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Lloyd’s to collaborate with Bermuda Monetary Authority to foster innovation and education access
The Lloyd’s Lab programme provides a 10 week fast tracked incubator...
US House passes TikTok crackdown law
The measure is the latest in a series of moves in Washington to...
Hyundai, Kia Motors agree to $210 million auto safety civil penalty in US
Kia agreed to create a new U.S. safety office headed by a chief safety officer and each automaker will retain an independent, third-party auditor who will directly report to NHTSA and will conduct a comprehensive review of the company’s safety practices. Hyundai’s consent order will last three years, while Kia’s is for two years, but both can be extended by one year.
Mirae Asset wins U.S. lawsuit against China’s Anbang on scrapped $5.8 bln hotel deal
The case in Delaware, where many companies are registered, could set a precedent for deals that have seen valuations drop since the COVID-19 pandemic, as buyers no longer want to buy assets under the terms of agreements reached before.
A consortium led by Mirae agreed last year to buy the hotels from Anbang, which had been selling some of its overseas assets after the Chinese government took control of the troubled insurer in 2018.
U.S. insurers dig into corporate diversity practices as lawsuits pile up
Insurers are meeting company officials to examine diversity practices before renewing or signing new so-called D&O policies to cover lawsuits against directors and officers, insurers and brokers said.
Before pricing coverage, insurers want details about top-level succession planning and how companies recruit, they said.
Shell faces Dutch court as climate change activists demand end to emissions
Environmental activists are demanding that Shell cuts its greenhouse gas emissions almost in half by 2030 and to zero by 2050 – which would effectively force the Anglo-Dutch firm to quickly move away from oil and gas and direct its investment to sustainable sources of energy
Fitch maintains a stable rating outlook for Chinese non-life insurance sector
“We expect the non-motor business to continue to report faster growth dynamics than the motor insurance class. Implementation of comprehensive motor insurance reform is likely to impair smaller insurers’ ability to boost profitability, while scale advantage will enable the large peers to sustain profitable underwriting results,” said Fitch in a rating note.
Deforestation in Brazil’s Amazon skyrockets to 12-year high under Bolsonaro
While environmentalists blamed the government for the rise, federal officials hailed the figures as a sign of progress in fighting deforestation, as the increase was far lower than the 34% increase recorded in 2019.
India recorded largest reductions in malaria cases in South-East Asia between 2000-2019: WHO
“Countries in South-East Asia made particularly strong progress, with reductions in cases and deaths of 73 per cent and 74 per cent, respectively. India contributed to the largest drop in cases region-wide from approximately 20 million to about 6 million, WHO Director-General Dr Tedros Adhanom Ghebreyesus said in the report’s forward.
Biden plan to end U.S. fossil fuel subsidies faces big challenges
Doing away with tax breaks on producers of fuels that emit greenhouse gases would fit neatly with Biden’s pro-climate agenda, which marks a reversal from Trump’s efforts to roll back climate regulations while boosting fossil fuel output.
It would help establish the United States as a global leader on climate, potentially helping convince other big emitters to axe fossil fuel subsidies.
AXA to sell its Gulf business to GIG for $269 mn
“This transaction marks another step in AXA’s continued simplification journey. We are convinced that AXA’s operations in the Gulf region will benefit from GIG’s leadership and scale in the region, to further pursue their focus on delivering growth and excellent customer service. I would like to thank the management teams and all the employees of our operations in the Gulf region for their continuous contribution and engagement over the years, and wish them all the success for the future, said Thomas Buberl, CEO, Axa.
Aegon to sell its Central and Eastern European business to VIG
“This transaction will simplify Aegon’s footprint and strengthen our balance sheet.We are sharpening our strategic focus and are concentrating on those countries and business lines where Aegon can create most value. I would like to thank our employees in Hungary, Poland, Romania and Turkey for their significant contribution to Aegon over the years. We believe that our businesses will benefit greatly from the vast experience of VIG, a leading insurance group in the region””, said Lard Friese, CEO of Aegon.