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U.S. group overhauls China business in meat safety scandal

Published July 28, 2014 - 10:53am CST

(Reuters) — A leading U.S. meat supplier said on Monday that a Chinese unit at the center of a food safety scandal had issues that were “absolutely inconsistent” with the group's high standards.

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.

Aspen shareholders vote to reject meetings proposed by Endurance

By: Matthew Lerner

Published July 28, 2014 - 10:35am CST

Shareholders of Hamilton, Bermuda-based Aspen Insurance Holdings Ltd. have voted to reject two meeting proposals from Endurance Insurance Holdings Ltd. in the latest round of the battle waged over Endurance’s $3.2 billion hostile takeover offer made in April.

Lloyd's of London's profits to take hit from Malaysia Airlines flight disasters

Published July 28, 2014 - 5:38am CST

Lloyd's of London is expected to see hundreds of millions of pounds wiped from its profits in 2014 becasue of the two recent Malaysia Airlines flight disasters involving flights MH-17 and MH-370, Sunday Express reported.

China: Serious drought hits China

Published July 28, 2014 - 5:36am CST

China's Inner Mongolia Autonomous Region and Henan Province have suffered power and water shut-offs due to drought, Xinhua reported.

Uzbekistan: First half 2014 insurance premium volume increase

Published July 28, 2014 - 5:34am CST

Total premiums reported by insurers in Uzbekistan for the first half of 2014 have increased 23% year on year to 219.99 billion Uzbekistan som ($94.6 million), reports Forinsurer.

Premiums of Mapfre's Latin American operations up 3.9% in second quarter of 2014

Published July 28, 2014 - 5:32am CST

Mapfre S.A.'s Latin American operations registered a 3.9% year-on-year increase in premiums to €2.61 billion ($3.57 billion) in the second quarter of 2014, BNamericas reported.

Nigeria: Insurance brokers, underwriters join hands to resolve industry issues

Published July 28, 2014 - 5:30am CST

Nigeria's insurance brokers and underwriters have come together to improve services, The Guardian reported.

China: Losses from Typhoon Matmo total $544.2 million

Published July 28, 2014 - 5:24am CST

Typhoon Matmo has claimed 13 lives in China and has caused direct economic losses of 3.37 billion Chinese yuan ($544.2 million), the Ministry of Civil Affairs said.

Azerbaijan: Supervisor plans to expand roster of international insurers and reinsurers

Published July 28, 2014 - 5:23am CST

Azerbaijan's insurance supervisor is planning to expand the roster of international insurers, reinsurers and brokerage firms, Forinsurer reported citing Interfax Azerbaijan.

Slovakia: Floods damage utility poles, trigger landslides in Vlkova

Published July 28, 2014 - 5:21am CST

Heavy rains have flooded parts of Slovakia's Vlkova village, damaging roads and utility poles and triggering landslides, Xinhua reported.

Canada: Storm cleanup bill in Kamloops to cost millions

Published July 28, 2014 - 5:20am CST

The cost of cleanup from the recent storm in British Columbia's Kamloops city is expected to amount to several million dollars, CBC reported.

Ex-BizJet CEO pleads guilty in Latin American bribe scandal

By: Judy Greenwald

Published July 25, 2014 - 1:24pm CST

The former president and CEO of Oklahoma City-based BizJet International Sales & Support Inc. has pleaded guilty for his participation in a scheme to pay bribes to Mexican and Panamanian government officials.

Ace CEO confident of handling risks in emerging markets

Published July 25, 2014 - 6:20am CST

Evan Greenberg, chief executive of Ace Ltd., has said he is confident of being able to handle risks in emerging markets thanks to the insurer's strategy for integrating companies, Bloomberg reported.

China: City of Yumen sealed off following plague death

Published July 25, 2014 - 6:18am CST

The city of Yumen in Gansu province, China, has been sealed off after a person died of bubonic plague, The Guardian reported citing Chinese media reports.

Brazil: High competition likely to hit reinsurers' profitability, says Moody's

Published July 25, 2014 - 6:13am CST

Moody's Investors Service Inc. has said in a report that an increasingly competitive environment in Brazil's reinsurance sector has triggered strong price competition, BNamericas reported.

Aggressive reinsurance renewal pricing to continue: Lancashire CEO

Published July 25, 2014 - 6:11am CST

Lancashire Holdings Ltd.'s group chief executive officer Alex Maloney has said that aggressive reinsurance renewal pricing will continue this year, Artemis.bm reported.

Insurance Australia Group upgrades profit margin projections

Published July 25, 2014 - 6:10am CST

Insurance Australia Group Ltd. has upgraded its forecasts for full-year profit margin to the 18% to 18.3% range from previous projections of 14.5% to 16.5%, Sydney Morning Herald reported.

India: Nuclear equipment suppliers worried over non-availability of insurance cover

Published July 25, 2014 - 6:08am CST

Suppliers of nuclear equipment in India, including international companies, are worried about a paucity of insurance cover and have expressed their concerns to the government, Outlook India magazine reported.

Malaysia: Two factories in Desa Tun Razak destroyed in fire

Published July 25, 2014 - 6:06am CST

A textile plant and a vehicle spare parts factory in Desa Tun Razak, Malaysia, have been destroyed in a fire, Bernama reports.

Argentina: Energy firm says 24-hour strike will cost it $12 million

Published July 25, 2014 - 6:05am CST

A 24-hour strike by 23,000 workers in Argentina's Neuquen basin will cost state-owned oil and gas company YPF S.A. $12 million, the company said.

Pakistan: EFU General Insurance plans to offer sharia-compliant products

Published July 25, 2014 - 6:01am CST

Pakistan-based EFU General Insurance Ltd. is planning to offer sharia-compliant insurance products, Reuters reported. The country's insurance authorities recently gave approval for conventional insurers to provide Islamic products as part of efforts to boost insurance penetration.

European Central Bank reports data breach of public website

By: Judy Greenwald

Published July 24, 2014 - 3:33pm CST

The European Central Bank on Thursday reported a breach of its public website, saying it learned about the event after getting an anonymous email seeking financial compensation for the stolen data.

Everest Re, Allied World report growth in second quarter

By: Matthew Lerner

Published July 24, 2014 - 11:36am CST

Offshore underwriters Everest Re Group Ltd. and Allied World Assurance Co. Holdings A.G. have reported improved second-quarter results.

McDonald's feels 'bit deceived' by audit results from China plant

Published July 24, 2014 - 11:20am CST

(Reuters) — McDonald’s Corp. Chief Executive Don Thompson said the company feels “a bit deceived” by the audit it received for China supplier Shanghai Husi Food Co Ltd., which was shut down after a television report showed workers mishandling meat and mixing fresh meat with product past its expiration date.

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