INSURANCE NEWS
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 …
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 …
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 …
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 …
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, …
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 …
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 …
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 …
Cancer Plaintiffs Drill Down on J&J’s Support for $8.9B Talc Deal
The lead negotiators for Johnson & Johnson’s proposed $8.9 billion settlement of thousands of talc lawsuits faced intense questioning in U.S. bankruptcy court on Wednesday about how much support the company has for the deal. During a multi-day court hearing …
‘Climate Washing’ Lawsuits Jump as More Activists Challenge Corporate Claims: Report
“Climate washing” litigation has risen sharply in the last two years as environmental groups and governments grow frustrated with corporate claims about their contribution to tackling climate change, a report published on Thursday showed. The report, compiled by London’s Grantham …
Data for Insurance Discounts? Consumers Say No Thanks
Newswise — Insurance companies have encouraged consumers to reduce their premiums by using monitoring technology for 25 years now, but consumers have been slow to embrace the idea. First introduced in 1998, the technologies monitor various aspects of the customers’ …
Arbour National Becomes Majority Owner in Southern Trust Insurance
North Carolina-based Arbour National, a privately held insurance holding company, has become majority owner in Southern Trust Insurance and it sister wholesale company, Southern Specialty Underwriters, the firms announced. Terms of the deal were not disclosed in the news release, …