Warburg Pincus is considering options for Oona Insurance that might lead to a sale, according to people familiar with the matter, after receiving interest from other insurers and investment firms. The US private equity firm is working with Citigroup Inc. to review strategic opportunities for the Southeast Asian digital general insurer, the people said, asking not to be identified because the deliberations are private. A transaction could value Oona at several hundred million dollars, and may include forming a partnership with the interested parties, the people said. Considerations are preliminary and Warburg Pincus might also decide against pursuing a deal,…
Author: Awais
Rising US natural gas exports and soaring domestic demand for the power-plant fuel will lead to a shortage of fracking gear later this decade, according to the head of one the country’s top drilling contractors. Activity in US shale fields is expected to ramp up toward the end of this year into 2027, primarily driven by gas consumption, Patterson-UTI Energy Inc. Chief Executive Officer Andy Hendricks said in an interview. That could lead to a deficit of equipment to frack gas wells in two to three years, particularly in the Haynesville basin of Texas and Louisiana, he said. Hendricks’ remarks…
Catastrophe data aggregator PERILS AG has published a fourth and final industry loss estimate of nearly AU $1.88 billion for Cyclone Alfred, which affected the Australian states of Queensland and New South Wales during the period of February 28 to March 12, 2025.Cyclone Alfred made landfall on March 7, 2025, as a Category 1 cyclone near the Gold Coast in Southeast Queensland after spending several days offshore, slowly moving south. “By then its strength had diminished significantly from an offshore peak intensity of Category 4. Nevertheless, the combination of long-lasting high winds and heavy rainfall, owing to the storm’s slow…
The number of days where extreme heat makes it too dangerously hot to walk the dog, sweep the porch and engage in other ordinary pursuits has doubled around the world over the past 75 years, according to new research. Scientists determined that on average, those 65 and older experience a month a year when heat prevents them from routine activities. Parts of Asia, Africa, Australia and North America are becoming unlivable for senior citizens, the researchers said. Younger adults also are losing time as climate-driven heat restricts their lives for 50 hours a year. Overall, more than a third of…
A federal jury on Monday awarded $667,000 in damages to a group of Muslim men incarcerated in Missouri who were pepper-sprayed by state correctional officers while praying. The lawsuit in eastern Missouri’s U.S. District Court alleged that the men had been allowed to pray together many times in their prison housing unit after the chapel was locked down during the COVID-19 pandemic. The money will be distributed among eight men who were handcuffed, pepper-sprayed and placed in solitary confinement after praying in the housing area at the Eastern Reception, Diagnostic and Correctional Center in Bonne Terre on Feb. 28, 2021.…
Two oil tankers were hit in Iraqi waters, the latest in a string of attacks on ships in the Persian Gulf that are raising risks to global energy supply from the deepening Middle East war.The strikes on the vessels off the coast of Iraq prompted the nation’s oil terminals to suspend operations. The latest developments point to an increase in retaliatory action from Iran, adding to pessimism that the conflict will persist for longer. Attacks on vessels have intensified in recent days. The UK Maritime Trade Operations said on Thursday that a ship was struck by an unknown projectile just…
In his new role, Iyer will have executive oversight of Chubb’s global operations and technology. He Iyer joins Chubb from Boston Consulting Group (BCG), where he spent nearly 20 years working with clients across industries. Most recently, he served as the North America chair for BCG X, the firm’s tech design and build unit. He also led BCG’s work in the Americas in lean services and operations in technology and IT, and cloud computing.
The figures, released alongside the completion of the first year of the insurer’s “Lifetime Partner 27: Driving Excellence” plan, showed gross written premiums rising 3.6% to €98.1 billion, while adjusted net profit climbed 14.5% to €4,315 million.
Seshadri (Sesh) Iyer Chubb Limited appointed Seshadri (Sesh) Iyer executive vice president, Chubb Group, operations, technology and digital transformation, effective April 6. He succeeds Julie Dillman, who is retiring on April 2 after nearly a decade at Chubb. Iyer joins Chubb from Boston Consulting Group (BCG), where he spent nearly 20 years engaging with clients across industries, including financial services in North America, Europe and Asia. Most recently, he served as the North America chair for BCG X, the firm’s tech design and build unit. He also led BCG’s work in the Americas in lean services and operations in technology…
Costco Wholesale was sued on Wednesday in a proposed nationwide class action seeking U.S. customer refunds for higher prices charged by the company before the U.S. Supreme Court struck down import tariffs imposed by President Donald Trump. The lawsuit, filed by a Costco shopper in federal court in Illinois, seeks a declaration that the company must return to customers any refunds it receives for tariffs it paid under the International Emergency Economic Powers Act (IEEPA). The Supreme Court ruled on February 20 that Trump overstepped his authority by using the emergency powers law to impose sweeping tariffs last year. The…
ExxonMobil is poised to move its legal headquarters from New Jersey to Texas in search of a more friendly business environment, the company announced Tuesday morning. The board of directors for the largest U.S.-based oil producing company, which already runs its operations from the Houston suburb of Spring, unanimously recommended to its shareholders that they vote to redomicile the company in Texas. Shareholders will vote on the change at the company’s annual meeting on May 27. If successful, it will move Exxon’s legal home for the first time since it registered in New Jersey in 1882 as Standard Oil Company…
The research initiative is part of a broader focus on wearables at the HHS.
The California Earthquake Authority’s (CEA) reinsurance program grew slightly to include limit of $7.912 billion at the end of 2025, while the catastrophe bond market was providing its largest share of the risk transfer tower ever, at 36% of total limit.In recent year’s, the California Earthquake Authority’s (CEA) need for risk transfer, which it procures from the traditional and collateralized reinsurance market, as well as through its catastrophe bonds, had declined as its overall exposure base shrank. But, in 2025, the CEA’s in-force exposure increased again, rising from almost $641 billion at the end of 2024, to over $653 billion…
Insurance giant Chubb will be the lead partner on the U.S. International Development Finance Corporation’s $20 billion Maritime Reinsurance Plan aimed at resuming commercial shipping in the Gulf, the agency said on Wednesday. The U.S.-Israeli conflict has widened sharply in recent days and paralyzed shipping traffic through the Strait of Hormuz, a major global chokepoint in the Gulf. Iran said the world should be prepared for oil to hit $200 a barrel as its forces attacked merchant ships on Wednesday in the blockaded Gulf. Meanwhile, U.S. President Donald Trump has repeatedly tried to reassure markets this week that the campaign…