News
The Hartford Will Pay $650M to Settle Boy Scouts of America Sexual Abuse Claims
The Hartford disclosed it has agreed to pay $650 million to settle sexual abuse claims against the Boy Scouts of America associated with policies mostly issued in the 1970s. According to the insurer, ...
Auto Insurers Lead 2020 U.S. Property/Casualty Impairments: AM Best
Seven insurance company impairments were identified in the U.S. property/casualty industry in 2020, with five of the seven involving auto insurers, according to an A.M. Best special report. Last ...
Insurance Technology Provider Zywave Acquires Enquiron
Insurance technology provider Zywave acquired Enquiron, a Boston-based provider of risk management and consulting products and services. Financial details of the acquisition were not disclosed. ...
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 ...