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U.S. weather forecaster sees 90% chance of El Niņo in summer

Published May 14, 2015 - 10:14am CST

(Reuters) — A U.S. government weather forecaster on Thursday said there was a 90% chance that El Niņo conditions would continue during the Northern Hemisphere summer, an increase from last month's estimate of 70%.

Former AIG exec takes management liability practice post

By: Judy Greenwald

Published April 22, 2015 - 12:46pm CST

Matthew Kletzli has joined Victor O. Schinnerer & Co. as senior vice president and management liability practice leader, the Chevy Chase, Maryland-based managing general underwriter said Wednesday.

Gallagher expands in Latin America

By: Sarah Veysey

Published April 21, 2015 - 9:42am CST

Acquisitive U.S. broker Arthur J. Gallagher & Co. has bought a majority stake in Vina del Mar, Chile-based retail insurance brokerage Bareyre Corredores de Seguros S.A., Gallagher announced Tuesday.

Caribbean catastrophe risk pool expands Central American membership

By: Matthew Lerner

Published April 20, 2015 - 3:09pm CST

The Council of Ministers of Finance of Central America, Panama and the Dominican Republic and CCRIF S.P.C., formerly known as the Caribbean Catastrophe Risk Insurance Facility, have signed a memorandum of understanding that enables Central American countries to formally join the facility to access sovereign catastrophe risk insurance, the World Bank said in a statement.

Specialty practice targets governments’ catastrophe exposures

By: Shelby Livingston

Published April 20, 2015 - 1:34pm CST

Guy Carpenter & Co. L.L.C. has launched an international public sector specialty practice to address the risk management needs of government agencies and entities in catastrophe situations.

London broker partners with Brazilian network

By: Sarah Veysey

Published April 20, 2015 - 10:03am CST

London-based Cooper Gay Swett and Crawford has entered a partnership with Sao Paolo, Brazil-based broker network GC do Brasil, the wholesale and reinsurance broker said Monday.

Life insurers Pan-American, Mutual Trust to merge

By: Matt Dunning

Published April 08, 2015 - 2:45pm CST

Pan-American Life Insurance Group and Mutual Trust Financial Group have agreed to merge their respective holding companies, the firms announced on Wednesday.

FCC imposes $25 million fine on AT&T over customer data breach

Published April 08, 2015 - 2:11pm CST

(Reuters) — The Federal Communications Commission reached a $25 million settlement with AT&T Inc. over a consumer data breach at call centers in Mexico, Colombia and the Philippines, the U.S. communications regulator said on Wednesday.

Willis expands in Mexico through acquisition

By: Shelby Livingston

Published April 07, 2015 - 12:12pm CST

Willis Group Holdings P.L.C. on Tuesday announced it has acquired Guadalajara, Mexico-based brokerage Carsa Consultores Agente de Seguros y de Fianzas S.A. de C.V.

Destructive hacking attempts target critical infrastructure in Americas

Published April 07, 2015 - 10:33am CST

(Reuters) — Hacking attacks that destroy rather than steal data or that manipulate equipment are far more prevalent than widely believed, according to a survey of critical infrastructure organizations throughout North and South America.

Bermuda insurers and reinsurers post lower profits in 2014

By: Matthew Lerner

Published April 03, 2015 - 1:35pm CST

Ace Group Holdings Inc. led the way as 19 members of the Association of Bermuda Insurers and Reinsurers posted net income of $11.0 billion for 2014, down 6.0% from 2013, the association said Friday.

Mexico oil platform fire kills four, 300 evacuated

Published April 01, 2015 - 1:41pm CST

(Reuters) — Mexican state-run oil company Pemex said at least four people died after a fire broke out on a production platform in the Gulf of Mexico early on Wednesday, sparking the evacuation of around 300 workers.

