INSURANCE NEWS
Shipping Company Fined $2M for Maritime Pollution
A global ship management and maritime services company was ordered to pay $2 million for improperly discharging oily waste into the Gulf of Mexico, the U.S. Attorney’s Office, Middle District of Louisiana announced last week. V.Ships Norway A.S. (V.SHIPS) pleaded …
Spain and Portugal Fires Were More Intense Because of Climate Change: Research
Climate change made the extreme weather conditions that fueled the wildfires in Portugal and Spain about 40 times more likely to happen and the blazes themselves 30% more intense than if the world hadn’t warmed, research scientists said. The 10-day …
European Private Credit Market to Catch Up With US, Moody’s Says
The European private credit market is gaining ground on the US, according to a report from Moody’s Ratings. Over the last several years, the depth of the market in Europe has lagged behind the US, mostly because of regulatory and …
Judge Questions DOJ Decision to Drop Boeing Independent Monitor
A U.S. judge on Wednesday held a three-hour hearing to consider objections to a deal between the Justice Department and Boeing that allows the planemaker to avoid prosecution on a charge stemming from two fatal 737 MAX plane crashes that …
The Year So Far: Liberty Mutual Improves Most Among Nationals; Discipline Tested
A Carrier Management summary of earnings metrics for the year so far reveals a second-quarter average combined ratio of roughly 88, and a year-to-date ratio of just under 92 for a cohort of 27 insurers. Among the group, made up …
EU Regulator Flags Surge in Online Sales of Counterfeit Weight-Loss Drugs
The European Union’s medicines regulator said on Wednesday there has been a surge in illegal medicines marketed as weight-loss and diabetes medicines online in recent months across the region, and warned about a serious risk to public health. Global shortages …
With Storms, Flooding and Potential FEMA Cuts, Parametric Flood is on the Rise
With inland flooding, storm surge losses and government cutbacks on the rise, parametric flood insurance may finally be having a moment in Florida and elsewhere in the Southeast. “It’s starting to get some traction. We’re seeing more and more requests …
US P/C Insurance Industry First-Half Underwriting Profit Triples
The U.S. property/casualty insurance industry recorded a net underwriting gain of $11.5 billion and net income of $49.1 billion for the first-half of 2025, according to a new report. “The lack of any significant natural catastrophes in the second quarter …
Korea Slaps Hefty Fine on SK Telecom for Years of Negligence
South Korea’s largest mobile operator was hit with a fine and stern criticism from the country’s privacy regulator after a cyberattack disclosed in April compromised the data of about half the nation’s population. The Personal Information Protection Commission on Thursday …
Goldman Sachs Fights £9 Million Claim From Manager Who Won Paternity Leave Suit
Goldman Sachs Group Inc. is fighting an £8.9 million ($11.9 million) claim from a former compliance manager who won a sex-discrimination ruling that he was unfairly fired after taking six months of paternity leave. Jonathan Reeves, who worked in Goldman’s …
Relation Acquires Illinois’ Joseph M. Wiedemann & Sons
Relation Insurance Services announced their acquisition of the assets of Joseph M. Wiedemann & Sons, Inc. (JMWS). The transaction went into effect on August 1, 2025; terms of the transaction were not disclosed. JMWS, a fourth-generation family-owned business based in …
Tropolis Completes Acquisitions of 8 Agencies in 3 States
Tropolis Insurance Services said it has completed eight agency acquisitions across the United States. Terms of the transactions were not disclosed. The tech-enabled brokerage providing property/casualty and employee benefits solutions out of Ann Arbor, Michigan said the acquisitions combine deep …