INSURANCE NEWS
JPMorgan Chase Fights Paying $115M Legal Tab for Convicted Fraudsters
For nearly three years, JPMorgan Chase has picking up the legal tab of Charlie Javice and Olivier Amar, the two convicted fraudsters who sold their financial aid startup Frank to the bank. But the two have racked up an astronomical, …
CyberCube Insured Loss Estimate From AWS Outage: Likely About $40M
Cyber analytics firm CyberCube said losses from the Amazon Web Services outage could eclipse $580 million. CyberCube late last week put out a preliminary global insured loss estimate of between $38 million and $581 million for the AWS event, which …
People Moves: Liberty Mutual Re Taps Aldwinckle From AXA XL Re as CUO, International Casualty; Re/Insurer IQUW Bermuda Names Guy Carpenter’s Mitchell as CUO
This edition of International People Moves details appointments at Liberty Mutual Reinsurance and IQUW Bermuda. A summary of these new hires follows here. Liberty Mutual Re Taps Aldwinckle From AXA XL Re as CUO, International Casualty Liberty Mutual Reinsurance (LM …
After $7M in Local Incentives, Alfa Launches Renovation of New HQ in Montgomery
Alfa Insurance is moving into new headquarters in Montgomery, Alabama. But first, the space has to be renovated, the insurer said in news release last week. Alfa, one of the largest property insurers in Alabama, and its sister organization, the …
ExxonMobil Sues California, Claims New Green Laws Violate Speech
ExxonMobil Corp. has sued California, arguing that two new state laws violate the First Amendment by trying to force it to agree to a certain climate viewpoint, and conflict with federal regulations. The lawsuit, filed Friday, alleges that the two …
Alabama DOI Requiring Use of SLIP+ Platform for Surplus Lines Reporting
Alabama has become the seventh state to adopt the “SLIP+ for States” reporting and payment platform for surplus lines data and taxes, starting in 2025. Surplus lines brokers who already have a SLIP+ login do not need to register for …
Suspects in Louvre Heist in Custody After Week-Long Manhunt
French authorities have arrested several suspects after a frantic manhunt for the men who staged a spectacular daytime heist at the Louvre museum that gripped the world and embarrassed the government in Paris. The Paris prosecutor’s office confirmed the arrests …
Hurricane Melissa Explodes in Strength, Poses Peril for Jamaica
Hurricane Melissa strengthened further after pausing for most of Sunday south of Jamaica, with forecasters fearing the historic storm will lead to a humanitarian and economic disaster across the region. Melissa’s top winds reached 150 miles (240 kilometers) per hour, …
HSBC to Take $1.1 Billion Hit After Luxembourg Court Ruling in Madoff Case
HSBC Holdings said on Monday it will book a $1.1 billion provision in its third-quarter results after losing part of an appeal in a long-running lawsuit tied to Bernard Madoff’s Ponzi scheme. HSBC acted as a service provider to several …
HK Startup Aims to Launch Satellites for 3D Wind Data, SCMP Says
Hong Kong startup Stellerus aims to create a constellation of satellites to become the world’s first provider of three-dimensional wind data provided by the devices, according to the South China Morning Post. Stellerus, founded in 2023 by Hong Kong University …
AM Best Revises Outlooks to Stable for Members of Illinois’ Pekin Insurance Group
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of The Farmers Automobile Insurance Association, its wholly owned …
Consumers Seek $2.36B From Google After Privacy Verdict
U.S. Google users who won a $425 million jury verdict in a consumer privacy class action last month have asked a federal judge to force the Alphabet unit to forfeit an additional $2.36 billion in profits. The consumers in an …