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Competition may lead to more mergers of London market brokers

By: Sarah Veysey

Published November 23, 2014 - 6:00am CST

More mergers and acquisitions among London market insurance brokers are likely if current market conditions persist.

China Re gets Lloyd's OK for change to stand-alone syndicate in 2015

By: Mark A. Hofmann

Published November 21, 2014 - 10:31am CST

China Reinsurance (Group) Corp. has received approval from Lloyd’s of London to transform its existing special purpose syndicate into a stand-alone syndicate.

Hong Kong media sites being hit by major cyber attack: Security firm

Published November 21, 2014 - 6:00am CST

Cloudflare Inc. said that the largest cyber attack in history has been affecting Hong Kong's media sites namely, Apple Daily and PopVote, reported Forbes.

South Korea: Nuclear power plant hit by fire

Published November 21, 2014 - 6:00am CST

South Korea's Kori nuclear power plant has been hit by a fire in its nuclear fuel storage facilities, BusinessKorea reports.

Arctic storm damages drilling rig in Arctic Russia

Published November 21, 2014 - 6:00am CST

Greenpeace has said that an Arctic storm has damaged the “Saturn” drilling rig operated by Russia's JSC Gazprom Neft, Alaska Dispatch reported.

New Zealand: Cyber attacks jump 60% a year, security body says

Published November 21, 2014 - 6:00am CST

Ian Fletcher, director of New Zealand's Government Communications Security Bureau, has said that the number of reported cyber attacks on the country's computer networks has been increasing 60% every year, reports Radio New Zealand International.

India: Fire damages hydropower project in Jammu and Kashmir

Published November 21, 2014 - 6:00am CST

A huge fire has damaged a hydropower project in Baramulla district in Jammu and Kashmir, India, reported citing IANS.

Iceland: Continued eruption in Holuhraun lava field affecting air quality

Published November 21, 2014 - 6:00am CST

Volcanic eruptions on Iceland's Holuhraun lava fields between the Bardarbunga and Askja mountains have been ongoing since they started in August, reports Wired.

Thailand: Oil spill pollutes Si Chon Beach, marine life damage feared

Published November 21, 2014 - 6:00am CST

The Si Chon Beach in Thailand's Nakhon Si Thammarat province has been polluted by an oil spill, Pattaya Mail reports.

5.8-magnitude earthquake shakes Myanmar-India border region

Published November 21, 2014 - 6:00am CST

Malaysian Meteorological Department has said that an earthquake measuring 5.8 in magnitude has hit the Myanmar-India border region, reported Bernama.

Congress urged to consider sanctions on Chinese cyber spies

Published November 20, 2014 - 10:43am CST

(Reuters) — U.S. lawmakers should look into options for punishing cyber-spying and the theft of trade secrets from U.S. companies, a congressional advisory committee on China said on Thursday.

Russian firms face huge insurance costs as foreign providers flee

Published November 20, 2014 - 9:15am CST

(Reuters) — Russian companies face billions of dollars in extra insurance costs as Western sanctions prompt foreign insurance firms to start pulling out, based on business risk worries.

Ebola cost to Sub-Saharan Africa's economy could reach $4 billion: Economist

Published November 20, 2014 - 6:00am CST

Francisco Ferreira, chief economist for Africa at the World Bank, has said that the effects of Ebola on Sub-Saharan Africa's economy is expected to be about $3 billion to $4 billion, reported Reuters.

ILS and catastrophe bond market touches record $23.4 billion: Artemis

Published November 20, 2014 - 6:00am CST

Figures from the Artemis Deal Directory show that the outstanding insurance-linked securities and catastrophe bond market has grown to $23.43 billion, an all-time record, reported.

Mexico: Energy reforms to electrify insurance demand, says Fitch

Published November 20, 2014 - 6:00am CST

Fitch Ratings Ltd. has said that the upcoming reforms in Mexico's energy sector would power insurance demand in the country, reported

Spain: Insurers pay €378 million per year for losses from industrial fires

Published November 20, 2014 - 6:00am CST

Spanish insurers' association Unespa has said in a report that the country's insurance industry pays around €378 million ($474 million) each year for industrial fire claims, reported.

Moroccan insurer Saham purchases 40% stake in Nigeria's Unitrust Insurance

Published November 20, 2014 - 6:00am CST

Morocco-based insurer Saham Finances S.A. said it has purchased a 40% stake in Nigeria's Unitrust Insurance Co. Ltd., reported Reuters.

China's nonlife sector to grow 15% over next 1-2 years: S&P

Published November 20, 2014 - 6:00am CST

Standard & Poor's Corp. has said that China's nonlife insurance sector is forecast to grow at a rate of 15% per year for the coming one or two years, Asia Insurance Review reported.

Jordan: 23 insurers' nine-month profits up 68% year on year

Published November 20, 2014 - 6:00am CST

Collective profits reported by 23 insurers in Jordan increased 68% year on year to 21.2 million Jordanian dinars ($30 million), Asia Insurance Review reports citing the Al Ghad newspaper.

Japanese cargo ship sinks following collision with Chinese vessel

Published November 20, 2014 - 6:00am CST

A Japanese cargo ship, Hokuei 18, has sunk off the country's Okinawa Port following its collision with a Chinese vessel, reports The Maritime Executive citing IHS Maritime 360.

Ethiopia: Nile Insurance buoyed by 55% profit increase

Published November 20, 2014 - 6:00am CST

Ethiopia-based Nile Insurance Co. S.C. has recorded a post-tax profit of 65 million Ethiopian birr ($3.2 million) for the 2013/2014 fiscal year, up 55% year on year, reports Addis Fortune.

Talbot Underwriting opens Sydney office

By: Matthew Lerner

Published November 19, 2014 - 1:27pm CST

Talbot Underwriting Ltd., a wholly owned subsidiary of Validus Holdings Ltd., is opening an office in Sydney, the company said Wednesday.

E.U. insurance watchdog warns on 'undue' investment incentives

Published November 19, 2014 - 11:55am CST

(Reuters) — The E.U.'s top insurance watchdog has warned against giving insurers strong enticements to invest in particular asset classes, saying this would run counter to prudent supervision.

Insurer Generali to hit 2015 targets a year early

Published November 19, 2014 - 11:43am CST

(Reuters) — Italy's Assicurazioni Generali S.p.A. expects to hit its 2015 targets a year ahead of schedule and raise its dividend payout after cutting costs and selling assets to focus on its main property/casualty and life insurance businesses in Europe.

Hackers to probe cyber crime defenses at British banks

Published November 19, 2014 - 11:14am CST

(Reuters) — In the next few months, hackers will try to penetrate the cyber defenses of Britain's major banks and steal information about millions of customers. But for once they'll be welcome.

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