INSURANCE NEWS
Property Insurers’ Ratings Under Pressure as Risk Rises, Morningstar Says
The credit ratings of global property insurers are coming under pressure as rising reinsurance costs force them to cut back on cover and retain more risks themselves, DBRS Morningstar analysts said in a research note on Wednesday. Reinsurers, which insure …
Landslide Tears Apart Luxury Homes on Southern California Peninsula
A landslide tore apart luxury homes on Southern California`s Palos Verdes Peninsula this week, leaving a confused jumble of collapsed roofs, shattered walls, tilted chimneys and decks dangling over an adjacent canyon. The slide in the Los Angeles County city …
Florida Boy Dies After Dog Attack, Ahead of New Law That Bars Local Bans on Pit Bulls
A 6-year-old Florida boy has died after he was attacked by a pit bull-mix dog that lived in the same home. The North Port Police Department said the boy suffered extensive injuries to his upper torso and was flown to …
Rain Eases After Flooding Vermont, Other Northeast States But More Expected
A storm that left up to two months` worth of rain in Vermont and saturated other parts of the Northeast was moving out Tuesday, but more flooding was expected after already cutting off access to some communities, including the main …
Verlingue Acquires Majority Stake in Italian Broker INSER, Advancing European Strategy
Verlingue has acquired a majority stake in the insurance broker INSER, in line with its Verlingue 2024 strategic plan to create a major European, family-owned, independent insurance broker. Financial details of the deal were not disclosed. The INSER’s longstanding shareholder, …
People Moves: Aon Names UK Leaders for Reinsurance Solutions; Zurich Announces Key Leadership Roles for APAC Commercial Insurance
This edition of International People Moves details appointments at Aon and Zurich Insurance. A summary of these new hires follows here. Aon Names UK Leaders for Reinsurance Solutions Insurance broker Aon plc outlined the new simplified structure of its Reinsurance …
UK Polluters to Face Unlimited Fines to Protect Environment
Polluters like water or energy companies that befoul UK rivers and seas or spill waste will face unlimited penalties and tougher sanctions, according to expanded government legislation announced on Wednesday. The government plans to scrap the current £250,000 limit on …
Canada Regulator Proposes Banks, Insurers Hold More Capital to Tackle Mortgage Risks
Canada’s banking regulator on Tuesday proposed changes to capital adequacy guidelines that would require lenders and mortgage insurers to hold more funds to better manage risks from a sharp rise in home loan rates. Variable home loan rates have risen …
Deutsche Bank, Commerzbank, ING Data Breached in MOVEit Hack
Deutsche Bank AG, Commerzbank AG and ING Groep NV are among dozens of companies worldwide whose client data were compromised when a criminal hacking group exploited a security flaw in a file transfer tool. The attackers obtained access to data …
Russian Hackers Lured Embassy Workers in Ukraine With Fake Used-Car Advert
Hackers suspected of working for Russia’s foreign intelligence agency targeted dozens of diplomats at embassies in Ukraine with a fake used car advert in a bid to break into their computers, according to a cybersecurity firm report seen by Reuters. …
Swiss Re Nominates New Permanent Chairman to Succeed Ermotti
The insurer Swiss Re said on Wednesday that it planned to promote its deputy chairman Jacques de Vaucleroy to the role of permanent chairman of the board after his predecessor Sergio Ermotti resigned to lead UBS. The reshuffle is part …
AXA Weighs Offloading $2B Reinsurance Arm to Cut Exposure to Disasters: Sources
One of the world’s top insurers is mulling offloading its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes, according to three people familiar with the matter. French insurer AXA SA has been discussing …