Canopius Group Limited announced the separation of its existing marine and energy unit into two dedicated divisions. The creation of the distinct divisions is designed to maximise the growth opportunities available to Canopius following its acquisition by leading Japanese insurer, NKSJ, through its principal subsidiary Sompo Japan Insurance, Inc. The...
Willis Group Holdings plc has secured USD55 million of index- based reinsurance capacity from the international weather risk markets for Africa’s first ever catastrophe insurance pool, Africa Risk Capacity Insurance Company Ltd. ARC Ltd, a Bermuda based mutual insurance company, has been set up to issue insurance policies against drought...
The RSA Insurance Group of Britain has agreed to sell its Canadian insurance brokerage business to a subsidiary of Arthur J. Gallagher & Company for about USD460 million. The deal to sell Noraxis, one of the largest property and casualty insurance brokers in Canada, brings RSA’s total assets sales since...
As employers look for new ways to improve the health and wellbeing of their workforce, a survey from Aon Hewitt, states that female employees are more concerned about their health and place a higher priority on staying healthy than their male counterparts. However, they are also more likely to view personal...
RSA Insurance Group plc has decided to sell its operations of Lietuvos Draudimas AB (Lithuania), AAS Balta (Latvia), the business of the Estonian branch of Codan Forsikring A/S (together RSA’s operations in the Baltics), and Link4 Towarzystwo Ubezpieczen Spolka Akcyjna (Poland) to Powszechny Zaklad Ubezpieczen sa (PZU). Assuming each of...
ACE Group recently announced the introduction of its global cyber risk practice, established to address growing risks as legislation and exposures for privacy and network security evolve around the world and customer demands for cyber risk insurance and risk management solutions grow. “ACE is already a global leader in cyber...
Insurer Aviva has detected over GBP110 million worth of insurance fraud in 2013 – a 19 percent increase compared with 2012. Tom Gardiner, head of Fraud at Aviva, says “Our priority is to pay genuine claims quickly and fairly while offering a great service to our customers. Last year in...
While risk management is playing a more strategic role within organisations than ever before, many are not using the full potential of the function, according to a new report published by Marsh and RIMS. “There is little doubt that risk management has evolved over the past 10 years into a...
US president Barack Obama is set to sign a bipartisan bill that will alleviate homeowners living in flood-prone neighbourhoods from huge rises in their insurance bills. The bill would also allow below-market insurance rates to be passed on to people buying homes in these areas with taxpayer-subsidised policies. This move...
A majority of 86 percent of North American insurance executives expect the volume of insurance mergers and acquisitions (M&A) to increase over the next three years, according to a survey conducted by Towers Watson and Co. In addition, 78 percent of the participants said they are actively considering acquisitions. Only...
