Mark Zuckerberg, CEO, Facebook "The fines levied on Meta are mainly...
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Traffic through the Panama Canal is being cut due to drought, disrupting global trade
On Wednesday, Panama Canal Administrator Ricaurte Vásquez said they...
Russia allocates another $1.23 bln to company buying planes from Western lessors
Russia has allocated an additional 107.7 billion roubles ($1.23...
Munich Re’s Covid-19 reinsurance losses at €700m in Q2
The largest share of these losses is attributable to cover for major events,with a lower impact reported in life and health business as well as other lines of property-casualty insurance, including business interruption. At this time, Munich Re perceives considerable ongoing uncertainty with respect to the macroeconomic development and the financial impact of COVID-19, and does not expect that uncertainty will subside between now and early 2021
Insurance software firm Majesco acquired by PE outfit Thoma Bravo for $594M
“We are extremely excited to partner with Thoma Bravo,a firm with an established track record of working with companies transitioning to the cloud.This transaction delivers significant cash value to our stockholders.Moreover, the added flexibility we will have as a private company, combined with the benefit of Thoma Bravo’s knowledge and domain expertise, can allow us to more effectively focus on our long-term investment and growth objectives, to the benefit of our employees, customers and partners.We are in alignment with Thoma Bravo on our strategic vision to help global insurers transition to the cloud,” Majesco CEO Adam Elster said
Swiss Re’s digital insurance platform iptiQ gets a new CEO
In his new role at iptiQ, Carlo Bewersdorf will be focused on driving Swiss Re’s ambition to protect more people and their families by making insurance more accessible and engaging. He will seek to further develop a business model based on forging strong partnerships to sell insurance via trusted brands. At the heart of this effort is the drive to dovetail Swiss Re’s expertise with the smart use of data and technology to create no-fuss, scalable digital insurance solutions.
China raises equity investment cap for insurers to 45%
$501M unemployment insurance fraud Case in US
Derek Pickle, acting special agent-in-charge of the Office of the Inspector General at the U.S. Department of Labor, said the nation has seen a dramatic increase in the amount of unemployment insurance fraud around the nation during the coronavirus pandemic, which has caused unprecedented challenges for states trying to process unemployment claims.
China takes over companies linked to disappeared financier
Among the companies being taken over are Huaxia Life Insurance Co., Tianan Life Insurance Co., Tianan Property Insurance Co., New Times Trust Co., Yi’An Property Insurance Co., and New China Trust Co., the China Banking and Insurance Regulatory Commission said in a statement on its website Friday.
Investors and insurers of Russian pipeline projects at risk of US sanctions
U.S. Secretary of State Mike Pompeo on Wednesday warned investors in two Russian natural gas pipeline projects that they could face sanctions as the Trump administration seeks to curb the Kremlin’s economic leverage over Europe and Turkey. Pompeo told a...
Investors sue Deutsche Bank,CEO in wake of Epstein fine
The lawsuit was filed on Wednesday in the U.S. District Court in Newark, New Jersey, and seeks unspecified damages.
It claims shareholders lost money because of Deutsche Bank’s dealings with Epstein,who was implicated in dozens of sexual abuse cases.
Lloyd’s underwriters sue Indiana Archdiocese for not disclosing allegations of child sexual abuse
Underwriters for Lloyd’s of London contends in a federal lawsuit filed Monday that when the archdiocese applied for excess sexual misconduct liability insurance in June 2019, it failed to disclose abuse allegations against Rev. David J. Marcotte reported months before its application was filed.The lawsuit asks a judge to rescind the insurance policy and render it void, The Indianapolis Star reported.
Global death toll for pandemic now above 600,000
Total global coronavirus cases surpassed 14 million on Friday, according to a Reuters tally, marking another milestone in the spread of the disease that has killed nearly 600,000 people in seven months. The surge means that 1 million cases were reported in under 100 hours.