Page 21 - Insurance Times September 2015 SAMPLE
P. 21
International
Zurich - Swiss Re reports Hub International Announces 2 Appointments in
half-year net income of
USD 2.3 billion Northeast
u Group half-year net income in- Hub International Limited announced Wilmington, Massachusetts' office.
creased 11% to USD 2.3 billion; that its subsidiary Hub in New England
supported by solid underwriting hired Christopher Taylor as its Senior Most recently, Taylor was Vice Presi-
and strong investment results. Vice President and Market- dent with Aon Risk Services
ing Executive for Specialty based in the Greater Bos-
u Property & Casualty Reinsurance Lines. ton area for over 12 years,
net income of USD 1.3 billion and where he was responsible
ROE of 20.0%; combined ratio of Taylor brings with himself, for placement of manage-
88.7% reflects disciplined under- Directors' and Officers' li- ment liability coverage
writing and benign natural catas- ability (D&O) expertise to lines across various indus-
trophe losses. the territory where he will focus on
specialty lines growth initiatives; in- tries. Taylor has over 22 years of expe-
u Life & Health Reinsurance net in- cluding the placement of management rience in the insurance industry.
come of USD 495 million and and executive liability products for
ROE of 16.6%-on track to meet HUB, New England's commercial lines Hub International Limited also an-
full-year ROE target. clients. He will be based in the nounced that its subsidiary Hub in
Northeast hired Lou Shapiro as Vice
u Corporate Solutions net income President of Business Development.
of USD 239 million and ROE of
20.8%. New York marine insurance company fined for North
u Admin Re® increased net income Korea dealings
of USD 249 million, USD 139 mil-
lion gross cash generation and OFAC said Navigators had committed a total of 48 violations where the firm
ROE of 8.3%. was found violating North Korea's sanctions including Ex-
ecutive Order No. 13466 and various other sanctions
u Group ROE of 13.5% and earn- against Iran, Cuba and Sudan. The firm has agreed to pay
ings per share of USD 6.60 or CHF a reduced fine of $271,000 - down from an initial pen-
6.27 for H1 2015-on track to alty of $750,000. Of the $750,000 amount; $570,000 was
meet financial targets.
a fine for North Korea sanctions violations. OFAC said that the penalty was re-
u July renewals show volume duced after Navigators voluntarily disclosed information of its violations and co-
growth at attractive price qual- operated with the investigators.
ity driven by tailored and large
transactions. Navigators earned $1.1 million in insurance premiums between 2008 and 2011
from 24 individual policies for North Korea vessels. Between 2009 and 2010, the
firm delivered $12,000 in payouts. Despite sanctions, North Korean ships remain
active at sea. In 2014, a 6,700-ton North Korean ship was stranded on a reef nine
miles away from Veracruz, Mexico. Mexico had detained the ship's personnel but
released the North Koreans last month after negotiations with Pyongyang.
The Insurance Times, September 2015 17
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