Arch Capital Group Ltd., which had been reported to be pursuing a deal, has agreed acquire all the common shares of Watford Holdings Ltd. in an all-cash transaction valued at approximately $622 million, or $31.10 per share. Following closing, which …
A panel of federal judges has decided against consolidation of hundreds of lawsuits seeking coverage for coronavirus-related business interruption claims against major national insurers Travelers, The Hartford, Cincinnati Insurance and Lloyd’s. The insurers had opposed consolidation; some plaintiffs sought the …
The U.S. Treasury Department is warning that individuals or businesses that help facilitate ransomware payments may be violating anti-money laundering and sanctions regulations. The warnings came in a pair of advisories, one from the Financial Crimes Enforcement Network (FinCEN) and …
A federal appeals court has ruled that a North Carolina employee who was attacked and fired after he complained about his supervisor’s intoxication on the job is entitled to more than $1 million in damages and legal costs. Construction worker …
California-based insurance broker Alliant is again being sued over an alleged poaching scam, this time by rival Arthur J. Gallagher & Co. Gallagher claims Alliant, with assistance and capital from its private equity partner Stone Point Capital, has engaged in …
The House of Representatives yesterday extended the National Flood Insurance Program until Sept. 30, 2021 as part of a measure to fund the federal government through December 11. The flood insurance program is currently set to expire in a week …
In a follow-up to the High Court’s ruling on coronavirus-related business interruption claims by businesses, the UK’s Financial Conduct Authority (FCA) is advising insurers that they must pay all valid claims “in full at the earliest possible date to support …
The Financial Conduct Authority said today’s High Court judgment in its coronavirus business interruption insurance test case found in favour of policyholders on the majority of the key issues. “Our aim throughout this court action has been to get clarity …
China issued new rules on Sunday to regulate financial holding companies, in its latest move to prevent systematic risks to the nation’s vast financial sector. The new rules were set to stem loopholes in supervision and regulation systems, as a …
A court in Slovenia on Friday sentenced a 22-year-old woman to two years in prison for deliberately cutting off her hand with a circular saw to make a fraudulent insurance claim. The district court in Ljubljana said Julija Adlesic agreed …