Insurance
Private Equity’s Insurance Bets Raise Risks, BIS Researchers Say
Private equity firms have changed the business models of life insurers they invest in, posing risks that are more likely to materialize with higher interest rates, according to researchers at the Bank for International Settlements. Buyout firms channel the insurance …
Read More Taiwan Regulator Rejects CTBC Takeover Attempt of Shin Kong
Taiwan’s financial regulator rejected on Monday a takeover attempt by financial conglomerate CTBC of rival Shin Kong saying its plans were incomplete. CTBC made an unexpected bid for Shin Kong last month, upending a proposal for Shin Kong to merge …
Read More Personal Lines Turnaround Fuels US P/C Industry Underwriting Gain
A turnaround in the personal lines insurance segment results was a key driver of an overall $3.8 billion profit from underwriting for the U.S. property/casualty insurance industry, according to a new report from AM Best. Best’s Special Report, titled, “First …
Read More Flooding in Central Europe Could Cause Billions in Economic Losses, Analysts Say
The latest flooding in central Europe could cause economic losses ranging from several hundred million euros to billions, early estimates published on Monday found, as the region braced for more damage. Credit rating agency Morningstar DBRS estimates losses will range …
Read More Big Oil Companies Defeat Consumer Lawsuit Over Production, Prices
Several oil companies including Exxon Mobil and Chevron defeated an appeal on Monday by consumers who accused them of colluding with former U.S. President Donald Trump, Russia and Saudi Arabia to cut oil production, boosting prices at the pump. In …
Read More DraftKings Sued by MLB Players Union for Using Names, Images
Sports-betting platform DraftKings Inc. has been using names and images of Major League Baseball players without permission and in violation of Pennsylvania law, their union alleged in a lawsuit. Boston-based DraftKings and another popular betting site – Bet365 – are …
Read More J&J Gets $260 Million Talc Verdict Overturned, New Trial Ordered
An Oregon judge has overturned a $260 million verdict against Johnson & Johnson in a lawsuit brought by a woman who said she got mesothelioma, a deadly cancer linked to asbestos exposure, from inhaling the company’s talc powder, the company …
Read More California Commissioner Issuing Moratorium on Cancellations for Those Affected by Wildfires
California Insurance Commissioner Ricardo Lara has identified areas in the vicinity of the several ongoing large wildfires in the state that will be protected by a one-year moratorium on homeowners insurance non-renewal or cancellation due to wildfire risk. Lara’s action …
Read More Hurricane Francine Insured Losses to Be Manageable With New Orleans Miss
Losses from Hurricane Francine are expected to be manageable for property/casualty insurers, with major population centers sparred from the worst of the storm’s damage. Privately insured loss from Hurricane Francine are estimated to be close to $1.5 billion, catastrophe modeler …
Read More McGowan Owner Jackson Takes Reins as Big ‘I’ Chairman
Todd Jackson, owner and partner of McGowan Insurance Group, has been named chairman of the Independent Insurance Agents & Brokers of America (the Big “I”). Jackson was installed as the 2024-2025 chairman of the industry group at its fall conference …
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