INSURANCE NEWS
Possible Tornadoes Cause Damage in Parts of Florida
CLEARWATER, Fla. (AP) — A storm system that moved across parts of Florida early Thursday left a path of damage to cars, houses and businesses, authorities said. The storms moved north into Citrus County, where officials canceled public school classes …
Woman Charged After Three Stabbed at Atlanta Airport
ATLANTA (AP) — A woman was in custody after she allegedly stabbed three people at Hartsfield-Jackson Atlanta International Airport, police said. Officers assigned to the airport encountered a woman armed with a knife outside of a security checkpoint walking toward …
Higginbotham Teams up with Employee Benefits Firm in Atlanta
Higginbotham, one of the largest independent insurance brokerages and human resources firms, has acquired an interest in Total Employee Benefits, based in Atlanta. “We’re proud of our property and casualty practice in Atlanta,” Higginbotham CEO Rusty Reid said in a …
Buffett Watchers Tout Japan Insurers, Banks as Next Potential Value Targets
Warren Buffett’s buying of Japanese trading firms helped propel the nation’s stocks to multi-decade highs. Six months on, insurers and banks are emerging as the next potential value targets. Insurers have low price-to-book ratios, strong fundamentals and relatively high returns, …
Tech Update: Xceedance Offers Cat Modeling Services to Reinsurers During Renewals
Xceedance, a global provider of strategic operations support, technology, and data services to insurance organizations, announced the launch of burst capacity catastrophe modeling resources to support reinsurers during peak renewal times. In the lead up to a renewal, reinsurers see …
KPMG Hit With Record Fine in UK for ‘Textbook Failure’ in Carillion Audits
Britain’s accounting regulator on Thursday fined KPMG a record 21 million pounds ($26 million) for a “textbook failure” in audits of Carillion, the builder that imploded in 2018 and prompted a root and branch review of auditing standards. The collapse …
Banks in EU Get World’s First ESG-Related Rewrite of Capital Rules
In a global first, Europe’s main bank regulator is revising the framework that sets capital requirements so that lenders reflect environmental and social risks in mandatory, industrywide buffers. The European Banking Authority has identified “some short-term fixes” to minimum requirements …
Baltic States Beef Up Infrastructure Defense After Suspected Pipeline Sabotage
Power grid operators around the Baltic Sea are beefing up protection of subsea cables and other critical infrastructure after the suspected sabotage on a gas link between Finland and Estonia last weekend. Government officials in Lithuania ordered more naval patrols …
MGM Hackers Waited for Days Before Issuing Their Ransom Demands
MGM Resorts International Chief Executive Officer Bill Hornbuckle chose not pay a ransom to hackers who broke into his casino chain’s computer system because they didn’t ask for money until well after the company discovered the attack. The intruders moved …
Generali to Sell TUA Assicurazioni to Allianz in $295M Deal
Generali said on Thursday that it has reached an agreement with German insurance heavyweight Allianz for the sale of TUA Assicurazioni for 280 million euros ($295 million) in cash. Mediobanca, Banca di Credito Finanziario and Rothschild & Co acted as …
Summit: How Cannabis Brokers Can Get SMB Clients Better Insurance
Big multistate operators often get the bend-over-backward treatment from all service providers, but what are insurance brokers looking to get the same treatment for their small-to-midsize client to do? It turns out, there’s a lot that can be done to …
Israel to Provide $6 Billion War Insurance Cover for Israeli Airlines
Israel’s parliamentary finance committee approved a plan to provide a state guarantee of $6 billion to cover insurance against war risks to Israeli airlines, the Finance Ministry said on Thursday. The guarantee framework will grant Israeli airlines insurance policies against …