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JPMorgan pays $75 million to settle lawsuit over Jeffrey Epstein ties
US Virgin Islands Attorney General Ariel Smith said the settlement...
Britain proposes diversity and misconduct rules for financial firms
“Regulated firms and individuals should have no doubt that this...
Bermuda’s Catalina Holdings acquires Asia Capital Re
Consequently, ACR will cease writing business with immediate effect and all existing policies in force will be serviced until expiry. ACR said it will continue to honour all valid reinsurance quotes, as well as liabilities from outstanding commitments.Catalina said that it intends to use ACR and Singapore as a hub to build a strong Asian run-off platform.
Lloyd’s launches new space risk product and new analysis of the space sector
According to a new Lloyd’s report, NewSpace: Bringing the new frontier closer to home, published today, the global space market could increase in value from $300bn today to $1tr by 2040, driven by NewSpace companies entering the sector.
Global carbon emissions slower than 2018, linked to India’s economic slowdown: Study
“Policies have been successful to varying degrees in deploying low-carbon technologies, such as solar, wind and electric vehicles. But these often add to existing demand for energy rather than displacing technologies that emit CO2, particularly in countries where energy demand is growing,” said study co-author Corinne Le Quere from the University of East Anglia in the UK.
Could life insurance go up in smoke for some vapers?
“Getting insurance is really expensive for people who have taken steps to quit tobacco,” said Simon Manthorpe, CEO of British vaping product manufacturer Vapemate.
SCOR issues a new contingent capital facility
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “Our new strategic plan “Quantum Leap” sets out ambitious profitability and solvency targets given the current financial and economic environment. This new contingent capital facility is an essential part of the active capital management policy that is at the heart of our strategy. This facility protects SCOR’s solvency, at a very low cost for our shareholders, against events such as a global pandemic or a natural catastrophe of historic proportions.”
Berkshire Hathaway launched Commercial Crime Insurance in Asia
“Corporate fraud is becoming increasingly sophisticated as technology advances at an exponential pace across the globe. Companies now face new threats and are tasked with protecting both traditional and digital assets,” said Scotland Walsh-Riddle, head of Executive & Professional Lines, BHSI Asia. “Our policy is important protection for a company’s balance sheet by both insuring against losses arising from a wide range of threats and providing support to investigate the cause of a loss.”
France to require insurers, banks to run Climate Change stress tests in 2020
French bank Societe Generale and French insurer AXA said this week they would exit the coal sector by 2030 in OECD countries and by 2040 for the rest the world.
European investors urge Big-Four auditors to take action on Climate Risks
“We would expect management to report on environmental and societal issues to the extent necessary for primary users of financial statements to form their own assessment of the company’s longer-term prospects and management’s stewardship of the business,” IASB board member Nick Anderson said.
Global eTrade Services unveils new finance services suite to reinforce end-to-end supply chain orchestration
In partnership with 12 leading payments, trade financiers, and insurance providers, CALISTATM Finance helps customers fulfill their trade financing needs seamlessly, securely, and smartly while making customer onboarding process faster with Know Your Customer (KYC) done within a day as opposed to two weeks traditionally.
Extreme weather in Greece brought $1.1 Billion in crop damages since 2011
Kyriakos Tsitouridis, the head of the Meteorological Research Center of the Greek Agricultural Insurance Organization (ELGA), said farmers will have to switch to “crops that can survive in extreme weather conditions.”