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Archive: July 2025

US Sanctions Target North Korean Fake-Tech-Worker Scheme
Insurance Journal | July 10, 2025
US Sanctions Target North Korean Fake-Tech-Worker Scheme
The US slapped sanctions on individuals and companies linked to a scheme that involves recruiting North Koreans to pose as American tech workers and help fund Kim Jong Un’s regime. The Treasury Department’s Office of Foreign Assets Control imposed penalties …
US Chamber Report Examines Copyright Value and Piracy Harms
Insurance Journal | July 10, 2025
US Chamber Report Examines Copyright Value and Piracy Harms
Copyright protections don’t just help individuals, they hold up a good part of the U.S. economy, according to a report from the U.S. Chamber of Commerce. The U.S. Chamber of Commerce’s 2023 report highlights industries like architecture, software, music, publishing, …
6 Firefighters Injured Battling Fire in 3-Story Building in New Jersey
Insurance Journal | July 10, 2025
6 Firefighters Injured Battling Fire in 3-Story Building in New Jersey
Six firefighters suffered minor injuries in a blaze Thursday that partially collapsed a three-story building in a New Jersey neighborhood, authorities said. The fire in Jersey City, which started at about 1:30 a.m., also spread to nearby buildings, displacing some …
Three Insurers Join Ward’s Annual Top 50 P/C Ranking for 2025
Insurance Journal | July 10, 2025
Three Insurers Join Ward’s Annual Top 50 P/C Ranking for 2025
Property/casualty insurers have started to broadcast the fact that they have earned spots on Ward’s list of 50 top-performing insurance companies for 2025, but only one was named for 35 straight years—RLI Corp. In addition, there were three newcomers to …
Workers Reach Safety After Collapse Inside LA Industrial Tunnel
Insurance Journal | July 10, 2025
Workers Reach Safety After Collapse Inside LA Industrial Tunnel
All 31 construction workers who were far inside a huge industrial tunnel in Los Angeles made it to safety after a portion of it collapsed Wednesday evening, an outcome officials called a blessing after they initially feared much worse. The …
Markets/Coverages: Descartes Insurance Expands Into Credit & Political Risk
Insurance Journal | July 10, 2025
Markets/Coverages: Descartes Insurance Expands Into Credit & Political Risk
Descartes Insurance, the Paris-based risk-carrying subsidiary of parametric-insurer Descartes, has expanded its offering to corporate clients and public institutions to include credit and political risk insurance (CPRI). To support its expansion into this new class of business, Descartes has hired …
Husband and Wife Sentenced for $20 Million Insurance Fraud Scheme
Insurance Journal | July 10, 2025
Husband and Wife Sentenced for $20 Million Insurance Fraud Scheme
A Maryland husband and wife have been sentenced to 12 years in prison and four years in prison, respectively, after their convictions for a $20 million scheme to commit insurance fraud. In addition to their prison sentences, a judge for …
People Moves: QBE Re Names Senior Leaders Across Markets, Product Areas as Part of Restructuring; Liberty Global Transaction Solutions Appoints Leaders in London, Europe
Insurance Journal | July 10, 2025
People Moves: QBE Re Names Senior Leaders Across Markets, Product Areas as Part of Restructuring; Liberty Global Transaction Solutions Appoints Leaders in London, Europe
This edition of International People Moves details appointments at QBE Re and Liberty Global Transaction Solutions. A summary of these new hires follows here. QBE Re Names Senior Leaders Across Markets, Product Areas as Part of Restructuring QBE Re has …
AI-Driven MGA ‘Augmented UW’ Launches to Serve Smart-Follow Insurance Market
Insurance Journal | July 10, 2025
AI-Driven MGA ‘Augmented UW’ Launches to Serve Smart-Follow Insurance Market
Augmented UW Ltd., the AI-driven managing general agent, has launched in London to serve the smart-follow insurance market. The MGA was founded by Chief Executive Officer Daniel Prince, a leading executive in the London insurance market, who was formerly CEO …
Extreme Weather Could Cause 5% Drop in Euro Zone GDP, Bank Watchdogs Find
Insurance Journal | July 10, 2025
Extreme Weather Could Cause 5% Drop in Euro Zone GDP, Bank Watchdogs Find
Extreme weather events such as heatwaves, flooding and wildfires could wipe as much off euro zone GDP in the next five years as the global financial crisis or the COVID-19 pandemic, a senior European Central Bank official said on Wednesday. …