The booming non-bank financial industry has created excessive leverage that poses financial stability risks, and more reforms are needed to tackle it, including improving disclosure of positions, a Bank of England regulator said on Thursday. Non-bank financial institutions (NBFIs), including …

Shares of Texas-based insurance broker TWFG, Inc. begin trading on the Nasdaq Global Select Market today under the symbol TWFG. TWFG said it expects to realize gross proceeds of $187 million and net proceeds of approximately $168.3 million from the …

The recent floods in southern Germany will cost insurers an estimated €1.568 billion (US$1.7 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. The floods, which hit southern Germany during the period of May 31 …

A new report warns that compounding natural disasters introduce new, interconnected, and complex risk scenarios — and points to a need to reimagine efforts that support disaster preparedness, mitigation, and recovery “in an era of intensifying extreme weather-climate events and …

HUDSON, N.Y. (AP) — The race is on to keep a 150-year-old lighthouse from crumbling into the Hudson River. Wooden pilings beneath Hudson-Athens Lighthouse are deteriorating, and the structure, built in the middle of the river when steamboats still plied …

Hard market conditions in the global non-life insurance sector will continue this year, but will begin to ease in 2025, as general inflation and claims inflation conditions soften, according to Swiss Re in a report, which discusses the macroeconomic factors …

DETROIT (AP) — A Detroit-area county agreed to a $7 million settlement in the death of a man who was severely beaten by another man while in jail for a misdemeanor. Separately, a federal prosecutor announced Monday that the Wayne …

The new UK government plans to strengthen the nation’s defenses against cyberattacks, a month after a ransomware hack crippled London hospitals and health care providers. Labour introduced the Cyber Security and Resilience Bill on Wednesday as part of its maiden …

On his four and a half acres of land in central Pakistan, Izhar ul-Haq approaches farming as a science. He knows the precise acidity of the soil and the exact amount of brackish groundwater his crops can tolerate if mixed …

Kaspersky Labs will gradually wind down its U.S. operations from July 20, the Russian anti-virus software maker said on Monday, nearly a month after the Biden administration announced plans to bar sales of the company in the country. Kaspersky, which …

The World Bank is looking to issue its first drought bond in the next 12-18-months and broaden its offering of catastrophe bonds supporting countries suffering devastation from storms and earthquakes, a senior executive at the lender said. The drought bond …

A group of 14 attorney generals has formed a coalition to persuade the Federal Emergency Management Agency (FEMA) to initiate rulemaking to update its regulations to recognize extreme heat and wildfire smoke events as eligible for major disaster declarations under …

FM Global said it will now be known simply as FM. The commercial property insurer on July 17 unveiled its new name and “titanium” logo at the company’s midyear meeting. “We believe that by uniting our businesses under the FM …

Georgia employers and their workers’ compensation insurers can rest a little easier after an appeals court this week narrowed the circumstances in which a state guaranty association can seek reimbursement on claims paid after staffing firms’ insurance carriers become insolvent. …

A popular Sonoma County chef denied three workers at its Healdsburg, California establishment of more than $35,000 in overtime wages, according to the U.S. Department of Labor. Investigators in the department’s Wage and Hour Division say chef Octavio Diaz shortchanged …

California will have to build public charging stations at an unprecedented — and some experts say unrealistic — pace to meet the needs of the 7 million electric cars expected on its roads in less than seven years. The sheer …

Intact Hires Janssens as SVP of West Coast Commercial Surety Intact Insurance Specialty Solutions, the brand for Intact Financial Corporation’s U.S. insurance company subsidiaries, headquartered in Plymouth, Minnesota, hired Erik Janssens as senior vice president of West Coast Commercial Surety. …

A priest’s defamation claim against his bishop is barred by the religious liberty protections in the First Amendment of the U.S. Constitution and the Virginia Constitution, a Virginia appeals court has ruled. The Virginia Court of Appeals found that the …

This edition of International People Moves details appointments at managing general agent DUAL Europe and insurance broker WTW. A summary of these new hires follows here. DUAL Swiss Taps Tokio Marine’s Wyss as Managing Director DUAL Europe announced the appointment …

Valley Insurance Agency Alliance (VIAA), headquartered in St. Louis, hired Carly Sherman as a book management coach. Sherman is focused on improving personal lines production profitability with strategic and regional partner carriers. Sherman previously worked as an agency manager with …