ACE appoints terrorism underwriter
ACE Group has appointed Stuart Elliot as terrorism and political violence underwriter for its international markets. He will be responsible for growing ACE’s terrorism book and developing terrorism and political violence programmes.
Brazil faces growing terror threat in 2014
Brazil faces an increasing risk of terrorist attacks while the retail sector was the hardest part of the economy hit by such attacks last year, according to analysis by Aon Risk Solutions, which has released its annual Terrorism and Political Violence Map.
Willis connects US and global fac units
Willis Group Holdings has said it will combine its US facultative arm, Willis Facultative North America, with its global facultative operation, Faber Global.
Cincinnati Insurance completes $100 million cat bond
The Cincinnati Insurance Company, one of the biggest 25 insurance companies in the US, has completed a $100 million cat bond that transfers the company’s risks associated with earthquakes on a per-occurrence basis, as well as severe convective storm losses on an aggregate basis.
Kane unveils second deal on cat bond platform
Kane SAC (Kane SAC), a subsidiary of Kane, the largest global independent insurance manager, has completed a $50 million deal using its independent private catastrophe bond platform.
Hampden rebrands as Helios Underwriting
Hampden Underwriting, which provides direct investment into the Lloyd's Market, has changed its name to Helios Underwriting.
Aviva’s risk director joins ORIC board
Aviva’s group operational risk director Michael Sicsic has been appointed as chairman of the Operational Risk Consortium (ORIC), an industry group which collects risk data for the insurance industry. In his two-year role, he will be responsible for driving ORIC’s international growth.
ACE appoints marine insurance head
ACE Group has appointed Anthony O'Brien as head of marine insurance in Asia Pacific. He will be based in Hong Kong and will report to Paul McNamee, deputy regional president and regional head of property & casualty for Asia Pacific.
USI buys regional brokerages from Wells Fargo
Wells Fargo Insurance, part of Wells Fargo & Company, has agreed to sell 42 of its primarily smaller regional insurance brokerage and consulting locations to USI Insurance Services.
US regulators mull importance of Berkshire Hathaway
The Financial Stability Oversight Council (FSOC) in the US is in the process of considering whether Warren Buffett's Berkshire Hathaway poses risks to the financial system. If it decides it does, it could be subject to more intense regulatory scrutiny.