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Ex-BizJet CEO pleads guilty in Latin American bribe scandal

By: Judy Greenwald

Published July 25, 2014 - 1:24pm CST

The former president and CEO of Oklahoma City-based BizJet International Sales & Support Inc. has pleaded guilty for his participation in a scheme to pay bribes to Mexican and Panamanian government officials.

Cyber crooks may have stolen billions in Brazilian online payments

Published July 02, 2014 - 10:28am CST

(Reuters) — Cyber criminals may have stolen billions of dollars from a popular Brazilian online payment system using malicious software that caused the funds to be sent to accounts controlled by fraudsters, according to a research report released Wednesday.

World Bank issues $30M catastrophe bond to cover Caribbean risks

By: Matthew Lerner

Published July 01, 2014 - 1:03pm CST

The World Bank has issued a $30 million catastrophe bond through its newly created Capital-at-Risk Notes Program to cover earthquake and tropical cyclone risk in 16 Caribbean countries.

Argentine debt battle could reduce global soybean supply

Published June 27, 2014 - 12:11pm CST

(Reuters) — Argentine farmers say they will stockpile soybeans in the second half of the year if the government is unable to cut a deal with debt investors to stave off a new sovereign default.

Aspen opens Miami office to tap Latin American energy market

By: Matthew Lerner

Published June 19, 2014 - 11:19am CST

Aspen Insurance, the insurance unit of Hamilton, Bermuda-based Aspen Insurance Holdings Ltd. is opening a regional hub in Miami to access the Latin American energy market, the company said in a statement Thursday.

Marsh to acquire majority stake in Panama broker Semusa

By: Kate Shepherd

Published June 18, 2014 - 5:00pm CST

Marsh L.L.C. has agreed to acquire a majority stake in Seguros Morrice y Urrutia S.A., an insurance broker based in Panama City.

Brazil in last-minute rush to be ready for World Cup

Published June 04, 2014 - 11:22am CST

(Reuters) — With just over a week to go before the World Cup kicks off, Brazil is racing to get its stadiums, airports, roads and phone networks ready before hundreds of thousands of soccer fans descend on the country.

Insurer Chaucer moves Latin American office to Miami

By: Kate Shepherd

Published May 27, 2014 - 2:56pm CST

Chaucer Syndicates Ltd., a specialist Lloyd’s of London insurance group, will open an office in Miami in the fourth quarter of 2014 to develop Latin American business for Chaucer syndicate 1084.

Middle East, Africa lead rising global health care costs for 2014: Survey

By: Jerry Geisel

Published May 16, 2014 - 10:06am CST

Led by double-digit increases in the Middle East and Africa, global health care costs are expected to increase in 2014, according to a new survey.

AIG to pay $279,038 over Canadian subsidiaries selling Cuban coverage

By: Matthew Lerner

Published May 08, 2014 - 3:18pm CST

American International Group Inc., has agreed to pay $279,038 to settle charges that it violated sanctions against Cuba by selling policies that insured Cuban risks.

U.S. lawmakers want Venezuela sanctions; administration says not now

Published May 08, 2014 - 3:11pm CST

(Reuters) — U.S. lawmakers pushed on Thursday for sanctions on Venezuelans linked to human rights violations, but Obama administration officials insisted that acting now would harm negotiations between President Nicolas Maduro's government and the opposition following weeks of violent protests.

Global insurance rates fall in first quarter: Analysis

By: Rodd Zolkos

Published May 05, 2014 - 3:17pm CST

Continued softening of property insurance pricing drove a decline in global insurance rates during the first quarter of the year, according to a report by Marsh L.L.C.

Liberty Mutual Holding first quarter net income down from last year

By: Mark A. Hofmann

Published May 02, 2014 - 11:58am CST

Liberty Mutual Holding Co. Inc.’s net income for the first quarter of 2014 dropped 14.5% from that of the same period a year earlier to $272 million, the Boston-based insurer announced Friday.

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.

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