Meta Must Face Investor Suit After Supreme Court Drops Case
The US Supreme Court dismissed an appeal by Meta Platforms Inc., leaving it to face a lawsuit that accuses the company of misleading shareholders about the data-harvesting scandal involving political consulting firm Cambridge Analytica. Investors claim the company, then known …
POSTED NOVEMBER 22, 2024 5:30 PM |
Markets/Coverages: MGA Aqueous Secures Capacity Deal With Allied World and Sompo
Aqueous Underwriting, the London-based MGA, has secured major new capacity in a three-year deal with A+ rated insurers Allied World and Sompo. The move to a syndicated capacity arrangement provides the MGA with the opportunity to significantly develop and enhance …
POSTED NOVEMBER 22, 2024 5:05 PM |
People Moves: Markel Taps AEGIS London’s Pressman as Senior U/W, Marine Cargo; GC&C Names Chubb’s Selff as Head of Underwriting Asia
This edition of International People Moves details appointments at Markel and Generali Global Corporate & Commercial. A summary of these new hires follows. Markel Taps AEGIS London’s Pressman as Senior Underwriter, Marine Cargo Markel, the insurance operations within Markel Group …
POSTED NOVEMBER 22, 2024 4:49 PM |
Arbitration Claims Against LNG Exporter Venture Global Reach Close to $6 Billion
Pending arbitration claims against liquefied natural gas exporter Venture Global LNG Inc. from several of its customers have grown to nearly $6 billion, according to a bond document seen by Bloomberg. Claims in cases by eight separate companies, including some …
POSTED NOVEMBER 22, 2024 4:36 PM |
North Dakota Commissioner Godfread to Serve as NAIC President
North Dakota Insurance Commissioner Jon Godfread will serve as the president of the National Association of Insurance Commissioners (NAIC) for 2025 after serving as president-elect in 2024. As NAIC president, Godfread will lead the chief insurance regulators in all 50 …
POSTED NOVEMBER 22, 2024 4:29 PM |
World Insurance Acquires North Dakota’s F1 Insurance
World Insurance Associates LLC announced that it acquired the business of First International Insurance (“FI Insurance”) -a division of First International Bank & Trust of Watford City, North Dakota on October 1, 2024. Terms of the transaction were not disclosed. …
POSTED NOVEMBER 22, 2024 4:27 PM |
Ken Paxton Adds Dallas to List of Cities He’s Sued Over Marijuana Decriminalization
Texas Attorney General Ken Paxton has filed another lawsuit to prevent decriminalizing marijuana-related offenses, this time against the city of Dallas. Paxton has previously sued the cities of San Marcos, Austin, Killeen, Elgin and Denton over similar measures with varying …
POSTED NOVEMBER 22, 2024 4:24 PM |
Safer Buildings Vs More Housing: How New Building Codes May Impact Hawaii
A month after wildfires ravaged Maui in August 2023, Gov. Josh Green issued an emergency proclamation to postpone the adoption of any new building codes that might exacerbate a housing shortage that had just gotten worse. The governor’s office is …
POSTED NOVEMBER 22, 2024 4:05 PM |
Florida Regulators Demand Data From Weiss Ratings After Recent Reports on Insurers
Weiss Ratings, a Palm Beach Gardens financial ratings firm, sparked some outrage from the Florida insurance industry in recent weeks after it released reports contending that some of Florida’s largest property insurers were closing almost half of their hurricane claims …
POSTED NOVEMBER 22, 2024 4:02 PM |
Global Non-Life Insurance Rates ‘Plateauing’ but Nat Cat Losses Delay Market Softening
Global non-life premiums are expected to hit a decade-high growth level of 4.3% in 2024, following the repricing of risk over the past several years in response to elevated claims, according to Swiss Re’s sigma. “Premium rates are now moderating, …
POSTED NOVEMBER 22, 2024 2:33 PM |