Lloyd’s (re)insurer Arig ordered by regulator to address “glaring deficiencies”
Middle Eastern (re)insurer Arig saw trading in its shares temporarily suspended and has been ordered by regulator the Central Bank of Bahrain to address “glaring defiencies in the Company’s governance framework”.
Ironshore oil rig dispute with Halliburton heads to arbitration
A dispute between Ironshore and Halliburton over a $12mn oil rig explosion payout is heading for arbitration after the Fifth Circuit reversed a district court ruling that Ironshore waived all of its subrogation rights and did not have a binding arbitration agreement.
Lloyd’s syndicates denied recovery of $500mn Chevron “Big Foot” loss
The Fifth Circuit appeals court has denied efforts by Lloyd’s syndicates - including ones owned by Munich Re, QBE, Chaucer and Aegis - to recoup more than $500mn in losses from a steel tendon failure on a Chevron oil-drilling platform in 2015.
Florida Senate committee clears bill to increase FHCF LAE cap
An omnibus bill that would make a raft of insurance-related changes is heading for the Florida Senate floor after passing the Appropriations Committee.
German and UK regulators pen post-Brexit supervisory agreement
German financial services watchdog BaFin and the UK’s Prudential Regulation Authority (PRA) have penned an agreement to secure continuity of oversight for insurance firms operating in the UK and Germany post-Brexit.
AOB reform bill clears Florida Senate committee
A key Florida Senate committee has cleared a bill that would reform assignment of benefits, following the state’s full House of Representatives passing its own AOB bill last week.