HSBC Holdings said on Monday it would book a $1.1 billion provision in its third-quarter results after losing part of an appeal in a long-running lawsuit tied to Bernard Madoff’s Ponzi scheme, history’s biggest ever such fraud. HSBC acted as …

Hong Kong startup Stellerus aims to create a constellation of satellites to become the world’s first provider of three-dimensional wind data provided by the devices, according to the South China Morning Post. Stellerus, founded in 2023 by Hong Kong University …

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of The Farmers Automobile Insurance Association, its wholly owned …

A director at a company that sells computer vulnerabilities has been charged with stealing secrets to sell to an unspecified buyer in Russia, according to a court document and people familiar with the matter. Peter Williams was accused of stealing …

U.S. Google users who won a $425 million jury verdict in a consumer privacy class action last month have asked a federal judge to force the Alphabet unit to forfeit an additional $2.36 billion in profits. The consumers in an …

Universal Insurance Holdings, parent company of Florida’s third-largest property insurer, reported an improved bottom line for the third quarter this year, even with a steady increase in policies in recent months. After shedding more than 160,000 policies in the turbulent …

A dark history long buried under the towering live oak trees and manicured lawns of a country club in Florida’s capital city of Tallahassee is reviving painful memories of the community’s segregated past and fueling some residents’ calls for a …

California Insurance Commissioner Ricardo Lara issued a formal notice asking insurance companies to implement protective measures, including a moratorium on cancellations, for policyholders who may be impacted by the federal government shutdown. According to the California Department of Insurance, the …

An employee allegedly stole 47 vehicles from an Avis Budget site at an upstate New York airport and rented them out around the region, police said Friday. The car rental company reported to authorities that the vehicles, worth more than …

Cowbell Names Klipphahn and Hewerdine to Mid-Market and Claims Leadership Cowbell named Jessica Klipphahn head of North America mid-market and Stephanie Hewerdine as director of claims. Klipphahn has more than 15 years of experience in the insurance industry, most recently …

President Donald Trump approved major disaster declarations for Alaska, Nebraska, North Dakota and the Leech Lake Band of Ojibwe last week, while denying requests from Vermont, Illinois and Maryland and leaving other states still waiting for answers. The decisions fell …

One or more intruders broke into an Iowa mink farm and released 2,000 of the furbearing animals in what a trade group called a “terrorist act” under federal law. Sometime between last Monday night and Tuesday morning, fencing was cut …

A South Dakota company is recalling more than 2.2 million pounds (998,000 kilograms) of Korean barbecue pork jerky sold at Costco and Sam’s Club stores because the product may be contaminated with pieces of metal, federal health officials said Friday. …

A federal jury found a private company running a Louisiana jail liable for the 2015 death of a man who died of head injuries he received while in custody, and awarded the family more than $40 million in damages. Attorneys …

Bishop Street Underwriters announced the rollout of Bishop Street Program Managers (BSPM), an incubator for developing managing general agents (MGA). Embedded within Bishop Street’s ecosystem and backed by its $600 million gross written premium platform, BSPM promises to provide the …

Delaware’s workers’ compensation insurance rates paid by employers will decrease for the ninth year in a row, effective December 1. The voluntary private market average loss costs are expected to drop by 11.6%, while the residual market for high risk …

MNK International Acquires New Broker in Turkey MNK International, a London-based independent Lloyd’s broker, has acquired a new broker in Türkiye for an undisclosed amount. The business will focus on insurance and reinsurance solutions across a range of complex and …

The Baldwin Group, headquartered in Tampa, Florida, added Mike Campo as a partner in its construction practice, effective October 27. Campo is a Kansas City–based industry veteran who previously led construction practices at IMA and Lockton, advising contractors, developers, and …

Being Pleasant Is Key to Success at Small but Growing Southern California Firm Being pleasant may not sound like it’s part of a recipe for success at a firm operating in a space where people survive and thrive by making …

This edition of International People Moves details appointments at Aon and ACORD Solutions Group. A summary of these new hires follows here. Insurance broker Aon plc announced the appointments of Andrew Secker as EMEA chief client officer (CCO) for Reinsurance …