Insurance
People Moves: Marsh Names Butler as UK Cyber Leader; Chubb Appoints O’Donnell COO, Global Reins.; Everest Insurance Taps Marsh McLennan’s Leney to Lead APAC
This edition of International People Moves details appointments at Marsh, Chubb and Everest Insurance. A summary of these new hires follows here. Marsh Names Butler as UK Cyber Leader Marsh, the insurance brokerage business of Marsh McLennan, announced the appointment …
Read More ChatGPT Creator OpenAI Sued for Theft of Private Data in ‘AI Arms Race’
ChatGPT creator OpenAI Inc. is stealing “vast amounts” of personal information to train its artificial intelligence models in a heedless hunt for profits, a group of anonymous individuals claimed in a lawsuit seeking class action status. OpenAI has violated privacy …
Read More Britain and EU Sign Post-Brexit Cooperation Pact in Financial Services
Britain and the European Union signed a long-delayed post-Brexit cooperation pact in financial services on Tuesday, but the rapprochement is unlikely to restore EU access for the City of London anytime soon. The memorandum of understanding on regulatory cooperation was …
Read More College Claim: Years of Research Ruined Because Cleaner Turned Off Lab Freezer
More than 20 years of cell cultures and other specimens stored at the Rensselaer Polytechnic Institute were destroyed when a cleaner switched off power to a lab freezer, according to a lawsuit filed by the school. RPI is seeking $1 …
Read More HK-Based Virtual Insurer OneDegree Raises $27M in Fresh Funding Round
OneDegree Hong Kong Ltd., a virtual insurance firm, raised $27 million in a fresh funding round to fuel an Asia expansion and investments in artificial intelligence. The company attracted fresh cash from global financial institutions as well as additional capital …
Read More European Energy Developers Play Down Siemens Gamesa’s Wind Turbine Troubles
Major wind power developers including Iberdrola, RWE, EDP Renovaveis and Orsted played down the impact of potential problems with Siemens Gamesa onshore wind turbines. Siemens Gamesa parent Siemens Energy last week said problems with its more recent onshore platforms could …
Read More Why the Investor-Driven Hard Reinsurance Market Will Persist in 2024
Reinsurers will continue to command adequate rates for property-catastrophe in 2024, even if the market comes through hurricane season unscathed, reinsurance company executives said last week. Kevin O’Donnell, president and chief executive officer of RenaissanceRe Holdings Ltd., and Brian Young, …
Read More Italy’s Insurance Protection Gap Exposes State Finances to Natural Disasters
Lamberto Mongardi, a farm owner in the northern Italian town of Lugo, was hit twice when torrential rain lashed the area last month: not only was much of his property washed away, but he also discovered his insurance cover excluded …
Read More Bank of England Proposes Further Reforms to Insurers’ Capital Rules to Cut Red Tape
The Bank of England on Thursday proposed further reforms to capital rules for insurers in a step it said would cut red tape without lowering solvency standards. The Solvency II rules were inherited from the European Union and their reform …
Read More People Moves: Tinubu Appoints Mignot CRO of Americas; Ledford Hired by McGriff
Tinubu appoints Mignot as EVP, CRO Americas Tinubu promoted Stephan Mignot from senior vice president of Americas to executive vice president and chief revenue officer of Americas. Mignot launched the Tinubu operations in North America in 2015. In 2020, he …
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