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Gallagher acquires New Zealand brokerage

By: Donna Mahoney

Published December 01, 2015 - 2:30pm CST

Arthur J. Gallagher & Co. has acquired Reid Manson Ltd., an insurance brokerage in Timaru, New Zealand, a Gallagher statement said.

Ratings agency predicts potentially staggering global cyber security losses

By: Judy Greenwald

Published December 01, 2015 - 12:25pm CST

Risk managers take note: According to A.M. Best, a global cyber security risk could potentially cost the insurance industry multiples of what a nuclear loss would cost.

Property rates favor buyers amid light losses; cyber an exception

By: Matthew Lerner

Published December 01, 2015 - 10:45am CST

It was a good time to be a buyer of commercial property insurance at this year's renewals — that is, unless you were purchasing cyber coverage.

Cascading pressures lead to Zurich leadership shakeup

By: Sarah Veysey

Published December 01, 2015 - 10:30am CST

The rumors are true: Zurich Insurance Group CEO Martin Senn has resigned and will leave the company by the end of the year.

Martin Senn steps down from Zurich amid problems at Swiss insurer

By: Sarah Veysey

Published December 01, 2015 - 9:08am CST

Martin Senn, CEO of Zurich Insurance Group Ltd., stepped down Tuesday following poor financial results, several other high-profile exits and other problems at the Swiss insurer that have emerged over the past several months.

Zurich pulling out of Middle East

By: Sarah Veysey

Published November 30, 2015 - 10:36am CST

In another cost-containment move, Zurich Insurance has decided to stop underwriting nonlife insurance in the Middle East.

Marine insurer Skuld to give club members premium credit

By: Sarah Veysey

Published November 30, 2015 - 9:51am CST

Oslo, Norway-based marine insurer Assuranceforeningen Skuld has announced a guaranteed premium credit of at least 2.5% for all of its protection and indemnity members.

Terrorism reinsurance fund to help Parisian businesses

By: Thomson Reuters

Published November 24, 2015 - 3:15pm CST

A state-backed reinsurance pool will help pay insurance claims from Parisian businesses struggling in the wake of the Nov. 13 terrorist attacks.

Global commercial rates down 4.8% in third quarter

By: Matthew Lerner

Published November 24, 2015 - 2:43pm CST

Third-quarter commercial insurance rates declined 4.8% on a global composite basis according to Marsh L.L.C. Global Insurance Market Quarterly Briefing, released Tuesday.

AIG, shareholder Icahn squabble over insurer's future

By: Matthew Lerner

Published November 24, 2015 - 11:10am CST

It's a war of words at this point, but activist investor's 42 million shares can do a lot of talking.

Allianz shakes up business to boost profitability

By: Thomson Reuters

Published November 24, 2015 - 10:28am CST

Times are tough for insurers, but Allianz is fighting the good fight by reinvesting savings, pursuing opportunities in Asia and honing in on new customers.

Swiss Re exec forecasts rise in primary insurance demand

By: Sarah Veysey

Published November 24, 2015 - 9:30am CST

Swiss Re's chief economist is predicting an increase in the demand for primary nonlife insurance in the next two years.

Reinsurance group logs 21.7% drop in member premiums

By: Matthew Lerner

Published November 23, 2015 - 1:26pm CST

Loss portfolio contract of National Indemnity's Geico affiliate weighs heavily on P/C organization.

Utility temporarily withdraws captive benefit funding plan

By: Jerry Geisel

Published November 23, 2015 - 12:15pm CST

In a move described as temporary, St. Louis-based utility company Laclede Gas Co. has withdrawn its application for permission to use its South Carolina captive insurer to fund life insurance and long-term disability risks.

Icahn says may push for new AIG director, discloses stake

By: Thomson Reuters

Published November 23, 2015 - 12:06pm CST

(Reuters) — Activist investor Carl Icahn said he may propose adding a new director to American International Group Inc.'s board, since AIG Chief Executive Peter Hancock was unlikely to "sincerely consider" his suggestion to split the company into three.

XL Catlin online portal provides one stop for cyber security information

By: Joyce Famakinwa

Published November 23, 2015 - 12:05pm CST

XL Catlin said Monday that its cyber & technology insurance business has launched CyberRiskIQ.com, an online portal that helps address data breaches.

Insurance-linked securities market seeks growth outlets

By: Matthew Lerner

Published November 22, 2015 - 6:00am CST

HAMILTON, Bermuda — As the use and popularity of insurance-linked securities and alternative capital continue to expand, the sector is looking to build more robust practices as it searches for new avenues of growth.

Rules change allowing multiyear deals to keep Lloyd's competitive

By: Sarah Veysey

Published November 22, 2015 - 6:00am CST

Changes that allow Lloyd's of London underwriters to bind multiyear insurance agreements will improve efficiency in the marketplace as well as Lloyd's competitive position.

Aon tries to provide pipeline to Lloyd's syndicates

By: Sarah Veysey

Published November 22, 2015 - 6:00am CST

Aon P.L.C. has launched two broking initiatives it says will increase retail and wholesale buyers' access to Lloyd's of London, but some are grumbling that the efforts favor some syndicates over others.

Insured losses expected to be limited

By: Sarah Veysey

Published November 22, 2015 - 6:00am CST

Insured property losses from the series of terrorist attacks in Paris are not expected to be large and likely will be borne by the government-backed pool, Paris-based Gestion de l'Assurance et de la Reassurance des Risques Attentats et Actes de Terrorisme.

Warehouse fires: A property loss nightmare

Published November 22, 2015 - 6:00am CST

Reducing potential hazards and beefing up protection can prevent steep losses when the unthinkable happens.

Keep real estate deals clean with pollution legal liability cover

By: John J. Heft

Published November 22, 2015 - 6:00am CST

A rebounding industrial real estate sector only emphasizes the need for insurance to cover pollution legal liability, even the hint of which can derail a property sale. John J. Heft, a senior vice president and the director of the real estate practice at New Day Underwriting Managers L.L.C., discusses the state of the coverage and its future.

Obama administration to negotiate insurance agreement with E.U.

By: Thomson Reuters

Published November 20, 2015 - 2:58pm CST

(Reuters) — The U.S. Treasury and U.S. Trade Representative announced plans on Friday to negotiate a covered agreement on insurance with the European Union, a move it said will “level the regulatory playing field for U.S-based insurers and reinsurers.”

Starwood hotel chain reports monthslong data breach

By: Judy Greenwald

Published November 20, 2015 - 2:24pm CST

Hackers have struck again. The point of sale systems at 26 of Starwood's hotels were infected with malware, which permitted access to some of its customers' payment card data for various periods between November 2014 and June 2015.

Liberty Mutual on hook for Gulf oil spill attorney fees

By: Judy Greenwald

Published November 20, 2015 - 2:20pm CST

In reversal of a lower court ruling, insurer to cover Cameron International's attorney's fees related to the 2010 Deepwater Horizon mess.

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