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12, 2015
British Insurers Adjust Risk Models after Costly Repeat of 100-Year Floods
British insurers could have to pay out up to £250 million ($377 million) in claims to owners of homes and businesses, industry specialists said on Monday, after the northwest of England suffered once-in-a-century floods for the second time in 10 …
8
12, 2015
Sino-Ocean Land Says Nan Fung Sells Shares to Anbang Insurance Group
Sino-Ocean Land Holdings Ltd. said Anbang Insurance Group Co. purchased about a fifth of the Chinese developer’s shares from members of Nan Fung Group Holdings Ltd. for HK$7.8 billion ($1 billion). Members of closely held Nan Fung, based in Hong …
7
12, 2015
Expanding E. Coli Outbreak Prompts Warning of Sales Slide from Chipotle
Chipotle said Friday that an outbreak of E. coli linked to its restaurants sent sales plummeting by as much as 22 percent in recent weeks and that it could no longer reasonably estimate sales for next year. The Denver-based chain …
8
12, 2015
Swiss Re Confirms ‘Four Pillar’ Strategic Framework for Continued Growth
Swiss Re, at its annual Investors’ Day Conference, unveiled its strategic framework to “position the company strongly vis-à-vis current and future opportunities and challenges facing the re/insurance industry.” The world’s second largest reinsurer said it would stress “systematic and fast …
7
12, 2015
Utah Judge Tosses Suit Against School in Teacher Sex Case
A Utah judge tossed out a lawsuit claiming a school district didn’t do enough to protect students from a female teacher who sexually abused three male students. Judge John Morris said he was ruling in line with a Utah law …
8
12, 2015
PwC UK Raises Desmond Insured Loss Estimates: $375 to $487.5 Million
Commenting on the impact of Storm Desmond, Mohammad Khan, general insurance leader at PwC UK, stated that the accounting firm’s “current estimate of the damage caused by Storm Desmond is £400 million – £500 million [$600 – $750.2 million] with …
7
12, 2015
Ironshore International Announces Continental Europe Markets Expansion Strategy
Bermuda-based Ironshore International has announced an expansion strategy to establish a locally-driven presence in selected Continental European markets. As part of the initiative, “Ironshore Agency Limited is opening a Continental European Hub branch office in Cologne, Germany with additional Agency …
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12, 2015
Cyber Insurance Underwriting Moves from ‘Toddler’ to ‘Teen’ As Insurers Learn from Claims
Given the fact that the insurance industry paid out more than $400 million in highly publicized cyber liability insurance claims in 2014 alone, one might think that insurers would be shying away from the line. But one would be wrong, …
7
12, 2015
Health Insurers to Rebate More Than $2M to Delaware Consumers
Delaware Insurance Commissioner Karen Weldin Stewart announced that insurers will issue more than $2 million in rebates to 14,399 health insurance policyholders in Delaware as a result of the Affordable Care Act’s 80/20 medical loss ratio rule. The rule requires …
8
12, 2015
Softening of P/C Commercial Markets, Including D&O, to Continue: Fitch
U.S. commercial insurance market segments, including directors and officers (D&O) liability insurance, are continuing to soften and are likely to stay on this path for the near-term even as several large competitors merge, Fitch Ratings says. Premium rates in property …