INSURANCE NEWS
Talanx Sells Ecuadorian Subsidiary to Grupo Financiero Atlántida
The Retail International division of the Talanx Group is selling its Ecuadorian entity HDI Seguros S.A. to Grupo Financiero Atlántida, a financial conglomerate from Honduras. The sale enables the Retail International division to consolidate its portfolio in Latin America and …
FTC Chair Pledges to Keep Aggressive Merger Enforcement
President Donald Trump’s Federal Trade Commission will “vigorously” sue to block illegal mergers, the agency’s new chairman said Monday, highlighting support for the repeated deal challenges during the Biden era. “We are going to enforce these laws vigorously and aggressively,” …
US SEC Plans to Cut Regional Directors as Agency Preps for DOGE Scrutiny: Sources
The U.S. Securities and Exchange Commission plans to remove the top leaders at regional offices across the country as part of its cost-cutting recommendations to the Trump administration, according to two sources familiar with the matter. The SEC on Friday …
Polished Gem GEICO Fuels Berkshire Hathaway Operating Gains
The work that GEICO’s chief executive has done to “repolish” Berkshire Hathaway’s “long-held gem” got a special shout-out in Warren Buffett’s Berkshire Hathaway 2024 annual report to shareholders last weekend. GEICO’s $4 billion-plus jump in 2024 underwriting profit (before taxes) …
Pennsylvania’s NSM to Sell Commercial Insurance Division to Investment Firm
New Mountain Capital, an investment firm, has agreed to buy the commercial insurance division of Pennsylvania-based NSM Insurance Group. The firms said in a news release that the deal is expected to close in the next 45 days. Terms were …
South Carolina Republicans Launch TV Ads to Salvage Tort Reform Bill
Georgia lawmakers aren’t the only ones contemplating a major tort-reform bill during the legislative session this year. Next door, South Carolina’s General Assembly is considering Senate Bill 244, which supporters say would end the state’s joint-and-several liability rules that have …
Damage to Baltic Sea Telecoms Cable May Have Occurred in January, Operator Says
Finland’s telecoms operator said on Monday that the damage reported last week to its C-Lion1 telecoms cable in the Baltic Sea may have occurred as early as January 26, the same day a cargo ship broke another undersea cable in …
Texas Man Sentenced to 13 Years in Prison for Multi-Million Dollar Insurance Fraud
A Texas man was sentenced last week to more than 13 years in prison for constructing a $5 million insurance fraud scheme, the U.S. Attorney’s Office, Northern District of Texas announced. Jordan Ford, 32, was charged via criminal complaint in …
People Moves: Incline P&C Group Adds Wafer as Independent Director
Incline P&C Group, a leading insurance program market services firm, has elected Thomas Wafer to the Board of Directors of each of its insurance carriers as an independent director. Wafer brings over 40 years of experience in reinsurance and insurance, …
Court Reduces Verdict for Michigan Gardener Whose Organic Lawn Was Destroyed
A Michigan court struck down a large chunk of an $88,550 verdict for a Detroit-area organic gardener whose beloved clover lawn was destroyed by a man spraying herbicide — at the wrong address. Marilyn Mack reported depression, anxiety and random …
Engineering Company to Pay $53M to Settle Flint, Michigan Water Lawsuits
An engineering company said Friday it has agreed to pay $53 million to settle all remaining lawsuits that alleged some blame for lead-contaminated water in Flint, Michigan, a decade ago. The deal by Veolia North America and Flint residents comes …
Google to Be Hit With EU Charges of Breaching Big Tech Rules, Sources Say
Alphabet unit Google is set to be charged with breaching EU rules aimed at checking the power of Big Tech after proposed changes to its search results failed to address the EU antitrust regulator’s concerns and those of its rivals, …