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HSBC to take $1.1 billion hit after Luxembourg court ruling in Madoff case
Madoff’s fraud was estimated as much as $64.8 billion, making it...
HK startup aims to launch satellites for 3D wind data, report
The satellites should be able to provide global coverage of data...
Global reinsurance sector to experience moderate deterioration in 2026:Fitch
Abundant capacity and rising competition across most property lines will gradually erode prices, while rising claims costs, notably from more frequent and severe catastrophe losses and persistent social inflation, will pressure underwriting margins, in our base case,...
Nestle plunged into crisis as CEO fired for hiding romance with staffer
The loss of two CEOs and a chairman in a year is of historic proportions for Nestle,” said Ingo Speich, head of corporate governance and sustainability at Deka, a top-30 Nestle investor. Nestle has fired its CEO Laurent Freixe after just one year in the job after an...
Britain’s JLR hit by cyber incident that disrupts production, sales
The automaker is the latest British company to be hit by a cyber security incident in recent months amid a surge in cyber and ransomware attacks globally, as increasingly sophisticated threat actors disrupt operations and compromise sensitive data. London: Jaguar Land...
$152 Billion and Rising: Insurance industry facing growing average annual losses from natural catastrophes
The 2025 Global Modeled Catastrophe Losses Report notes a $32 billion increase in non-crop global modeled insured AAL over 2024, which reflects the upward trend in catastrophe losses experienced on a global scale. Over the past five years, insured losses have averaged...
TCS expands partnership with European insurer Tryg, signs new Euro 550 mln deal
TCS and Tryg have a 15-year partnership, and the new deal will ensure a digital transformation for the Scandinavian client, a statement said. Mumbai: India's largest IT services company TCS on Tuesday announced bagging a EUR 550 million (around Rs 5,642 crore),...
Earthquake destroys villages in eastern Afghanistan, kills at least 600 people
The quake late Sunday hit a series of towns in the province of Kunar, near the city of Jalalabad in neighboring Nangahar province. The 6.0 magnitude at 11:47 p.m. was centered 27 kilometers (17 miles) east-northeast of the city of Jalalabad in Nangarhar province, the...
Global reinsurance results very strong in 1H25, Revenue growth is slowing: Fitch
Fitch expects competition to intensify as supply outpaces demand, with further price softening and slight loosening of terms and conditions at the upcoming renewals, although underwriting discipline should persist. Chicago/Paris/London: Global reinsurers’...
Sompo to acquire Aspen for $3.5 Billion
James Shea, CEO of Sompo P&C, said “Strategic acquisitions have been a key part of our growth plan to build a robust and diversified global P&C platform, and Aspen represents an excellent opportunity at the right time in the market cycle. We look forward to...
Liberty Mutual Reinsurance and Safehub launch parametric earthquake insurance solution
ShakeNet Parametric reduces basis risk for parametric re/insurance policies, better aligning payout with actual losses. The scalable nature of Safehub’s technology allows for rapid and dense deployment of sensors, enabling risk transfer solutions even in...
Kazakhstan presses on with $4.4 billion fine against global oil majors for ecological violations
Kazakhstan's government originally fined NCOC 2.3 trillion tenge - then worth $5.4 billion - in early 2023 for ecological violations related to an inspection of Kashagan's gas processing facilities in 2022, when the authorities said they discovered excessive volumes...