INSURANCE NEWS
Former Wilmington Trust Executive Reaches Civil Suit Deal With SEC Over 2008 Crisis
A former executive of the only financial institution to be criminally charged in connection with the federal bank bailout program in the wake of the 2008 financial crisis has reached a settlement with federal securities regulators in a related civil …
VW Faces Possible Recalls After Environmental NGO Wins Emissions Software Lawsuit
A German court on Monday ruled in favor of an environmental NGO’s lawsuit against the federal motor authority for releasing cars with software on exhaust gas recirculation it argues is illegal, in a judgment which could lead to a wave …
Facebook Temporarily Fights Off $3.7B UK Mass Action Over Market Dominance
Facebook on Monday temporarily fought off a collective lawsuit valued at up to 3 billion pounds ($3.7 billion) over allegations the social media giant abused its dominant position to monetise users’ personal data. However, a London tribunal gave the proposed …
Post-Brexit Insurance Reform Expected Before December: BoE’s Woods
The Bank of England sought on Monday to allay fears among insurers that it was dragging its feet over a long-trailed and disputed reform of their capital rules, saying a “very good sense” of the changes would emerge well before …
US ‘Strike Force’ to Thwart Theft or Use of Disruptive Technology
US enforcement agencies are forming a “strike force” to combat adversaries trying to steal advanced technology, hack for financial gain or use new tools to collect intelligence. The move comes as government officials are grappling with how to respond to …
Buttigieg Urges U.S. Railroads to Boost Safety, Not Oppose Reforms
U.S. Transportation Secretary Pete Buttigieg said Sunday he would call on major railroads to improve safety after a Feb. 3 derailment in East Palestine, Ohio, of a train operated by Norfolk Southern. Buttigieg in a letter to Norfolk Southern Chief …
High-Rise Fire in Maryland Kills One, Displaces 400 Residents
One person died and one is in critical condition after a fire early Saturday at a high-rise apartment building in a suburb of Washington, D.C., the Washington Post and other local media reported. The fire in downtown Silver Spring sent …
Lockton Launches Affinity Biz in Australia, New Zealand and Pacific, Led by Dasgupta
Lockton, the world’s largest privately owned insurance brokerage, announced the launch of an Affinity Schemes business in Australia, New Zealand and Pacific. The business will be led by Tanya Dasgupta who recently joined Lockton as National Manager – Affinity Schemes …
UK’s Legal & General Launches Fresh UK Lawsuit Against Glencore After Bribery Scandal
Legal & General Group Plc have launched a fresh lawsuit against Glencore Plc, months after the commodities giant pleaded guilty to allegations of market manipulation and bribery. A group of Legal & General funds filed claims against Glencore on Jan. …
FWD to Buy Majority Stake in Malaysian Insurer Ahead of Planned IPO
FWD Group Holdings Ltd., the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has agreed to buy a majority stake in Gibraltar BSN Life Bhd., a move that allows it to tap into the Southeast Asian market’s growth …
Orderly Runoff Didn’t Work. Florida’s United P&C Now Insolvent, Headed for Liquidation
Just days after some 90,000 policies from troubled United Property & Casualty Insurance Co. were transferred to Slide Insurance as part of a wind-down of the carrier, it was announced that UPC is officially broke and will soon be liquidated. …
Washington Man Ordered to Repay $127K in Workers’ Comp Scam
A Washington contractor who claimed he was too injured to work despite reportedly running his own construction company was ordered to pay back the state more than $127,000. Daniel Joseph Lesieur, of Washougal, pleaded guilty to felony second-degree theft for …