International & Reinsurance News

Death Toll From Italian Hydroelectric Plant Explosion Rises to 7

Divers in northern Italy have recovered the last two bodies of workers killed by an explosion that collapsed and flooded several levels of an underground hydroelectric plant, bringing to seven the number of confirmed dead, officials said Friday. The explosion …

BNP Paribas to Acquire Fosun’s Stake in Belgian Insurer Ageas

BNP Paribas, the euro zone’s biggest bank, has agreed to buy a 9% stake in Ageas from China’s Fosun Group for about 730 million euros ($780 million), making it the biggest shareholder in the Belgian insurer. The deal ends months …

Cargo Owners in Baltimore Disaster Face ‘General Average’ Loss Sharing, MSC Says

The owner of the ship that destroyed Baltimore’s Francis Scott Key Bridge has started a formal process in which companies that own goods on the stricken Dali will have to share some of the financial losses, according to the world’s …

R&Q to Sell Stake in Obra Joint Venture for $30M, Expects “Significant Pre-Tax Loss”

R&Q Insurance Holdings, (R&Q) the Bermuda-based non-life speciality insurer that focuses on program management and legacy insurance business, announced it has agreed to sell its stake in a joint venture with Obra Capital for $30 million. At the same time, …

Kenya and Nigeria Recall J&J Children’s Cough Syrup Over Suspected Toxicity

Kenya’s drug regulator is recalling a batch of Johnson & Johnson children’s cough syrup, it said on Thursday, a day after Nigeria recalled the same batch of medication under the Benylin Paediatric brand. Nigeria’s health regulator said laboratory tests on …

Ukraine Nuclear-Plant Attacks Prompt Emergency Watchdog Meet

The United Nations atomic watchdog held an emergency meeting in Vienna to discuss the increasing risk of an accident at a Russian-occupied atomic power plant in Ukraine. International Atomic Energy Agency diplomats convened on Thursday to discuss safety at Europe’s …

Drought, Heat Raise Risk of Repeat of Canada’s Record-Breaking Wildfires of 2023

Canada’s emergency preparedness minister warned Wednesday the country’s wildfire season could be more explosive than last year when it led to unprecedented smoke conditions across much of the country and into the United States. Persistent drought and months of above-average …

Europe Stands Firm Against US-Driven ESG Backlash

Steady investor demand in Europe for environmental and socially responsible investments and wide-ranging regulation are helping Europe’s finance industry withstand political pressures that have pushed some U.S. peers to backtrack on their green agendas. In the United States, conservative politicians …

Climate Verdict for Swiss Women a Warning for European States, Oil Industry

Governments and companies that are lax on climate action should be worried since this week’s European human rights court ruling against the Swiss government improves the odds that other such cases could win at the top court, legal experts said. …

Florida’s Slide Insurance Secures $210 Million Catastrophe Bond

Tampa-based Slide Insurance announced it has finalized pricing for its $210 million Purple Re Ltd. (Series 2024-1) catastrophe bond. The largest cat bond sponsored by Slide to date, Purple Re Ltd. provides 40% more in fully collateralized reinsurance than the …

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