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British insurer RSA names chief operating officer to oversee asset sales

Published April 15, 2014 - 9:21am CST

(Reuters) — British insurer RSA has appointed its emerging markets chief to the newly created role of chief operating officer to oversee sales of non-core businesses as the company shores up its balance sheet.

London insurance market aims to stay relevant to buyers as times change

By: Sarah Veysey

Published April 13, 2014 - 6:00am CST

The London market must change, its leaders say, to ensure it remains competitive and relevant to insurance and reinsurance buyers at a time when capacity is readily available from new sources, such as pension funds.

U.S. charges 9 in international hacking conspiracy; 2 extradited from U.K.

Published April 11, 2014 - 2:49pm CST

(Reuters) — Nine people have been charged in an alleged international conspiracy that used malicious software to gather bank account details and use the information to steal millions of dollars, including from accounts held at a Nebraska bank, the Department of Justice said on Friday.

Aon CEO says Berkshire Hathaway deal good for Lloyd's market

Published April 10, 2014 - 2:23pm CST

(Reuters) — The head of insurance broker Aon P.L.C. has mounted a defense of a deal signed last year with Warren Buffett's Berkshire Hathaway Inc. that some fear could weaken the Lloyd's of London insurance market, arguing it is good for London.

No new pensions at top 100 U.K. public companies: Towers Watson

By: Sophie Baker | Pensions & investments

Published April 10, 2014 - 9:24am CST

There are no companies left in the London Stock Exchange's FTSE 100 that offer a final salary pension plan as their primary retirement plan for new employees, according to research by consultant Towers Watson & Co.

Ample capacity benefits reinsurance buyers at April 1 renewals

By: Sarah Veysey

Published April 07, 2014 - 9:36am CST

An ample supply of capacity from both traditional and nontraditional sources benefited reinsurance buyers at the recent April 1 renewals, according to a report from Aon Benfield Group Ltd., the reinsurance brokerage arm of Aon P.L.C.

A.M. Best assigns Torus' U.S. operations a negative outlook

By: Matthew Lerner

Published April 04, 2014 - 11:30am CST

A.M. Best Co. Inc. has assigned Torus Insurance Holdings Ltd.'s Wilmington, Del.-based Torus Specialty Insurance Co. and Torus National Insurance Co. units a negative outlook while affirming their financial strength rating of A-, Best said Friday.

Enstar, Stone Point complete Torus Insurance acquisition

By: Kate Shepherd

Published April 02, 2014 - 11:46am CST

Enstar Group Ltd. and Stone Point Capital L.L.C. have completed their acquisition of London-based Torus Insurance Holdings Ltd. and have appointed two new members to Torus’ board.

GE recalls hundreds of baby "warmers" in China over safety fears

Published April 01, 2014 - 1:22pm CST

(Reuters) — A healthcare unit of General Electric Co. has recalled hundreds of incubator-like infant “warmers” in China over safety concerns as Beijing tightens oversight of the country's fast-growing medical device sector.

Gallagher acquires London's Oval Group brokerage for $331M

By: Matthew Lerner

Published April 01, 2014 - 1:07pm CST

Arthur J. Gallagher & Co., has acquired London-based Oval Group of Cos., a brokerage and financial services firm, for £199 million ($331.1 million) in cash, Itasca, Ill.-based Gallagher said Tuesday.

Low cat losses give reinsurers solid start to 2014

By: Sarah Veysey

Published April 01, 2014 - 9:50am CST

Global reinsurers will report “solid underwriting profitability” for the first quarter of 2014 because of a lack of large catastrophes, among other factors, according to analysis by Fitch Ratings Ltd.

Allied World gets OK to set up Lloyd's managing agency

By: Sarah Veysey

Published March 31, 2014 - 11:40am CST

Zug, Switzerland-based Allied World Assurance Co. Holdings A.G. has received approval to set up a managing agency at Lloyd's of London, it announced Monday.

