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Ironshore expanding into agriculture sector

By: Judy Greenwald

Published October 20, 2014 - 2:07pm CST

Ironshore International, a unit of Hamilton, Bermuda-based Ironshore Inc., said Monday it plans to enter the agriculture sector, offering capacity limits of up to $10 million, with the appointment of a divisional director.

Despite rising profile, European risk managers face obstacles: Survey

By: Sarah Veysey

Published October 20, 2014 - 12:14pm CST

BRUSSELS — The profile of risk managers within their organizations in Europe is rising, but more frequent collaboration with top management is needed in some companies, according to the Federation of European Risk Management Association's risk benchmarking survey published Monday.

Hurricane Gonzalo damaged roofs, knocked out power in Bermuda

By: Matthew Lerner

Published October 20, 2014 - 12:12pm CST

Hurricane Gonzalo hit Bermuda Friday night, leaving damaged roofs and electricity outages in its wake, catastrophe modeling firm AIR Worldwide said in a statement Monday.

FERMA, audit group release guide on E.U. company law

By: Sarah Veysey

Published October 20, 2014 - 12:00pm CST

BRUSSELS — The Federation of European Risk Management Associations and the European Confederation of Institutes of Internal Auditing on Monday launched a joint best practice guide to help companies respond to E.U. company law.

Willis, Miller in talks to join forces in new Lloyd's brokerage

By: Matthew Lerner

Published October 20, 2014 - 10:16am CST

Willis Group Holdings P.L.C. and Miller Insurance Services L.L.P. are in talks to create a London wholesale specialist broking firm which would combine the companies' wholesale businesses under the Miller brand as a stand-alone entity and separate Lloyd's broker, Willis said Monday.

Hull war rates to double or triple after aviation disasters: Federation director

Published October 20, 2014 - 5:45am CST

Tarik Brahimi, director of the Federation of Afro-Asian Insurers and Reinsurers (FAIR) Aviation Pool, has said that hull war rates on most programs during the upcoming renewals will double or even triple as a result of aviation industry disasters during the past year.

China to set up disaster insurance system: Regulator

Published October 20, 2014 - 5:44am CST

The China Insurance Regulatory Commission has confirmed plans to establish an insurance system to provide cover for natural disasters, reports.

U.K.: Terror attack threat on the rise, police says

Published October 20, 2014 - 5:42am CST

Extremist terrorist plots are at their highest level in years in the U.K., reported The Guardian.

RSA Insurance to divest Italian business to Italy-based insurer ITAS Mutua

Published October 20, 2014 - 5:40am CST

U.K.-based insurer RSA Insurance Group P.L.C. has approved the sale of its Italian business to Italian insurer ITAS Mutua Societa Capogruppo, Bloomberg reports.

Volkswagen will recall more than 1 million cars in U.S. and China over rear suspension defects

Published October 20, 2014 - 5:39am CST

Volkswagen A.G. plans to recall around 1.02 million cars in China and the United States over potential defects related to rear suspension, Bloomberg reports.

India: Increased FDI limit in insurance could attract $5 billion in new investment, says official

Published October 20, 2014 - 5:38am CST

G S Sandhu, financial services secretary of India, has said that increasing the FDI limit in the insurance sector may attract $5 billion to the sector over the coming five years, The Hindu Business Line reported.

Omani insurers' dependence on reinsurance to decrease: Moody's

Published October 20, 2014 - 5:36am CST

Moody's Investors Service Inc. has said that insurers in Oman are likely to reduce their dependence on reinsurers and as a result of increased capital requirements would take on more underwriting risk with higher retention, reports

S&P says Philippine insurance industry "downside outlier" in Asia-Pacific region

Published October 20, 2014 - 5:34am CST

Standard & Poor's Corp. has labelled the Philippine insurance sector as a "downside outlier" in the Asia-Pacific region for its weak regulatory environment, reports BusinessWorld Online.

Capacity alone insufficient for strong reinsurance business model: Swiss Re

Published October 20, 2014 - 5:32am CST

Swiss Re Ltd.'s chief executive Michel Lies has said that reinsurers who offer only capacity could face problems, even as there are many challenges and opportunities in the insurance and reinsurance markets, reports.

Bermuda: Hurricane Gonzalo forecast to be worst storm since 2003

Published October 17, 2014 - 5:31am CST

Bermuda is likely to be affected severely by Hurricane Gonzalo, which is approaching the island with strong winds, Bloomberg reported.

Middle Eastern oil and gas firms increasingly fear cyber attack: Experts

Published October 17, 2014 - 5:30am CST

Information technology and security experts have said that oil and gas businesses in the Middle East are becoming increasingly alarmed by cyber attacks, reports

Panama: Regulator plans insurance reforms to improve industry image

Published October 17, 2014 - 5:28am CST

Katherine Arjona, undersecretary at Panama's insurance regulator, said the agency plans to present reforms for the country's insurance sector in the first quarter of 2015, BNamericas reports citing Capital Financiero.

India: State body urges insurers to speed up paying cyclone Hudhud claims

Published October 17, 2014 - 5:27am CST

The Andhra Pradesh Industrial Infrastructure Corp. Ltd. has called for faster claims payments by India's general insurers for industrial firms affected by cyclone Hudhud, reports Business Standard.

Sierra Leone: Ebola halting operations at once booming businesses

Published October 17, 2014 - 5:25am CST

The Ebola epidemic in Sierra Leone is affecting the country's once-booming businesses hard, Forbes reports.

Britain, Germany among countries most targeted by cyber attacks: FireEye

Published October 17, 2014 - 5:24am CST

FireEye Inc. has said in a report that the United Kingdom and Germany were the most-targeted nations for sophisticated cyber attacks in Europe, the Middle East and Asia in the first half of 2014, reports CNBC.

Death toll from disasters in 2013 lower than 10-year average

Published October 17, 2014 - 5:22am CST

The International Federation of Red Cross Societies has said in a report that the death toll from disasters recorded in 2013 was lower than the 10-year average, Deutsche Welle reports.

Insurance guidelines in Asia-Pacific region increasingly sophisticated: S&P

Published October 17, 2014 - 5:21am CST

Standard & Poor's Corp. has said in a recent report that insurance regulatory initiatives in the Asia-Pacific region are becoming more sophisticated as the sector develops, Asia Insurance Review reported.

Chrysler recalls more than 900,000 vehicles globally in two actions

Published October 16, 2014 - 9:04am CST

(Reuters) — Chrysler Group on Thursday announced two global recalls of more than 900,000 cars and SUVs combined for problems that could cause fires.

India: Cyclone losses to Visakhapatnam industries estimated at over $1.6 billion

Published October 16, 2014 - 5:42am CST

Initial estimates have suggested that losses to industries in Visakhapatnam, India, from the cyclone Hudhud would reach over 100 billion Indian rupees ($1.62 billion), reports The Hindu Business Line.

Catastrophe insured losses until third quarter 2014 below 10-year average: PCS

Published October 16, 2014 - 5:40am CST

Property Claim Services has said in a recent report that below average frequency of catastrophic loss events and below average insurance industry losses were reported in the third quarter of this year, reported.

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