INSURANCE NEWS
Private Equity Firm B.P. Marsh Acquires 27% Stake in UK MGA Cameron Specialty
B.P. Marsh and Partners Plc, the specialist private equity investor in early-stage financial services businesses, announced it has acquired a 27% shareholding in Cameron Specialty, a London-based underwriting agency. B.P. Marsh has agreed to provide funding of up to £1.7 …
ECB Amends Bank Capital Reviews to Reflect Extreme Weather Risks
The European Central Bank is embedding climate risk into regular reviews of how well banks can absorb losses, marking a new chapter in its supervisory approach. The intention is to “incorporate, more decisively and in a more business-as-usual way, climate …
Two Tankers Catch Fire After Collision Near Strait of Hormuz
Two tankers collided in waters off the United Arab Emirates and caught fire in the early hours of Tuesday, rattling global oil and shipping markets that have been closely monitoring navigation in the region since Israel began strikes on Iran …
New Ratings Firm to Track Climate Hit on Infrastructure Assets
A climate ratings firm created at French business university EDHEC has become the first to estimate projected financial losses for thousands of infrastructure assets under various climate change scenarios, its founder and chief executive said. Better understanding the potential costs …
APCIA Warns Michigan Auto Insurance Bill Could Destabilize Market, Increase Costs
A Michigan lawmaker has proposed legislation that would mandate auto insurance premium reductions of at least 10% on any new or renewed policy, a bill that the American Property Casualty Insurance Association (APCIA) says would destabilize the state’s market. SB …
Texas Department of Transportation Data Breach Exposes 300K Crash Records
The Texas Department of Transportation said a compromise of an account led to a data breach of a large number of crash records. On May 12, TxDOT identified unusual activity in its Crash Records Information System (CRIS) originating from a …
Des Moines, Iowa Officials Issue Warning Over High Levels of Nitrates in Drinking Water
Local officials warned more than half a million Iowans in the state’s capital city and suburbs on Thursday that near-record level of pollutants in its rivers could make drinking water dangerous if immediate steps are not taken to reduce demand. …
St. Louis Waives 25% Holdback Rule for Property Claims From May 16 Tornado
St. Louis Mayor Cara Spencer signed an executive order to waive a 25% holdback of insurance payouts for property damage claims related to the May 16 tornado that damaged at least 10,000 properties in the city. The order instructs the …
Death Toll From San Antonio Flooding Rises to 13
The death toll from heavy rains that inundated parts of San Antonio has risen to 13, and all those missing have been found, authorities said. More than 7 inches (18 centimeters) of rain fell over a span of hours on …
American Bar Association Sues to Block Trump’s Attacks on Law Firms
The American Bar Association sued the Trump administration on Monday, seeking an order that would bar the White House from pursuing what the ABA called a campaign of intimidation against major law firms. The lawsuit, filed in federal court in …
Tariff ‘Stacking’ Adds Another Headache for US Importers
John Hamer, president of Rodgers Wade Manufacturing in Paris, Texas, makes store fixtures for big retailers like Ross Dress for Less and Ulta Beauty. He sources many of the goods from China, which until recently meant he paid 70% in …
Air India Crash Seen Triggering $475 Million in Insurance Claims
India’s deadliest plane crash in more than decade is set to send shock waves through the aviation insurance industry and trigger one of the country’s costliest claims, estimated at around $475 million. “This aviation insurance claim could be one of …