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Thoits Insurance of San Jose, Calif., promoted Paul Saich to CEO. Saich replaces Don Way, who had been with Thoits for 44 years, and will remain as chairman of the board. Saich joined Thoits Insurance in 1996 and most recently …
Lloyd’s Opens First Office in Brazil
Lloyd’s opened its office in Brazil on Thursday, April 16, a year after receiving approval from the Superintendence of Private Insurance (SUSEP) to become the first admitted reinsurer in the country. Lloyd’s Brazil, located in Rio de Janeiro, “will allow …
Willis Finds Credit Crunch Fallout Raises Financial Premiums by 15%
A report from FINEX Global, Willis’ London-based Financial, Executive Risk and Professional Liability business, has found that financial institutions (FI) face “an average premium hike of 15 percent in early 2009, as insurance rates reflect a significant rise in claims …
Xchanging Expands Abroad after London Success
“We’ve experienced good growth over the last ten years, and we’re looking to expand further,” said Stewart McCulloch, head of UK and insurance operations for London-based service provider Xchanging. That’s something of an understatement. The company might best be described …
CCRIF Reports Positive Investment Returns
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) continues to produce positive investment returns, “based,” it said, “on its diverse investment portfolio and conservative approach to investment. “These returns have allowed the CCRIF to increase its claims-paying capacity and facilitate a …
U.S. Action Against Somali Pirates May Raise Marine Insurance Demand and Rates
The dramatic rescue of an American sailor from Somali pirates by the U.S. Navy this weekend will likely make marine insurance more expensive, not least because the killing of three pirates could lead to an escalation of violence against unarmed …
Global Special Risks London Team Joins Glencairn Energy
Glencairn, the Property, Casualty, Accident and Health broker within Willis Faber & Dumas division, announced that the London-based Upstream Energy team of Global Special Risks (GSR), headed by Andy Baker, has joined the newly established Glencairn Energy division under the …
Somali Pirates Hold American Hostage for Third Day
U.S. warships stalked a drifting lifeboat where Somali pirates were holding their first American hostage on Friday, apparently hoping to win a promise of safe passage in exchange for the captive. Four pirates have been holding ship’s captain Richard Phillips, …
For Young Somalis, Piracy Offers Power, Prosperity
For young Somalis, piracy offers a life of adventure and money: At sea, they are armed with automatic weapons, rockets and grenades. On land, they are a cross between a town official and a gangster rapper — with grand houses, …
Marsh Finds Growing Demand for D&O Coverage as Claims Rise
“Concerns about the global economy, shareholder action, litigation, and the increasing engagement by regulators are fuelling demand for Directors’ and Officers’ (D&O) insurance,” according to Marsh’s London office. “FTSE 100 companies are buying 20 percent more D&O insurance than they …