Britain charges three former ICAP brokers over Libor rigging

Published March 28, 2014 - 2:42pm CST

(Reuters) — British fraud prosecutors began criminal proceedings against three former brokers from ICAP, the world's top interdealer broker, as the U.K. side of a global investigation into alleged rigging of crucial benchmark interest rates cranked up.

Kodak gets creative to preserve pension benefits

By: Sarah Veysey

Published March 28, 2014 - 6:00am CST

While pension buyout and buy-in strategies are expected to grow in popularity as employers seek ways to curtail their defined benefit pension obligations, one U.K. employer found a unique way to remove pension liabilities from its balance sheet.

More employers implement pension plan buyouts in U.K.

By: Sarah Veysey

Published March 28, 2014 - 6:00am CST

The volume and size of deals to relieve sponsoring employers of their defined benefit pension liabilities in the United Kingdom is expected to increase in coming years.

Insurer Brit Group set for $1.6 billion London listing: Sources

Published March 27, 2014 - 10:26am CST

(Reuters) — Dutch-domiciled insurer Brit Group is to price its London listing at 235-240 pence ($3.90-$4) a share, two sources said on Thursday, valuing the company at up to £960 million ($1.59 billion).

Lloyd's of London posts higher profit in 2013

By: Sarah Veysey

Published March 26, 2014 - 10:56am CST

LONDON — Lloyd's of London posted a profit of £3.2 billion ($5.30 billion) for 2013, up 16% from 2012, it announced Wednesday.

February windstorm caused $338M in insured losses in Ireland, U.K.

By: Sarah Veysey

Published March 26, 2014 - 9:45am CST

Windstorm Tini, which hit Ireland and the United Kingdom in February, caused insured property losses of about €245 million ($337.9 million), according to an initial estimate by catastrophe insurance data company Perils A.G.

London's status as top insurance market threatened, Willis exec warns

By: By Sarah Veysey

Published March 25, 2014 - 10:44am CST

LONDON — Brokers and underwriters in the London market must work together to ensure that the market does not lose its position as one of the pre-eminent insurance centers in the world, the CEO of Willis Group Holdings told the LMG's forum.

Former Lloyd's CEO Peter Middleton dies

By: Sarah Veysey

Published March 25, 2014 - 10:26am CST

Peter Middleton, the former CEO of Lloyd's of London who led the market during some of its most turbulent years, died on March 15, age 74.

Willis targets international, Asian clients with new Myanmar office

By: Kate Shepherd

Published March 20, 2014 - 1:17pm CST

Willis Group Holdings P.L.C. has opened an office in Myanmar, the broker said Thursday.

U.K. pensions shake-up throws insurance industry into turmoil

Published March 20, 2014 - 10:37am CST

(Reuters) — Britain's insurers will lose control of a market worth £15 billion ($25 billion) a year under a surprise pension reform announced by the government and will struggle to make up the hit to profits any time soon, according to analysts.

U.K. supermarket employee arrested for payroll data breach

By: Sarah Veysey

Published March 19, 2014 - 9:36am CST

An employee of U.K. supermarket chain Wm. Morrison Supermarkets P.L.C. has been arrested by police in connection with a data breach that resulted in the payroll details of as many as 100,000 employees being leaked to a website and a national newspaper.

U.K. insurers could face greater risks under proposed Flood Re fund

By: Sarah Veysey

Published March 19, 2014 - 9:24am CST

Uncertainty about U.K. government spending on flood defenses may mean that the proposed Flood Re reinsurance pool may face higher-than-expected claims in the future, according to Fitch Ratings Ltd.

U.K. regulator fines Lloyd's broker Besso for weak corruption controls

By: Sarah Veysey

Published March 19, 2014 - 9:20am CST

The U.K. Financial Conduct Authority has fined Lloyd's of London brokerage Besso Insurance Group Ltd. £315,000 ($524,381) for systemic weaknesses in preventing bribery and corruption between Jan. 14, 2005, and Aug. 31, 2011.

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