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UK Insurers to Stress Test Capital Reserves Against Synchronized Terrorist Attack
UK regulators have asked property and casualty insurers to stress test their capital reserves against catastrophes, including a synchronized terrorist attack in London, New York and one other major city. The Prudential Regulation Authority (PRA) published the exercises last week …
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Lawsuit Filed in Louisiana to Halt Injection Well Permit
Environmental groups and a Belle River, La. community group have filed a lawsuit against the state Department of Natural Resources alleging that the departments should never have granted a permit for an injection well. FAS Environmental Services has operated in …
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Mulligan, Marshall Receive AAMGA Recognitions
Two long-time members of American Association of Managing General Agents (AAMGA) were recognized with service-based awards at the association’s Annual Meeting in Maryland in May. Thomas Mulligan, a board member of Western World Insurance and the company’s former president from 2010 …
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FAA Approving 250 Drone Permits a Month Without Final Rules
The Federal Aviation Administration is issuing permits for the commercial use of drones at a rate of about 250 a month as it tries to meet the growing demand for unmanned aircraft while it develops rules for their use. Through …
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Guarantee, Bullfrog Insurance Partner for Canada Small Business Online Cover
The Guarantee Company of North America announced that it has “teamed up with Bullfrog Insurance to provide a faster and simpler way for Canadian small business owners to obtain small business insurance.” They have developed a new online portal – …
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China’s Draft Cyber Security Law Worries Multinationals, Internet Providers
China’s parliament has published a draft cyber security law that consolidates Beijing’s control over data, with potentially significant consequences for internet service providers and multinational firms doing business in the country. The document, dated Monday but picked up by state …
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ACE Appoints van Ratingen as Country President for the Philippines
ACE Group announced the appointment of Peter van Ratingen as its new country president for its general insurance operation in the Philippines. He succeeds Daniel Daly, who will retire on July 31, 2015. In his role as country president, van Ratingen will …
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Typhoon Chan-hom Tracks toward SE China, May Graze Taiwan: AIR Report
According to catastrophe modeling firm AIR Worldwide, Typhoon Chan-hom is “steadily intensifying as it passes over warmer-than-average ocean water.” The storm also remains on track to make land fall on Saturday “in heavily populated southeastern China, near Wenzhou in Zhejiang …
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ACE Doubles Terrorism, Political Violence and War Insurance Capacity
ACE Group announced it is offering increased insurance capacity of up to US$100 million/100 million euros (previously US$50 million/50 million euros) for terrorism, political violence and war risks in response to evolving threats and increased demand from multinational clients. The …
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Cooper Gay Swett & Crawford Appoints Padilla Gen’l. Manager-Parts of Lat. Am.
Independent wholesale broker Cooper Gay Swett & Crawford (CGSC) has appointed Alejandro Padilla as General Manager and Head of Broking for Mexico, Central America, Puerto Rico and the Dominican Republic, effective August 16, 2015. He will join CGSC from Swiss …
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