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Lloyd's insurer names new executive following bid

By: Sarah Veysey

Published February 25, 2015 - 10:02am CST

Brit P.L.C. has appointed Matthew Wilson to the newly created role of group deputy CEO, the Lloyd's of London insurer announced Wednesday.

Catlin tops London broker satisfaction survey

By: Sarah Veysey

Published February 24, 2015 - 9:47am CST

Catlin Group Ltd. was the London market insurer that provided claims brokers the greatest net satisfaction with claims service and standards in 2014, according to a study by London-based Gracechurch Consulting.

Lloyd's of London insurer Novae promotes executives

By: Shelby Livingston

Published February 23, 2015 - 12:17pm CST

Novae Group P.L.C. has promoted Jo Butcher to chief executive of Novae Syndicates Ltd., the Lloyd’s of London insurer said Monday.

Grahame Chilton named CEO of Gallagher International

By: Shelby Livingston

Published February 20, 2015 - 11:10am CST

Former Benfield boss Grahame Chilton will lead Arthur J. Gallagher & Co.'s international brokerage division, the Itasca-based brokerage announced Friday.

Windstorm blows in $374 million in damage

By: Mark Hofmann

Published February 19, 2015 - 9:34am CST

Windstorm Egon-Felix caused an estimated €328 million ($373.6 million) in insured property damage to parts of Western Europe and Scandinavia, Zurich-based catastrophe loss data company Perils A.G. reported Thursday.

Lloyd's insurer Brit snapped up for $1.88 billion

Published February 17, 2015 - 9:02am CST

(Reuters) — Fairfax Financial Holdings Ltd., the Canadian property and casualty insurer run by contrarian investor Prem Watsa, said it would buy Brit P.L.C. for about $1.88 billion to become one of the top five underwriters on the Lloyd's of London market.

Lloyd’s syndicates must pay $9.6 million of environmental cleanup costs

By: Matthew Lerner

Published February 13, 2015 - 11:39am CST

A New Mexico state court jury rendered a verdict awarding $9.6 million to United Nuclear Corp., a former uranium miner, which was seeking coverage for remediation and other costs from Lloyd’s of London underwriting syndicates.

Artex captive facility covers pension fund longevity risks

By: Matt Dunning

Published February 12, 2015 - 2:28pm CST

Artex Risk Solutions Inc. on Thursday announced the launch of Iccaria, a captive facility for midsize and large pension funds’ longevity risks.

Ex-Gallagher International CEO named to oversee Towergate restructuring

By: Sarah Veysey

Published February 10, 2015 - 10:19am CST

David Ross has been appointed CEO of Sierra Investment Holdings Ltd., the portfolio company set up by private investment firm Highbridge Principal Strategies to invest in London-based brokerage consolidator Towergate Group P.L.C., Highbridge announced Tuesday.

London market consolidation set to continue

By: Sarah Veysey

Published February 10, 2015 - 10:05am CST

The drivers that have led to a spate of mergers and acquisitions in the London insurance market appear set to continue, according to a report by A.M. Best Co. Inc.

U.K. Supreme Court unanimously rules against asbestos-related Welsh bill

By: Sheena Harrison

Published February 09, 2015 - 12:47pm CST

The United Kingdom’s Supreme Court ruled that the U.K. Welsh Assembly exceeded the scope of its authority when it passed a bill requiring firms and insurers to reimburse the U.K.’s National Health Service for medical services provided to patients suffering from asbestos-related illnesses.

Beazley reports lower profit for 2014

By: Sarah Veysey

Published February 05, 2015 - 10:14am CST

Beazley P.L.C. on Thursday reported pretax profit of $261.9 million for 2014, down 16.4% from 2013 in part because of lower reserve releases.

PBGC takes over oil refiner's pension plan

By: Jerry Geisel

Published February 05, 2015 - 10:11am CST

The Pension Benefit Guaranty Corp. is taking over the underfunded pension plan of oil refiner Hovensa L.L.C., which is going out of business.

U.K. risk management association welcomes Marine Insurance Act update

By: Sarah Veysey

Published February 04, 2015 - 11:21am CST

U.K. risk management association Airmic Ltd. has welcomed the U.K. Parliament's approval of a bill that will reform a century-old insurance law.

Rediscover the joys of childhood in this massive ball pit

Published February 04, 2015 - 10:31am CST

Workplace wellness has become a top priority for many companies and employees, and workers in London looking for ways to reduce their stress levels can rediscover a little glimpse of childhood by diving into a giant pit filled with 80,000 plastic balls.

CEO named for Scor's Channel Managing Agency

By: Sarah Veysey

Published February 03, 2015 - 9:58am CST

David Reed has been appointed CEO of The Channel Managing Agency Ltd., the Lloyd’s of London managing agency owned by Paris-based reinsurer Scor S.E. that manages multiline syndicate 2015.

Low catastrophe losses bolster XL's bottom line

By: Judy Greenwald

Published February 03, 2015 - 9:56am CST

Thanks in part to low catastrophe losses, XL Group P.L.C. reported $354 million in net income for the fourth quarter of last year, an increase of 16.6%.

Standards-setting veteran to lead Institute of Risk Management

By: Shelby Livingston

Published February 02, 2015 - 2:23pm CST

The London-based Institute of Risk Management on Monday said it has appointed Ian Livsey as chief executive.

New casualty head for Lloyd's insurer Novae

By: Shelby Livingston

Published February 02, 2015 - 11:56am CST

Novae Group P.L.C. has named Robert Patten as head of its casualty division and member of its executive committee, the Lloyd's of London insurer said Monday.

British broker enters takeover deal with creditors

Published February 02, 2015 - 9:04am CST

(Reuters) — British insurance broker Towergate Insurance on Monday said it had sold itself to its senior secured creditors, as part of a deal to slash its 1.04 billion ($1.57 billion) debt pile by nearly two-thirds.

Willis sells Scottish business to Clark Thomson

By: Mark A. Hofmann

Published January 29, 2015 - 11:04am CST

Clark Thomson Insurance Brokers Ltd. will acquire Willis Group Holdings P.L.C.’s commercial business unit in Scotland, Willis and Clark Thomson announced Thursday.

Willis helps launch political risk model for foreign investments

By: Sarah Veysey

Published January 28, 2015 - 10:00am CST

A risk model launched Wednesday by Willis Group Holdings P.L.C. and consulting firm Oxford Analytica enables companies to assess and compare the financial implications of exposure to six different political risk perils across 11 industry types in 100 countries, according to a joint statement from the companies.

Secret pot farm harshes fraudster's mellow

Published January 28, 2015 - 9:23am CST

A penchant for insurance fraud has helped nip a man's marijuana growing operation in the bud.

Oppenheimer to pay $20M over improper stock sales

Published January 27, 2015 - 10:46am CST

(Reuters) — Oppenheimer & Co. will pay $20 million to settle two U.S. government cases stemming from allegations the firm improperly sold penny stocks and ignored red flags.

Guy Carpenter named retrocession reinsurance broker for Flood Re

By: Sarah Veysey

Published January 26, 2015 - 9:57am CST

Guy Carpenter & Co. L.L.C. has been named the retrocession reinsurance brokerage for Flood Re, the reinsurance fund intended to offer coverage to homes in the United Kingdom that are the most vulnerable to flooding.

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