INSURANCE NEWS
Lithium Ion Battery Caused Fatal Fire in Harlem Apartment Building, Say Officials
A lithium ion battery sparked a fire that killed one person and injured 17 others at a New York City apartment building, fire officials said Saturday. Friday’s two-alarm fire began just after 2 p.m. on the third floor of a …
People Moves: Florida Peninsula Hires Compliance Officer from Citizens
Florida Peninsula Insurance Co., one of Florida’s larger residential insurers, has named attorney Nancy Staff to be director of corporate compliance. The position is a new one for Florida Peninsula, where Staff will be responsible for developing and managing the …
Jury Finds Former NRA Chief LaPierre Misspent Gun Group’s Funds, Owes $4.4M
The longtime head of the National Rifle Association, Wayne LaPierre, misspent millions of dollars of the organization’s money, using the funds to pay for an extravagant lifestyle that included exotic getaways and trips on private planes and superyachts, a New …
Bank of England Builds ‘Proactive Case’ to Regulate Non-Bank Sector
Regulators need broader oversight of financial firms to prevent a crisis in the vast non-bank sector wreaking havoc on the economy, Britain’s central bank said on Monday. The Bank of England was forced to step in and buy UK government …
Germany Passes Law Legalizing Personal Use of Cannabis
German lawmakers approved a controversial bill legalizing personal use of cannabis, paving the way for controlled consumption of the drug from April 1. The legislation introduced by Chancellor Olaf Scholz’s government — a first step toward a planned broader legalization …
People Moves: QBE Promotes Shallow to Executive Director for International Markets; DUAL UK Taps Allianz’s Dixon as CUO, AXA’s Corner as Chief Distribution Officer
This edition of International People Moves details appointments at QBE’s International Markets division and Howden’s DUAL. A summary of these new hires follows here. QBE Names Shallow to Executive Director for International Markets QBE announced the appointment of Kevin Shallow …
Trinidad and Tobago’s Government Confirms Fuel Oil Is Leaking off Tobago’s Coast
Trinidad and Tobago’s government on Friday confirmed the refined product leaking from a barge that struck a reef and overturned off the coast of Tobago was tested and determined to be a type of fuel oil. The leak, which remains …
Risk Models Behind Insurance-Linked Securities Are Getting a Lot Harder to Crack
As the best hedge fund strategy of 2023 becomes a magnet for mainstream investors, the risk models it relies on are getting a lot tougher to crack. The strategy in question is tied to insurance-linked securities, which are dominated by …
Houthi Attack on Ship Led to ‘Environmental Disaster,’ US Says
The missile attack by Houthi militants on a ship carrying a cargo of fertilizer has led to an “environmental disaster” in the Red Sea, US Central Command said Friday evening. Hours later, Central Command reported that American forces had destroyed …
GM’s Cruise Prepares to Resume Robotaxi Testing After Halt
General Motors Co.’s Cruise autonomous driving unit is nearing the resumption of robotaxi testing in the coming weeks, with Houston and Dallas emerging as potential locations, following the grounding of its fleet last year, according to people with knowledge of …
Warren Buffett Says Berkshire ‘Built to Last’ Though Eye-Popping Gains Are Over
Warren Buffett on Saturday moved to reassure investors that his conglomerate Berkshire Hathaway would serve them well over the long term, even as he mourned the recent passing of his longtime second-in-command Charlie Munger. In his widely-read annual letter to …
GEICO’s ‘Eye-Popping’ 2023 Insurance Profits, Falling Employee Counts
Even though Berkshire Hathaway’s latest annual report featured Warren Buffett’s forecast that the days of “eye-popping performance” for the giant conglomerate have past, readers focused on property/casualty insurance saw numbers that jumped off the pages. Among them were: A 2023 …