German prosecutors arrested three former top executives of Wirecard on Wednesday, saying it suspected them of masterminding a criminal racket to fake the company’s accounts and bilk creditors of billions of euros. Former Chief Executive Markus Braun, already a suspect, …
Britain and the European Union clashed on Thursday over the chances of securing a free trade agreement, with Brussels deeming it “unlikely” but London holding out hope one could be reached in September. Since Britain left the bloc in January, …
British insurer Beazley swung to a loss for the first half on Thursday after setting aside $170 million for coronavirus-related claims, saying the fallout from the crisis would be similar to a major natural catastrophe. The Lloyd’s of London insurer …
Lloyd’s, the specialist insurance and reinsurance market, announced the creation and in principle approval of its newest “syndicate-in-a-box,” Syndicate 1796,* set up to insure the storage and transportation of a COVID-19 vaccine – once it is developed – to emerging …
Swiss Re announced that Pranav Pasricha, currently CEO of Intellect SEEC, has been appointed global head P&C Solutions of Swiss Re’s global Reinsurance Business Unit, effective Aug. 3, 2020. Pasricha succeeds Eric Schuh, who is leaving Swiss Re to pursue …
Reinsurance company Swiss Re said on Wednesday that claims and reserves of $2.5 billion related to COVID-19 will lead to a net first half loss of about $1.1 billion. The company, which reported the loss ahead of its regularly planned …
Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups. All financial services companies are under pressure from …
QBE Insurance Group expects to report a first-half, after-tax loss of around $750 million, mainly due to COVID-19 claims and natural catastrophes, which included Australia’s bushfires and hailstorms at the beginning of the year. During the first half, QBE said …
Anglo-Australian miner BHP has dismissed as pointless and wasteful a 5 billion pound ($6.3 billion) English lawsuit by 200,000 Brazilian people and groups over the 2015 collapse of a dam that led to Brazil’s worst environmental disaster. Kicking off an …
Comparing how banks and insurers from different countries cope with climate change is being hampered by a lack of consistent data, the Financial Stability Board said on Wednesday. Regulators are asking financial firms to gauge “physical” and “transition” risks from …
