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Virginia’s Genworth Financial to Cut 330 Positions

Henrico County, Virginia-based insurance company Genworth Financial Inc. has announced it would eliminate 330 positions in a cost-cutting move. Media outlets report that the latest job cuts were disclosed on Friday, Feb. 5, after Genworth announced on Feb. 4 that …

N.Y. Compensation Insurance Rating Board Names Attie as Next President

The New York Compensation Insurance Rating Board (NYCIRB) announced that its Board of Governors has unanimously elected Jeremy Attie as NYCIRB’s next president after a recommendation from a Search Committee made up of five present and former members of the …

Judge Sets May Trial for ‘Stairway to Heaven’ Copyright Claim

The judge presiding over a lawsuit challenging the authenticity of Led Zeppelin’s signature song Stairway to Heaven rejected a bid to delay the case, setting the stage for a May trial — if it doesn’t get settled or dismissed before then. …

NAIC Fills President-Elect Post; Mum on New CEO as Nelson Exits

Members of the National Association of Insurance Commissioners (NAIC) have elected Wisconsin Insurance Commissioner Ted Nickel to fill the president-elect position vacated when Sharon P. Clark resigned as Kentucky insurance commissioner on Jan. 11. Subsequently, Tennessee Insurance Commissioner Julie Mix …

Insurance Agency Growth, Profits Slipped in 2015 on Oil Bust, Soft Market: Reagan

Insurance agency and brokerage organic revenue growth slowed to 4.6 percent for 2015, according to the latest Reagan Consulting Organic Growth and Profitability (OGP) survey. That was down from the organic growth of 6.2 percent seen each year from 2012-14. …

Leading Reinsurers Line Up for Lemonade, the P2P Insurer

Lemonade, the startup peer-to-peer insurance carrier that has raised $13 million in initial funding, announced a line-up of  global reinsurance partners, including Berkshire Hathaway and leading Lloyd’s of London syndicates. Lemonade set records with its initial funding by Sequoia and …

Court Hears MetLife’s Challenge to ‘Too-Big-to-Fail’ Designation This Week

For MetLife Inc. Chief Executive Officer Steve Kandarian, the scariest risk is being classified as risky. MetLife lawyers go to court Wednesday seeking to overturn a too-big-to-fail designation in a lawsuit that could, if the insurer prevails, reduce the government’s …

AIG Scaling Back on Investments in Hedge Funds

American International Group Inc. plans to exit at least half the hedge funds in which the insurer is invested, according to people familiar with the company’s portfolio. The insurer has holdings in more than 100 funds and plans to cut …

Integro Insurance Announces O’Shea Joins UK Film & Television Team

Global insurance brokerage and risk management firm Integro Insurance Brokers Holdings Ltd. announced that entertainment specialist broker Kevin O’Shea has joined Integro’s UK Film & Television team, part of the firm’s entertainment practice, in London. A Chartered Insurance Broker, O’Shea …

Russian Hackers Moved Ruble-Dollar Rate at Regional Bank: Cyber-Security Firm

Hackers used malware to penetrate the defenses of a Russian regional bank and move the ruble-dollar rate more than 15 percent in minutes, according to a Moscow-based cyber-security firm hired to investigate the attack. Russian-language hackers deployed a virus known as …

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