A U.S. judge has rejected former Allianz fund manager Gregoire Tournant’s bid to dismiss a criminal fraud case over his role in causing more than $7 billion of investor losses.
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Cyber Insurer Resilience Secures $100 Million in Funding
Resilience Cyber Insurance Solutions has completed a Series D funding round, raising $100 million as startup cyber insurance companies continue to attract investment.
Israeli AI Startup Vesttoo Sparks a Global Insurance Scandal
A hot Israeli startup promised to use artificial intelligence to spread the risk of insurance policies. Now, Vesttoo is embroiled in scandal thanks to an old-fashioned problem: an alleged multi-billion-dollar fraud involving faked letters of credit.
Florida Shifting 184,000 Homeowner Policies from Citizens to Private Insurers
As homeowners continue piling into the state-backed Citizens Property Insurance Corp., regulators this week approved proposals that could lead to private insurers pulling as many as 184,000 policies from Citizens starting in October.
Forecasters Stress Uncertainty in Latest Hurricane Outlook
Forecasters from Colorado State University (CSU) stressed uncertainty in their latest outlook on Thursday for the current Atlantic hurricane season, even as they held steady the number of storms expected.
PennPSERS Seeks Damages from Aon Over Investment Reporting Error
Pennsylvania Public School Employees’ Retirement System, Harrisburg, disclosed in a statement earlier this week it has filed a lawsuit against Aon Investments USA related to an error in investment reporting.
Car Insurance Rates Already Up 17% With More Hikes Likely
Insurify’s Mid-Year Auto Insurance Trends Report reveals inflation, climate catastrophes, and state regulations contribute to rising car insurance rates in 2023.
White House Looks to Close Massive Cyber Skills Gap
The National Cyber Workforce and Education Strategy calls for government officials to work with the private sector and other key stakeholders to open foundational cyber skills to all Americans.
Insurance Agency M&A Deals Decline in H1 2023
There were 359 announced insurance agency mergers and acquisitions in the first half of 2023, down 24% from 475 in the same period in 2022, according to OPTIS Partners’ M&A database.
Insurers Are Facing More Than One Kind of Inflation
Inflation comes in many forms, and pretty much all of them are affecting insurers right now.