Source: Business Insurance

September 27, 2019 Aon Securities Inc. said that the collateralized insurance and reinsurance sidecar market is expected to remain active through the rest of the year, as sponsors look for investors and capital to support capacity needs, Artemis reports. Aon also said that structural changes to sidecars may also be seen, “to help strengthen the participation of the capital markets in sidecar transactions going forward, while maintaining benefit of the product for sponsors,” in the wake of the recent major catastrophe losses.

Source: Business Insurance

September 27, 2019 Brexit continues taking a toll on London’s finance industry and putting firms on the verge of moving thousands of jobs and possibly $1.24 trillion of assets out of the European financial hub, South China Morning Post reported citing Bloomberg. Catherine McGuinness, chairwoman of the policy and resources committee at the City of London Corp., said that the city could lose some European Union-facing business.

Source: Business Insurance

September 27, 2019 An investigation by Malaysian airline Malindo Airways Sdn Berhad into a data breach that leaked the personal details of nearly 35 million customers found that two former employees of its e-commerce services provider had stolen the data, The Phnom Penh Post reports citing The Jakarta Post. The employees worked at the Indian development center of Malaysia’s GoQuo Sdn Berhad, and had improperly accessed and stolen the data. Malindo Airways is a subsidiary of Lion Air Group.

Source: Business Insurance

September 25, 2019 (Reuters) — Boeing Co. has settled the first claims stemming from the crash of a Lion Air 737 MAX in Indonesia, a U.S. plaintiffs’ lawyer said, and three other sources said that families of those killed will receive at least $1.2 million apiece. Floyd Wisner of Wisner Law Firm said he has settled 11 of his 17 claims against Boeing on behalf of families who lost their relatives when a brand-new MAX crashed into the Java Sea on Oct. 29 soon after take-off, killing all 189 aboard. Boeing spokesman Gordon Johndroe declined comment. Boeing did not admit liability in its 11 settlements, Wisner said. The claims are the first to be settled out of some 55 lawsuits against Boeing in U.S. federal court in Chicago and could set the bar for mediation talks by other Lion Air plaintiffs’ lawyers that are scheduled through next month, three people familiar with the matter said. The three people familiar with the matter said families of Lion Air victims, who were nearly all from Indonesia, are set to receive at least $1.2 million each. That amount would be for a single victim without any dependents. The people spoke on condition of anonymity because the negotiations are confidential.

Source: Business Insurance

September 25, 2019 Ford Motor Co. has recalled around 322,000 cars in Europe for potential fire risk, Automotive News Europe reported citing Reuters. The recall affects Mondeo, S-Max and Galaxy vehicles built between February 2014 and February 2019. The recall includes 101,000 vehicles in Germany, 56,000 cars in the United Kingdom and the remainder in the company’s key European markets.

Source: Business Insurance

September 25, 2019 Lloyd’s of London has launched parametric profit protection insurance for the hotel industry to provide coverage against any revenue-impacting event, Artemis reports. The insurance policy does not require a named peril qualifier, and instead will be payout for events that affect a hotel and create a pre-defined gap between actual and expected profits.

Source: Business Insurance

September 25, 2019 German automaker Volkswagen AG’s current chief executive and chairman, as well as its former chief executive, have been charged with market manipulation in connection with the diesel emissions scandal of 2015, Live Mint reports. German prosecutors have accused chief executive Herbert Diess, chairman Hans Dieter Poetsch and former chief executive Martin Winterkorn of deliberately informing markets too late about $33 billion that the company had to bear because of the scandal.

Source: Business Insurance

September 25, 2019 Officials expect the collapse of U.K.-based travel group Thomas Cook Group PLC to cost the Bulgarian tourism industry around $56 million, Business Insider reported citing Reuters. The company owes $40 million to more than 50 hotels on the coast of the Black Sea.

Source: Business Insurance

September 19, 2019 Regular explosions within Istanbul’s Orhanli industrial zone are threatening flights at the Sabiha Gokcen International Airport, Xinhua reported. Meanwhile, a huge fire broke out at Ema Chemical Systems-Huntsman’s chemical factory located within the industrial zone on Sep. 18, forcing evacuation of the compound.

Source: Business Insurance

September 19, 2019 Iran’s Islamic Revolutionary Guard Corps seized a tanker in the Persian Gulf for allegedly smuggling 250,000 liters of diesel to the United Arab Emirates on Sep. 16, True News Source reports citing ISNA. The detention follows drone attacks on Saudi oil facilities on Sep. 14.