InsurBanc, headquartered in Farmington, Connecticut, named Lou Garcia as president and CEO. Garcia brings more than 25 years of leadership experience in investment banking, alternative asset management and financial services to his new role at InsurBanc. He will be responsible …

Beazley announced new cyber cover to support businesses manage the risks arising from their own use of AI. Beazley’s latest endorsements respond to risks that can emerge when businesses deploy AI within their own operations. An industry-first AI Voluntary Shutdown …

For years, artificial intelligence researchers have warned of ways the technology could wipe out humanity: AI bots could design an unstoppable disease, unleash a nuclear war, or transform all of Earth into paper clip factories, as one thought experiment goes. …

Singapore’s major financial institutions pledged to train more than 80,000 local employees in AI skills as the country moves to cushion white-collar workers from potential job disruption. A pioneer batch of 23 banks, insurers and asset managers has committed to …

Shares of cybersecurity companies have soared in recent months on bets that the threats posed by cutting-edge AI models will be a boon for their businesses. But some of the stocks have run up so much that investors are questioning …

Investors in a catastrophe bond targeting Mexico are betting they’ll be spared losses as Hurricane Polo looks set to avoid landfall as a dangerously destructive storm. “I’d never say never,” said Florian Steiger, chief executive of Zurich-based cat-bond manager Icosa …

The cost of insuring an oil tanker loaded from Saudi Arabia’s main Red Sea port has tripled in recent weeks, industry sources told Reuters, adding to the major crude producer’s struggles to find a viable channel for its exports. Saudi …

The National Association of Insurance Commissioners defended its supervision of Wall Street’s influence over insurers and their bets on private credit, as the group seeks to dispel US Senator Elizabeth Warren’s doubts about potential regulatory gaps. In a letter Thursday …

Electric utility Southern California Edison is urging California lawmakers to hold a special session before year-end to consider limiting utilities’ exposure to future wildfire liabilities, CEO of parent company Edison International EIX.N Pedro Pizarro said this week. Electric utility infrastructure …

Oracle Corp. is moving to shield itself from racking up expenses on a massive data center being built in New Mexico, adding a fresh wrinkle to a project beset by opposition and regulatory setbacks. The technology giant sent the project’s …

A former Delaware insurance agent has been ordered to serve three years in prison after pleading guilty to three counts of felony theft involving the misappropriation of clients’ funds, the Delaware Department of Insurance (DOI) reported. Zenaida Nieves-Cordero was also …

New York’s attorney general and Polymarket sued each other on Thursday, escalating a nationwide debate over who should regulate prediction markets and whether they violate state laws against illegal gambling. The lawsuit brought by Attorney General Letitia James in a …

A Wharton County, Texas woman pleaded guilty to setting a house fire in July and was sentenced to 10 years deferred adjudication, the Texas State Fire Marshall Office announced. The Wharton County Sheriff’s Office arrested Rylie Bean in February at …

Louisiana Governor Jeff Landry announced this week that Louisiana is investing an additional $20 million in Fortified homes, bringing the total amount invested in state Fortified projects this year to $100 million. Landry announced that $20 million from the U.S. …

A south Florida woman died after eating frozen blueberries that were later the subject of a recall, the woman’s husband alleges in a lawsuit naming Publix supermarkets and a food distributor. Richard Mullins, of Largo, near St. Petersburg, and his …

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Farmers Mutual Hail Insurance Company of Iowa and its reinsured affiliate, …

The U.S. Equal Employment Opportunity Commission alleges in a lawsuit that an Ohio medical facility violated federal law by subjecting a Jewish orthopedic surgeon to unfavorable terms and conditions of employment and firing him because of his religion and race. …

A Singapore court appointed KPMG restructuring executives to take charge of Radiant World on Thursday, granting an application by creditor Mizuho Bank Ltd., which has accused the trader of alleged fraud linked to iron ore receivables. The decision removes Radiant …

A grand jury in Tennessee this week indicted a funeral home owner on insurance fraud, theft, elderly exploitation and abuse-of-a-corpse charges after a months-long probe by the Tennessee Bureau of Investigation. Chadrick Mundy, 37, was booked into jail in Fentress …

Private equity firm Hellman & Friedman is exploring a sale of insurance software provider Applied Systems that could value the company at up to $10 billion, according to people familiar with the matter. The private equity firm is working with …