Business Insurance
According to latest data from Marsh LLC, captives are growing ever more popular, as risk managers are increasingly using non-traditional methods to manage their risks, Strategic Risk Asia Pacific reported. Over the past two years, captive premium gro...
Posted: Aug 01, 2023
Vietnam-based non-life insurer PVI Insurance Corp. has signed a new memorandum of understanding with South-Korea based Nonghyup Property & Casualty Insurance Co. Ltd. to boost business cooperation, Asia Insurance Review reported citing Viet Nam News....
Posted: Aug 01, 2023
French insurer Axa SA will soon cease providing new standalone, site-specific insurance policies for upstream gas greenfield exploration and development projects, Verdict reported. The decision is part of the company’s updated energy policy, which ta...
Posted: Aug 01, 2023
Marsh & McLennan Cos. Inc. has agreed to acquire Costa Rica-based insurance broker Asprose Corredora de Seguros S.A. for an undisclosed sum, with the transaction expected to close later in the third quarter of this year, Reinsurance News reported. Ro...
Posted: Aug 01, 2023
Terraform Labs and its founder, Do Kwon, must face fraud allegations brought by the U.S. Securities and Exchange Commission, a federal judge ruled Monday.
Posted: Aug 01, 2023
After hitting an all-time low in 2022, the number letters from doctors regarding injured workers challenging the denial of treatment or medications in the workers compensation system in California increased 4.1% in the first half of 2023 compared wit...
Posted: Aug 01, 2023
Fronting insurers and others will likely tighten their controls in the wake of alleged fraud that surfaced last month involving Vesttoo Ltd., but some in the industry were surprised sufficient measures weren’t already in place.
Posted: Aug 01, 2023
Vesttoo said Tuesday it was laying off about 75% of its staff and closing some offices in Asia, as it tries to recover from a scandal over a fraudulent letter of credit used as collateral in a transaction with an insurer.
Posted: Aug 01, 2023
A federal appeals court Friday refused to rule on complex asbestos-related litigation filed by a plumbing products manufacturer, saying it lacks jurisdiction.
Posted: Jul 31, 2023
Missouri Gov. Mike Parson on Thursday ceremonially signed into law Senate Bill 24, which, among other things, creates a post-traumatic stress disorder presumption in workers compensation for first responders.
Posted: Jul 31, 2023
Employees with vision problems who cannot safely leave work after dark may be entitled to modified work schedules as an accommodation, a federal appeals court ruled Friday, in overturning a lower court.
Posted: Jul 31, 2023
Global commercial insurance pricing rose 3% in the second quarter, compared with 4% in the first quarter and 9% in the second quarter of 2022, according to a report Monday from Marsh.
Posted: Jul 31, 2023
Some of the world’s largest aircraft lessors and insurers are aiming to be ready to go to trial in June 2024 over contested insurance claims for aircraft stuck in Russia, a lawyer for one of the lessors said on Monday.
Posted: Jul 31, 2023
CNA Financial Corp. on Monday reported net income of $283 million in the second quarter of 2023, a 49% increase over the prior year quarter, as investment income soared.
Posted: Jul 31, 2023
The Michigan Supreme Court on Friday tossed what it considered a “rigid” legal test when determining whether post-traumatic stress disorder and non-epileptic seizures were connected to a dietician’s electrocution and fall from a ladder, thus reviving...
Posted: Jul 31, 2023
Aon PLC disclosed in a stock market filing Friday that clients are taking legal action against the brokerage over transactions involving allegedly fraudulent letters of credit related to online reinsurance brokerage Vesttoo Ltd.
Posted: Jul 31, 2023
Love comes second to ambition, according to a recent survey of 1,000 workers that found 75% of them would be willing to sacrifice their romantic relationships or marriages for a successful career.
Posted: Jul 31, 2023
Data from the Albanian Financial Supervisory Authority showed that local insurers' gross written premiums grew by 13% year-on-year to 11 billion Albanian leks ($114.07 million) in the first half of the year, SeeNews reported. Non-life insurance premi...
Posted: Jul 31, 2023
Typhoon Doksuri, which hit southern China on July 28, brought heavy rain and strong winds that destroyed power lines and sparked fires, uprooted trees and caused damage across the region, Reuters reported. The typhoon forced the closure of businesses...
Posted: Jul 31, 2023
Bermuda-based specialty insurer Arch Capital Group Ltd.’s reinsurance business underwriting result increased by 75% to $245 million with a combined ratio of 81.9%, Reinsurance News reported. The segment’s gross premiums written grew by 42% to $2.5 bi...
Posted: Jul 31, 2023
Abdullah Al Salmi, chief executive of the Capital Market Authority, said that Omani insurers’ total direct premiums increased by 13% year-on-year to 541.3 million Omani rial ($1.4 billion) in 2022, Middle East Insurance Review reported. The total dir...
Posted: Jul 31, 2023
U.K.-based insurance broker Aon PLC’s Reinsurance Solutions arm has delivered year-on-year organic revenue growth of 9% in the second quarter of this year, driven by strong retention and continued net new business generation, Reinsurance News reporte...
Posted: Jul 31, 2023
U.S.-based equity firm TA Associates LP has silently been taking bids for its 80% stake in Australia and New Zealand insurance broking firm Honan Insurance Group Pty., Asia Insurance Review said citing the Australian Financial Review. The Goldman Sac...
Posted: Jul 31, 2023
Spanish insurer Mapfre SA’s net profit declined by 6% year-on-year to €317 million ($349.1 million) in the first half of the year, partly due to damage caused by the earthquake that devastated Turkey in February. Reuters reported. The insurer’s premi...
Posted: Jul 31, 2023
A U.S. judge on Friday shot down Johnson & Johnson’s second attempt to resolve tens of thousands of lawsuits over its talc products in bankruptcy, imperiling a proposed $8.9 billion settlement that would stop new lawsuits from being filed.
Posted: Jul 31, 2023