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U.S. appeals court rules for GM in Spyker's Saab sale lawsuit

Published October 24, 2014 - 2:44pm CST

(Reuters) — General Motors Co. persuaded a federal appeals court to uphold the dismissal of a $3 billion lawsuit in which Spyker N.V. accused it of derailing a plan to sell the Swedish automaker Saab to a Chinese company.

Northrop must face whistleblower anti-missile lawsuit

Published October 24, 2014 - 10:59am CST

(Reuters) — A Chicago federal judge on Thursday rejected Northrop Grumman Corp.'s bid to dismiss a lawsuit by a former employee who accused the defense contractor of defrauding the U.S. government in performing a contract to develop a missile defense system for commercial aircraft.

Brazil: Insurer SulAmerica mulls sale of its risk portfolio

Published October 24, 2014 - 5:33am CST

Brazil's SulAmerica S.A. is planning to sell its risk insurance portfolio, BNamericas reports citing local news agency Agencia Estado. The insurer has hired Banco Itau BBA S.A. to handle the deal.

Cat bond and ILS pricing to remain stable: Munich Re

Published October 24, 2014 - 5:31am CST

Munich Reinsurance Co. has said that it expects catastrophe bond and insurance-linked securities pricing to continue stay even with 2013 levels, reports.

Nigeria: Power, agriculture sector reforms likely to generate insurance opportunities

Published October 24, 2014 - 5:29am CST

Analysts have said that the continuing reforms in Nigeria's agriculture and power sector would provide opportunities for the country's insurance industry, BusinessDay reported.

Faulty Takata air bags prompt Nissan to recall 260,000 more vehicles

Published October 24, 2014 - 5:28am CST

Japan-based Nissan Motor Co. Ltd. has said that it would recall an additional 260,000 vehicles globally, with 104,900 of them in Japan, over faulty air bags, reports Xinhua.

Slovenia: Losses from rainstorms in Poljanska dolina valley pegged at $38 million

Published October 24, 2014 - 5:26am CST

Two days of continuous rains and resulting flash floods have caused heavy damage to properties in central Slovenia, Xinhua reports citing Slovenian Press Agency.

Germany: Gas pipeline blast in Ludwigshafen kills one, damages 25 buildings

Published October 24, 2014 - 5:22am CST

A gas pipeline explosion rocked the German city of Ludwigshafen leaving around 11 people injured and one dead.

Russia: Inadequate liquidity in insurers' assets, central bank says

Published October 24, 2014 - 5:20am CST

The Bank of Russia has said that several insurers have inadequate liquidity in their assets, Forinsurer reports.

Vietnam: Insurers compensate several businesses hit by May riots

Published October 24, 2014 - 5:18am CST

Many Vietnamese businesses hit by workers' riots in May in the country's Dong Nai province have received a payout of almost 116 billion Vietnamese dong ($5.8 million) from insurers, reports Xinhua citing Vietnam News Agency.

Everest Re profit up 17.1% in third quarter

By: Matthew Lerner

Published October 23, 2014 - 3:17pm CST

Everest Re Group Ltd. reported third-quarter net income of $274.9 million, an increase of 17.1% over the same period last year, as net written premiums grew and the company’s combined ratio improved.

International group introduces capital standard formula for insurers

By: Mark A. Hofmann

Published October 23, 2014 - 1:56pm CST

The International Association of Insurance Supervisors on Thursday said it has developed the first global insurance capital standard.

Allied World profit drops; business segments to be reorganized

By: Mark A. Hofmann

Published October 23, 2014 - 11:49am CST

Third-quarter net income at Allied World Assurance Co. Holdings A.G. fell 74.8% from the prior-year period to $30.9 million as the Zug, Switzerland-based underwriter contended with increased catastrophe losses.

Japan prosecutors set to rule on possible Fukushima indictments

Published October 23, 2014 - 11:03am CST

(Reuters) — Japanese prosecutors must decide this month whether to charge Tokyo Electric Power Co. former executives for their handling of the 2011 Fukushima disaster, in a process that could drag the wrecked nuclear plant's operator into criminal court.

India: Claims from cyclone, floods could reach nearly $1 billion

Published October 23, 2014 - 5:43am CST

Indian general insurers' profits for fiscal year 2015 are likely to be hit by the damage from the recent cyclone Hudhud and the Jammu and Kashmir floods, The Hindu Business Line reports.

European insurers losing billions to fraud because of outdated methods: SAS

Published October 23, 2014 - 5:41am CST

SAS Institute Inc. has said that European insurers are probably losing billions of dollars annually from fraud because of outdated fraud detection methods, and the gap between detected and actual fraud is widening, Computerworld UK reported.

Mexican insurance sector's growth expected to reach 5-7% in 2014: Fitch

Published October 23, 2014 - 5:39am CST

Fitch Ratings Ltd. has predicted that the Mexican insurance sector’s premiums will grow around 5% to 7% this year, a bit slower than in 2013, reported.

Heavy downpour causes massive destruction in Canary Islands

Published October 23, 2014 - 5:36am CST

Heavy rains hit the Tenerife and Santa Cruz regions of Canary Islands resulting in widespread damage, The Weather Network reported.

Indonesia: Mount Sinabung expected to continue erupting for long time

Published October 23, 2014 - 5:34am CST

An increase in seismic activity has been recorded at Mount Sinabung in North Sumatra, Indonesia, and an observation group said eruptions at the volcano are expected to continue for a long time, The Jakarta Post reports.

U.K.: Ban on pesticides could cost food supply chain $4 billion per year, report says

Published October 23, 2014 - 5:33am CST

A report published by The Andersons Centre has said that the present European Union policy of banning some pesticides could cut into the U.K. agricultural industry's profits, Farmers Guardian reports.

Earthquake at Colombia-Ecuador border triggers fears of volcanic eruptions

Published October 23, 2014 - 5:31am CST

A 5.6-magnitude earthquake that recently hit the Colombia-Ecuador border region has triggered fears of eruptions at two volcanoes – Cerro Negro and Chiles – reported Colombia Reports.

Indonesia: New insurance law won’t dent M&As with foreign insurers, Fitch says

Published October 23, 2014 - 5:29am CST

Fitch Ratings Ltd. has said that Indonesia's new insurance law is not expected to dissuade mergers and acquisitions involving foreign insurers, The Jakarta Post reported.

Brazil: Medicine factory blast injures 26

Published October 23, 2014 - 6:00am CST

A blast at a medicine factory in Minas Gerais, Brazil, has injured around 26 people, Fox News Latino reports.

Germany: Storm damage in Bavaria pegged at up to $1.3 million

Published October 23, 2014 - 6:00am CST

Powerful storms have caused damage worth up to €1 million ($1.3 million) in Germany's Bavaria state, Xinhua reports.

Insured damages in Bermuda from Gonzalo estimated at $200M-$400M: AIR

By: Mark A. Hofmann

Published October 22, 2014 - 2:47pm CST

Last week's Hurricane Gonzalo caused estimated insured damages of between $200 million and $400 million in Bermuda, catastrophe modeler AIR Worldwide said Wednesday.

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