International News

UK Finance Minister Urges EU to Help Devise Hard-Brexit Contingency Plans: Reuters

Economy, Non Life-News       Sep 21, 2018

    London: Britain’s finance minister urged the European Commission to help devise European contingency plans for the financial sector in case of no deal on Brexit, pointing to growing concerns about a disorderly departure from the European Union.   Philip Hammond made his plea at the beginning...

Porsche first German carmaker to abandon diesel engines

Non Life-News, Risk Management, Technology       Sep 23, 2018

  Stuttgart: Sports car maker Porsche said Sunday it would become the first German auto giant to abandon the diesel engine, reacting to parent company Volkswagen's emissions cheating scandal and resulting urban driving bans. "There won't be any Porsche diesels in the future," CEO Oliver Blume...

Lloyd’s Chief Executive, Inga Beale

Lloyd’s returns to profit for the first half of 2018

Non Life-News, Reinsurance       Sep 21, 2018

  London: The market’s return to profit follows the severe catastrophe experience in 2017, with the result supported by an improved combined ratio of 95.5% (June 2017: 96.9%). Lloyd’s also reported a modest increase in gross written premiums to £19.3bn (June 2017: £18.9bn), driven by improvements...

Florence portends more massive hurricanes in age of global warming

  Austin: Global warming has increased the likelihood of more massive, sluggish storms like Florence, capable of dropping record amounts of rain and causing the type of catastrophic flooding that crippled North and South Carolina this week, experts said.   Most meteorologists agree that climate change can...

Digitally influenced spending in emerging markets to reach $4 trillion by 2022: Report

Technology       Sep 19, 2018

  New Delhi: The value of digitally influenced spending in emerging markets will be around $4 trillion by 2022 and will amount to about half of all retail spending in Asia, Latin America and Africa, says a report.   According to the report by the Boston Consulting...

Marsh & McLennan to buy UK broker JLT for $5.7 billion

  London: Marsh & McLennan Companies Inc has agreed to buy Jardine Lloyd Thompson for about 4.3 billion pounds ($5.7 billion) in cash as the U.S. financial services group looks to boost its speciality risk broking and global reinsurance business.   Strategic Rationale The acquisition of JLT...

 Over 60% of insurance experts expect higher cyber-related losses over next 12 months:Willis

Non Life-News, Risk Management       Sep 17, 2018

  Singapore/Hong Kong:  Insurance companies are expecting increased cyber-related losses across all business lines over the next 12-months, driven by increasing reliance on technology and high-profile cyber-attacks, according to the annual Silent Cyber Risk Outlook global survey from Willis Re, the reinsurance division of leading global...

French insurer Covea examining new approach to Scor takeover: sources

Reinsurance       Sep 14, 2018

  PARIS:- Unlisted French cooperative insurer Covea is working on a new approach to its planned takeover of reinsurer Scor after its friendly 8.2 billion euro ($9.5 billion) offer was rejected last month, two sources close to the deal said on Friday.   Covea, which had offered...

Hanover to sell specialty unit Chaucer to China Reinsurance for $950 million

Reinsurance       Sep 13, 2018

  London: Hanover Insurance Group Inc on Thursday decided to sell its unit that underwrites risks at insurance market Lloyd’s to China Reinsurance Group Corp for $950 million to focus on expanding its domestic business.   Shares of Hanover rose as much as 5.32 percent, with the...

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