financial institutions News

Nexus Acquires D&O and Financial Institutions MGA Apsley Specialty

Independent specialty managing general agent Nexus Group announced it has completed the acquisition of Apsley Specialty Ltd., a registered Lloyd’s coverholder. Financial details of the transaction were not disclosed. Established in 2012, Apsley Specialty is a London-based specialist directors & …

Ryan Specialty Group Launches Latin America MGA, Capital Bay Underwriting

Ryan Specialty Group (RSG) has launched a Latin American-focused managing general underwriter, Capital Bay Underwriting, based in Miami. Capital Bay’s central emphasis is financial lines re/insurance products for financial institutions and commercial entities across Latin America and the Caribbean. Capital …

BHSI Launches Financial Institution Professional Indemnity Insurance in Asia

Berkshire Hathaway Specialty Insurance Co. (BHSI) announced it has introduced Financial Institution Professional Indemnity (FIPI) insurance in Asia. “Financial institutions are seeing an increase in both the frequency and severity of professional indemnity claims,” said Scotland Walsh-Riddle, head of Executive …

Marsh Names Nayler, from Aon, to Lead Financial Institutions Industry Practice

Marsh announced the appointment of David Nayler as leader of its UK Financial Institutions Industry Practice. Reporting to Charles Beresford-Davies, Risk Management Practice leader, UK & Ireland, Nayler’s employment is expected to commence in early 2018. In this role, Nayler …

BHSI Taps AIG’s Maxwell, Chubb’s Dilley for Exec. & Professional Lines in S. Europe

Berkshire Hathaway Specialty Insurance (BHSI) announced the appointments of Vanessa Maxwell as head of Professional Indemnity & Cyber Insurance and Tom Dilley as head of Financial Institutions in Southern Europe. “Vanessa will focus on building our professional indemnity and cyber …

Wells Fargo Nears $142 Million Consumer Settlement Over Fake Accounts

A California judge has granted a preliminary approval for Wells Fargo & Co.’s agreement to pay $142 million, and perhaps more, to customers whose credit scores were harmed by its employees creating fake accounts in their names, the bank said …

Banks Blast Rule Exposing Them to Consumer Class Actions

U.S. banks and credit card companies could be prevented from blocking customers from banding together to sue them under a rule released by the country’s consumer finance agency on Monday. In releasing the rule, which goes into full effect in …

California Continues to Move Toward Letting Customers Sue Banks

California has taken another step on toward allowing state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration, as a bill inspired by last year’s Wells Fargo scandal passed a key …

Sompo International to Acquire Novae’s Financial Institutions’ Renewal Rights

Sompo International, a Bermuda-based specialty provider of property and casualty re/insurance, announced its London market insurance platform has agreed to acquire Novae Syndicates Ltd.’s financial institutions’ (FI) renewal rights. The purchase, which excludes emerging markets business, encompasses a portfolio that …

Beazley Offers ‘Seamless’ Financial Lines Cover for Crime, PI & Data Breaches

Beazley has unveiled two sets of financial lines’ products for organizations domiciled outside the United States. One is designed for the specific needs of financial institutions and the other provides comprehensive management liability cover for traditional and emerging risks, the …