International News

Rescuers Search for Missing After Ferry Sinks Near South Korea

Park Ji Yoon hadn’t wanted to go on her high school’s trip to the South Korean resort island of Jeju. She hated riding on ferries. When she called the grandmother who had raised her, more than 12 hours after the …

Aspen Insurance Rejects Endurance’s $3.2B Buyout Proposal

Aspen Insurance Holdings Ltd., a global specialty and reinsurance provider, said Monday that its board has rejected a proposal from fellow property/casualty and reinsurer Endurance Specialty Holdings Ltd. to buy it for about $3.2 billion. Aspen said its board rejected …

Willis Launches Coverage Wrap to Address Uninsured Cargo Losses

In recent years cargo losses worth more than one hundred million dollars have not been recovered under traditional cargo insurance policies due to critical exposures being excluded, warned Willis Group Holdings, the global risk adviser, insurance and reinsurance broker. Heightened …

15 Injured in China Train Derailment

A total of 15 people were hospitalized after a train derailed in northeast China early Sunday, officials said. The railway bureau in Heilongjiang province’s regional capital of Harbin said on its official microblog that the cause of the pre-dawn accident …

Chile Wildfire Consumes 500 Homes

A large forest fire raging in the Chilean port city of Valparaiso has killed at least four people and destroyed 500 homes, officials said Sunday. Thousands of people have been evacuated, including more than 200 female inmates at a prison. …

AIR Worldwide Appoints Dr. Guin Executive Vice President

Catastrophe modeling firm AIR Worldwide (AIR) named Dr. Jayanta Guin executive vice president. In his new role, Dr. Guin will continue to direct AIR’s innovative research program as well as assist with strategic management of AIR’s overall business strategy and …

Philippines to Add U.S. Flights After Aviation Safety Ruling

American aviation authorities cleared Philippine airlines to increase flights to the United States after safety standards improved and the European Union opened its skies to the Southeast Asian country’s main budget carrier. The U.S. embassy in Manila said Thursday that …

BTG to Start Insurance Business in Four Latin American Nations

Grupo BTG Pactual SA, the Brazilian lender controlled by billionaire Andre Esteves, plans to start an insurance business in Chile, Peru, Colombia and Mexico. The first step will be to enter Chile’s annuity market, said Alejandro Montero, chief executive officer …

Toyota Issues Global Recall of Close to 6.4M Cars

Toyota Motor Corp. is recalling 6.39 million vehicles globally for a variety of problems spanning nearly 30 models in Japan, the U.S., Europe and other places. No injuries or crashes have been reported related to the recalls announced Wednesday. But …

Lennox Investments to Acquire Southport Re Cayman

Lennox Investments LLC, an investment group focused on financial services businesses, announced plans to acquire Southport Re(Cayman) Ltd. (SPRC), a Cayman Island-domiciled property/casualty reinsurance company. Established in 2012, SPRC wrote approximately $32 million in gross premiums in 2013.  SPRC focuses …

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