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10, 2015
Insurers Unprepared for Costs of Climate Change, Warns UN Climate Diplomat
Insurers are unprepared for the costs of climate change, the top United Nations climate diplomat said as world leaders make final preparations for a deal on global warming. The agreement, which the UN expects to seal in Paris in December, …
28
10, 2015
Ping An Profit Rises 32% as Higher Premiums Offset Stock Market Slump
Ping An Insurance (Group) Co., China’s second-largest insurer, said third-quarter profit rose 32 percent as higher premium income and banking revenue helped offset the impact of a stock market rout on investment returns. Net income climbed to 13.6 billion yuan, …
28
10, 2015
Ace Sells $5.3 Billion of Bonds for Chubb Deal
Ace Ltd. sold $5.3 billion of bonds to finance its acquisition of Chubb Corp. The debt sale, which will help close a deal valued at about $30 billion, was issued in four parts, with the longest portion, a 30-year bond, …
27
10, 2015
Distinguished LLC Acquires Fulcrum Programs in Washington
Distinguished LLC finalized its acquisition of Bellevue, Wash.-based Fulcrum Insurance Programs. Terms of the deal were not disclosed. Fulcrum will combine with Distinguished’s own real-estate and hospitality program administrator, Bellevue-based National Specialty Underwriters. The combined businesses will be rebranded as …
28
10, 2015
Testing Shows Chemicals in Well Water Near Tennessee Power Plant
Albert Hudson worries about the water coming from the well on his property near the Tennessee Valley Authority’s coal-fired power plant in Gallatin, Tenn. Hudson received a letter recently from the Tennessee Department of Environment and Conservation notifying him that …
28
10, 2015
Florida’s Orchid Underwriters Enters Commercial E&S Business, Hires 2 to Lead
Florida-Based Orchid Underwriters Insurance Agency, LLC, a specialty underwriter of property insurance focusing on coastal properties, has named Robert J. Rose senior vice president of Underwriting and Programs and Bryan Schofield vice president of Commercial Lines. Both are newly created …
28
10, 2015
CoreLogic: $18B in Potential Losses from South Carolina’s ‘Record-Breaking’ Storm
The potential exposure home insurers in South Carolina face from the early October storm that flooded the state is estimated to be over $18 billion, according to catastrophe modeling firm CoreLogic. Richland County had the most exposure with 8,185 damaged …
27
10, 2015
CUNA Mutual Group Names Brown Chief Investment Officer
CUNA Mutual Group, headquartered in Madison, Wis., has hired David (Dave) G. Brown as its new chief investment officer. He will replace David Marks, who retires at the end of the year after 10 years at CUNA Mutual Group. Brown most …
27
10, 2015
GDP Advisors Acquires The Insurance Connection of Texas
McKinney, Texas-based GDP Advisors has acquired The Insurance Connection of Texas (ICT). Located in Frisco, Texas, ICT has been owned and operated by Lori and Chris Gardner and specializes in general/commercial liability, individual auto, home and life insurance. Lori …
27
10, 2015
PartnerRe’s Q3 Earnings Impacted by EXOR Acquisition, ‘Difficult’ Market
As EXOR’s acquisition of Bermuda-based PartnerRe proceeds, it will be taking over a somewhat diminished company, as PartnerRe reported a net loss of $243.3 million, or $5.08 per share for the third quarter of 2015. This includes, however, the “amalgamation termination …