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US Fed Fines Deutsche Bank $186M for Failing to Beef Up Money Laundering Controls
Insurance Journal | July 20, 2023
US Fed Fines Deutsche Bank $186M for Failing to Beef Up Money Laundering Controls
The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186 million for failing to sufficiently address money laundering control problems and other shortcomings previously flagged by the U.S. central bank. The new penalty for lingering …
GOP Attorneys General Shift Battle Over Affirmative Action to Workplace
Insurance Journal | July 20, 2023
GOP Attorneys General Shift Battle Over Affirmative Action to Workplace
Thirteen Republican state attorneys general are cautioning CEOs of the 100 biggest U.S. companies on the legal consequences for using race as a factor in hiring and employment practices, demonstrating how the Supreme Court’s recent ruling dismantling affirmative action in …
Mayfield, Kentucky, Hit by Floods 18 Months After Devastating Tornado
Insurance Journal | July 20, 2023
Mayfield, Kentucky, Hit by Floods 18 Months After Devastating Tornado
Parts of Kentucky cannot seem to catch a break from extreme weather events. Some 18 months after a powerful tornado ripped up much of downtown Mayfield, in southwestern Kentucky, heavily damaging businesses, homes, churches and a few insurance agencies, the …
Allstate Estimates Catastrophe Losses of $1 Billion in June, $2.7 Billion in Q2
Insurance Journal | July 20, 2023
Allstate Estimates Catastrophe Losses of $1 Billion in June, $2.7 Billion in Q2
Allstate Corp. announced estimated catastrophe losses for the month of June of $1.01 billion, or $799 million, after-tax. June’s month catastrophe losses include 18 events estimated at $1.13 billion, with approximately 60% of the losses related to four wind and …
Tornado Rips Apart Pfizer Plant, Injures 16 in North Carolina
Insurance Journal | July 20, 2023
Tornado Rips Apart Pfizer Plant, Injures 16 in North Carolina
Drugmaker Pfizer Inc. said on Wednesday its plant in Rocky Mount, North Carolina, which is one of the largest sterile injectable product facilities in the world, has suffered heavy damage from a tornado. A company spokesperson in an emailed statement …
AIG, AXA Weighing Sales of UK Businesses: Sources
Insurance Journal | July 20, 2023
AIG, AXA Weighing Sales of UK Businesses: Sources
Two of the world’s largest insurers are weighing the sale of businesses in the United Kingdom, according to people familiar with the matter. American International Group Inc. is working with advisers to explore a sale of its life-insurance unit in …
Miami-Dade Moves to Protect Workers from Extreme Heat. Will State Block Rule?
Insurance Journal | July 20, 2023
Miami-Dade Moves to Protect Workers from Extreme Heat. Will State Block Rule?
With record heat in Florida and the rest of the U.S., officials in Miami-Dade County are moving to protect about 80,000 outdoor workers in the construction and agriculture trades. The Miami-Dade County Commission gave initial approval Tuesday for new heat …
Marsh McLennan Beats Q2 Profit Estimates on Higher Interest Income
Insurance Journal | July 20, 2023
Marsh McLennan Beats Q2 Profit Estimates on Higher Interest Income
Marsh McLennan reported second-quarter profit above expectations on Thursday, bolstered by the higher interest the company earned from client funds. The company reported a profit of $2.20 per share, excluding one-time costs, for the three months ended June 30. Analysts …
Hurricanes Getting Costlier and Wetter, Triple I Report Finds
Insurance Journal | July 20, 2023
Hurricanes Getting Costlier and Wetter, Triple I Report Finds
U.S. population growth in hurricane-prone states, coupled with the increasingly heavy rainfall which accompany these storms, has generated costlier insurance claim payouts for wind and flood-caused property damage, according to the Insurance Information Institute. “While wind speeds and storm surge …
Travelers’ Q2 Profit Plummets on Historic-Level Catastrophe Losses
Insurance Journal | July 20, 2023
Travelers’ Q2 Profit Plummets on Historic-Level Catastrophe Losses
Travelers Companies Inc. on Thursday reported a 98% fall in quarterly profit, as severe wind and hailstorms in parts of the United States pushed up its catastrophe losses. Core income of the New York-based company, often seen as a bellwether …