Cooper Gay Swett & Crawford names new Latin America CEO

By: Shelby Livingston

Published March 30, 2015 - 12:15pm CST

Cooper Gay Swett & Crawford Ltd. has appointed Ulisses Soares as CEO for the Latin America region, the London-based broker announced Monday.

Transactional risk insurance placement increases 51% for Marsh

By: Judy Greenwald

Published March 17, 2015 - 12:07pm CST

A total of $7.72 billion in insured limits was placed in the transactional risk insurance market in 2014 by Marsh L.L.C. clients, which was a 51% increase over 2013's total, the broker said in a report.

International insurance groups promote microinsurance

By: Mark A. Hofmann

Published January 22, 2015 - 1:46pm CST

A group of prominent insurers, reinsurers and brokers on Thursday said it has established a consortium to promote microinsurance ventures in developing countries.

Cooper Gay launches reinsurance unit in Uruguay

By: Shelby Livingston

Published December 18, 2014 - 11:12am CST

Cooper Gay Swett & Crawford Ltd. on Wednesday said it has launched Cooper Gay Uruguay to place facultative and treaty reinsurance for personal, health, property and casualty lines for insurance companies in the region.

Risk management practices short-sighted at most Latin American companies

By: Paul Bomberger

Published December 07, 2014 - 6:00am CST

RIO DE JANEIRO — Companies in Brazil and throughout Latin America go out of their way to avoid identifying, acknowledging and insuring their risks, risk management professionals in the region say.

Cooper Gay launches Latin American energy practice

By: Shelby Livingston

Published November 25, 2014 - 11:10am CST

Cooper Gay Miami, the Latin American headquarters of London-based reinsurance broker Cooper Gay Swett & Crawford Ltd., has created a Latin American energy practice to provide facultative and treaty reinsurance for regional businesses in the oil and gas exploration and power generation sectors.

Allied World profit drops; business segments to be reorganized

By: Mark A. Hofmann

Published October 23, 2014 - 11:49am CST

Third-quarter net income at Allied World Assurance Co. Holdings A.G. fell 74.8% from the prior-year period to $30.9 million as the Zug, Switzerland-based underwriter contended with increased catastrophe losses.

Chrysler recalls more than 900,000 vehicles globally in two actions

Published October 16, 2014 - 9:04am CST

(Reuters) — Chrysler Group on Thursday announced two global recalls of more than 900,000 cars and SUVs combined for problems that could cause fires.

Canadian company lays out defense case for its jailed CEO

Published October 06, 2014 - 10:51am CST

(Reuters) — Defense lawyers for a Canadian executive sentenced to 15 years prison in Cuba on bribery and other charges released a raft of documents on Sunday seeking to bolster their case that Cy Tokmakjian was denied a fair trial.

Panama Canal expansion brings new risks to marine insurance industry

By: Bill Kenealy

Published September 14, 2014 - 6:00am CST

As the $5 billion effort to modernize the Panama Canal nears completion, the marine insurance industry already is grappling with the risks posed by increased vessel size and risk concentration.

Mexican companies sue Yahoo, law firm, over $2.7B judgment

Published September 12, 2014 - 10:53am CST

(Reuters) — Two Mexican companies have sued Yahoo Inc. and law firm Baker & McKenzie in New York federal court, accusing them of engineering a conspiracy to avoid a $2.7 billion judgment issued by a Mexican court in 2012.

Scor launches reinsurance arm in Brazil

By: Sarah Veysey

Published September 02, 2014 - 9:57am CST

Scor S.E. has begun operating as a local reinsurer in Brazil, the Paris-based reinsurer announced Monday.

Ariel co-CEO Milligan to retire after sale of Ariel Re

By: Sarah Veysey

Published August 27, 2014 - 10:07am CST

Tom Milligan, co-CEO of Ariel Holdings Ltd., will retire upon completion of the sale of Ariel's reinsurance operations, Ariel Re, to Sao Paulo-based investment bank Banco BTG Pactual S.A.

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