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Security company warns marine sector of possible terrorist attacks

Published October 31, 2014 - 5:41am CST

Maritime Asset Security and Training Ltd. has advised the maritime industry to increase the security of vessels and oil tankers as terror attacks look increasingly likely, reports Hellenic Shipping News.

U.K. developing infrastructure to become Islamic finance hub: Official

Published October 31, 2014 - 5:39am CST

U.K.'s economic secretary to the treasury Andrea Leadsom has said that the country is taking steps to become a western hub for Islamic finance, including insurance, and is developing the enabling infrastructure, Gulfnews.com reported.

Air France's third quarter profits plummet due to pilots' strike

Published October 31, 2014 - 5:37am CST

Air France-KLM S.A. has said that the recent pilots' strike has caused the airline's third quarter operating profit to fall more than half to €247 million ($314 million) from €641 million for the same period in 2013, BBC News reported.

Pirate attacks have almost doubled in Southeast Asia: Agency

Published October 31, 2014 - 5:36am CST

The International Maritime Bureau has said that pirate attacks have almost doubled in Southeast Asia totaling 103 in 2014 from 54 in 2011, The Malay Mail Online reports.

Bermuda: Axis Capital's net profit increases almost doubles in third quarter

Published October 31, 2014 - 5:35am CST

Axis Capital Holdings Ltd. has said its net income for the third quarter of 2014 totaled $279 million, up $142 million from the same period in 2013, The Royal Gazette reports.

Norway: Major floods affect transport and damage buildings

Published October 31, 2014 - 5:33am CST

Several regions in Norway have been hit hard by floods, with the villages of Flam, Voss and Odda suffering the worst of the damage, The Local.no reports.

Turkey: Regulator adds surety insurance as permitted nonlife product

Published October 31, 2014 - 5:31am CST

The Turkish Undersecretariat of the Treasury said that it has included surety insurance among the permitted types of nonlife insurance in the country, Asia Insurance Review reports citing Lexology.com.

Increase in major cyber attacks likely over next decade: Experts

Published October 31, 2014 - 5:30am CST

A recent report by U.S.-based Pew Research Center said that internet experts predict major cyber attacks on countries and organizations to substantially increas in the next decade, reports The Guardian.

Nigerian insurer Custodian and Allied's nine-month profit up 5% to $19.4 million

Published October 31, 2014 - 5:28am CST

Nigeria's Custodian and Allied Insurance P.L.C. has said that its unaudited profit after tax stood at 3.2 billion Nigerian nairas ($19.4 million) for the first nine months of 2014, up 54% year on year, reports The Guardian Nigeria.

Axis, Arch profit up on foreign exchange rate gains

By: Mark A. Hofmann

Published October 30, 2014 - 1:30pm CST

Bermuda-based Axis Capital Holdings Ltd. and Arch Capital Group Ltd. have reported third-quarter earnings more than double those of the prior-year period, owing in part to and foreign exchange gains.

Validus profit plunges in third quarter

By: Matthew Lerner

Published October 30, 2014 - 11:30am CST

Validus Holdings Ltd.'s third-quarter net income plunged to $39.7 million from $183.4 million the same period last year as the Pembroke, Bermuda-based underwriter was hit with losses in aviation war and energy.

Turkey: More than half of construction projects halted after inspections

Published October 30, 2014 - 5:42am CST

An official from Turkey's social security ministry has said that authorities have closed down about 974 construction projects out of a total 1,800 after inspections, which follow recent fatal accidents, Hurriyet Daily News reports.

Hedge funds' reinsurance move questioned by analysts

Published October 30, 2014 - 5:38am CST

Analysts have expressed doubt over hedge funds that are forcing their way into the reinsurance sector, questioning whether these funds would remain in the market ahead of the next big catastrophe, Reuters reported.

Asia: Marine insurance growth not in pace with maritime sector, says QBE official

Published October 30, 2014 - 5:35am CST

QBE Insurance Group Ltd.'s Singapore chief executive Karl Hamann has said that Asia's marine insurance industry growth is keeping pace with the developments in the region's maritime sector, Asia Insurance Review reports.

China: FAW-Volkswagen Automobile to recall 270,635 Audi cars

Published October 30, 2014 - 5:30am CST

China's General Administration of Quality Supervision, Inspection and Quarantine has said that FAW-Volkswagen Automobile Co. Ltd. will recall 270,635 Audi cars in the country over a defect in the air bag software, reported Reuters.

Europe: Blackout threat growing due to power supply risks, study says

Published October 30, 2014 - 5:26am CST

Europe has increased risks of blackouts in the region in the coming winter, Bloomberg reports.

China: Ratings agencies warn insurers of shadow banking risks

Published October 30, 2014 - 5:23am CST

Ratings agencies have warned Chinese insurers of shadow banking default-risks after a doubling in insurers' trust holdings, reported Bloomberg.

Bermudan insurers, reinsurers found to have better risk management against global warming

Published October 30, 2014 - 5:21am CST

In a recent report by Ceres on the insurance sector, Bermudan insurers achieved top rankings in accounting for climate change.

Singapore: Insurer Great Eastern's third quarter 2014 net profit down 31%

Published October 30, 2014 - 5:19am CST

Singapore-based insurer Great Eastern Holdings Ltd. has said that its net profit for the third quarter of 2014 fell 31% to $194.6 million Singapore dollars ($153 million), The Straits Times reports.

Canada tightens train handbrake rules, will impose 'audit blitz'

Published October 29, 2014 - 11:10am CST

(Reuters) — Canada will require railways to secure unattended trains with a minimum number of handbrakes and other physical defenses to prevent runaways, Canada’s transport ministry said on Wednesday in its latest response to last year’s deadly crash in Quebec.

Ford recalls 204,448 Ford and Lincoln crossovers for fire hazard

Published October 29, 2014 - 11:00am CST

(Reuters) — Ford Motor Co. said it will conduct a regional recall of 204,448 Ford Edge and Lincoln MKX crossover vehicles to correct an issue that could cause a fire.

U.S. airlines point to additional problems of any Ebola travel ban

Published October 29, 2014 - 9:32am CST

(Reuters) — U.S. airlines have said little publicly about political pressure to close the country's borders to travelers from Ebola-ravaged countries in West Africa, but in private they have briefed government officials about the challenges to implementing a ban, industry sources told Reuters.

Italy's Banca Carige to sell insurance units to Apollo Management for $1 billion

Published October 29, 2014 - 5:49am CST

Italy-based Banca Carige S.p.A. has said that it would sell its two insurance divisions to Apollo Management Holdings L.P. to reduce its capital deficit of €810 million ($1 billion), reported Reuters.

India: Insurer United India says reinsurance will protect against damage claims

Published October 29, 2014 - 5:46am CST

United India Insurance Co. Ltd. chairman and managing director Milind Kharat has said that despite receiving huge damage claims, the insurer's profit is unlikely to be hit as its reinsurer would cover most of them, reports Daijiworld.com.

U.K.: Shipping industry being monitored over Ebola scare

Published October 29, 2014 - 5:44am CST

The U.K.'s Maritime and Coastguard Agency has been monitoring incoming vessels from West African ports over Ebola fears, The Guardian reports.

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