INSURANCE NEWS
Business Moves: MGA Nirvana Buys Arena From Ryan Specialty; Ryan Acquires Canada MGU SSRU; Bridgehaven Buys SureStone; Gallagher Re to Buy S. Africa’s Resilea
Specialty MGA Nirvana Acquires Arena From Ryan Specialty Specialty managing general agent (MGA) Nirvana announced the acquisition of Arena NV from Ryan Specialty. Financial terms were not disclosed. Arena is a leader in the Belgian sports insurance market, providing cover …
Longtime WTW Cyber Risk Leader Heads to Marsh
Marsh this week announced it has hired Tom Srail its cyber analytics and digital infrastructure leader for the U.S. and Canada. Srail had spend the last 21 years with WTW, mostly recently as executive vice president of its global cyber …
PE Firms EQT, PAI Among Bidders for €2 Billion Insurance Broker Global
Private equity firms EQT AB, PAI Partners and Stone Point have been shortlisted in the bidding for German insurance brokerage Global Group, people familiar with the matter said. Global Group, which is backed by buyout firm Castik Capital, could fetch …
Agency Probes Reports Waymo Self-Driving Cars Illegally Passed School Buses in Texas
A U.S. agency said on Thursday it has asked Waymo to answer more questions after Texas officials said the Alphabet GOOGL.O unit’s self-driving vehicles had illegally passed school buses 19 times in recorded incidents since the start of the school …
New York Times Sues Perplexity AI for ‘Illegal’ Copying of Content
The New York Times filed a lawsuit against Perplexity AI on Friday, claiming that the artificial intelligence startup was copying, distributing and displaying millions of its articles without permission. The startup has become a target of multiple legal disputes and …
AM Best Revises Outlook to Negative for Nazareth Mutual
AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Nazareth Mutual Insurance Co., based …
Swiss Re Shares Drop After New Profit Target Falls Short of Expectations
Swiss Re shares dropped 7.5% on Friday after the world’s second-largest reinsurer announced a new profit target that fell short of market expectations. The Zurich-based company said it was aiming for group net income of $4.5 billion next year, up …
Standard Chartered Settles £1.5 Billion Iranian Sanction Suit in London
Standard Chartered Plc has settled an investor lawsuit worth £1.5 billion ($2 billion) over allegations it systematically breached sanctions against Iran to win new business. In a London Court of Appeal ruling over disclosure published on Friday, the judge acknowledged …
Will it Take a Catastrophe for Nations to Take Issue of Space Debris Seriously?
China routinely sends astronauts to and from its space station Tiangong. A crew capsule is about to undock from the station and return to Earth, but there’s nothing routine about its journey home. The Shenzhou-20 capsule will carry no crew, …
Cloudflare Says It Fixed Outage That Slowed Banking Sites, Zoom
Cloudflare Inc. said it has fixed a problem that led to the websites for several banks, Shopify, Zoom and LinkedIn to go down Friday. “A fix has been implemented and we are monitoring the results,” the San Francisco-based company said …
Report: Climate Change, Weather Impacts on Household Budgets Up to $900 Yearly
A working paper from three well-known economists shows the impacts of global warming and particularly extreme weather on the budgets of American households is up to $900 per year. The paper was authored by former Treasury Department officials Kimberley Clausing, …
Apartment Building Fires Displace 70 Massachusetts Families; No Injuries Reported
Both of the apartment building fires that displaced 70 families in Holyoke this week appear to be accidental but the exact causes remain under investigation, according to city and state fire officials. Holyoke Fire Chief John Kadlewicz and State Fire …