Insurance Reinsurance

  • *Change could help Iran boost exports further. TOKYO/ SINGAPORE, Jan 17- Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said. That will provide a boon to Iran, which is trying to raise...

  • TOKYO/ SINGAPORE, Jan 17- Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said. That will provide a boon to Iran, trying to raise oil exports after most sanctions were lifted last...

  • KUALA LUMPUR, Jan 17- Warren Buffett's Berkshire Hathaway has won a licence to provide reinsurance services in Malaysia, the billionaire investor's group said, as it expands operations in Asia. Berkshire Hathaway Specialty Insurance Company said in a statement on Monday it has established an office in the Malaysian capital Kuala Lumpur to provide the...

  • KUALA LUMPUR, Jan 17- Warren Buffett's Berkshire Hathaway has won a license to provide reinsurance services in Malaysia, the billionaire investor's group said, as it expands operations in Asia. Berkshire Hathaway Specialty Insurance Company said in a statement on Monday it has established an office in the Malaysian capital Kuala Lumpur to provide the...

  • BRUSSELS, Jan 13- The European Union and the United States agreed on Friday to reduce legal and capital barriers to boost the $3 billion transatlantic insurance and reinsurance market. The deal paves the way for EU companies to increase their market share in the United States and for US companies to sell their policies more easily in the 28 European Union...

  • BRUSSELS, Jan 13- The European Union and the United States agreed on Friday to reduce legal and capital barriers to boost the $3 billion transatlantic insurance and reinsurance market. The deal paves the way for EU companies to increase their market share in the US, and for US companies to sell their policies more easily in the 28 European Union countries.

  • *Ships exposed through GPS systems, have limited back-up. *Cyber insurance typically doesn't cover jamming, property damage. LONDON, Jan 12- Shipping companies grappling with the threat of cyber attacks on vessels are finding insurance policies often fall short, officials involved in both industries say, a risk that could feed through into global prices.

  • FRANKFURT, Jan 4- Insurers paid out around $50 billion for natural disaster claims last year, almost double 2015' s payout of $27 billion, reinsurer Munich Re said in its annual natural catastrophe review on Wednesday. Earthquakes in Japan and devastating floods in China- only 2 percent of whose losses were insured- were the most expensive natural catastrophes of...

  • LONDON, Dec 16- Correctly predicting the outcome of June's Brexit vote and last month's U.S. presidential election was no guarantee of stock market success in a tumultuous 2016 of whipsawing asset prices and extremes in investor sentiment. This may provide a template for investors who face another busy political calendar in 2017, particularly in Europe,...

  • LONDON, Dec 13- Underwriters at Lloyd's of London lost money in 2016, driving the 90- plus syndicates in the insurance market to be more selective in the risks they take on and forcing Lloyd's to cut its subscription rates. "Current year underwriting is not profitable in aggregate at the moment... this is a matter of great concern to us," Lloyd's Chairman John Nelson...

  • WASHINGTON, Dec 12- The U.S. Supreme Court on Monday rejected former American International Group CEO Maurice "Hank" Greenberg's bid to escape civil fraud charges in New York accusing him of orchestrating sham transactions at the insurer. A spokesman for New York Attorney General Eric Schneiderman had no immediate comment. Greenberg led the New York- based...

  • WASHINGTON, Dec 12- The U.S. Supreme Court on Monday rejected former American International Group CEO Maurice "Hank" Greenberg's bid to escape civil fraud charges in New York accusing him of orchestrating sham transactions at the insurer, even as his trial continues. The justices left in place a June ruling by the New York Court of Appeals that his trial on charges...

  • NEW YORK, Dec 9- The Beechwood group of reinsurance companies is in talks to sell most or all of itself after a backlash from some clients due to its relationship with troubled hedge fund manager Platinum Partners, according to a person familiar with the situation. The Bermuda-, Grand Cayman- and New York- based firm has been working to sever its links with Platinum...

  • PARIS, Dec 4- French voters elected Francois Hollande in 2012 on promises to fix the floundering economy. Once in office, Hollande hiked taxes on households by more than 50 billion euros- 2.5 percent of GDP- inadvertently snuffing out a nascent recovery in a move most economists now consider a mistake. Now with France having the highest tax burden in Europe at 47.9...

  • PARIS, Dec 4- French voters elected Francois Hollande in 2012 on promises to fix the floundering economy. Once in office, Hollande hiked taxes on households by more than 50 billion euros- 2.5 percent of GDP- inadvertently snuffing out a nascent recovery in a move most economists now consider a mistake. Now with France having the highest tax burden in Europe at 47.9...

  • LONDON, Nov 21- Citi has joined JPMorgan at the top of global regulators' list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability. The group of 20 economies agreed after the 2007-09 financial crisis that top banks, whose size and complexity mean a collapse could...

  • LONDON, Nov 21- Citi has joined JPMorgan at the top of global regulators' list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability. HSBC joins BNP Paribas and Deutsche Bank in the next category down, with a surcharge of 2 percent. Industrial and Commercial Bank of...

  • LONDON, Nov 21- Citi has joined JPMorgan at the top of global regulators' list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability. HSBC joins BNP Paribas and Deutsche Bank in the next category down, with a surcharge of 2 percent. Industrial and Commercial Bank of...

  • *Q3 net profit 304 mln euros vs Rtrs poll avg 252 mln. LONDON/ FRANKFURT, Nov 10- German reinsurer Hannover Re could make a net profit of 1 billion euros this year while the dividend payout is likely to be in line with last year, the firm's chief financial officer said after reporting better than expected third-quarter earnings. "Analysts' expectations are just above 1...

  • NEW YORK, Nov 9- A California movie producer who heads a private equity firm was arrested on Wednesday on charges that he and another man defrauded investors in hedge funds overseen by a New York- based investment adviser out of $26 million, prosecutors said. Bergstein, 54, and Wellner, 49, were arrested at their respective residences in California and New York, a...