Faced with $18.5bn in debt, with decades of decay, industrial decline and mismanagement, the US City of Detroit finally formally filed for bankruptcy this week...
Zurich and Lancashire have the largest lines on the Aon-placed $182mn property programme for the Perro Negro 6 jackup rig that sank off the coast of Angola at the beginning of July, Inside FAC has learned.
The ongoing uncertainty over business interruption (BI) losses from the April flood and fire at the YPF La Plata refinery in Argentina has at last been put to rest, with the market being advised of an $800mn total loss for both BI and property damage (PD), Inside FAC has learned.
The news that sportswear manufacturer Adidas has suspended its sponsorship of sprinter Tyson Gay following a failed drugs test is unlikely to result in a claim under any death & disgrace (D&D) policy in the short term, Inside FAC understands.
Allianz Global Corporate & Specialty (AGCS) and Marsh have launched a new service available to joint clients in the event of a major claim.
The management company for singer Sir Elton John is to file a multi-million dollar claim with London market insurers participating on a contingency policy affected by his recent illness and concert cancellations.
The majority of insured losses from the catastrophic derailment and fire that hit the Canadian town of Lac-Mégantic earlier this month are likely to be borne by local carriers, according to industry sources.
PartnerRe has estimated that its natural catastrophe losses in the second quarter of 2013 could reach $120mn.
The number of new US lawsuits that could trigger directors' and officers' (D&O) insurance claims fell "dramatically" in the second quarter of 2013 as financial crisis-related litigation continued to tail off, according to the latest quarterly D&O report from Advisen.
Allianz Global Corporate & Specialty (AGCS) has appointed Nigel Pearson as global head of its newly created fidelity unit, part of the AGCS financial lines division.
Infrastructure insurance specialist Infrassure has initiated a reorganisation of its management structure, expected to conclude by the end of September, which includes the creation of two new management functions.