AM Best has revised the outlooks to positive from stable for the members of the New York-based AmTrust Group. The ratings firm also affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) …
Claims data from Florida’s Office of Insurance Regulation had not yet been released by Thursday morning, Oct. 15, but an analytics firm estimated insured losses from Hurricane Isaias to be about $3 billion, making the storm one of the most …
A group of 40 state attorneys general on Wednesday urged a US bankruptcy judge in Delaware to protect young users of Character.AI and keep their data safe during the AI companion company’s bankruptcy. Character.AI filed for bankruptcy late on Oct. …
Super regional carrier Frankenmuth Insurance announced that it began expanding into Virginia late last year. Frankenmuth is now writing all commercial insurance lines for small businesses, mid-sized companies, and large commercial accounts in the state, through a select group of …
Missouri Attorney General Catherine Hanaway has filed a suit against Temu, an e-commerce platform based largely in China, alleging the company uses aggressive and misleading data collection practices that harm Missouri residents’ privacy. Temu incorporates misleading pricing, false statements about …
The International Monetary Fund and World Bank on Oct. 14 released a framework for tackling cyber-enabled fraud, as the Thai government underlined the mounting cost of online scams that have roiled the region. The framework, known as the Bangkok Blueprint …
Canadian billionaire Prem Watsa’s Fairfax Financial Holdings Ltd. will acquire a stake in IDBI Bank Ltd. for 528.78 billion rupees ($5.6 billion), making it the biggest foreign investment in India’s rapidly growing financial services sector. Fairfax Financial will own 60.72% …
Insurers are withdrawing coverage for climate-driven risks and increasingly passing on losses to governments and homeowners, according to a report published by UK-based nonprofit Inside Track. The warning adds to concerns voiced publicly by others in the industry. Last month, …
The average cost of a business interruption claim is nearing $1 million, an upward trend that appears to have several causes. A new report shows BI losses are being pushed up by natural catastrophes, growing risk in supply chains, rising …
Kroger Co. plans to cut more than one-third of its corporate headcount as the grocer seeks to simplify operations and compete more effectively under new Chief Executive Officer Greg Foran. The Cincinnati-based company will eliminate about 3,000 roles across various …