Two Chubb subsidiaries are in the doghouse with Washington state’s insurance department, which has ordered them to repay $4.7mn to policyholders.
At the launch of its 2020 Manifesto, the British Insurance Brokers’ Association (BIBA) called on UK government ministers to make good on their promise of “sensible and proportionate” regulation, after its research revealed the country’s brokers face some of the highest direct costs out of 23 worldwide jurisdictions surveyed.
The liquidators of failed New Zealand insurer CBL Corporation are seeking to recover Eur53.7mn ($59.6mn) from the company’s Irish subsidiary as shareholder legal action intensifies following the firm’s collapse in 2018.
The Financial Conduct Authority (FCA) has warned insurance managers they may fail to pass the Senior Managers and Certification Regime (SM&CR) if they do not address non-financial misconduct and culture failings.
Windhaven Insurance, a major cedant of Greenlight Re until last year, has officially moved into liquidation after it was determined that attempts to rehabilitate the Florida private passenger insurer would be useless.
Guy Carpenter and three executives that left the reinsurance broker last year to join Lockton Re have reached a settlement in the litigation over the defections.