Insurance
Westfield Enters International Specialty Market, Purchases Lloyd’s Syndicate From Argo for $125M
Westfield said it has expanded into the international specialty insurance market by buying Lloyd’s Syndicate 1200 from Argo Group International Holdings for about $125 million. The acquisition is expected to close during the first half of 2023 pending regulatory approval. …
Read More New York Trial Begins in Bond Insurer Case Over Mortgage-Backed Securities
The trial in Ambac Financial Group Inc.’s $2.7 billion case against Bank of America is expected to begin in New York state court on Wednesday, 12 years after the bond insurer sued over troubled mortgage-backed securities issued before the 2008 …
Read More Starbucks to Rehire 7 Workers Fired During Tennessee Unionization Effort
Coffee store giant, Starbucks Corp., will reinstate seven employees who were fired in February after leading an effort to unionize a Memphis store. The seven workers will get their jobs back after the Seattle-based coffee giant lost an appeal of …
Read More People Moves: Burns & Wilcox Adds Jurkovich; Homes Murphy Adds Pickett in Employee Benefits
Burns & Wilcox added California-based Joe Jurkovich and promoted Tom Carvalho and Evan Hudson. Jurkovich joins as associate managing director, where he oversees the Fresno office’s day-to-day operations and growth strategy. He has nine years of industry experience, and most …
Read More Lloyd’s of London to Pay Some Staff £2,500 Cost-of-Living Bonus
Lloyd’s of London will pay staff earning less than £75,000 ($86,306) an extra £2,500 to help cover rising living costs as UK inflation hits multi-decade highs. John Neal, chief executive officer at the insurance exchange, said he wrote to staff …
Read More Web-Connected Devices May Have to Meet New EU Cybersecurity Rules
Providers of internet-connected technology – from Apple iPhone software to baby monitors – will have to meet new cybersecurity requirements in the European Union or face fines and possibly have the product taken off the market, according to a draft …
Read More UK Government to Pursue ‘Big Bang 2’ Reforms for City of London: New Chancellor
Kwasi Kwarteng, the UK’s new chancellor of the exchequer, said the government will pursue sweeping financial reforms to unleash growth and competitiveness at a meeting Wednesday with industry leaders. The aim is to unleash a “Big Bang 2,” Kwarteng said, …
Read More AXIS Capital Launches Wholesale Division
AXIS Capital Holdings Ltd. announced that it has launched AXIS Wholesale, a new division dedicated specifically to servicing the wholesale market. The division is being led by Carlton Maner who has been appointed as CEO, AXIS Wholesale, reporting directly to …
Read More People Moves: 2 Middle Market Industry Leaders at Zurich; Tadmoury Head of Global Middle Market at AFM; New EVP, Cyber Team Expands at Gallagher Re
Zurich North America names new U.S. Middle Market industry practice leaders Zurich North America has named two new industry practice leaders to its U.S. Middle Market team. Erin Terpack was appointed head of technology and manufacturing. Terpack joins Zurich from …
Read More Viewpoint: Designing Insurance Pricing Variables…What’s Your Company’s Strategy?
Many of today’s insurance professionals lack the time, resources, data, and technology to create analytical tools within their organization that allow them to more effectively price property risks and compete against larger carriers. Designing new pricing variables, especially pricing variables …
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