“There could be a liability crisis in reinsurance in a couple of years,” a reinsurance executive predicted this week. Ken Brandt, chair, president and chief executive officer of TransRe, offered the assessment during a 30-minute chat with S&P Global Ratings …
Three Massachusetts drivers have hit a dead end for the second time in their drive for court certification of class actions against two auto insurers over missing payments for the lost resale value of vehicles. Superior Court Justice Kenneth Salinger …
A large cargo ship lost control of its engines and went nearly full throttle through a South Carolina harbor Wednesday, prompting the closure of one of the busiest bridges in the state. Harbor pilots were able to help the nearly …
Brown & Brown, Inc. announced it has acquired the assets of McNamara Company. McNamara Company is a family-owned agency that has been servicing customers in all 50 states for four generations. Established in 1970 in Minnesota, McNamara Company provides a …
The boom in artificial intelligence will increase banks’ dependence on big U.S. tech firms, creating new risks for the industry, European banking executives said. Excitement around using artificial intelligence (AI) in financial services – widely used already for detecting fraud …
Nirvana, the London-based managing general agent and Lloyd’s coverholder, announced the renewal of its Media/Technology Errors & Omissions and Cyber (MTC) binding authority with an increased £/$/€10 million media liability line. Effective on June 1, the renewal also provided expanded …
This edition of International People Moves details appointments at Ascot Underwriting Ltd. and Ascot Bermuda, along with The Geneva Association. A summary of these new hires follows here. Ascot Group Ltd., the Bermuda-based global specialty insurance company, announced the appointments …
Amazon is facing a one billion-pound ($1.3 billion) collective lawsuit from British retailers who allege that the online marketplace misused their data to boost its own market share and profits. The British Independent Retailers Association (BIRA), an umbrella body grouping …
Santa Barbara Systems, a General Dynamics subsidiary in Spain that is refurbishing Leopard tanks for delivery to Ukraine, suffered a cyberattack on its website, a pro-Russia hacker group said. A spokesperson for General Dynamics confirmed that the defense contractor’s Spanish …
A panel of the 5th Circuit Court of Appeals ruled this week that a Louisiana statute voids the formation of an arbitration clause in a surplus lines insurance contract. In its opinion, the appellate court reasoned that the general principles …
