21 09, 2021

Racial Discrimination Alleged at ABM Janitorial Services’ Maryland, Virginia Offices

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The U.S. Department of Labor has filed an administrative complaint against ABM Janitorial Services after a compliance evaluation by the department’s Office of Federal Contract Compliance Programs alleged systematic racial discrimination against Black and a smaller number of white applicants …

21 09, 2021

Brit Launches Machine Learning Algorithm to Accelerate Catastrophe Claims Response

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Brit Ltd., the London-based specialty insurer and reinsurer, announced the creation and successful proof-of-concept launch of a proprietary machine-learning algorithm, designed to accelerate the identification of post-catastrophe property damage, based on the use of ultra-high-resolution imagery. This proof of concept …

21 09, 2021

Insurtech bolttech Extends Funding Round to $210M, Adding 2 New Investors

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Insurtech startup bolttech announced the extension of its recently announced US$180 million Series A funding round led by Activant Capital Group, bringing the series total to US$210 million. The funding round adds two new strategic investors: Singapore-based global investor EDBI …

21 09, 2021

Stanford Ponzi Scheme Recovery Tops $1 Billion With Help From Insurers

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A court-appointed receiver has recouped more than $1 billion for victims of Texas financier Allen Stanford’s Ponzi scheme, the largest by dollar amount other than Bernard Madoff’s fraud, the receiver’s lawyers said on Monday. The threshold was crossed when Ralph …

21 09, 2021

MS Amlin AG Appoints Swiss Re’s Wiest as CEO, Stepping Into Role Vacated by Beazley

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Global reinsurer MS Amlin AG announced the appointment of Robert Wiest as chief executive officer. Wiest will take up the role on Jan. 3, 2022 and will be based in Zurich, Switzerland. He replaces Christopher Beazley who stepped down in …

21 09, 2021

SEC Must Increase Cryptocurrency Oversight, Investor Advocates Say

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Many cryptocurrency projects are flouting investor-protection rules and deserve more scrutiny, a group of investor advocates told Securities and Exchange Commission Chair Gary Gensler in a Monday letter. The letter, signed by the Americans for Financial Reform Education Fund, the …

21 09, 2021

Russia-Linked Ransomware Group Hits Iowa Grain Cooperative, Violating Biden Warning

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After a furious run of ransomware attacks in the first half of the year, President Joe Biden in July warned his Russian counterpart, Vladimir Putin, that Russia-based hacking groups should steer clear of 16 critical sectors of the U.S. economy. …

21 09, 2021

GI Partners Announces Recapitalization of Patriot Growth Insurance Services

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GI Partners, a private investment firm, announced the recapitalization of Patriot Growth Insurance Services LLC, a national insurance agency. The move comes in partnership with Patriot Founder and CEO Matt Gardner. Summit Partners, which invested in Patriot in 2019, and …

21 09, 2021

National Transportation Safety Board Probes Deadly Tesla Crash in Florida

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The National Transportation Safety Board has opened an investigation into a crash of a Tesla Inc. vehicle, the second probe by the agency of a fatal accident involving the electric carmaker’s models in less than six months. Two people were …

21 09, 2021

H.W. Kaufman Group Acquires Chile-Based Prospect Brokers

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U.S.-based specialty insurance corporation H.W. Kaufman Group announced its expansion into South America through the acquisition of Prospect Brokers Chile, based in Santiago, Chile. Financial details of the deal were not disclosed. As a result of the acquisition, Prospect Brokers …