INSURANCE NEWS
Volkswagen Recalls 4 Million Cars, Handelsblatt Reports
German auto group Volkswagen will recall around 4 million vehicles across four brands in the biggest such action since the Dieselgate scandal, the Handelsblatt newspaper reported on Friday [Sept. 25]. Some 2.16 million VW models and 700,000 Audi models are …
Miami Project Sells $1.7 Billion of Condos Before It’s Built
While condo sales across Miami have broadly slumped in recent years, one sector of the market is booming — ultra-luxury sales in apartments that haven’t even been built yet. The Residences at Mandarin Oriental Miami on Brickell Key, a manmade …
South Korea Orders Security Checks After Finance-Sector Data Leaks
South Korean regulators urged financial institutions to promptly complete internal security inspections and report the results to authorities after a series of cyberattacks led to personal data breaches across the industry. “The entire financial sector should carry out swift and …
Denmark Data Breach Exposes 8.8 Million People’s Personal Data
Denmark suffered a major data breach that gave unauthorized individuals access to names, addresses and personal identification numbers belonging to about 8.8 million people registered in the country’s central population database. The breach occurred after unidentified individuals misused a private …
War, Cyber Attack May Spark Next Financial Crisis: Reserve Bank of India
The next financial crisis could originate from a source outside the world of finance, Reserve Bank of India Governor Sanjay Malhotra said Saturday. “It may begin with a geopolitical event, or cyber attack or a technological failure that affects the …
Markets/Coverages: Specialty MGA Banyan Launches Red Fox Risk for Wildfires
Specialty managing general agent Banyan Risk said it launched Red Fox Risk Ltd, a new underwriting venture focused on wildfire-exposed property risk in the U.S. The business will be led by Brian Espie as CEO and Sarah Kennedy, chief underwriting …
Google Faces $3.2 Billion Damage Claims on Ad-Tech Monopoly
USA Today Co., Daily Mail General and Trust Plc and a class of large publishers can seek more than $3.2 billion in damages for harm caused by monopolization of advertising technology markets by Alphabet Inc.’s Google, a New York federal …
AM Best Revises Outlook to Positive for Minnesota’s RAM Mutual Insurance
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of RAM Mutual Insurance Company (RAM) based in Esko, Minnesota. The Credit …
Union Pacific Railroad Fined $304K for Firing Employee During Severe Weather
A U.S. Department of Labor Occupational Safety and Health Administration whistleblower investigation has concluded that Union Pacific Railroad Co. violated the Federal Railroad Safety Act by removing from service and later terminating a North Little Rock, Arkansas yardman who notified …
Marsh Completes Acquisition of Iowa’s Accel Holdings
Marsh has completed its previously announced agreement to acquire Accel Holdings, a diversified independent insurance and advisory firm headquartered in Waverly, Iowa. Accel will operate within Marsh Agency. Terms of the acquisition were not disclosed. With the acquisition now closed, …
People Moves: Texas Mutual Names Grube as VP of Austin Operations
Texas Mutual Insurance Company recently promoted John Grube to vice president of regional operations for Texas Mutual’s Austin region, effective May 2026. In this new role, Grube will direct and coordinate all regional office operations, including underwriting, claims, safety services, …
Trump Names Intelligence Chief Clayton as AI Czar, to Head Task Force
US President Donald Trump said on Sunday he had named Director of National Intelligence Jay Clayton the administration’s AI czar, tasking him with coordinating the federal government’s efforts to maintain US leadership in the technology. Trump, who has pushed to …