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Insurance News

Liberty Mutual Forms $1B Risk-Sharing Deal with OPIC, Expanding Public Sector Portfolio

Mon, 10 Dec 2018 10:12:39 +0000

Liberty Mutual Insurance has formed a $1 billion risk-sharing agreement with the Overseas Private Investment Corp. (OPIC), the U.S. government’s development finance institution, which furthers the company’s diversification strategy in a market when organic growth is hard to find. The …

Peak Re Launches Asian Reinsurance Sidecar Deal Using Bermuda Special Purpose Insurer

Mon, 10 Dec 2018 09:47:05 +0000

Peak Reinsurance Co., the Hong Kong-based reinsurer, announced it has launched Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock Re Ltd., to provide collateralized retrocession for part of Peak Re’s global property reinsurance risk portfolio. …

UK Can Reverse Brexit Process, Rules Top EU Court

Mon, 10 Dec 2018 09:27:37 +0000

The U.K. can unilaterally reverse the Brexit process, the European Union’s top court said in a landmark ruling that will fuel the campaign to thwart the divorce on the eve of a possible make or break vote in the British …

Georgia Claims Uber Owes State $22M in Sales Taxes, Other Charges

Mon, 10 Dec 2018 05:45:05 +0000

Uber could owe tens of millions of dollars to Georgia if the state is successful in a legal battle. The Georgia Department of Revenue has billed Uber $22.1 million for sales taxes and other charges that it maintains are owed …

Best Upgrades Credit Ratings of Florida-Based Bankers Insurance Co., Subsidiaries

Mon, 10 Dec 2018 05:39:48 +0000

AM Best has upgraded the Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb-” of Bankers Insurance Co., headquartered in St. Petersburg, Fla., and its property/casualty subsidiaries, Bankers …

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