DIJON, France— A French court has rejected an appeal by Gaz de France of its criminal conviction for negligence in a fatal 1999 gas pipeline explosion in the eastern city of Dijon. The appeal court decision in late December upheld the original Dijon chamber's March 2006 judgment which imposed...
Business Insurance: Breaking News
HANOI, Vietnam—Petrovietnam's insurance arm PV Insurance raised more than $116.7 million in a state share sale at an initial public offering last week, the Hanoi stock exchange said on Tuesday. PV Insurance sold all of more than 11 million state shares, or 23% stake, at an average price of...
BEIJING (Reuters)—China has ordered its deadliest industries, from oil drilling to mining and road transport to construction, to pay fees to improve safety, the government said Friday. Mining accidents killed more than 8,000 people last year and road accidents killed nearly 100,000, according to...
HAMILTON, Bermuda—Keith L. Shroyer, former president and chief underwriting officer of XL Re Latin America, died Dec. 24 after a two-year battle with brain cancer, XL Capital Ltd. announced. He was 57. Mr. Shroyer, an American who spoke Portuguese and Spanish fluently, spent his entire 30-year...
FRANKFURT, Germany (Reuters)—Munich Reinsurance Co. sees the number of severe weather-related natural catastrophes increasing in coming years because of global warming, among other reasons, the German reinsurer said on Thursday. Torsten Jeworrek, a member of Munich Re's management board, said the...
NEW YORK (Reuters)—A federal judge has sent a lawsuit demanding that insurers pay flood damages to thousands of Hurricane Katrina victims back to Mississippi state court, increasing the chances of a ruling against the companies. "It's a nice Christmas present," Mississippi Attorney General Jim Hood...
BEIJING (Reuters)—China's top banking regulator has warned against allowing the country's commercial banks to set up insurance companies, saying successful combinations of the two businesses are rare, a Chinese paper reported on Saturday. The state-controlled China Construction Bank and Bank of...
CHICAGO (Reuters)—A federal judge has denied the request of a group of shareholders to force pharmacy benefits manager Caremark Rx Inc. to consider an offer from Express Scripts Inc. The plaintiffs, the Iron Workers for Western Pennsylvania Pension Plan, sued Caremark in November after it accepted...
FRANKFURT, Germany (Reuters)—German reinsurer Munich Reinsurance Co. said Thursday it had transferred California earthquake risks on its books to the financial markets by issuing a $190 million catastrophe bond. The world's second-biggest reinsurer said it had transferred risks assumed from the...
