INSURANCE NEWS
Meta Must Face Investor Suit After Supreme Court Drops Case
The US Supreme Court dismissed an appeal by Meta Platforms Inc., leaving it to face a lawsuit that accuses the company of misleading shareholders about the data-harvesting scandal involving political consulting firm Cambridge Analytica. Investors claim the company, then known …
Markets/Coverages: MGA Aqueous Secures Capacity Deal With Allied World and Sompo
Aqueous Underwriting, the London-based MGA, has secured major new capacity in a three-year deal with A+ rated insurers Allied World and Sompo. The move to a syndicated capacity arrangement provides the MGA with the opportunity to significantly develop and enhance …
People Moves: Markel Taps AEGIS London’s Pressman as Senior U/W, Marine Cargo; GC&C Names Chubb’s Selff as Head of Underwriting Asia
This edition of International People Moves details appointments at Markel and Generali Global Corporate & Commercial. A summary of these new hires follows. Markel Taps AEGIS London’s Pressman as Senior Underwriter, Marine Cargo Markel, the insurance operations within Markel Group …
Arbitration Claims Against LNG Exporter Venture Global Reach Close to $6 Billion
Pending arbitration claims against liquefied natural gas exporter Venture Global LNG Inc. from several of its customers have grown to nearly $6 billion, according to a bond document seen by Bloomberg. Claims in cases by eight separate companies, including some …
North Dakota Commissioner Godfread to Serve as NAIC President
North Dakota Insurance Commissioner Jon Godfread will serve as the president of the National Association of Insurance Commissioners (NAIC) for 2025 after serving as president-elect in 2024. As NAIC president, Godfread will lead the chief insurance regulators in all 50 …
World Insurance Acquires North Dakota’s F1 Insurance
World Insurance Associates LLC announced that it acquired the business of First International Insurance (“FI Insurance”) -a division of First International Bank & Trust of Watford City, North Dakota on October 1, 2024. Terms of the transaction were not disclosed. …
Ken Paxton Adds Dallas to List of Cities He’s Sued Over Marijuana Decriminalization
Texas Attorney General Ken Paxton has filed another lawsuit to prevent decriminalizing marijuana-related offenses, this time against the city of Dallas. Paxton has previously sued the cities of San Marcos, Austin, Killeen, Elgin and Denton over similar measures with varying …
Global Non-Life Insurance Rates ‘Plateauing’ but Nat Cat Losses Delay Market Softening
Global non-life premiums are expected to hit a decade-high growth level of 4.3% in 2024, following the repricing of risk over the past several years in response to elevated claims, according to Swiss Re’s sigma. “Premium rates are now moderating, …
Gunmaker Sig Sauer Must Pay $11 Million Over Pistol That Fired Accidentally
Gunmaker Sig Sauer Inc. was ordered by a Pennsylvania jury to pay $11 million to a customer who alleged defects in one of the company’s pistols led it to go off without him pulling the trigger. Jurors in state court …
Danish Central Banker Sees Russia Hackers as Key Risk to Lenders
Cyber attacks against Nordic banks, likely perpetrated by Russia-linked hackers, pose the biggest threat to financial stability in the region, a top Danish central bank official said. Financial institutions should be prepared for an “arms race” with cybercriminals, Ulrik Nodgaard, …
Sweden Probe Into Broken Cable Advances as Seabed Study Winds Up
Sweden’s Navy completed a survey of the seabed near one of the damaged data cables in the Baltic Sea as the Nordic country investigates potential sabotage against the underwater infrastructure. A high-speed fiber optic cable connecting Finland and Germany was …
NAIC Elects New Officers for 2025
At the conclusion of its fall national meeting in Denver, the National Association of Insurance Commissioners elected new officers for 2025, with North Dakota Insurance Commissioner Jon Godfread to become president. Godfread was first elected commissioner of the Peace Garden …