INSURANCE NEWS
Billionaire Richard Li’s FWD Group Seeks to Raise $442 Million in Hong Kong IPO
Insurer FWD Group, backed by billionaire Richard Li, is looking to raise HK$3.47 billion ($442.08 million) through a Hong Kong initial public offering, according to a regulatory filing on Thursday. The pan-Asian insurer is offering 91.3 million shares at HK$38.00 …
Heat Wave Threatens Power Output and Wildfires Across Europe
Europe’s heat wave is intensifying, fueling wildfires across the Mediterranean and threatening to curb electricity generation from both nuclear and hydropower plants. Temperatures in Spain are forecast to hit 39C (102F) on Wednesday, but could climb further to 42C next …
Cargo Theft Up 27% in 2024 With Continued Rise Expected: NICB
Tariffs, enhanced technology to defeat law enforcement along with profitability of criminal enterprises, and geopolitical circumstances have led to an increased threat to the global supply chain, according to the National Insurance Crime Bureau (NICB). Within the past 18 months, …
Microsoft Sued by Authors Over Use of Books in AI Training
Microsoft has been hit with a lawsuit by a group of authors who claim the company used their books without permission to train its Megatron artificial intelligence model. Kai Bird, Jia Tolentino, Daniel Okrent and several others alleged that Microsoft …
Florida Citizens Moves to Have Commercial Claims Disputes Decided by DOAH
Three years after Citizens Property Insurance Corp. made the unprecedented move to resolve many of its residential claims disputes through a state agency instead of through litigation, officials are now planning to send some commercial claims down that same path. …
Slide’s Exec Pay Leads to Questions About Florida Citizens’ Rate Model
At Wednesday’s Board of Governors meetings, a Citizens Property Insurance Corp. committee voted to move ahead with the full, 15% average rate increase for personal lines in 2026 – the largest increase allowed under Citizens’ statutory glidepath. But two members …
First Financial to Acquire Westfield Bancorp From Ohio Farmers
First Financial announced that it has entered into a definitive agreement to acquire Westfield Bancorp, in a cash and stock transaction, from Ohio Farmers Insurance Company. Ohio Farmers is the parent company of the global property and casualty insurance group …
Ryan Transactional Risk Launches Environmental Practice Product
Ryan Transactional Risk announced the launch of a new product that will specialize in insuring the risk of cost overruns for environmental remediations and clean-ups. Ryan Transactional Risk Enviro is providing Environmental Remediation Cost Overrun insurance for corporate transactions and …
People Moves: Holmes Murphy Announces New Shareholders
Holmes Murphy, headquartered in Waukee, Iowa, named 23 new employees who made their first stock purchase after completing the company’s premier leadership program, Holmes Murphy University. Shareholders help determine the direction of major company initiatives, grow employees and the company, …
NHTSA Contacts Tesla on Robotaxi Issues Seen in Online Videos
The National Highway Traffic Safety Administration is seeking information from Tesla after reviewing online videos of a robotaxi allegedly using the wrong lane and of speeding by another driverless vehicle. The U.S. auto safety agency said it is “aware of …
Markets/Coverages: Brit Launches Digital Flood Product for US Market
Brit Group Holdings Limited announced the launch of Brit Flood, a new digital underwriting platform for brokers to help address the protection gap which exists in the US flood market. “With floods occurring more frequently, the role of private insurance …
Howden Gets Regulatory Nod to Launch Reinsurance Unit in Kingdom of Saudi Arabia
Howden, the London-based insurance intermediary group, announced it has received regulatory approval to launch a reinsurance operation in the Kingdom of Saudi Arabia. The new business will be led by Motaz Bukhari, who has been appointed chief executive officer of …