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Panama Removed From Gray List of Financial Crime Watchdog FATF
Insurance Journal | October 30, 2023
Panama Removed From Gray List of Financial Crime Watchdog FATF
Panama has been removed from the gray list of financial crime watchdog FATF, a register which includes countries deemed to be doing too little to combat money laundering, according to a government statement on Friday. The Central American country’s first …
Otis Likely to Be One of Costliest Hurricanes for Mexico Insurance Market: Gallagher Re
Insurance Journal | October 30, 2023
Otis Likely to Be One of Costliest Hurricanes for Mexico Insurance Market: Gallagher Re
Hurricane Otis is expected to be one of the costliest natural catastrophe events in Mexico’s history with initial economic losses expected to top US$10 billion, according to Gallagher Re. Further, insured losses are expected to run into the billions of …
Chinese Online Insurer Shouhui Weighs Hong Kong IPO in 2024
Insurance Journal | October 30, 2023
Chinese Online Insurer Shouhui Weighs Hong Kong IPO in 2024
Shenzhen Shouhui Technology Group Ltd., a Chinese online insurance platform, is considering an initial public offering in Hong Kong as soon as next year, according to people familiar with the matter. China International Capital Corp. and Huatai Securities Co. are …
Boeing Assessing Lockbit Hacking Gang Threat of Sensitive Data Leak
Insurance Journal | October 30, 2023
Boeing Assessing Lockbit Hacking Gang Threat of Sensitive Data Leak
Boeing Co said on Oct. 27 that it was assessing a claim made by the Lockbit cybercrime gang that it had “a tremendous amount” of sensitive data stolen from the aerospace giant that it would dump online if Boeing didn’t …
Companies May Be Employers of Contract, Franchise Workers Under US Labor Rule
Insurance Journal | October 30, 2023
Companies May Be Employers of Contract, Franchise Workers Under US Labor Rule
A U.S. labor board on Oct. 26 issued a final rule making it easier for workers and unions to hold companies liable for labor law violations by their franchisees and contractors, reviving an Obama-era standard heavily criticized by trade groups. …
Bayer Ordered to Pay $175 Million in Latest Roundup Cancer Trial
Insurance Journal | October 30, 2023
Bayer Ordered to Pay $175 Million in Latest Roundup Cancer Trial
A Philadelphia jury on Friday found Bayer AG liable in a case brought by a retired restaurant owner who claimed his cancer was due to exposure to the company’s Roundup weed killer, and ordered Bayer to pay him $175 million …
South Carolina Seeing Record Number of Insurance Fraud Complaints
Insurance Journal | October 30, 2023
South Carolina Seeing Record Number of Insurance Fraud Complaints
South Carolina in 2022 saw a record number of complaints about insurance fraud, and has almost matched the number through the first 10 months of this year. And some state lawmakers are now looking into the reasons for the increase. …
Universal Ready to Add Florida Policies Again, Contemplates Potential Rate Cuts
Insurance Journal | October 30, 2023
Universal Ready to Add Florida Policies Again, Contemplates Potential Rate Cuts
Universal Insurance Holdings, after discontinuing more than 160,000 policies over the last two years, now sounds like it’s ready to start growing again in its home state of Florida. “As we move forward, we’re more confident in the Florida market, …
NFP Buys UK-Based Resolute Insurance Services
Insurance Journal | October 27, 2023
NFP Buys UK-Based Resolute Insurance Services
NFP, a New York City-based property/casualty broker, announced it has acquired Resolute Insurance Services, an independent insurance broker based in the West Midlands. Financial details of the deal were not disclosed. NFP said the acquisition expands its commercial insurance product …
Bankman-Fried Acknowledges ‘Mistakes’ But Testifies He Did Not Defraud Anyone
Insurance Journal | October 27, 2023
Bankman-Fried Acknowledges ‘Mistakes’ But Testifies He Did Not Defraud Anyone
Sam Bankman-Fried, testifying in his own defense at his fraud trial on Friday, acknowledged that a “lot of people got hurt” when the FTX cryptocurrency exchange he founded collapsed, but said he did not defraud anyone or take customer funds. …