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Willis' size, Miller Insurance Services' wholesale expertise aids both brokers in merger

By: Matthew Lerner

Published October 26, 2014 - 6:00am CST

Willis Group Holdings P.L.C.'s plan to take a majority stake in Miller Insurance Services L.L.P. to set up a London-based specialty broker handling wholesale and Lloyd's of London business would take advantage of Willis' scale and Miller's client base.

JLT Reinsurance deal boosts sector revenue, but brokers face tough market

By: Sarah Veysey

Published October 26, 2014 - 6:00am CST

The world's 10 largest reinsurance brokerages increased their collective gross revenue by 7.4% in 2013, the largest gain in at least a decade, despite softer reinsurance pricing. Much of the increase can be attributed to JLT Reinsurance Brokers Ltd. and its late 2013 acquisition of the reinsurance brokerage operations of Towers Watson & Co.

Ironshore expanding into agriculture sector

By: Judy Greenwald

Published October 20, 2014 - 2:07pm CST

Ironshore International, a unit of Hamilton, Bermuda-based Ironshore Inc., said Monday it plans to enter the agriculture sector, offering capacity limits of up to $10 million, with the appointment of a divisional director.

Hurricane Gonzalo damaged roofs, knocked out power in Bermuda

By: Matthew Lerner

Published October 20, 2014 - 12:12pm CST

Hurricane Gonzalo hit Bermuda Friday night, leaving damaged roofs and electricity outages in its wake, catastrophe modeling firm AIR Worldwide said in a statement Monday.

Willis, Miller in talks to join forces in new Lloyd's brokerage

By: Matthew Lerner

Published October 20, 2014 - 10:16am CST

Willis Group Holdings P.L.C. and Miller Insurance Services L.L.P. are in talks to create a London wholesale specialist broking firm which would combine the companies' wholesale businesses under the Miller brand as a stand-alone entity and separate Lloyd's broker, Willis said Monday.

Brokers launch business interruption cover for Ebola, other pandemics

By: Sarah Veysey

Published October 15, 2014 - 10:00am CST

Miller Insurance Services L.L.P. and William Gallagher Associates Insurance Brokers Inc. on Wednesday launched a pandemic disease business interruption insurance coverage product.

JLT hires Aon exec Sarah Stephens to head cyber business

By: Sarah Veysey

Published October 14, 2014 - 9:09am CST

Jardine Lloyd Thompson Group P.L.C. has appointed Sarah Stephens as head of cyber, technology and media errors and omissions in its speciality financial lines group.

Brokers, insurers need to offer relevant insurance to prosper: Panel

By: Gavin Souter

Published October 13, 2014 - 1:31pm CST

COLORADO SPRINGS, Colorado – Insurers and brokers need to offer relevant products to add value for insurance buyers if they are to prosper in an environment where nontraditional capital continues to enter the market.

Swiss Re to cover product contamination or failure in U.K., Ireland, Italy

By: Stephanie Goldberg

Published October 13, 2014 - 10:51am CST

Swiss Re Corporate Solutions will offer contaminated products insurance to manufacturers, retailers and distributors in the food and drink industries in the United Kingdom, Ireland and Italy, the Zurich, Switzerland-based reinsurance company announced Monday.

Q&A: Dominic Burke, Jardine Lloyd Thompson Group P.L.C.

By: Sarah Veysey

Published October 12, 2014 - 6:00am CST

Dominic Burke has been group CEO of London-based Jardine Lloyd Thompson Group P.L.C. since December 2005. He previously was chief operating officer of the brokerage he joined in 2000 when the Burke Ford Group of Cos., which he co-founded, became part of JLT. JLT's growth continued in 2013 with its purchase of the reinsurance brokerage business of Towers Watson & Co. This summer, JLT expanded its...

E.U. rules seek to aid securitization revival

Published October 10, 2014 - 9:17am CST

(Reuters) — The European Commission published new rules on Friday to encourage more securitization of assets such as car and consumer loans and small business loans as part of a drive to channel more funds into the flagging European economy.

