INSURANCE NEWS
Mosaic Insurance Opens Singapore Office, Hiring 2 Specialty Underwriters
Mosaic Insurance has opened an office in Singapore and hired two specialty underwriters to build its transactional liability business across the Asia-Pacific region. Benn Wilson will serve as regional CEO, and head of Asia for Mosaic’s transactional liability division. Joining …
Markets/Coverages: Coalition Enters UK Excess Cyber Insurance Market
Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced it will enter the excess cyber insurance market in the United Kingdom to help protect businesses with enhanced coverage. By adding additional capacity to the market in this …
Swiss Financial Regulator Monitors Silicon Valley Bank Collapse for Signs of Contagion
Swiss financial regulator FINMA on Monday said it was monitoring the situation surrounding failed Silicon Valley Bank and looking for signs of contagion from the bank’s collapse. “FINMA takes note of the media reports on Silicon Valley Bank in the …
State Seeks $2.7M in Alleged Back Wages Plus Damages From Highway Shops Operator
Connecticut is suing the operator of the state’s 23 highway rest stops, alleging the company is refusing to pay more than $2.7 million in back wages owed to food service workers for Subway, Dunkin’ and other restaurant chains, state Attorney …
U.S. Announces it Will Stem SVB Fallout, Customers to Have Deposit Access
Silicon Valley Bank customers will have access to their deposits starting on Monday, U.S. officials said on Sunday, as the federal government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of the …
Finance Firms Managing $136 Trln in Assets Urge Boards for More Environmental Data
Financial institutions managing $136 trillion in assets will this week call on companies to share more data on their environmental impact, the chair of disclosure platform CDP told Reuters. In a letter to the boards of over 15,000 companies, 746 …
Hong Kong’s FWD to File Again for IPO Application: Sources
FWD Group Holdings Ltd., the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, is planning to file for a third time for an initial public offering in the financial hub, according to people familiar with the matter. The …
U.S. Chamber of Commerce Calls for AI Regulation
The U.S. Chamber of Commerce on Thursday called for regulation of artificial intelligence technology to ensure it does not hurt growth or become a national security risk, a departure from the business lobbying group’s typical anti-regulatory stance. While there is …
A Major Bank Failed. Here’s Why It’s Not 2008 Again
The financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking – a bank run – which led to its failure on Friday. Its …
U.S. Judge Rules Against Google, Keeps DOJ Advertising Case in Virginia
A U.S. federal judge on Friday rejected a bid by Alphabet Inc’s Google to move a Justice Department lawsuit against it over dominance in advertising technology from Virginia to New York. “I am going to rule against you,” Judge Leonie …
Crash Test Dummies Need to Do Better: GAO
A recent report from the Government Accountability Office recommended the National Highway Traffic Safety Administration rethink crash test dummies in order to collect better data on more types of people. The investigative arm of Congress that examines the use of …
Florida Adjusters’ Charges of Doctored Damage Reports Gets Wider Spotlight
Allegations that some insurance carriers have altered field adjusters’ damage estimates has gained more national attention after The Washington Post reported on and documented examples of the practices. Leadership with Florida-based Heritage Insurance Co. and with Florida Peninsula Insurance, named …