financial institutions News

COVID Is Far From the Only Risk Facing Insurers and Financial Sector Firms: Allianz

COVID-19 may drive market corrections and insolvencies that could impact financial institutions’ balance sheets, increase exposures for directors and result in litigation. However, financial institutions are also facing many other risks in the areas of cyber, climate, compliance and corporate …

Banks Seeking New Protections in Wake of Citigroup’s $900M Mistake

Wall Street banks are seeking new legal protections to help avoid a repeat of Citigroup Inc.’s accidental $900 million payment to Revlon Inc. lenders. After last month’s surprise court ruling that let certain Revlon creditors keep $500 million of the …

Judge Denies Citibank Bid to Recoup Some of Mistaken $893M Payments to Revlon Lenders

A federal judge on Tuesday said Citigroup Inc. is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc., in what he called “a banking error of perhaps unprecedented nature …

Hudson Gains Professional Lines Renewal Rights, Experienced Team from Validus

Hudson Insurance Group has completed a business transfer agreement with Validus Specialty Underwriting Services for the renewal rights transfer of a select portfolio of Miscellaneous Professional Liability, Financial Institutions Liability and Management Liability policies. The agreement also includes the transfer …

U.S. Consumer Agency Weighs Update of Rules on Access to Personal Financial Data

The U.S. Consumer Financial Protection Bureau (CFPB) on Thursday said it is seeking public comment on a proposal to modify rules governing the access and use of consumer financial data which is collected by a growing number of online financial …

After Helping Shepherd Pandemic Loans, Banks Now Brace for Regulatory Risks

Banks that facilitated the U.S. government’s Paycheck Protection Program at first saw the effort as a small revenue booster with a patriotic bonus, shepherding $525 billion in loans to businesses slammed by the fallout of the COVID-19 pandemic. But as …

BHSI Hires Kidd from AIG as Head of Third Party Lines in Ireland

Berkshire Hathaway Specialty Insurance (BHSI) announced that Louise Kidd has joined its growing European team as head of Third Party Lines in Ireland. Kidd comes to BHSI with nearly two decades of industry experience with a focus on third-party lines. …

Lloyd’s Gets to Keep $3 Million Because FDIC Waited Too Long to Collect

Lloyd’s of London does not have to pay the U.S. government’s Federal Deposit Insurance Corp. $3 million in judgment interest because the FDIC waited too long —18 months after a final judgment — to try to collect it. The action …

BHSI Names Amandi from Allianz as Head of Financial Institutions in Germany

Berkshire Hathaway Specialty Insurance (BHSI) announced that it has named Dr. Frank Amandi as head of Financial Institutions, for Executive and Professional Lines in Germany. Amandi has more than 20 years of experience spanning international insurance, underwriting, claims and product …

BHSI Expands Cover for UK Financial Institutions with D&O and Civil Liability Policies

Berkshire Hathaway Specialty Insurance (BHSI) has introduced two new policies tailored specifically for UK financial institutions: Professional First Financial Institutions Civil Liability Insurance, and Executive First Financial Institutions D&O Liability Insurance. “Both policies clearly articulate broad coverage for liability exposures …