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Endurance names Richard Housley head of global property insurance practice

By: Kate Shepherd

Published April 18, 2014 - 1:10pm CST

Endurance Specialty Holdings Ltd. has named Richard Housley as executive vice president and global practice leader for property insurance, the Pembroke, Bermuda-based insurer said Friday.

RSA Insurance sells eastern European units for $497 million

Published April 18, 2014 - 6:00am CST

RSA Insurance Group P.L.C. is selling its four businesses in eastern European for €360 million ($497 million), Bloomberg reported.

Generali's Lion I Re cat bond set to expand to up to $262.5 million

Published April 18, 2014 - 6:00am CST

Assicurazioni Generali S.p.A.'s Irish-domiciled catastrophe bond Lion I Re Ltd. is on course to grow to around €180 million ($249 million) to €190 million ($262.5 million) in size, Artemis.bm reported.

New Zealand: Major storm causes havoc

Published April 18, 2014 - 6:00am CST

A huge storm has battered much of New Zealand, affecting power supplies, causing damage and disrupting transport, Radio New Zealand reported.

China: Shanghai Free-Trade Zone looks to attract captive insurers

Published April 18, 2014 - 6:00am CST

Officials from the Shanghai Free-Trade Zone are looking to attract companies wishing to set up captive insurers, reports Hexun.com.

Peru: Orange alert issued for Ubinas volcano

Published April 18, 2014 - 6:00am CST

Peru's Ubinas volcano has been placed on orange alert, Peru this Week reported.

Azerbaijan: Top 10 insurers continue to dominate during first quarter

Published April 18, 2014 - 6:00am CST

Azerbaijan's 10 biggest insurers accounted for 82% of total insurance premiums during the January to March period, compared with 74% during the previous year, ABC.az reported.

Pakistan: Islamic insurers agree to end dispute with regulator

Published April 18, 2014 - 6:00am CST

Islamic insurers in Pakistan have agreed to settle out of court for their dispute over Takaful Rules 2012, reports The Express Tribune.

U.K.: Elite Insurance chief says it may not secure rating in time for renewal period

Published April 18, 2014 - 6:00am CST

Jason Smart, CEO of unrated insurer Elite Insurance Co. Ltd., said the firm may not get a rating in time for the next policy renewal period, The Law Gazette reported.

E.U. lawmakers smooth way for class actions against cartels

Published April 17, 2014 - 11:49am CST

(Reuters) — European lawmakers on Thursday eased the way for cartel victims to claim compensation from companies under new rules that also shield price-fixing whistleblowers from being the main target of million-dollar lawsuits.

Bermuda underwriters’ net income up 23.9% in 2013

By: Mark A. Hofmann

Published April 17, 2014 - 11:03am CST

Bermuda underwriters surveyed by the Association of Bermuda Insurers and Reinsurers reported net income of $11.70 billion in 2013, an increase of 23.9% from 2012, the ABIR said Thursday.

Platinum Underwriters first-quarter net income down 26.4% from 2012

By: Mark A. Hofmann

Published April 17, 2014 - 10:41am CST

Platinum Underwriters Holdings Ltd. had first-quarter net income of $63.7 million, down 26.4% from the same period a year earlier, the Hamilton, Bermuda-based reinsurer reported.

U.K.'s RSA sells east European businesses to Polish insurer PZU

Published April 17, 2014 - 9:12am CST

(Reuters) — Troubled U.K. insurer RSA has sold the bulk of its eastern European operations to Poland's state-controlled group PZU for about €360 million ($497.3 million), the Polish firm's biggest ever deal and RSA's first to be done under its financial restructuring plan.

Bangladesh: Rana Plaza compensation fund short of $25 million

Published April 17, 2014 - 5:41am CST

A scheme backed by the International Labour Organization to compensate victims of the Rana Plaza factory disaster is only one-third full, The Guardian reported.

China blames French utility for water pollution

Published April 17, 2014 - 5:38am CST

Chinese authorities have blamed France's Veolia Environnement S.A. for loopholes in supervision of water quality standards, Reuters reported.

Myanmar: Planes collide on runway

Published April 17, 2014 - 5:34am CST

A plane belonging to Golden Myanmar Airlines "was taxiing when it lost control due to a technical problem, and it crashed into one of our aircraft," a Myanmar Airways International Co. Ltd.'s public relations officer said, according to a DVB report.

Nigeria: Insurance regulator reviews 2013 accounting

Published April 17, 2014 - 5:31am CST

The National Insurance Commission is currently reviewing the 2013 financial accounts of four underwriters, Vanguard reported.

China issues red alert for forest fires

Published April 17, 2014 - 5:29am CST

China has issued a red alert in Sichuan and Yunnan provinces for forest fires, Xinhua reported.

South Korea: Sunken ferry insured locally

Published April 17, 2014 - 5:22am CST

South Korea's Financial Services Commission and Financial Supervisory Service has said Sewol ferry that capsized Apr. 16 2014, was insured by Korea Shipping Association and Meritz Fire & Marine Insurance Co. for up to 3.6 billion South Korean won ($3.4 million) and KRW 7.8 billion ($7.5 million), respectively, Bloomberg reported.

U.K.: Hacker steals data on 500,000 cosmetic surgery clients

Published April 17, 2014 - 5:18am CST

The Harley Medical Group, based outside London, said a computer hacker may have extracted data of nearly 500,000 potential clients, The Guardian reported.

Takaful insurers must avoid underpricing

Published April 17, 2014 - 5:15am CST

Takaful operators must be very prudent on pricing and should avoid "falling into the trap of under-pricing to gain market share," Bassel Hindawi, former Insurance Commissioner of Jordan told Islamic Business & Finance.

Russia: state crop insurance for Crimea in 2015

Published April 17, 2014 - 5:11am CST

A regional Russian agriculture ministry has said agriculture insurance with state support is to start in Crimea in 2015, Forinsurer reports citing Interfax.

Canadian charged in 'Heartbleed' attack on tax agency

Published April 16, 2014 - 2:17pm CST

(Reuters) — Canadian police have arrested a 19-year-old man and charged him in connection with exploiting the "Heartbleed" bug to steal taxpayer data from a government website, the Royal Canadian Mounted Police said Wednesday.

RSA head for U.K. and Western Europe resigns to join Gallagher

Published April 16, 2014 - 10:07am CST

(Reuters) — The head of British insurer RSA Insurance Group P.L.C.'s U.K. and Western Europe business has resigned ahead of a strategic shakeup to take a new role at broker Arthur J. Gallagher & Co.

Allied World opens Toronto office, names Gord Kerr as head

By: Kate Shepherd

Published April 16, 2014 - 9:58am CST

Allied World Assurance Co. Holdings A.G. has opened a branch office in Toronto, tapping Gord Kerr as senior vice president, chief agent and branch manager for the region.

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