News
MasterCard Hit by U.K. Class Action Suit Over Processing Fees
Consumers in the U.K. are preparing a 19 billion-pound ($24.7 billion) class action lawsuit against MasterCard Inc., almost two years after a European Union court ruled the processing fees the ...
AXIS Capital’s Fledgling Harrington Re Raises $600M
Harrington Re., a fledgling Bermuda operation sponsored by AXIS Capital Holdings Ltd., has raised $600 million in capital designed to beef up underwriting and investment plans put forth by its ...
National Interstate Keeps Rebuffing American Financial’s M&A Bid
Three months after an initial offer, a bid by a division of insurance holding company American Financial Group to buy the rest of National Interstate Corp. that it doesn't already own appears remains ...
Ex-Allstate Employees Awarded $27M in Defamation Lawsuit Verdict
A federal jury has awarded more than $27 million to four former Allstate employees who sued the insurer for defamation. The Chicago Tribune reported the employees worked for a now-defunct equity ...
Carriers Losing Sight of Traditional Cat Risk Exposures: AIR Worldwide CEO
Novel risks of the digital age are not the only ones that property/casualty insurance industry executives should be worried about as they seek to manage insurance and reinsurance portfolios, the ...
Treasury Officials Want Some Terrorism Premiums Retained for Future Claims
The federal terrorism risk insurance program "remains an important mechanism" for ensuring that terrorism risk insurance is available and generally affordable, the U.S. Treasury Department concludes ...
New Brexit Fallout: Bank of England Eases Bank Rules
Mark Carney pledged to shore up financial stability as he warned that the risks from Britain's shock decision to leave the European Union have started to crystallize. "There is the prospect of a ...
Rail Industry Isn’t Getting ‘Driverless’ Tech Anytime Soon
Peter Mills sees an inconsistency. One arm of the U.S. Department of Transportation is recommending two-person crews be required for freight trains as another plans to spend billions to help develop ...