Global Economy
Lloyd’s Swings Into the Black With H1 Profit of Nearly $2B
Lloyd's of London reported pre-tax profit of £1.4 billion (US$1.9 billion) for the first half of 2021, compared to a £400 million (US$550.8 million) loss during H1 2020. The market's profit was ...
Reduced Insurance Cover Leaving Offshore Operators With Big Ida Losses
Offshore energy firms are likely to face greater financial losses from Hurricane Ida than from previous storms in the Gulf of Mexico, because of reduced coverage offered by insurers, risk modeling ...
Cognizant Expects Carriers to Foot Bill for $95M Bribery Lawsuit Settlement
Cognizant Technology Solutions Corp. has reached a $95 million settlement to resolve a lawsuit accusing the information technology services company of defrauding shareholders by concealing bribes to ...
COVID-19 Claims Are Placing ‘Considerable Burden’ on Global Reinsurers
Global life and non-life insurance and reinsurance COVID-19 claims are approaching $50 billion, which has had a significant burden on reinsurers, according to Mike Van Slooten, head of Business ...
Executives On The Move at Zurich North America, AXA XL and BHSI
A former Chubb executive is Zurich North America's new Head of Distribution for the U.S. Middle Market. AXA XL's North America Construction business promoted two veteran executives to lead its ...
Digital Auto Insurer Marshmallow Is One of First Black-Founded UK Unicorns
Digital motor insurer Marshmallow has raised $85 million from investors, valuing it at more than $1.25 billion and making it one of the first British Black-founded unicorns, the company said on ...
Global P/C Premiums Will Double by 2040, Driven by Climate Change and More: Swiss Re
Global property/casualty premiums are expected to more than double to $4.3 trillion in 2040 from $1.8 trillion in 2020 – growth driven by economic development, urbanization and climate change, ...
Allianz Investment Funds Under Investigation in Germany
German regulators have launched an investigation into the country's biggest financial company, Allianz, after the demise of some of its U.S. investment funds last year, people with direct knowledge ...