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Howden to acquire Gravitas, to accelerate global Sport & Entertainment capabilities
This announcement follows Howden’s other recent Sport &...
Radian to acquire Inigo for $1.7 billion, to become a global multi-line specialty insurer
The company’s expansion into the Lloyd’s global specialty market...
Property insurers’ ratings under pressure as risk rises: Morningstar
Insurers can opt to pay more for the same reinsurance package, or cut costs by restricting new business, withdrawing from certain regions or business lines or adjusting their strategy, such as by cutting costs on more frequent but less severe perils, Morningstar said....
Allianz US unit ordered to pay $6 billion in securities fraud case
US District Judge Colleen McMahon imposed the sentence Wednesday in Manhattan on Allianz Global Investors US, which had agreed to the payout last year when it pleaded guilty to a single criminal charge of securities fraud as part of a deal with federal prosecutors. It...
US to decide whether to OK GM self-driving car deployment plan
The petition filed in February 2022 seeks government approval to deploy vehicles annually without steering wheels, mirrors, turn signals or windshield wipers A top U.S. auto safety official said Wednesday regulators will soon decide on a petition filed by General...
China issues temporary rules for generative AI services
The Cyberspace Administration of China, which released the set of rules on its website, said that service providers will need to conduct security assessments and perform algorithm filing procedures before product launches. The measures will go into effect on Aug. 15...
Russia’s flagship crude oil surpasses G-7 price cap for first time
For some buyers of the Russian flagship crude, the breaching of the cap poses an immediate headache. This is especially true in India, a market that has sustained Russian exports but where some purchasers are still reliant on key Western services to keep imports...
UK polluters to face unlimited fines to protect environment
“We are scrapping the cap on civil penalties and significantly broadening their scope to target a much wider range of offenses – from breaches of storm overflow permits to the reckless disposal of hazardous waste,” Environment Secretary Thérèse Coffey said Polluters...
EU Widens Probe of Suicide Risks Linked to Weight-Loss Drugs
The European Medicines Agency said Monday that it was looking at three adverse events in connection with Ozempic and Saxenda after receiving reports from the Icelandic Medicines Agency. Two cases of suicidal thoughts were reported to the EMA relating to the drugs,...
Chinese hackers breached unclassified govt email by foiling Microsoft security: US officials:
The hack was disclosed late Tuesday by Microsoft in a blog post. It said it was alerted to the breach, which it blamed on a state-backed, espionage-focused Chinese hacking group "known to target government agencies in Western Europe," on June 16. Microsoft said the...
Cost-of-living crisis fuels political turmoil, according to WTW political risk index
Evan Freely, Global Head of Financial Solutions, WTW, said, “The international community continues to grapple with the cost-of-living crises and its wide consequences.This report indicates that rising prices, particularly in food and energy, often result in a...
AXA weighs offloading $2 bln reinsurance arm to cut disaster risk – sources
French insurer AXA SA has been discussing strategic options for its XL Re unit, including a possible private sale or stock market listing, said the people, who spoke on condition of anonymity Paris: One of the world’s top insurers is mulling offloading its property...