INSURANCE NEWS
People Moves: Everest Re Promotes Wallace as Head of UK Branch and CUO; Swiss Re Corporate Solutions Names Rüsch as Head of DACH Region
This edition of International People Moves details appointments at Everest Reinsurance and Swiss Re Corporate Solutions A summary of these new hires follows here. Everest Re Promotes Wallace to Head of UK Branch and CUO Everest Reinsurance, the reinsurance division …
J&J to Pay $700 Million to Settle States’ Talc-Marketing Probe
Johnson & Johnson has tentatively agreed to pay about $700 million to resolve an investigation by more than 40 US states of claims that it wrongfully marketed its talc-based baby powder by not warning about possible health risks, according to …
Rokstone to Grow N.A. Marine Portfolio With $25M Allianz-Backed Partnership
Specialty MGA Rokstone of the Aventum Group announced a significant enhancement to its North American marine operations. Allianz Commercial has committed a $25 million facility to Rokstone. This latest deal will provide Rokstone’s North American wholesale Marine Specialty business, led …
China Broker TIAN RUIXIANG Agrees to Buy Hong Kong’s Peak Consulting Services
TIAN RUIXIANG Holdings Ltd., the Beijing, China-based insurance broker, announced its subsidiary TRX HongKong Investment Ltd., has entered into a memorandum of understanding (MoU) to acquire Hong Kong insurance broker Peak Consulting Services Ltd. Financial terms of the proposed deal …
Customer Sues Dunkin Donuts Over ‘Exploding’ Toilet in Florida
ORLANDO, Fla. (AP) — A customer has filed a negligence lawsuit against Dunkin`, claiming he was injured by an exploding toilet at one of the coffee chain`s locations in central Florida. Paul Kerouac is seeking more than $100,000 in a …
Majesco Acquires Decision Research Corp. Insurance Software Business
Majesco, a cloud insurance software provider for the insurance business, announced it has acquired the Decision Research Corporation (DRC) business. DRC, based in Philadelphia-based, is an SaaS-based insurance software company. It offers enterprise rating for large insurers, a reinsurance product, …
Cohen Vows to Appeal Denial of Retaliatory Imprisonment Liability Claim Against Trump
Michael Cohen can’t hold his former boss, ex-president Donald Trump, liable because he was jailed for what he claimed was retaliation for writing a tell-all memoir, an appeals court said Tuesday. The 2nd U.S. Circuit Court of Appeals in Manhattan …
Markets/Coverages: Lloyd’s Announces 1st 144A Cat Bond on Its London Bridge Platform
Lloyd’s, the re/insurance marketplace, announced that the first 144A catastrophe bond has been issued on its risk transformation platform London Bridge 2 PCC Ltd. Beazley is the sponsor of the US$100 million transaction, on behalf of its Lloyd’s syndicates (623, …
Russia Oil Tankers Are Doing Strange Things Since Ramp Up of US Sanctions
There are growing signs that Russia’s oil flows might be facing disruption in the aftermath of a ramp up in US sanctions targeting traders and shipping companies moving the nation’s petroleum. Over the past month or so, a total of …
Gallagher Acquires German Specialty Broker Köberich Financial Lines
Gallagher announced it has acquired Köberich Financial Lines. Terms of the transaction were not disclosed. Köberich specializes in D&O insurance, plus other financial lines products including cyber, warranties & indemnities, professional indemnity and crime insurance. Köberich has a team of …
Hong Kong Employees Demand 6% Raise to Work in Office Full Time
Hong Kong workers say they would need a 6% raise to give up hybrid work arrangements, a dilemma that’s expected to prompt more companies to reduce space and dampen office rents, according to a survey. More than half of respondents …
FEMA Adds Nearly $620M to Reinsurance Program
FEMA announced that the agency is transferring $619.5 million more of the National Flood Insurance Program’s financial risk to the private reinsurance market as part of its 2024 reinsurance placement. The 2024 reinsurance placement covers portions of NFIP losses above …