The difference in insurance penetration between the developed and developing world was fully illustrated in August, as the first hurricane striking the U.S. Gulf Coast since 2008 is expected to cost insurers more than two major typhoons that struck China, according to a report from Aon Benfield.

Swiss Re has closed the sale of the Admin Re U.S. business to Jackson National Life Insurance Co.

Reinsurance broker Guy Carpenter & Co. says it has received approval from the China Insurance Regulatory Commission to open a new branch office in Shanghai, China.

Norman-Spencer acquired Keenan Marine, new programs from Chubb, Vertafore and BB&T, The Institutes announced recipients of the 2012 Andrew S. Frazier scholarships, FEI to underwrite environmental coverage with Berkley Custom