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Forecasting is only one component of hurricane preparedness

Published October 04, 2015 - 6:00am CST

In the latest installation of Business Insurance's six-part series on natural disaster preparedness, we talk to an atmospheric scientist about the strengths and weaknesses of hurricane forecasting.

Hyperion, DUAL tap former Allianz exec as chairman

By: Joyce Famakinwa

Published October 02, 2015 - 3:24pm CST

DUAL International Ltd., the underwriting arm of Hyperion Insurance Group Ltd., said Friday it has appointed former Allianz S.E. board member Clem Booth as nonexecutive chairman of the board at DUAL and Hyperion.

More changes at Zurich as insurer revamps leadership at general insurance unit

By: Thomson Reuters

Published October 02, 2015 - 8:49am CST

(Reuters) — Zurich Insurance Group Ltd. is shaking up the leadership of its unprofitable general insurance unit, after losses from a Chinese explosion and car policies in the United States prompted the company to abandon a takeover bid for a British rival.

Cyber risk uncertainty causes client, underwriter tension

By: Donna Mahoney

Published October 02, 2015 - 6:00am CST

At an average cost of $4.8 million, each major breach turns up the pressure on companies to be adequately covered.

Business Insurance special video report: 2015 Cyber Risk Summit

Published October 01, 2015 - 5:34pm CST

Will companies and the government be able to get a handle on mounting cyber threats? Attendees of Business Insurance's 2015 Cyber Risk Summit respond.

Embattled VW looks to cut costs; directors and officers cover targeted

By: Judy Greenwald and Sarah Veysey

Published October 01, 2015 - 3:11pm CST

Volkswagen A.G., hit hard by an emissions scandal affecting millions of diesel VW and Audi cars, is seeking ways to cut its costs amid a flood of litigation, some of which looks to target its directors and officers insurance.

Cyber incident data repository could assist insurers: official

By: Mark A. Hofmann

Published October 01, 2015 - 2:35pm CST

WASHINGTON — The federal government is making progress in determining how a cyber incident data repository could help meet the information requirements of insurers, according to the official leading the effort.

Zurich names new U.S. executive as Riordan departs

By: Judy Greenwald

Published October 01, 2015 - 1:58pm CST

Daniel Riordan, Zurich Financial Group CEO of Global Corporate business in North America, has left the insurer and will be replaced by the Zurich's reinsurance chief.

Insurers, reinsurers back MGA to boost European property capacity

By: Mark A. Hofmann

Published October 01, 2015 - 10:38am CST

London-based managing general agent European Property Underwriting Ltd. has entered into an exclusive capacity arrangement with HDI-Gerling Industrie Versicherung A.G. with major reinsurance participation from Liberty Mutual Insurance Co. and Swiss Re Corporate Solutions Ltd., Global Risk Partners Ltd., which owns EPU, announced Thursday.

Insurance bosses call for collective action on climate change

By: Thomson Reuters

Published October 01, 2015 - 8:20am CST

(Reuters) — Lloyd's of London and other insurers called for collective action to address climate change on Thursday after a report from the U.K. regulator this week highlighted risks to their industry from global warming.

QBE, managing general underwriter to provide accountants liability cover

By: Joyce Famakinwa

Published September 30, 2015 - 4:09pm CST

In a joint underwriting agreement, QBE North America of QBE Insurance Group Ltd. and specialist professional liability managing general underwriter, Jorgensen & Co. said Wednesday that they will provide accountants and consultants professional liability insurance.

Warren Buffett cuts Munich Re stake to below 10%

By: Thomson Reuters

Published September 29, 2015 - 10:54am CST

(Reuters) — Warren Buffett has cut his stake in German reinsurer Munich Re after warning earlier this year that prospects for the reinsurance industry had turned gloomier.

