Author: completebodyneeds

Insurance Australia Group (IAG) said on Friday it had agreed to settle an A$2.8 billion ($1.96 billion) Credit Suisse lawsuit over losses linked to the collapse of finance firm Greensill Capital. Here are some key details: The insurer did not disclose the terms of the settlement, citing confidentiality. The aggregate face value of the claimed amounts in the Credit Suisse proceedings was about A$2.8 billion plus interest, Insurance Australia said. The proceedings relate to policies issued by Insurance Australia unit BCC Trade Credit to Greensill entities. The settlement comes just months after Insurance Australia agreed to settle a separate A$4…

A former Delaware insurance agent has been ordered to serve three years in prison after pleading guilty to three counts of felony theft involving the misappropriation of clients’ funds, the Delaware Department of Insurance (DOI) reported. Zenaida Nieves-Cordero was also ordered to have no contact with her victims and pay $625,226.75 in restitution. According to prosecutors, the majority of Nieves-Cordero’s clientele were Spanish-speaking residents of Kent and Sussex Counties. The DOI said it believes she exploited their fears of engaging with law enforcement and thus being less likely to report her misconduct. Eventually some did come forward, enabling investigators and…

Oracle Corp. is moving to shield itself from racking up expenses on a massive data center being built in New Mexico, adding a fresh wrinkle to a project beset by opposition and regulatory setbacks. The technology giant sent the project’s developer, a unit of Blue Owl Capital Inc., a notice citing force majeure, according to people familiar with the situation. Rather than trying to walk away as the site’s main tenant, Oracle is attempting to put off payments should the data center dubbed Project Jupiter get derailed and fail to come online in 2028 as planned, the people said, asking…

Electric utility Southern California Edison is urging California lawmakers to hold a special session before year-end to consider limiting utilities’ exposure to future wildfire liabilities, CEO of parent company Edison International EIX.N Pedro Pizarro said this week. Electric utility infrastructure has been linked to multiple widespread and deadly California wildfires over the last decade, with the most recent catastrophic Los Angeles fires in January 2025 taking more than two dozen lives, causing billions of dollars in property damage and prompting thousands of lawsuits. Related: Southern California Edison Chief Warns Wildfire Impasse Risks Higher Customer Bills Southern California Edison grid equipment…

The National Association of Insurance Commissioners defended its supervision of Wall Street’s influence over insurers and their bets on private credit, as the group seeks to dispel US Senator Elizabeth Warren’s doubts about potential regulatory gaps. In a letter Thursday in response to Warren’s questions, the NAIC defended the efficiency of the state-led regulatory framework, detailing at length some of its recent or upcoming actions to improve oversight of life insurers’ investments and solvency. The changes include the adoption of a more refined definition for bonds and the NAIC’s ability to challenge private ratings when it deems it necessary, as…

The cost of insuring an oil tanker loaded from Saudi Arabia’s main Red Sea port has tripled in recent weeks, industry sources told Reuters, adding to the major crude producer’s struggles to find a viable channel for its exports. Saudi Arabia used its East-West pipeline to divert around 4 million barrels per day – 4% of global supply – to the Red Sea after Iran constrained Gulf exports via the Strait of Hormuz from March in response to US and Israeli air strikes. The kingdom shut the pipeline on September 11 after drone attacks that it said came from Iraq,…

Investors in a catastrophe bond targeting Mexico are betting they’ll be spared losses as Hurricane Polo looks set to avoid landfall as a dangerously destructive storm. “I’d never say never,” said Florian Steiger, chief executive of Zurich-based cat-bond manager Icosa Investments AG. “But right now, I’m not too concerned.” On Thursday, Hurricane Polo — a giant storm traveling at roughly 160 miles per hour (257.5 kilometers per hour) — drenched parts of Mexico with heavy rain. But for now, Polo’s powerful core is on a northwest track, according to a report by the US National Hurricane Center. Mexico’s $175 million…

Shares of cybersecurity companies have soared in recent months on bets that the threats posed by cutting-edge AI models will be a boon for their businesses. But some of the stocks have run up so much that investors are questioning whether they’ve gone too far. A basket of cybersecurity stocks tracked by Goldman Sachs has more than doubled since hitting a low on April 10 after Anthropic restricted the release of its Mythos AI model over concerns it could power cyberattacks. Crowdstrike Holdings Inc., Palo Alto Networks Inc. and Fortinet Inc. have all gained more than 130% since then, putting…

Beazley announced new cyber cover to support businesses manage the risks arising from their own use of AI. Beazley’s latest endorsements respond to risks that can emerge when businesses deploy AI within their own operations. An industry-first AI Voluntary Shutdown solution introduces protection for organizations that need to suspend their own malfunctioning AI systems before significant financial and reputational harm occurs. AI Regulatory Defence & Penalties cover designed to support clients should their own unintentional misuse of AI lead to regulatory investigations or fines. The announcement comes shortly after Beazley confirmed its affirmative AI cyber cover. Huntersure Launches Media E&O…

Lou Garcia InsurBanc, headquartered in Farmington, Connecticut, named Lou Garcia as president and CEO. Garcia brings more than 25 years of leadership experience in investment banking, alternative asset management and financial services to his new role at InsurBanc. He will be responsible for the strategic leadership of the bank and its initiatives to deliver innovative financial solutions designed for the independent insurance agency community. Garcia has been a vice president at Donaldson, Lufkin and Jenrette, which was acquired by Credit Suisse in 2000, and a vice president at JH Whitney & Co., one of the country’s oldest private equity firms.…