Panama Canal expands

By: Sarah Veysey And Bill Kenealy

Published April 13, 2014 - 6:00am CST

The ongoing multibillion-dollar expansion of the Panama Canal carries a host of risks for the marine insurance industry as larger and higher valued ships will travel the 50-mile waterway with much bigger loads.

Forensics firm LWG Consulting launches Mexican unit

By: Kate Shepherd

Published April 03, 2014 - 7:47am CST

LWG Consulting Inc., a provider of forensic engineering services, has launched a Mexican subsidiary, LWG Consulting Mexico S.A. de C.V.

Insured losses from Chile earthquake likely to be low: AIR Worldwide

By: Mark A. Hofmann

Published April 02, 2014 - 2:32pm CST

The 8.2-magnitude earthquake that struck off the coast of Chile on Tuesday is unlikely to result in significant insured losses, according to Boston-based catastrophe modeler AIR Worldwide Corp.

AIG unit must pay D&O liability defense costs in Puerto Rican bank case: Court

By: Judy Greenwald

Published April 01, 2014 - 3:02pm CST

An American International Group Inc. unit is obligated to pay defense costs for directors and officers of a now-defunct Puerto Rican bank under terms of its directors and officers liability insurance policy, says an appeals court.

Howden buys Colombian reinsurance brokerage

By: Sarah Veysey

Published March 19, 2014 - 9:14am CST

London-based Howden Insurance Brokers Ltd. has acquired Bogota, Colombia-based reinsurance brokerage NMB Colombia Corredores de Reasseguros S.A.

Deal involving Zurich settles Panama Canal expansion dispute

Published March 14, 2014 - 9:38am CST

(Reuters) — A construction industry consortium led by Spain's Sacyr Vallehermoso S.A. said in a statement Friday it had signed a deal late on Thursday to complete work on the multibillion-dollar project to widen the Panama Canal, settling a long-running dispute over cost overruns.

JLT recruits ex-competitor to lead reinsurance brokerage in Argentina

By: Kate Shepherd

Published March 06, 2014 - 3:32pm CST

Jardine Lloyd Thompson Group P.L.C. has established a reinsurance brokerage in Argentina and has recruited Matias Rosales, previously head of rival Cooper Gay Argentina, to lead the unit.

U.S. judge rules for Chevron in Ecuador environmental case

Published March 04, 2014 - 12:33pm CST

(Reuters) — An American lawyer used "corrupt means" to secure a multibillion-dollar pollution judgment against Chevron Corp. in Ecuador, a U.S. judge ruled Tuesday, handing the oil company a major victory following a six-week trial last year.

Gallagher enters Peruvian market with partnership deal

By: Mark A. Hofmann

Published February 28, 2014 - 3:12pm CST

Arthur J. Gallagher & Co. and Mexican brokerage Grupo CP are partnering to buy a 56% stake in Lima, Peru-based JAO & Partners, Itasca, Ill.-based Gallagher announced Friday.

Swiss Re buying majority stake in Colombia insurer

By: Kate Shepherd

Published February 24, 2014 - 3:49pm CST

Swiss Re Ltd. Corporate Solutions has acquired a 51% stake in Bogotá, Colombia-based Compañía Aseguradora de Fianzas S.A. Confianza.

El Niño threatens to return, hit global food production

Published February 21, 2014 - 10:30am CST

(Reuters) — The El Niño weather pattern that can trigger drought in some parts of the world while causing flooding in others is increasingly likely to return this year, hitting production of key foods such as rice, wheat and sugar.

Zurich surety bond a key factor in Panama Canal expansion

Published February 20, 2014 - 10:21am CST

(Reuters) — Work on the multibillion-dollar Panama Canal expansion was restarting on Thursday after a partial agreement between the canal authorities and a Spanish-led consortium, raising hopes for the program after a two-week hiatus due to a cost dispute that involves a surety bond issued by Zurich Insurance Group Ltd.

Howden Insurance Brokers expands Latin American presence

By: Kate Shepherd

Published February 12, 2014 - 11:55am CST

Howden Insurance Brokers Ltd., a unit of Hyperion Insurance Group Ltd., on Wednesday said it has acquired Colombian insurance brokers Wacolda S.A. and Proseguros S.A.

Researchers uncover cyber spying campaign dubbed 'The Mask'

Published February 10, 2014 - 2:28pm CST

(Reuters) — A computer security software firm has uncovered what it calls the first cyber espionage campaign believed to be started by a Spanish-speaking country, targeting government agencies, energy companies and activists in 31 countries.

A.M. Best establishes Mexico City unit

By: Mark A. Hofmann

Published February 06, 2014 - 2:45pm CST

A.M. Best Co. Inc. has incorporated a new subsidiary, A.M. Best América Latina S.A. de C.V., the Oldwick, N.J.-based rating agency said Thursday.

Insurance prices decline worldwide except in U.S.: Marsh

By: Mark A. Hofmann

Published February 05, 2014 - 3:14pm CST

Average insurance prices declined across the globe except in the United States, brokerage Marsh Inc. said in a Wednesday analysis.

Chile's environment lawyers say they're just warming up

Published January 20, 2014 - 2:08pm CST

(Reuters) — Chile's leading environmental lawyers, who have helped stall around $30 billion in mining and energy projects, say the battle is only just beginning — and copper investments are poised to come under increasing fire this year.

RBS to pay $100 million in U.S. sanctions probe

Published December 11, 2013 - 2:01pm CST

(Reuters) — Royal Bank of Scotland Group P.L.C. will pay $100 million to resolve U.S. probes into the bank's dealings with Sudan, Iran, and other sanctioned countries, U.S. authorities said on Wednesday.

Global property/casualty insurance industry outlook stable: Moody's

By: Mark A. Hofmann

Published December 05, 2013 - 2:19pm CST

The outlook for the global property/casualty insurance industry is “stable,” according Moody's Investors Service Inc.

Wal-Mart pays lawyer fees for dozens of execs in bribery probe

Published December 04, 2013 - 10:59am CST

(Reuters) — Wal-Mart Stores Inc. is paying for lawyers to represent more than 30 of its executives involved in a foreign corruption investigation, according to people familiar with the matter, an unusually high number that shows the depth of the federal probe.

Liberty Mutual enters Mexican surety market with acquisition

By: Matthew Lerner

Published November 13, 2013 - 10:10am CST

Liberty Mutual Insurance Group has entered the estimated $600 million Mexican surety market by acquiring Mexico's fourth largest surety insurer, Mexico City-based Primero Fianzas S.A. de C.V.

Icebergs, insurance hamper top of the world shipping route

Published October 15, 2013 - 10:47am CST

(Reuters) — The new shipping route opened up through the Arctic by climate change will not be crowded any time soon.

GM recalls nearly 22,000 pickup trucks in N. America over seats

Published October 09, 2013 - 11:47am CST

(Reuters) — General Motors Co. on Wednesday said it is recalling nearly 22,000 of its 2014 Chevrolet Silverado and GMC Sierra full-size pickup trucks because of a problem with their seats.

Marsh & McLennan reports $3.09B in second-quarter revenues

By: Matt Dunning

Published August 07, 2013 - 12:27pm CST

Revenues at Marsh & McLennan Cos. Inc. totaled $3.09 billion for the second quarter of 2013, an increase of 2% over results from the same period a year ago, the company reported Wednesday.

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