Author: completebodyneeds

Euro Exchange Securities UK Ltd., a British payments company, handled at least £2 billion ($2.7 billion) for a small group of risky customers before regulators moved to seize the firm over fears it was facilitating money laundering. The firm told the Financial Conduct Authority in August that it had made more than 20,000 payments totaling £2.1 billion during the previous 12 months, according to court filings. Almost all of the value of those transactions were on behalf of just 14 clients that Euro Exchange Securities had assessed as posing a “high risk” of money laundering. The FCA forced Euro Exchange…

Gavin Spencer Gavin Spencer is the new head of specialty, North America at AIG. He is taking on this expanded role alongside his current responsibilities as head of marine, North America. AIG is headquartered in New York City. Spencer joined AIG in 2024 as head of marine, North America. He has over 25 years of experience across the marine, cargo and logistics insurance sectors in leadership roles spanning underwriting, claims, broking and surveying across multiple countries and international markets, including Lloyd’s of London, the Americas, Asia and EMEA. Prior to joining AIG, he held strategic leadership and underwriting positions at…

Carlyle Group Inc. is unveiling a new framework for portfolio risk so that asset values reflect the insurance implications associated with severe weather shocks. The $475 billion Washington-based firm says the current standard — whereby money managers are reactive rather than proactive — needs to be overhauled. “We want to flip the paradigm and de-risk it so that insurance continues to be available” to assets that are in the crosshairs, Steve Hatfield, co-head of global sustainability at Carlyle, said in an interview. But so far, there’s been “no consistent mechanism that allows insurers to recognize how asset hardening reduces risk.”…

After bypassing the April 1 deadline and engaging in weeks of debate and compromise, New York lawmakers finally agreed in late May on a $268.5 billion budget that includes auto insurance reforms championed by Gov. Kathy Hochul that are intended to reduce auto insurance costs for drivers and businesses. The auto insurance reforms target fraud, “runaway” litigation, legal loopholes, non-economic damages and enforcement gaps in an effort to lower insurance costs. They are key parts of a $268.5 billion budget for the 2026-2027 fiscal year that seeks to tackle rising insurance, energy, housing, childcare, education and other everyday costs for…

A 36-year-old Ohio man has been sentenced for computer fraud after causing more than $860,000 in losses, Acting U.S. Attorney John G.E. Marck announced. Maxwell Schultz, Columbus, Ohio, pleaded guilty Nov. 18, 2025. Senior U.S. District Judge Lee H. Rosenthal has now ordered him to serve 24 months in federal prison to be immediately followed by three years of supervised release. At the hearing, the court heard about the damage and sophistication of the attack and how Schultz used another employee’s account to mask his intrusion which led to the investigation of that account initially. In handing down the sentence,…

Iran lifted its effective blockade of Hormuz last week after agreeing to a 60-day ceasefire with the United States while talks for a final peace deal take place. However, Tehran’s Revolutionary Guards declared the strait shut once again on Saturday, in response to Israeli strikes in Lebanon, prompting a fall in sailings. Four LNG tankers controlled by Qatar headed into the Gulf and through the strait on Monday, while two supertankers, which can carry up to 4 million barrels of crude oil, crossed into the Gulf with one signaling its destination as the Iraqi port of Basra, according to ship…

Areas across the Southeastern United States reported flooding from the remnants of Tropical Storm Arthur and other weather systems, with more flash floods expected Monday from Alabama to parts of the East Coast. In Smith County in central Mississippi, emergency crews made four rescues of people trapped in rising waters after days of heavy rains caused creeks and rivers to overflow, WLBT news reported. On the Mississippi Gulf Coast, part of a dam in Harrison County gave way after heavy rainfall. A mobile home park in Perkinston was inundated, and a road crew worker was killed during a debris cleanup…

Inszone Insurance Services, based in Sacramento, California, has continued its tear of mergers this year, most recently with the acquisition of Sanford, Bruker & Banks agency in Georgia. Sanford, Bruker, with offices in the Augusta area, is one of the oldest insurance agencies in the state, founded in 1915. It was started by Davenport Sandford. The current owner is Jeffrey Banks, who, at age 73, said he looked to an Inszone merger to ensure the business would continue to thrive. Sanford Bruker offers homeowners, commercial, auto and life insurance coverage. Inszone, founded in 2002, has expanded steadily in recent years…

WTW announced the appointment of Lizzie Eason as director and actuarial data scientist within its pricing, product, claims and underwriting (PPCU) consulting team in North America, effective June 15, 2026. Lizzie Eason Eason will support PPCU clients and prospects by developing integrated consulting and technology solutions, with a focus on predictive modeling, advanced analytics and AI. She will work with insurers across pricing, underwriting, claims and portfolio management to develop and implement analytical frameworks, enhance data capabilities, and help embed more effective decision-making across their organizations, WTW said. Eason brings nine years of insurance carrier experience, including strong expertise in…

Howden Re, the global reinsurance brokerage arm of Howden Group, announced it has launched an office in Ireland to expand its European footprint. Ireland is now the fourth-largest insurance market in the EU, generating over €100 billion in annual premiums, Howden Re said, noting that the country’s robust regulatory environment makes it a natural bridge between the EU and the US. With international insurers increasingly shifting underwriting and reinsurance functions to Ireland, the country is also fast becoming a strategic hub for global risk capital, the broker added. David Carpenter has been appointed director, Howden Re Ireland, bringing over 20…