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Crawford acquires U.K.-based construction and engineering adjuster

By: Kate Shepherd

Published July 30, 2014 - 1:18pm CST

Crawford & Co. has finalized the purchase of Manchester, England-based construction and engineering adjuster Buckley Scott Associates Ltd.

XL reports $279.3M 2nd-quarter loss after selling life reinsurance business

By: Mark A. Hofmann

Published July 29, 2014 - 9:42am CST

XL Group P.L.C. reported a net loss of $279.3 million for the second quarter of 2014, reflecting a large after-tax loss on the sale of its life reinsurance operation, the Dublin-based insurer said.

Jardine Lloyd Thompson posts second-quarter revenue of $957M

By: Sarah Veysey

Published July 29, 2014 - 9:04am CST

Jardine Lloyd Thompson Group P.L.C. on Tuesday reported revenue of 559.6 million ($957.3 million) for the first six months of 2014, up 14.9% from the comparable period last year.

Lloyds Bank fined $370M for rigging Libor interest rates

Published July 28, 2014 - 10:51am CST

(Reuters) — Britain's Lloyds Banking Group P.L.C. has agreed to pay fines totaling $370 million to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a U.K. government lending plan.

Ascent Underwriting increases limits on medical billings liability coverage

By: Kate Shepherd

Published July 23, 2014 - 1:15pm CST

Specialist managing general agent Ascent Underwriting L.L.P. on Wednesday said it has increased the limits on its CyberPro medical billings errors and omissions product up to $5 million.

Cooper Gay launches underwriting management agency for health care industry

By: Kate Shepherd

Published July 22, 2014 - 2:24pm CST

Cooper Gay Swett & Crawford Ltd. has launched Pro-Praxis Insurance, an underwriting management agency specializing in the health care industry.

Beazley reports $132.9M profit in 2014 first half

By: Sarah Veysey

Published July 22, 2014 - 11:52am CST

Beazley P.L.C. reported pretax profit of $132.9 million for the first six months of 2014, up 61.5% posted for the comparable period last year, the Dublin-based insurer and reinsurer said Tuesday.

Britain's fraud office launches criminal probe into foreign exchange rigging

Published July 21, 2014 - 11:31am CST

(Reuters) — Britain’s anti-fraud agency said on Monday it has launched a criminal investigation into alleged rigging of the $5.3 trillion-a-day currency market.

BNP case spurs calls for whistleblower incentives in banking

Published July 21, 2014 - 11:17am CST

(Reuters) — BNP Paribas S.A.'s $9 billion settlement with U.S. authorities, aided by internal whistleblowers, has spurred calls for federal banking regulators to protect and reward individuals who report wrongdoing by banks.

China to hold public trial of foreign couple who worked for GSK

Published July 17, 2014 - 3:00pm CST

(Reuters) — China will try in public a foreign couple linked to drugmaker GlaxoSmithKline Plc. on charges of illegally obtaining private information, state media said, after the United States and Britain raised concerns about access to the trial.

BMW to recall 1.6 million cars worldwide for air bag concerns

Published July 16, 2014 - 11:34am CST

(Reuters) — German automaker BMW Group said it is recalling about 1.6 million cars worldwide to replace passenger-side front airbags made by Takata Corp. because the inflators could break apart during deployment.

'Smart' technology could make utilities more vulnerable to hackers

Published July 15, 2014 - 10:56am CST

(Reuters) — Last November, Felix Lindner came very close to shutting down the power supply of Ettlingen, a town of almost 40,000 people in the south of Germany.

Foster Farms battles insurers over definition of 'recall'

Published July 09, 2014 - 9:37am CST

(Reuters) — Foster Farms and its London insurers are facing off over the definition of “product recall” as the poultry producer seeks payment of $14.2 million in claims arising from a government-mandated shutdown of one of its plants, court documents show.

Natural catastrophes up insured losses to $17B in 2014 first half: Munich Re

By: Sarah Veysey

Published July 09, 2014 - 8:37am CST

Insured losses caused by natural catastrophes in the first half of 2014 totaled about $17 billion, up from about $11 billion for the comparable period last year but below the 10-year average of $25 billion.

Insurance broker Willis names global placement leader

By: Kate Shepherd

Published July 08, 2014 - 2:15pm CST

Willis Group Holdings P.L.C. on Tuesday said it has appointed David Martin as global leader of placement, and that Steve Hearn will assume Mr. Martin’s previous role as CEO of Willis Insurance U.K.

Ex-JPMorgan trader to challenge U.K. watchdog over London Whale decision

Published July 08, 2014 - 1:14pm CST

(Reuters) — A former JPMorgan Chase & Co. trader charged in the United States over his alleged role in the $6.2 billion "London Whale" trading scandal has won the right to a legal challenge of the British regulator's decision to drop its investigation into him.

U.K.'s BT Pension Scheme strikes record longevity risk transfer deal

By: Sophie Baker, Pensions & Investments

Published July 07, 2014 - 11:23am CST

BT Pension Scheme, London, has entered into the biggest longevity risk transfer deal to date, covering 16 billion ($27.46 billion) of liabilities in an arrangement that also saw the fund set up a wholly owned insurance company.

U.K. underwriters face regulatory and reform pressures: IUA survey

By: Sarah Veysey

Published July 07, 2014 - 10:44am CST

The three most pressing issues facing underwriters in the London company insurance market are regulation by the U.K. Financial Conduct Authority and Prudential Regulatory Authority, reform of U.K. insurance contract law and international trade sanctions, according to a survey of members of the International Underwriting Association.

U.K. firms' risk appetite slips as election looms: Deloitte

Published July 07, 2014 - 10:35am CST

(Reuters) — Major British companies' risk appetite has edged lower over the past three months as elections in 2015 and the prospect of a referendum on leaving the European Union loom, a quarterly survey by accountants Deloitte L.L.P. showed Monday.

Insurers and reinsurers must be resourceful to profit in evolving market

By: Gavin Souter

Published July 06, 2014 - 6:00am CST

LONDON — Insurers and reinsurers are reassessing their business strategies as prices soften, exposures evolve and new capital providers drive change throughout the commercial insurance market.

Bitcoin pioneer calls for regulatory guidance from EU

Published July 03, 2014 - 2:34pm CST

(Reuters) — Europe should update its laws to reflect the rise of digital currencies, the head of a bitcoin start-up said, after a successful U.S. auction of bitcoins was seen as a sign of their broadening appeal.

OFF BEAT: Tough-as-nails ballerina can't find affordable leg coverage

Published July 01, 2014 - 10:34am CST

A ballerina who was so tough that she finished a performance even though her appendix had burst on stage was unable to buy insurance for her legs because the premiums quoted were so high.

Sirius International approved to operate as managing agency at Lloyd's

By: Sarah Veysey

Published July 01, 2014 - 9:41am CST

Hamilton, Bermuda-based Sirius International Insurance Group Ltd. has obtained approval to operate a managing agency at Lloyd’s of London, Sirius announced Tuesday.

International Underwriting Association to review London market

By: Sarah Veysey

Published June 30, 2014 - 8:30am CST

The International Underwriting Association is undertaking a strategic review of the issues facing the London company insurance market.

HP to settle suits over Autonomy deal, make claim against ex-CEO Lynch

Published June 27, 2014 - 2:05pm CST

(Reuters) — Hewlett-Packard Co. and attorneys representing shareholders have agreed to settle litigation over its troubled $11.1 billion acquisition of British software company Autonomy Corp., according to a source familiar with the negotiations.

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