U.S.
HSBC Arm Settles 14-Year Shareholder Lawsuit for $1.58B
HSBC Holdings Plc agreed to pay $1.58 billion to settle a 14-year-old shareholder lawsuit over allegations that executives of a U.S. subprime-lending business acquired by the bank misled investors. ...
American Family Wants to Go Mutual Holding Company Route
American Family Insurance plans to become a mutual holding company. The change would, in part, strengthen its ability to make acquisitions or pursue M&A transactions with other mutual insurance ...
Insurers: Ignore the FinTech Revolution at Your Long-Term Peril
While 90 percent of insurers fear they will lose business to a FinTech start-up, only 43 percent say they have put FinTech at the heart of their corporate strategies, according to report published by ...
Allianz’s PIMCO Plans Job Cuts After Asset Drop
Pacific Investment Management Co. plans to cut its workforce by 68 people, or about 3 percent, and offer buyouts as assets under management have fallen since the September 2014 departure of Bill ...
Berkshire Hathaway Specialty Insurance Branches Out Into Germany
Berkshire Hathaway Specialty Insurance is branching out into Germany as part of a broader European expansion. Veteran executives from Aon, Allianz and elsewhere will help lead it. BHSI's new ...
Allstate’s May Pre-Tax Catastrophe Losses Reached $202M
Allstate said it got hit with $202 million in pre-tax catastrophe losses in May, generated from eight separate events. The cost actually reached $259 million, but favorable reserve re-estimates for ...
Ex-Morgan Stanley Banker/M&A Pro Joins W.R. Berkley in Strategy Role
W.R. Berkley Corp., the Greenwich, Connecticut-based commercial insurer, named former Morgan Stanley investment banker Jared Abbey as senior vice president for corporate strategy and development. ...
Zika Risk May Trigger Limited Insurance Coverage for Sporting Events
Continued Zika virus warnings may dampen summer sporting events such as the Rio de Janeiro-hosted Summer Olympics in August, as insurers weigh the risk of insuring such events in the midst of another ...