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Insurance Reinsurance

  • LONDON, Jan 31- A major $200 billion loss from a combination of a cyber attack, U.S. hurricane and the failure of a reinsurer could strip insurers of up to 120 percent of their net capital base, tests of insurers in London showed. Nine insurers and reinsurers staged two weeks of catastrophe simulations in London last November, dealing with a cyber attack on power...

  • LONDON, Jan 31- A major $200 billion loss from a combination of a cyber attack, U.S. hurricane and the failure of a reinsurer could strip insurers of up to 120 percent of their net capital base, tests of insurers in London showed. Nine insurers and reinsurers staged two weeks of catastrophe simulations in London last November, dealing with a cyber attack on power...

  • NEW YORK, Jan 25- New York prosecutors have dropped charges that Lapo Elkann, grandson of late Fiat patriarch Gianni Agnelli, falsely reported he was kidnapped in November in an effort to get ransom money. The office of Manhattan District Attorney Cyrus Vance said on Wednesday it had declined to prosecute the case but gave no other details. Elkann, along with his...

  • NEW YORK, Jan 25- New York prosecutors have dropped charges that Lapo Elkann, grandson of late Fiat patriarch Gianni Agnelli, falsely reported he was kidnapped in November in an effort to get ransom money. The office of Manhattan District Attorney Cyrus Vance said on Wednesday it had declined to prosecute the case but gave no other details. Elkann, who along with...

  • The weak auto results will weigh on investor sentiment for more than just a day, Deutsche Bank Market Research analyst Joshua Shanker said in a note. The insurer said its net income rose 8.9 percent to $943 million, or $3.28 per share, in the fourth quarter ended Dec. 31. On an operating basis, the company earned $3.20 per share, beating analysts' average estimate of...

  • NEW YORK, Jan 20- American International Group Inc has agreed to pay roughly $10.2 billion to Warren Buffett's Berkshire Hathaway Inc to take on many long-term risks on U.S. commercial insurance policies it has already written. Berkshire's National Indemnity Co unit, led by Buffett's reinsurance chief Ajit Jain, will take on 80 percent of net losses in excess of...

  • NEW YORK, Jan 20- American International Group Inc has agreed to pay roughly $10.2 billion to Warren Buffett's Berkshire Hathaway Inc to take on many long-term risks on U.S. commercial insurance policies it has already written. Berkshire's National Indemnity Co unit will take on 80 percent of net losses in excess of the first $25 billion, with a maximum...

  • Jan 20- American International Group Inc said it would pay $9.8 billion to National Indemnity Co, a unit of Berkshire Hathaway Inc, to cover most of AIG's U.S. AIG will have to make the payment by June 30. AIG, which is expected to report its quarterly results after market close on Feb. 14, said it expected to take a related charge in the fourth quarter.

  • NEW YORK, Jan 19- A former Los Angeles investment banker once dubbed "Porn's New King" pleaded guilty on Thursday for the second time in a year to engaging in securities fraud, admitting to participating in a scheme that cheated investors and a Native American tribe. Jason Galanis, 46, entered his plea in Manhattan federal court to charges that included securities...

  • *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...