Aon Benfield recently released its Global Catastrophe Recap report, which states that Europe was impacted by a series of windstorms, including Windstorm Xaver, which moved through the north of the continent killing at least 15 people and producing insured losses of around EUR800 million, with Scotland, Germany, the Netherlands, Belgium, Scandinavia, and Poland the most affected. Windstorm...
British insurance group Aviva has committed 500 million pounds to invest in UK infrastructure projects in sectors including transport, hospitals and utilities. The firm said recently that its commitment follows a deal on new European capital requirements for insurers – known as Solvency II – which had proved less burdensome...
More than two million Americans will start 2014 with private health insurance they didn't have before, Health and Human Services secretary Kathleen Sebelius said. More than four million people have also enrolled in Medicaid, Sebelius said, adding that "we expect those numbers will continue to grow over time." The announcement...
A division of insurance giant Jardine Lloyd Thompson has been fined USD2.9 million by the Financial Conduct Authority for having an "unacceptable" approach to bribery in overseas markets. JLT Specialty, the company's specialist insurance broking arm, accepted that systems it put in place to deal with potential bribery and corruption...
SCOR announces an innovative and efficient three-year contingent capital facility. This takes the form of a guaranteed equity line, providing the Group with EUR200 million worth of coverage in case of extreme natural catastrophe or life events. Following the authorisation granted by SCOR’s shareholders in April 2013, SCOR has arranged...
Swiss Re has agreed to acquire a 11.1 percent stake in Sul América S.A. from ING Group N.V. and a 3.8 percent stake from members of the Larragoiti family for a total amount of approximately USD 334 million. This confirms Swiss Re’s commitment to Brazil, Latin America and high growth...
Jardine Lloyd Thompson Group plc (JLT) announced the launch of JLT Towers Re, a new company in the international reinsurance market. This launch follows the receipt of the regulatory approvals required to complete JLT’s acquisition of Towers Watson’s reinsurance broking business. JLT Towers Re combines Towers Watson’s established North American...
Insurance group Zurich is investing in green bonds issued by the World Bank, International Finance Corporation and other development institutions. Green bonds are impact investments, which fund projects around the world that help mitigate climate change and assist communities to adapt to its consequences. According to Zurich, it is the...
Aviva is selling its 39 percent stake in Italian insurer Eurovita Assicurazioni to JC Flowers for EUR33 million. The sale is subject to approval by the Italian insurance supervisory authority IVASS and the proceeds will be used for general corporate purposes, a statement from Aviva said. A statement from Aviva...
Standard & Poor’s has lowered RSA’s financial strength and issuer credit ratings from A+ to A, attributable partly to losses related to issues in its Irish operations. The provider’s core operating entities’ ratings have all been similarly downgraded. The ratings have been placed on CreditWatch with negative implications, while S&P...
