U.S. shuts alleged cyber criminal money-transfer system

Published May 28, 2013 - 10:00am CST

(Reuters) — U.S. authorities said on Tuesday they have shut down a Costa Rica-based money-transfer company that allegedly provided a digital currency widely used around the world by cyber criminals.

Allianz increases cat bond shelf program by $175 million

By: Bill Kenealy

Published May 24, 2013 - 10:50am CST

Allianz S.E. secured an additional placement of $175 million to its existing catastrophe bond shelf program, the insurer said Friday.

Marsh buys Aon's representative brokerage in Peru

By: Gavin Souter

Published May 23, 2013 - 10:23am CST

Marsh Inc. has agreed to buy Peruvian brokerage Rehder y Asociados Group, which currently has a representative brokerage relationship with Aon P.L.C.

Liberty Mutual names president of Argentina operations

By: Anna Gaynor

Published May 07, 2013 - 3:05pm CST

Liberty Mutual Insurance Co. has named Daniel Arolfo as president of Liberty Seguros Argentina S.A. and Liberty Compañía Argentina de Reaseguros S.A., its local reinsurance operation.

Insurers see big growth potential in Latin America

By: Judy Greenwald

Published April 23, 2013 - 9:33pm CST

The Latin American market presents significant opportunities for growth, an American International Group Inc. senior executive said at a breakfast Tuesday during the Risk & Insurance Management Society Inc.'s annual conference in Los Angeles.

Insurers see big growth potential in Latin America

By: Judy Greenwald

Published April 23, 2013 - 3:39pm CST

LOS ANGELES — The Latin American market presents significant opportunities for growth, an American International Group Inc. executive said here at a breakfast during the Risk & Insurance Management Society Inc. conference Tuesday.

Cooper Gay Swett & Crawford's Chile move

Published April 08, 2013 - 10:31am CST

London-based brokerage Cooper Gay Swett & Crawford Ltd. on Monday announced that it had taken a 100% shareholding in its Chilean operation, Cooper Gay Chile S.A.

Swiss Re seeks approval to open office in Colombia

By: Mark A. Hofmann

Published February 13, 2013 - 1:57pm CST

Swiss Reinsurance Co. Ltd. will apply to the Colombian superintendent of finance for approval to open a representative office in Bogotá, Zurich-based Swiss Re announced Wednesday.

Marsh Political Risk Map shows 36% increase in political violence

By: Judy Greenwald

Published January 31, 2013 - 1:37pm CST

The number of countries experiencing escalating political violence has risen by 36% from a year ago, according to a political map released Thursday by a Marsh Inc. unit and a risk analysis and mapping company.

Income disparity, unsustainable government debt are top global risks

By: Sarah Veysey

Published January 08, 2013 - 9:37am CST

Severe income disparity and unsustainable government debt are the two most prevalent risks facing the world in 2013, according to the World Economic Forum's Global Risks 2013 report.

Lloyd's of London identifies most underinsured economies

By: Mark A. Hofmann

Published November 27, 2012 - 10:28am CST

China is among the most underinsured economies in the world, according to a report released Tuesday by Lloyd’s of London.

Wal-Mart expands FCPA probe to Brazil, China, India

By: Judy Greenwald

Published November 16, 2012 - 2:11pm CST

Wal-Mart Stores Inc. has expanded its investigation of violations of the U.S. Foreign Corrupt Practices Act in Mexico to Brazil, China and India, the retailer revealed Thursday in a filing with the U.S. Securities and Exchange Commission.

Chicago area brokers expand internationally

Published September 28, 2012 - 10:42am CST

Chicago-based Hub International Ltd. has signed a definite agreement acquire Carrión, Laffitte & Casellas, Inc. CLC is a full service insurance brokerage firm headquartered in San Juan, Puerto Rico. This acquisition marks the next phase of Hub's expansion in Latin America with the formation of Hub International Caribbean Holdings.

Allied World Reinsurance approved to act as Lloyd’s coverholder

By: Anna Gaynor

Published September 27, 2012 - 1:55pm CST

Allied World Assurance Co. Holdings A.G. has received approval for the Miami operations of Allied World Reinsurance Management Co. to act as a Lloyd’s coverholder for treaty business in Latin America.

FreightWatch cargo theft report tracks Latin America changes

By: Judy Greenwald

Published September 11, 2012 - 1:58pm CST

Cargo thefts increased in at least one Brazilian state during the first half of 2012 but decreased in Argentina, says a new report on Latin American cargo theft by FreightWatch International (USA) Inc.

Costa Rican earthquake insured losses estimated at less than $100M: Eqecat

By: Mark A. Hofmann

Published September 06, 2012 - 9:26am CST

The magnitude 7.6 earthquake that occurred in northwestern Costa Rica on Wednesday should result in less than $100 million in insured damage, according to catastrophe modeler Eqecat Inc.

Insurers eye refinery risks after Venezuela blast

By: Stuart Collins

Published September 02, 2012 - 6:00am CST

The fire and explosion that killed 42 and injured more than 100 at a Venezuela oil refinery late last month added to a growing trend of onshore energy losses and may lead to greater scrutiny of all refinery risks by underwriters.

Lockton enters joint venture with Ecuadorean reinsurance broker

By: Bill Kenealy

Published August 31, 2012 - 1:47pm CST

Lockton Cos. L.L.C. is entering into a joint venture with Quito, Ecuador-based reinsurance broker Security Re, Lockton announced Friday.

Cargo thefts in Mexico down in second quarter: FreightWatch

By: Mike Tsikoudakis

Published August 07, 2012 - 3:56pm CST

Cargo thefts in Mexico decreased during the second quarter of this year, FreightWatch International (USA) Inc. said Tuesday in a report.

Most North, South American senior executives say anti-bribery laws inadequate

By: Matt Dunning

Published July 06, 2012 - 9:54am CST

More than two-thirds of senior executives in North and South America do not think their country's anti-bribery laws are adequate to reduce corporate corruption, according to a study by Washington-based Miller & Chevalier Chartered.

Group health plan costs could jump by double digits: Towers Watson

By: Jerry Geisel

Published July 02, 2012 - 2:42pm CST

Group health care plan costs are expected to increase by double-digit amounts in most parts of the world in 2012, according to a Towers Watson & Co. survey released Monday.

Willis names CEO of Latin American insurance operations

By: Anna Gaynor

Published June 08, 2012 - 1:47pm CST

SANTIAGO, Chile—Willis Group Holdings P.L.C. has named Antonio Tosti as CEO of its Latin American reinsurance business.

Best upgrades credit rating for nonlife North American SCOR units

By: Bill Kenealy

Published May 02, 2012 - 11:37am CST

OLDWICK, N.J.—A.M. Best Co. upgraded the issuer credit rating for the nonlife North American units of Paris-based reinsurer SCOR S.E on Wednesday.

Wal-Mart faces scandal over alleged bribery in Mexican unit

By: Mike Tsikoudakis

Published April 29, 2012 - 6:00am CST

Multinational organizations operating in countries where bribing officials can be a condition of doing business face heightened enforcement of anti-corruption laws by U.S. agencies, but strong compliance and training programs can go some way toward mitigating the risks.