News
Brexit Hits London Worse Than Expected as Financial Firms Shift Business Elsewhere
Over 400 financial firms in Britain have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, a ...
Ex-Allianz CFO Wemmer Is Launching a SPAC to Target Insurance Deals
Dieter Wemmer, a veteran insurance executive who was chief financial officer at Allianz SE, is launching a blank-check company to target deals in the sector where he worked for more than three ...
COVID Restrictions Push Progressive’s Premiums to Robust Levels
The Progressive Corp. saw robust, double-digit increases in net premiums written and net income, gains it said stemmed, in part, from a year of COVID-19 quarantine restrictions. The Ohio-based ...
EU Will Ban Artificial Intelligence Used for Mass Surveillance, Ranking Social Behavior
The European Union is poised to ban artificial intelligence (AI) systems used for mass surveillance or for ranking social behavior, while companies developing AI could face fines as high as 4% of ...
Hallmark Financial Will Pursue IPO of Specialty Commercial Business Segment
Hallmark Financial Services Inc, plans to pursue an IPO of its Specialty Commercial business segment. The initial public offering involves a non-controlling ownership stake in the unit, and it will ...
Cyber Coverage Profit Pressures Grow as Rate Hikes Struggle to Keep Pace: Fitch
Choosing to write cyber coverage is becoming increasingly costly for property/casualty insurance carriers and rate hikes may not be enough to make up the difference, according to a new Fitch Ratings ...
Climate Change Law for Financial Firms Introduced in New Zealand, a Global First
New Zealand has become the first country to introduce a law that will require banks, insurers and investment managers to report the impacts of climate change on their business, minister for climate ...
AIG, Lemonade, Among Insurers Who Signed Letter Opposing Laws Restricting Voting Rights
A handful of insurance industry executives signed a letter from hundreds of major companies, corporate leaders and celebrities released on Wednesday stating opposition to laws restricting voting ...