SoftBank-backed Lemonade raises $319 million in IPO

International News       Jul 02, 2020

New York: Insurance startup Lemonade Inc, which is backed by SoftBank Group Corp said it raised $319 million in its U.S. initial public offering.   Lemonade is the latest company to capitalize on the sharp recovery in U.S. investor appetite for new stocks following the coronavirus...

Second fatal NLC India boiler blast in 2 months kills at least six

Indian News       Jul 01, 2020

  CHENNAI: A boiler blast on Wednesday at lignite miner and electricity generator NLC India’s plant in the southern Tamil Nadu state killed at least six people, a company official and local police said, the second deadly boiler explosion in two months.   “Six people died on...

G. Srinivasan, director, National Insurance Academy

G Srinivasan panel to study suitability of Surety Bond issuance by Indian insurers

Indian News       Jul 01, 2020

  Hydearbad: Prodded by the the Ministry of Road Transport and Highways((MORTH) the segment regulator IRDAI, on Wednesday, has formed a panel under G. Srinivasan, director, National Insurance Academy, to assess the suitability of the Indian insurance industry or any other sector to offer Surety Bonds...

U.S. commercial automobile insurance segment records decade-worst underwriting loss in 2019

International News       Jul 01, 2020

OLDWICK, N.J: The U.S.commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting results, according to a new AM Best report.   Indeed, the U.S. commercial automobile...

Tesla overtakes Toyota as the world’s most valuable automaker

Facts       Jul 01, 2020

  Tesla Inc. displaced Toyota Motor Corp. as the world’s most valuable automaker, underscoring investor enthusiasm for a company trying to transform an industry that’s relied on internal combustion engines for more than 130 years.   Shares of Tesla, which have more than doubled since the start...

AGCS embarks on global overhaul to regain profitability and market leadership

International News       Jul 01, 2020

  London/Munich/New York/Paris/Singapore:: Under its new leadership, Allianz Global Corporate & Specialty (AGCS), the industrial insurer of Allianz Group, announced a comprehensive transformation program, “New AGCS”, to regain profitability and market leadership in the corporate and specialty insurance segment. Supported by a number of new leadership...

Insurers secure sufficient reinsurance capacity at the 1 July and 1 June renewals:Willis Re  

International News       Jul 01, 2020

  Singapore: Insurers were able to secure sufficient reinsurance capacity at the 1 July and 1 June renewals supported by adequate reinsurance capital.The remarkable recovery in investment markets allied with investors’ appetite to support additional capital and debt offerings and reinsurers own prudent risk and cost...

SBI General Insurance unveils new brand identity

Indian News       Jul 01, 2020

  Mumbai:: Before getting listed, SBI General Insurance (SBIG) today announced the launch of its new corporate brand identity with redesigned logo and the tagline ‘Suraksha aur Bharosa dono’.   Digitization has been always at core at SBIG, hence, at this stage the company has amalgamated focus...

India deploys helicopter,12 drones to stop fast-spreading locusts

Indian News       Jul 01, 2020

NEW DELHI: India on Tuesday deployed a helicopter and a dozen drones spraying insecticide to stop desert locusts that have spread to nine heartland states of the world’s second-biggest producer of rice and wheat.   The move came after swarms invaded Gurugram, a satellite city of...

Lloyd’s Chief Executive John Neal

Lloyd's calls for state-backed 'Black Swan' reinsurance

International News       Jul 01, 2020

LONDON:  “Black Swan” reinsurance schemes backed by governments could help businesses get insurance pay-outs after huge shocks such as the coronavirus pandemic, Lloyd’s of London said.   Commercial insurance market Lloyd’s has said insurers worldwide will pay out more than $100 billion in coronavirus-related claims this...

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