Global Economy
Climate Change Financial ‘Stress Tests’ Need Better Data and Modeling: Global Oversight Body
Climate change financial 'stress tests' will need to be improved with better data and modeling, a new paper by a global oversight body has recommended, but potential losses at individual banks or ...
Travelers Makes ‘Strategic Minority Investment’ in Fidelis Insurance Holdings
The Travelers Companies said it has made a "strategic minority investment" in Fidelis Insurance Holdings, a privately-owned global specialty insurer and reinsurer. Neither side disclosed financial ...
Canadian Municipalities Face Insurance Premium Hikes After COVID Revenue Collapse
Canadian municipalities reeling from a pandemic-driven hit to revenues are facing an added blow from surging liability insurance costs, forcing them to raise property taxes or even cut services for ...
Zurich Insurance Chief Investment Officer Named as New Swiss Markets Watchdog
Switzerland's markets watchdog FINMA on Tuesday named Zurich Insurance chief investment officer Urban Angehrn as its new boss, tapping an insurance industry veteran to lead the financial supervisor. ...
Executives On The Move at Chubb and AXIS
Chubb's Westchester division promoted an executive to a new role. AXIS Re appointed an executive to a leadership role within its AXIS Re Strategic Partners division. *** Thomas McLaughlin has been ...
Allianz Investment Arm Plans to Slash Investment in Some Coal Businesses
Allianz Global Investors plans to curtail investments in certain coal businesses by the end of the year. The 598 billion-euro ($707 billion) investment manager said in a statement Thursday that ...
EU OKs $30B Aon/Willis Towers Watson Merger; U.S. Roadblocks Remain
The European Commission has approved the acquisition of Willis Towers Watson by Aon, lifting a major roadblock to the proposed $30 billion merger. But there are more roadblocks to overcome. The ...
Canada Halts Trains for 48 Hours in Parts of B.C. After Wildfire Surge
Canada on Friday ordered trains to cease operations for 48 hours in areas of British Columbia hit by a recent spate of wildfires, including one that wiped out an entire town and killed two people, ...