Spring European windstorm damage estimate lowered to $925 million

By: Sarah Veysey

Published September 29, 2015 - 9:34am CST

Windstorm Mike-Niklas caused about €826 million ($925.0 million) in insured property losses, catastrophe insurance data firm Perils A.G. said Tuesday.

China blast contamination likely to boost costs to insurers

By: Thomson Reuters

Published September 29, 2015 - 9:12am CST

(Reuters) — Contamination from chemicals is likely to increase the cost to insurers of last month's blasts in the Chinese port of Tianjin, costs which are already expected to exceed $3 billion, insurance specialists say.

Fed governor walks tightrope on insurer capital reserve rules

By: Mark A. Hofmann

Published September 28, 2015 - 2:54pm CST

Fashioning capital requirements for large insurers with a mix of traditional, nontraditional and noninsurance activities presents regulators with challenges, according to a governor of the Federal Reserve.

European insurers grow cautious in overseas expansion

By: Sarah Veysey

Published September 28, 2015 - 9:44am CST

European insurers continue to expand their overseas operations in a focused fashion, according to a report by A.M. Best Co. Inc.

Buyer's market continues as reinsurance rates keep falling

By: Sarah Veysey And Matthew Lerner

Published September 27, 2015 - 6:00am CST

MONTE CARLO, Monaco —Rates for property catastrophe reinsurance are likely to fall at the January renewals, but there are signs that the bottom of the pricing cycle may be approaching.

Reinsurers look to casualty market for better returns

By: Sarah Veysey And Matthew Lerner

Published September 27, 2015 - 6:00am CST

Rates for casualty reinsurance continue to soften, but they are less than declines in property catastrophe coverage.

Soft market stems flood of new capital

By: Matthew Lerner And Sarah Veysey

Published September 27, 2015 - 6:00am CST

MONTE CARLO, Monaco — Despite Aon Benfield's less optimistic guidance on the growth of insurance-linked securities, those on the sidelines of the Rendez-Vous de Septembre remain bullish on ILS growth even if it's more slowly than recent years.

3D printing brings risk management, liability challenges to insurance industry

Published September 27, 2015 - 6:00am CST

Whether you want to manufacture a prosthetic limb or a prescription pill, 3D printing has opened up a world of astonishing possibilities. It has also opened up a world of new risks and liabilities. In the latest episode of Business Insurance In Focus, we take a look at the impact 3D printing is having on the insurance industry.

Can insurance initiatives help the environment?

By: Kathy Baughman McLeod

Published September 27, 2015 - 6:00am CST

Insurance-driven infrastructure and safety improvements for the good of the public have a long track record. Kathy Baughman McLeod, director of climate risk and resilience for The Nature Conservancy, makes the case for insurers to increase municipal resilience while strengthening the health of the environment.

Transamerica to buy Mercer's defined contribution administration business

By: Shelby Livingston

Published September 25, 2015 - 1:19pm CST

Mercer's U.S. defined contribution administration business will soon shift hands.

BB&T Insurance CEO to retire

By: Matthew Lerner

Published September 25, 2015 - 11:02am CST

H. Wade Reece will retire as chairman and CEO of BB&T Insurance Holdings Inc., and be succeeded by John Howard, vice chairman and CEO of the Wholesale and Specialty Division of BB&T Insurance Holdings, the company said in a statement.

Ace's Juan C. Andrade tapped as executive vice president for new Chubb Group

By: Mark A. Hofmann

Published September 25, 2015 - 10:32am CST

Ace Ltd. intends to appoint Juan C. Andrade executive vice president of the new Chubb Group and president of the international nonlife insurance division, effective upon completion of Ace's acquisition of Chubb Corp., Ace announced Friday.

Ace offers $100 million cyber policies with added services, scrutiny

By: Thomson Reuters

Published September 25, 2015 - 9:19am CST

(Reuters) — Insurer Ace Ltd. plans to start offering cyber security policies providing up to $100 million in coverage at a time when experts say it is hard for businesses to obtain such large coverage following the surge in high-profile breaches.

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