Search is on to replace retiring XL reinsurance chief

By: Mark A. Hofmann

Published October 09, 2014 - 9:40am CST

James Veghte will retire as CEO of XL Group P.L.C.'s reinsurance segment, effective Dec. 31.

Barclays to pay $20M to settle U.S. class action over Libor

Published October 08, 2014 - 3:43pm CST

(Reuters) — Barclays P.LC. has agreed to pay nearly $20 million to resolve a U.S. class action lawsuit accusing the British bank of manipulating the Libor benchmark interest rate, according to court papers filed Wednesday.

RSA promotes risk director to chief risk officer

By: Sarah Veysey

Published October 07, 2014 - 9:56am CST

RSA Insurance Group P.L.C. has appointed William McDonnell as group chief risk officer, it announced Tuesday.

Lockton acquires Scottish broker’s general insurance business

By: Matthew Lerner

Published October 03, 2014 - 1:41pm CST

Lockton Companies L.L.P. has acquired the Glasgow, Scotland, general insurance business of Griffiths & Armour, Lockton said in a statement Thursday.

Andrew Beazley Broker Academy fosters talent for Lloyd’s of London market

By: Sarah Veysey

Published September 28, 2014 - 6:00am CST

Earlier this month, 44 promising brokers from the United States and Canada traveled to London to spend a week at Lloyd's of London as part of the Andrew Beazley Broker Academy at Lloyd's, a program set up to provide education, foster talent and deepen understanding of the Lloyd's market.

OFF BEAT: Golf teammates carry on toward Ryder Cup despite lawsuit

Published September 25, 2014 - 1:58pm CST

Legal wrangling is threatening to drive a wedge between two famous golfers.

Lloyd's posts $2.72B pre-tax profit for first half of 2014

By: Sarah Veysey

Published September 25, 2014 - 9:45am CST

Lloyd's of London posted pre-tax profit of £1.67 billion ($2.72 billion) for the first half of 2014, up 21.0% from £1.38 billion ($2.25 billion) for the first six months of 2013.

OFF BEAT: Unwitting British pot grower reaches out to BBC for guidance

Published September 24, 2014 - 9:55am CST

While risk managers, employers and insurers grapple with the implications of the legalization of marijuana in Colorado, a keen gardener from the other side of the pond unwittingly brought the issue to the attention of the BBC and local law enforcement.

Multinational insurance programs attracting European risk managers: Study

By: Sarah Veysey

Published September 24, 2014 - 9:27am CST

LONDON — A majority of European risk managers expect their use of multinational insurance programs to increase over the next three years, according to a study by Ace European Group Ltd.

Barclays takes $77M hit from British and U.S. fines

Published September 23, 2014 - 2:50pm CST

(Reuters) — British bank Barclays P.L.C. was hit with a combined $77 million in fines from British and U.S. regulators on Tuesday as the lender continues to be dogged by problems from its past.

Specialty insurer Brit launches coverage for cyber attacks

By: Judy Greenwald

Published September 15, 2014 - 4:36pm CST

Specialty insurer and reinsurer Brit P.LC. is leading several Lloyd’s of London syndicates to offer up to $250 million of first-party cyber coverage to protect companies’ critical operating infrastructure and industrial machinery from terrorist and other malicious attacks, such as sabotage, espionage and theft.

Advisen's Thomas Ruggieri to lead Cooper Gay Swett & Crawford's N. America unit

By: Matthew Lerner

Published September 15, 2014 - 2:31pm CST

Advisen Ltd. founder Thomas P. Ruggieri will join Cooper Gay Swett & Crawford Ltd. as president and CEO of its North American operations.

Standard Life to freeze its pension plan in 2016

By: Sophie Baker, Pensions & Investments

Published September 09, 2014 - 3:21pm CST

Standard Life P.L.C., Edinburgh, is freezing its U.K. defined benefit plan in April 2016 to mitigate risk and increasing costs associated with running the pension fund in the future.

U.K. pension funding deficit doubles in August

Published September 09, 2014 - 11:24am CST

(Reuters) — A funding shortfall in Britain's private-sector defined benefit pension plans has more than doubled over the past year to reach £170.6 billion ($278.54 billion) at the end of August.

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