Capital One has agreed to pay an $80 million penalty over its lack of preparation against a massive data breach last year, which exposed the personal financial information of over 100 million Americans. In a regulatory filing, the Office of the Comptroller of the Currency (OCC) said that the bank had failed to establish proper…
AXIS Re, the reinsurance segment of AXIS Capital Holdings, has announced the promotion of Dan Osterrieder to head of AXIS Re Casualty North America. The promotion will take effect August 17. In his new role, Osterrieder will lead AXIS Re’s casualty unit for North America, including areas such as general liability, auto, umbrella and excess,…
Two will soon become one, as two major names in the reinsurance world are set to combine their operations. A definitive agreement has been reached between Sirius International Insurance Group, a multi-line insurer and reinsurer, and specialty reinsurer Third Point Reinsurance Ltd, to combine in a stock and cash transaction. The combined firm will subsequently…
Florida-based insurance provider TypTap Insurance Company has announced plans to expand nationwide. TypTap, which provides homeowners’ and flood insurance, has asked Florida insurance regulators to approve its expansion plans. If that approval is forthcoming, the company can then seek approval from other state regulators to expand its operations. TypTap’s Florida operations have seen rapid growth.…
It looks like Liberty Mutual has been hit hard in the second quarter, with the insurance group unable to maintain profitability amid above-average catastrophe losses and the significant blow dealt by the coronavirus crisis. For the three months ended June 30, Liberty Mutual Holding Company Inc. and its subsidiaries (LMHC collectively) suffered $320 million in…
“I don’t think you’re born a leader or born with confidence or bravery or boldness. Instead, through a repeated set of experiences, you start to reinforce certain ideas about yourself.” According to Rekha Skantharaja (pictured), the CEO and president of Tangram Insurance Services, the time is right for the nature of the conversation around diversity…
Office email services have been used to impersonate and scam nearly 6,600 organizations so far this year, according to a study by email security firm Barracuda Networks. Barracuda found that 6,170 malicious accounts that have used Gmail, AOL and other services have been responsible for more than 100,000 business email compromise (BEC) attacks, which have…
California has suffered more data breaches since 2005 since any other state, according to a new analysis by Comparitech. Comparitech analyzed both the number of data breaches and the total number of records exposed from 2005 to the present. Key findings of the analysis included: California suffered the most data breaches – 1,777 since 2005.…
A reduced earnings target for 2020 and a decision not to make additional payouts to shareholders during the fourth quarter – those were the headline takeaways as Europe’s second largest insurer AXA released its interim financial results today. The company saw underlying earnings drop by 48% and gross revenues slip by 10% leaving it with…
“Despite the current challenging and uncertain public health, economic, and social environment, Everest reported another solid quarter and first half of 2020 results.” Those were the words of Everest Re Group president and chief executive Juan C. Andrade when the global (re)insurance provider released its latest numbers, which included $160 million of COVID-19 losses. Despite…