Insurance
Japan Casualty Insurers’ Shares Sink on Concerns Over Suspected Price Fixing
A price-fixing scandal at Japan’s biggest casualty insurers is escalating following a media report that the suspected collusion is likely to be wider than initially believed. Shares of Tokio Marine Holdings Inc., MS&AD Insurance Group Holdings Inc. and Sompo Holdings …
Read More 2 Investors Take Minority Stake in Mosaic Insurance, Providing Capital for Growth
Mosaic Insurance has secured strategic investment from two US growth-capital providers to drive the specialty insurer’s talent acquisition and product development. Alternative asset manager Atalaya Capital Management and financial services-focused private-equity firm Culpeper Capital Partners LLC are taking a minority …
Read More Re/insurance Broker Consilium Granted License in Cayman Islands
Consilium, the London-based re/insurance brokerage arm of Aventum Group, has been granted a license by the Cayman Islands Monetary Authority (CIMA). Consilium’s focus in the region will be in the financial and professional lines, construction and commercial property sectors, drawing …
Read More Point of No Return? Australians Fight for the Right to Work Permanently From Home
Before COVID-19 sent one-third of the global workforce home, the Melbourne property surveyor that employs drone operator Nicholas Coomber called its 180-strong staff into the office every day at 9 a.m. to hand out assignments. Now that they work from …
Read More GAO Urges Changes to NFIP as Study Highlights Potential $27B Shortfall
FEMA’s National Flood Insurance Program (NFIP) substantially improved ratemaking by implementing Risk Rating 2.0 in 2021 but the program faces a potentially significant premium shortfall, a study by the U.S. Government Accountability Office (GAO) found. Published ahead of reauthorization of …
Read More Aon: Public D&O Pricing Drops for Fifth Straight Quarter; 96% Retain Carriers
Despite movement in limit and deductible levels, public directors & officers (D&O) pricing continues to drop for the fifth consecutive quarter. The pricing index from Aon Commercial Risk Solutions’ Financial Services Group decreased to 1.15 in the second quarter from …
Read More Some Gains Made on 80K Acre Southern California Wildfire
Containment on an 80,000-plus-acre wildfire in Southern California grew to 23% on Tuesday, as firefighters made some progress against the state’s most massive ongoing blaze. It was listed as being at 0% containment a day earlier. The York Fire in …
Read More Allstate Records $2.7B Net Catastrophe Hit on Way to Q2 Loss of $1.4B
Allstate Corp. reported net catastrophe losses of $2.7 billion in the second quarter, resulting in a net loss for the period of $1.4 billion as catastrophe and underwriting losses offset other favorable factors. President and CEO Tom Wilson said the …
Read More AIG General Insurance Sees Strong Q2 Growth, Margin Improvement
American International Group saw second quarter growth in net premiums written in its general insurance segment to $7.5 billion, a 10% increase from the same time a year ago. The insurer’s second quarter net income attributable to common shareholders fell …
Read More McDonald`s Franchise in Louisiana and Texas Illegally Hired Minors, Labor Department Finds
NEW ORLEANS (AP) – A McDonald`s franchise that controls 12 restaurants in metro New Orleans violated child labor laws and has hired more than 80 minors in two states, the U.S. Department of Labor said. CLB Investments LLC in Metairie …
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