A New York judge ordered a unit of Allianz SE to pay about $6 billion as punishment for misrepresenting the investment risk posed by a group of hedge funds that collapsed amid market fluctuations caused by the Covid-19 pandemic.
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Merrill Lynch to Pay $12 Million for Failing to File Hundreds of Suspicious Activity Reports
Broker-dealer Merrill Lynch has agreed to pay a total of $12 million in fines to regulators for failing to file about 1,500 suspicious activity reports over more than a decade.
Boards See Opportunities in Environmental and Governance Areas for More Effective ESG Oversight
A majority of board members worldwide (75%) agree that a coherent environmental, social and governance (ESG) strategy helps to create sustainable organizational value and stronger financial outcomes.
MSIG North America and Amwins Announce Strategic Partnership
MSIG North America and Amwins announced a strategic partnership where MSIG NA will provide significant underwriting capacity for more than 20 Amwins underwriting programs.
Farmers Insurance Is Leaving Florida in Latest Blow to Homeowners
Farmers Insurance is the latest insurer to leave Florida, where homeowners are paying more than ever for insurance, despite the state’s attempt to shore up the wobbling market.
Florida CFO Threatens Investigation of Farmers Insurance Amid Exit
Florida Chief Financial Officer Jimmy Patronis announced on Tuesday that his department would look into complaints against Farmers Insurance, which is set to exit Florida’s insurance market.
Composite U.S. Commercial Insurance Rates Steady in 2Q: MarketScout
Businesses across the United States were assessed an average composite insurance rate increase of 5% in the second quarter of 2023.
Inszone Insurance Services Continues Expansion in California with Acquisition of Desert Cornerstone Insurance Services
Inszone Insurance Services, a rapidly growing national provider of benefits, personal, and commercial lines insurance, announced today its acquisition of Desert Cornerstone Insurance Services, a family-owned and operated insurance agency based in Coachella Valley of Southern California.
Flooding in Vermont Is ‘Historic and Catastrophic,’ Governor Says
Persistent rainfall battered this New England state overnight, causing catastrophic flooding in the capital city at levels not seen in nearly a century as search-and-rescue teams around the state raced to reach stranded residents.
NYC to Consider Indoor Air Quality Regulations Following Covid-19 and Summer’s Smoky Haze
New York City officials are set to propose indoor air quality regulations, legislation that has been in the works for nearly a year but found new urgency after heavy smoke from Canadian wildfires shrouded the skies along the East Coast.