President Donald Trump said he would look into the actions of banks in their response to last year’s devastating Los Angeles wildfires following a meeting with that city’s mayor, Karen Bass. Trump said he met with Bass and other officials to discuss the “progress made on the horrific fires that ravaged Los Angeles, and the surrounding area,” and praised “Insurance Companies” for the way “they were treating the Home Owners.” Related: California Wildfire Risk Bills Cruising Through Legislature “The Banks, however, have a long way to go, and we will be looking into their actions, effective immediately,” Trump said in…
Author: Awais
Refugee turned veteran agency leader calls for education-led distribution strategies
As Bayer AG tries to draw a line under costly Roundup herbicide litigation in the US this year, shareholders are using its annual general meeting to make clear that the stakes are higher than ever — including for Chief Executive Officer Bill Anderson. Anderson told investors Friday that the company has made “great progress” over the past two years, pointing to a stronger drug pipeline and advances in efforts to contain the legal fallout from its $63 billion Monsanto acquisition in 2018. But he also cautioned that “the work isn’t complete. Yet.” “This remains an active situation, with important milestones…
The National Transportation Safety Board said Thursday a key runway safety system failed to activate before a March 22 fatal collision at New York’s LaGuardia Airport between an Air Canada Express jet and a fire truck that killed two pilots. The NTSB also said in its preliminary report that red runway entrance lights that indicate when it is not safe to cross a runway were on until about three seconds before the time of the collision. The NTSB said the system is designed to turn the lights off about 2 to 3 seconds before the airplane reaches each intersection. The…
Georgia-based Marketplace 4 Insurance announced the acquisition of Swann Insurance Agency, an independent insurance agency based in Columbia, Maryland. Terms were not disclosed. The acquisition of Swann will expand M4I’s footprint in the Mid-Atlantic region. All Swann employees will join forces with Reilly Insurance Agency, M4I’s existing Crofton, Maryland location. Swann Insurance Agency, led by principal Joseph Swann, CLCS, offers auto, home, life, and business policies. Swann said joining forces with M4I and Reilly Insurance Agency ensures the agency’s clients will gain access to expanded capabilities. Founded in 2019 by Jerad Kirk and Adam Herring, M4I has nine offices across…
The Bank of England expects stock markets around the world to fall because current share prices do not fully reflect the many risks facing the global economy, Deputy Governor Sarah Breeden said in an interview with the BBC on Friday. “There’s a lot of risk out there and yet asset prices are at all-time highs,” Breeden told the BBC, warning that a market adjustment is likely at some stage. Although she declined to predict when markets might fall or how severe any downturn could be, Breeden said her job was to ensure the financial system is ready if such a…
UniCredit SpA boosted its stake in Assicurazioni Generali SpA to 8.7%, despite earlier indications that it planned to trim the holding. The bank is the insurer third-largest shareholder of Generali, according to a statement of the Trieste-based insurer detailing the shares deposited for the upcoming annual meeting. As recently as October, UniCredit Chief Executive Officer Andrea Orcel said the stake was under 5%, and indicated he planned to reduce it further. The stake in Generali “is a financial investment,” a UniCredit spokesperson said. The holding offers “an attractive financial return,” he said, adding that the aggregate position is largely hedged,…
Mythos is viewed by cybersecurity experts as posing significant challenges to the banking industry and its legacy technology systems, prompting a series of warnings from regulators and policymakers gathered at last week’s International Monetary Fund spring meeting in Washington. The Cross Market Operational Resilience Group, which brings together British financial authorities, a range of firms in the sector and the National Cyber Security Centre, discussed the cybersecurity challenges presented by new AI models. Read more: ‘The Arms Race Is On’: Chubb’s Greenberg on Mythos, Middle East “The financial services industry is prepared for these developments and emerging cyber risks more…
The federation represents more than 6,000 risk managers through 23 national associations in 22 European countries, giving the new framework a potential reach few rival bodies can match. The capability and certification model, FERMA said, will build on its existing Rimap credential to support “consistency, mobility and recognition across Europe.”
Iran’s use of a swarm of small, fast boats to seize two container ships near the Strait of Hormuz could undermine suggestions U.S. forces have disabled its naval threat and reveals the challenges facing reopening one of the world’s most important oil export routes. U.S. President Donald Trump on Monday acknowledged that while Iran’s conventional navy had been largely destroyed, its “fast-attack ships” had not been considered much of a threat. He said any such vessels coming near a U.S. blockade set up outside the strait would be “immediately ELIMINATED” using the “same system of kill” deployed in the Caribbean…
New York will lose more than $73.5 million in federal money because the Transportation Department said last week that state has refused to revoke nearly 33,000 questionable commercial driver’s licenses for immigrants since an audit uncovered problems last year. The department said that more than half of the 200 licenses reviewed during the audit had significant problems such as remaining valid long after an immigrant was authorized to be in the country. So the state was ordered to review all of this type of licenses and revoke illegal ones. The federal government has reviewed records related to these non-domiciled CDLs…
Health records from 500,000 people who are participating in British research into aging and diseases were made available for sale on an Alibaba Group Holding Ltd. website. Database owner UK Biobank notified the UK government on Monday that the data had been advertised in three online listings on Alibaba’s site, technology minister Ian Murray told lawmakers in the House of Commons in a statement on Thursday. The UK Biobank’s data is collected from volunteers, who share their health information in what the organization says is the biggest repository of health, lifestyle and biological data in the world, used to track…
Mangrove Property Insurance, a company that launched to offer homeowners’ insurance in Florida in early 2025, is now seeking to sponsor its debut catastrophe bond, seeking $100 million of named storm reinsurance from its first Buttonwood Re Ltd. (Series 2026-1) issuance, Artemis has learned.As well as underwriting new business, Mangrove Property Insurance has also assumed policies from Florida Citizens through its depopulation program, has entered the catastrophe bond market for the first time. It’s growth has now reached the stage where it is looking to the capital markets for efficient reinsurance capacity, with a desire to lock that in over…
The Massachusetts Supreme Judicial Court has dealt tobacco company Phillip Morris USA a blow by unanimously upholding a $56 million punitive damages award in a wrongful death case. A lower court had previously reduced the punitive damages award from $1 billion but the tobacco firm wanted a new trial or the amount further reduced. The company argued that such awards should be subject to a higher “clear and convincing” evidence standard rather than the “preponderance of the evidence” standard. The firm also alleged that the jury was “inflamed by passion and prejudice” and thus damages should be decided in a…