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Obama administration to negotiate insurance agreement with E.U.

By: Thomson Reuters

Published November 20, 2015 - 2:58pm CST

(Reuters) — The U.S. Treasury and U.S. Trade Representative announced plans on Friday to negotiate a covered agreement on insurance with the European Union, a move it said will “level the regulatory playing field for U.S-based insurers and reinsurers.”

Week in pictures

Published November 20, 2015 - 12:03pm CST

Global terrorism takes center stage in the Business Insurance week in pictures.

Pool Re to boost terrorism retentions

By: Donna Mahoney

Published November 20, 2015 - 11:31am CST

Pool Reinsurance Co. Ltd. announced t will increase its retention loss for a terrorism event by $53.3 million taking effect at the start of next year.

Big insurers get key exemption in proposed British audit rules

By: Thomson Reuters

Published November 20, 2015 - 8:48am CST

(Reuters) — Britain's biggest insurers will be exempt from having their most important indicator of financial health externally audited under proposals issued by the Bank of England on Friday.

Lloyd’s underwriter announces leadership changes

By: Mark A. Hofmann

Published November 19, 2015 - 9:49am CST

Peter Bilsby will succeed Rupert Atkin as CEO of Validus Holdings Ltd.’s Talbot Underwriting Ltd. subsidiary on March 1, 2016, Validus announced Thursday.

Barclays to pay up in foreign exchange trading rigging charges

By: Thomson Reuters

Published November 18, 2015 - 10:57am CST

(Reuters) — Barclays will pay an additional $150 million to financial regulators to resolve allegations that it rigged foreign exchange trading.

Flood Re secures nearly $2 billion in coverage

By: Sarah Veysey

Published November 18, 2015 - 9:50am CST

Flood Re, the U.K. government-insurer backed flood reinsurer, said Wednesday it had secured 1.29 billion ($1.97 billion) of retrocessional coverage per year as part of a three-year program and is now entering into a second phase of a tender process to purchase a further 720 million ($1.09 billion) of cover.

Willis launches electronic claims accounting platform

By: Judy Greenwald

Published November 17, 2015 - 12:13pm CST

Willis Group Holdings P.L.C. is rolling out a new global accounting platform designed to speed up cash flow and settle claims more quickly.

Costliest terror attacks

Published November 17, 2015 - 11:00am CST

Business Insurance looks back on the costliest terrorist attacks in insured losses, according to the Insurance Information Institute.

Insured property losses from Paris attacks likely to be low

By: Sarah Veysey

Published November 17, 2015 - 10:31am CST

State-backed pool likely to bear most of the costs from the shootings and bombings that have claimed 132 lives.

Pension reform, not E.U. capital rules, may influence U.K. insurer headquarters

By: Thomson Reuters

Published November 17, 2015 - 9:39am CST

(Reuters) — The future profitability of the pensions market will determine whether insurers keep their head offices in Britain rather than tougher new European Union capital rules, a top Bank of England official said Tuesday.

Ryan Specialty Group acquires London managing general agency

By: Joyce Famakinwa

Published November 16, 2015 - 2:49pm CST

Chicago-based Ryan Specialty Group L.L.C. on Monday said it has acquired Hunter George & Partners Ltd.

U.S. specialty lines drive Beazley premium growth

By: Thomson Reuters

Published November 12, 2015 - 9:01am CST

(Reuters) — Lloyd's of London insurer Beazley P.L.C. reported a 6% jump in gross written premiums, helped by strong growth in its U.S. specialty lines business.

Aon launches program to ease international access to Lloyd's

By: Sarah Veysey

Published November 11, 2015 - 10:57am CST

"Pre-secured, co-insurance capacity" to increase choice and efficiency of placing large and complex risks.

Price Forbes adds Lloyd's veteran in London

By: Sarah Veysey

Published November 11, 2015 - 10:01am CST

Jonathan Gray has been appointed a consultant at insurance brokerage Price Forbes & Partners Ltd. to advise Equinox Underwriting, Price Forbes' managing general agency.

London Market Group names interim CEO

By: Mark A. Hofmann

Published November 09, 2015 - 10:41am CST

Benedict Reid has been named CEO of the London Market Group.

Hiscox nine-month premiums rise 12.9%

By: Sarah Veysey

Published November 09, 2015 - 10:10am CST

Hiscox Ltd. posted gross written premiums of nearly 1.54 billion ($2.31 billion) for the first nine months of 2015.

Zurich to cut 440 U.K. jobs in continued restructuring

By: Sarah Veysey

Published November 09, 2015 - 10:00am CST

Challenging conditions in the U.K. general insurance marketplace are leading Zurich Insurance Group to slash jobs in an effort to cut costs and streamline operations.

Prominent London lawyer fired over soccer outburst

By: Sarah Veysey

Published November 09, 2015 - 9:41am CST

Goldberg Segalla Global lets the well regarded Clive O'Connell go after video rant against rival soccer fans shows up on web.

Brokerage CEO steps down following acquisition

By: Donna Mahoney

Published November 06, 2015 - 12:07pm CST

Jonathan Turnbull will step down as CEO of Lloyd's of London broker RFIB Holdings Ltd. and will be replaced by Dennis Mahoney, a longtime London market executive, the brokerage announced Friday.

Zurich seeks turnaround after dismal third quarter

By: Matthew Lerner

Published November 05, 2015 - 3:01pm CST

Job cuts, exiting underperforming portfolios and other measures are all on the table at Zurich as the insurer devises ways to improve.

Insurer RSA relaxed about potential offers as net asset value rises

By: Thomson Reuters

Published November 05, 2015 - 9:06am CST

(Reuters) — British insurer RSA Insurance Group P.L.C. is not looking to be taken over but might consider offers if they are in shareholders' interests, Chief Executive Stephen Hester said Thursday after the firm posted a 4% rise in net asset value in the third quarter.

U.K. lawmakers start inquiry into TalkTalk hack

By: Thomson Reuters

Published November 04, 2015 - 10:43am CST

(Reuters) — British lawmakers will hold an inquiry into the circumstances surrounding a cyber attack on telecom firm TalkTalk, which was initially thought to have put the private details of over 4 million customers at risk.

Jardine Lloyd Thompson's insurance segment on track, benefits lag

By: Sarah Veysey

Published November 03, 2015 - 9:42am CST

Jardine Lloyd Thompson Group said its risk and insurance business is trading in line with expectations despite numerous challenges.

Businesses urged to view insurance as empowerment tool

By: Sarah Veysey

Published November 03, 2015 - 9:21am CST

Business leaders should stop viewing insurance as a “grudge purchase” and instead start using it to enable their companies to take more risks, Airmic Ltd. and the Institute of Directors said in a report published Tuesday.

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