Insurance
Close Call at South Carolina Bridge as Out-of-Control Freighter Loses Power
A large cargo ship lost control of its engines and went nearly full throttle through a South Carolina harbor Wednesday, prompting the closure of one of the busiest bridges in the state. Harbor pilots were able to help the nearly …
Read More Brown & Brown Acquires Minnesota’s McNamara Company
Brown & Brown, Inc. announced it has acquired the assets of McNamara Company. McNamara Company is a family-owned agency that has been servicing customers in all 50 states for four generations. Established in 1970 in Minnesota, McNamara Company provides a …
Read More Growing Reliance on Big Tech for AI Carries New Risks, Banks Say
The boom in artificial intelligence will increase banks’ dependence on big U.S. tech firms, creating new risks for the industry, European banking executives said. Excitement around using artificial intelligence (AI) in financial services – widely used already for detecting fraud …
Read More Markets/Coverages: MGA Nirvana Renews Media, Tech & Cyber Binder With Increased Media Liability Line
Nirvana, the London-based managing general agent and Lloyd’s coverholder, announced the renewal of its Media/Technology Errors & Omissions and Cyber (MTC) binding authority with an increased £/$/€10 million media liability line. Effective on June 1, the renewal also provided expanded …
Read More People Moves: Ascot Underwriting Names Thompson as CEO, Keith Named Head of Ascot Bermuda; Geneva Assn. Appoints AIA’s Top Executive as Chair
This edition of International People Moves details appointments at Ascot Underwriting Ltd. and Ascot Bermuda, along with The Geneva Association. A summary of these new hires follows here. Ascot Group Ltd., the Bermuda-based global specialty insurance company, announced the appointments …
Read More Amazon Accused of Misusing Small Sellers’ Data in $1.3 Billion UK Lawsuit
Amazon is facing a one billion-pound ($1.3 billion) collective lawsuit from British retailers who allege that the online marketplace misused their data to boost its own market share and profits. The British Independent Retailers Association (BIRA), an umbrella body grouping …
Read More Russian Hackers Claim Cyberattack on Spanish Defense Company
Santa Barbara Systems, a General Dynamics subsidiary in Spain that is refurbishing Leopard tanks for delivery to Ukraine, suffered a cyberattack on its website, a pro-Russia hacker group said. A spokesperson for General Dynamics confirmed that the defense contractor’s Spanish …
Read More 5th Circuit: Louisiana Law Voids Arbitration Clause in Surplus Lines Policies
A panel of the 5th Circuit Court of Appeals ruled this week that a Louisiana statute voids the formation of an arbitration clause in a surplus lines insurance contract. In its opinion, the appellate court reasoned that the general principles …
Read More Insurers to Build Private Credit Exposure in Coming Years: Moody’s
Global insurers plan to invest further in the coming years in the growing but opaque private credit market, according to a new report by Moody’s Ratings. In a survey this week of the world’s largest insurers, Moody’s found that nearly …
Read More UK Court Decides Aircraft Disputes to Be Heard in Ukraine, not London
A legal battle between insurers and aircraft leasing companies over jets stuck in Ukraine should be heard in Ukraine rather than London, the High Court in London ruled on Thursday. Aircraft lessors, including Ireland’s AerCap, are pursuing insurers after Russia’s …
Read More