INSURANCE NEWS
MGA Aqueous Secures Capacity From Allianz, Setting Sights on Commercial SME Growth
Aqueous Underwriting has secured major new capacity following the signing of an initial three-year deal with insurer Allianz Insurance. The move is part of the MGA’s plans to significantly grow its presence in the commercial SME market where it specializes …
Alphabet Seeks Dismissal of Antitrust Lawsuit Over Google’s Online Ads
Google parent Alphabet asked a U.S. federal judge on Monday to dismiss a Justice Department lawsuit alleging that the search giant illegally abused its dominance of online advertising. The government, which filed the ad tech lawsuit in January along with …
Russia Has Successfully Rerouted Oil Exports Hit by Western Embargo: Energy Minister
Russia has successfully redirected all its crude oil exports affected by Western sanctions over Ukraine to “friendly” countries, Energy Minister Nikolai Shulginov said on Tuesday, while still a decline in oil and gas output this year. The West imposed wide-ranging …
Regulator Tells Australian Banks to Boost Cyber-Attack Defenses
Australia’s financial institutions must improve their resilience to cyberattacks, the head of the nation’s banking regulator said Tuesday. A recent review uncovered a “lack of rigor” in the nature and frequency of security control testing and insufficient board oversight on …
Indian Tycoon Piramal, TPG Inc. Weigh Selling Stakes in Shriram General: Sources
Billionaire Ajay Piramal and TPG Inc. are considering selling their stakes in Shriram General Insurance Holdings Co., according to people familiar with the matter. Piramal and TPG are jointly working with an adviser on divesting a combined 30% stake in …
Climate Activists Tell Insurance CEOs to Stop Covering Carbon Projects ‘Immediately’
A group of climate activists has called on 30 insurance company CEOs to “immediately” stop underwriting new fossil fuel projects in the wake of a stark climate warning from U.N. scientists, a letter, seen by Reuters, showed. Insure our Future, …
Regulator Sues Top Crypto Exchange Binance, CEO for ‘Willful Evasion’
The world’s biggest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the U.S. Commodity Futures Trading Commission (CFTC) on Monday for operating what the regulator alleged were an “illegal” exchange and a “sham” compliance program. …
FDIC Is Probing Management’s Conduct in SVB, Signature Bank Failures
A top US banking regulator has launched investigations into managers’ conduct in the Silicon Valley Bank and Signature Bank failures. “It is worth noting that these two institutions were allowed to fail,” Martin Gruenberg, chairman of the Federal Deposit Insurance …
In Filing with Regulators, Florida Citizens Wants Appraisers to be Licensed Adjusters
Citizens Property Insurance Corp. has weighed in on a question that could shake up the appraisal process in Florida insurance claims disputes, urging state regulators to require that appraisers be licensed adjusters. In a motion to intervene in a petition …
Washington Contractor Fined $300K for Wage Violations
A Vancouver, Washington contractor was found to owe $201,223 in wages and interest to 20 employees on construction projects at four area schools. The contractor, 360 Sheetmetal LLC, and owner Beverley Martin, were also found to owe more than $115,000 …
Lawsuit: Officials ‘Mocked’ Nevada Prison-Firefighter Burns
A group of prison firefighters said their feet burned and their socks melded to their feet during a gruesome fire clean-up assignment that left several unable to walk, stand or shower without assistance for days, according to a new lawsuit. …
Philadelphia Residents Warned About Chemical Plant Spill in Delaware River
Philadelphia residents are being told that they may want to drink only bottled water following a chemical spill into the Delaware River in neighboring Bucks County. Bucks County health officials said Sunday that a leak late Friday evening at the …