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Houston International Insurance names president of new global energy division

By: Kate Shepherd

Published August 20, 2014 - 2:21pm CST

Houston International Insurance Group has named Susan Swails as president and chief underwriting officer of its newly formed division, HIIG Global Energy, the insurer said Wednesday.

China says testing catastrophe insurance system

Published August 20, 2014 - 8:30am CST

(Reuters) — China is testing out an insurance system to fund reconstruction work after natural disasters as part of a broader push to expand the insurance sector, a top regulator said on Wednesday.

QBE to raise $1.5B after U.S. storms lash profit

Published August 19, 2014 - 9:10am CST

(Reuters) — Australia's biggest insurer QBE Insurance Group announced measures to raise up to $1.5 billion after first-half profit dropped 18% due to higher payouts to U.S. clients, while rival IAG posted strong earnings growth.

Amlin posts first-half profit of $247.9M

By: Sarah Veysey

Published August 18, 2014 - 9:34am CST

Amlin P.L.C. posted a profit of 148.5 million ($247.9 million) for the first half of 2014, down 8.0% from the same period a year previously.

AIG boosting Washington lobbying effort as hiatus prompted by crisis ends

Published August 15, 2014 - 3:30pm CST

(Reuters) — Insurer American International Group Inc. is ramping up its lobbying team in Washington, almost six years after it halted such efforts following its rescue by the U.S. government during the financial crisis.

Longtime Magna Carta executive Theodore Smyk dies at 68

By: Judy Greenwald

Published August 15, 2014 - 1:34pm CST

Theodore Smyk, 68, who was vice president of claims at New York-based mutual insurer Magna Carta Cos., died Sunday, the company announced.

Allied World offers insurance for Canadian energy risks

By: Kate Shepherd

Published August 15, 2014 - 1:27pm CST

Allied World Assurance Co. Holdings A.G. has launched a property insurance line for energy risks in the Canadian market.

Swiss Re Corporate Solutions names new head of casualty for North America

By: Kate Shepherd

Published August 15, 2014 - 9:30am CST

Swiss Re Corporate Solutions, a unit of Swiss Re Ltd., has named Robley Moor as head of North American casualty and managing director.

Insurers can withstand $100B natural catastrophe: Zurich

Published August 15, 2014 - 8:53am CST

(Reuters) — The growing market for catastrophe bonds has bolstered the insurance industry to the extent it could cope with a $100 billion disaster bigger than Hurricane Katrina, the head of Zurich Insurance Group Ltd.'s general insurance division said.

Guy Carpenter updates MetaRisk capital modeling tool

By: Bill Kenealy

Published August 14, 2014 - 1:10pm CST

Reinsurance broker Guy Carpenter & Co. L.L.C. on Thursday said it has released an updated version of its capital management decision-making tool, MetaRisk.

Allianz Global Corporate & Specialty offers cyber risk coverage for Canadian firms

By: Kate Shepherd

Published August 13, 2014 - 1:39pm CST

Allianz Global Corporate & Specialty S.E., a unit of Allianz S.E., has launched Allianz Cyber Protect to protect Canadian companies from the risk of data breaches and cyber crime.

Industry welcomes bills to clarify NRRA's application to captive insurers

By: Rodd Zolkos

Published August 13, 2014 - 11:20am CST

BURLINGTON, Vt. — The president of the Vermont Captive Insurance Association is “cautiously optimistic” about the chances for bills in Congress aimed at clarifying the federal Non-Admitted Reinsurance Reform Act as it relates to captive insurance.

Finland's Sampo upgrades insurance outlook

Published August 13, 2014 - 9:43am CST

(Reuters) — Finnish financial holding group Sampo P.L.C. upgraded the full-year profitability outlook for its property/casualty insurance business If P&C Insurance after policyholders made no big claims in the Nordic region in the first six months.

Catlin profit jumps to $273M in first half of 2014

By: Matthew Lerner

Published August 08, 2014 - 11:14am CST

Catlin Group Ltd.'s net income more than doubled to $273 million for the first half of 2014 from that of the same period a year earlier on higher premiums and improved combined ratio.

Allianz's profit beats forecasts despite problems at Pimco

Published August 08, 2014 - 9:20am CST

(Reuters) — Problems at Allianz S.E.'s U.S. investment firm, Pacific Investment Management Co. L.L.C. persisted in the second quarter as clients defected and margins slipped, posing a challenge for the chief executive of Europe's biggest insurer, who aims to make a record group profit this year.

E.U. executive wants to beef up bloc's financial watchdogs

Published August 08, 2014 - 9:03am CST

(Reuters) — The European Union's trio of new financial watchdogs should have more powers over banks, insurers and markets to ensure national regulators apply E.U. rules, the bloc's executive body said on Friday in a review that may raise hackles in Britain.

N.Y. court limits attorney/client privilege in insurance claim negotiations

By: Rodd Zolkos

Published August 07, 2014 - 2:40pm CST

The Appellate Division of the Supreme Court of New York has upheld a ruling that insurance companies can't claim attorney/client privilege for communications with outside counsel engaged in the process of determining whether to pay claims.

Firm that bought maker of faulty artificial knees liable for $2M retention: Court

By: Judy Greenwald

Published August 07, 2014 - 2:06pm CST

Stryker Corp. must pay the $2 million self-insured retention under its insurance policy with XL Insurance America Inc. in connection with claims arising from the implanting of expired artificial knees.

CNA reshuffles Canadian, European insurance leadership

By: Kate Shepherd

Published August 07, 2014 - 11:58am CST

CNA Financial Corp. has named John Hennessy president and chief operating officer of CNA Canada and David Brosnan as chief executive of CNA Insurance Co. Ltd. (CNA Europe).

Insurer's liability hinges on employment status of trucker killed in crash

By: Judy Greenwald

Published August 07, 2014 - 10:52am CST

Because a truck driver killed in an accident may not have been an employee of the company that leased the truck, an insurer could be liable to provide coverage in his death, says an appeals court in reversing a lower court ruling.

Agency and brokerage organic growth slows

Published August 07, 2014 - 10:08am CST

Independent insurance agents and brokers reported median organic growth of 5.8% for the second quarter of 2014, a weakening from 6.2% for the first quarter of 2014 and 6.9% for the second quarter of 2013, according to Atlanta-based Reagan Consulting's Organic Growth and Profitability survey.

Zurich says restructuring on track as profit rises

Published August 07, 2014 - 9:14am CST

(Reuters) — Zurich Insurance Group Ltd. posted a rise in second-quarter net profit on Thursday and said its business overhaul was on track, with job cuts largely completed and more than half of restructuring costs booked.

Aon reports marine market risk overcapacity, soft market pricing

By: Judy Greenwald

Published August 06, 2014 - 4:01pm CST

Continued overcapacity for most marine risks is causing soft market pricing and increased attention to new product development and differentiation, says Aon Risk Solutions in a report on the marine market issued Wednesday.

Insurer enthusiasm growing for acquisitions: KPMG survey

By: Mark A. Hofmann

Published August 06, 2014 - 10:25am CST

Insurer interest in strategic acquisitions is on the upswing, according to a survey released by KPMG L.L.P. on Wednesday.

Hannover Re’s profit improves on investments, life/health reinsurance

By: Sarah Veysey

Published August 06, 2014 - 10:11am CST

Hannover Re S.E. reported net income of €211.5 million ($284.0 million) for the second quarter of 2014, up 10% from the comparable period last year despite falling reinsurance rates.

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