Insurance

Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York. The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 …

Pharmacy chain London Drugs Ltd. shut dozens of stores in western Canada on Sunday following a cyber incident. The chain discovered it was the victim of a cybersecurity incident on Sunday, a representative said by email, and shut all 79 …

Africa Specialty Risks (ASR), the pan-African focused re/insurance group, has launched ASR Syndicate 2454 focused on underwriting business across Africa. It is the first African-focused syndicate writing business at Lloyd’s and is managed by Apollo. ASR Syndicate officially began underwriting …

Zurich-based Lloyd’s coverholder Amboss Underwriting has assumed the portfolio of the Zurich branch of Oilfield Insurances Agencies. Effective April 17, 2024, the announcement marks the commencement of Amboss’ operations in Zurich and Amsterdam. Amboss has received approval from Lloyd’s of …

A shadow-fleet oil tanker that crashed in Denmark’s vital straits produced a set of insurance documents that weren’t valid, a stark example of how there’s little clarity about who would pay the bill if such a ship had a major …

Marsh, the insurance brokerage business of Marsh McLennan, announced an additional $25 million layer of capacity to its existing $100 million Cyber ECHO facility. Available to Marsh clients globally, Cyber ECHO now offers up to $125 million of excess cyber …

New Zealanders who own properties in areas prone to flooding or earthquakes may find they can’t afford insurance or may not be offered cover for specific risks, according to the Reserve Bank. Rising premiums or the inability to insure are …

Additional tests of milk showed that pasteurization killed the bird flu virus, federal health officials said on Friday, as Colorado became the ninth U.S. state to report an infected dairy herd. Federal lawmakers urged the Biden administration to further contain …

Sixty-five percent of North American business leaders fear this election year will impact their ability to trade internationally, with 32% of U.S. leaders saying political risk is their number one threat. In January, Beazley surveyed over 3,500 business leaders in …

The Florida Supreme Court has given auto insurers more flexibility in reducing payments for medical services under the state’s no-fault auto insurance law and may have finally put to rest years of questions about the much-debated statute. In answering a …