Credit Suisse seeks more banking and insurance partnerships: SonntagsZeitung

August 10, 2020.
Switzerland-based investment bank Credit Suisse wants to further its connection and finalize more partnerships with Swiss insurers as COVID-19 progresses, partly to better reach a younger demographic.

Fitch puts Aviva France on negative ratings watch amid renewed focus on UK business

August 10, 2020.
Fitch Ratings put two French subsidiaries of Aviva on negative ratings watch, citing the U.K. parent company’s strategic direction, which appears to involve pulling back from doing business in some markets abroad.

Iran says European insurers should pay for jetliner shot down by Iran

August 10, 2020.
The head of Iran’s insurance regulator said Monday that the country will not pay compensation to Ukranian National Airlines related to Iran’s shooting down of a jetliner because the plane was insured by European firms.

Watchdog sees conflict of interest in CEO appointment of Norwegian sovereign wealth fund

August 10, 2020.
A Norwegian financial watchdog raised concerns about the appointment of Nicolai Tangen to lead the country’s sovereign wealth fund, reigniting controversy over Tangen’s use of tax havens and potential conflicts of interest.

Expected credit losses at major UK banks could reach GBP 28 billion in 2020: Fitch

August 10, 2020.
Banks in the U.K. are bulking up reserves for loan losses at an alarming rate, more than those in any other European region, suggesting a weakening economy could be on the horizon for the country, Fitch said.

Everbright to pay RMB 3.5B over acquisition of failed British media company

August 10, 2020.
The Shanghai Financial Court ruled that state-owned Everbright Capital Investment must pay a total of around RMB 3.5 billion ($502.7 million) to two partner investors over losses they incurred from the acquisition of a British sports media company that went bust.

Allianz unit hits first close for inaugural global infrastructure fund

Last modified August 10, 2020. Published August 10, 2020.
Allianz Capital Partners said on Monday that its inaugural global infrastructure fund hit its first close, reaching more than EUR 600 million ($704.19 million) worth of commitments.

Visa plans landmark green bond sale to finance sustainable projects

August 10, 2020.
The world’s largest retail digital payments network is poised to make an unprecedented green bond offering, a Monday filing with the U.S. Securities and Exchange Commission shows.

Commercial insurance prices jump 19% in Q2 as they continue upward climb

August 10, 2020.
Prices in the global commercial insurance market showed a record surge over the past three months, following 10 consecutive quarters of increases, as rates continued to rise in property and financial and professional lines.

China retaliates as U.S. sanctions put banks in a bind

August 10, 2020.
China retaliated Monday by levying its own sanctions against U.S. officials in response to U.S. sanctions introduced last week that left banks in Hong Kong to grapple with how to operate without running afoul of the local government.

Virtu Financial gets new chief financial officer

August 10, 2020.
Virtu Financial reshuffled some key executive roles on Monday, revealing that financial services veteran Sean P. Galvin rejoined the company as its chief financial officer as well as notable promotions from within the firm.

Bank of Ireland reimburses smishing scam victims, launches anti-fraud campaign

August 10, 2020.
Bank of Ireland said Monday that customers who fell victim to scams involving targeted, fraudulent texts from scammers posing as a bank employee will be reimbursed by the bank, which is also launching a new fraud awareness campaign in response to the issue.

AML fines surge globally even as US takes back seat on enforcement: Duff & Phelps

August 10, 2020.
Anti-money laundering fines assessed globally are on pace to more than double this year from 2019, with the U.S. imposing a lower share of the total than in years past, according to Duff & Phelps.

Chubb names appointments for two new executive roles

August 10, 2020.
Chubb on Monday made appointments to two newly created executive positions, with John Lupica taking on the role of president of North America insurance operations and Paul Krump named as vice chairman of global underwriting and claims.

UK information commissioner probes Barclays’ alleged spying on staff

August 10, 2020.
The U.K.’s data privacy watchdog is conducting an investigation “related to Barclays’ alleged use of employee monitoring tools,” after the British bank used productivity tracking software that staff said spied on them.

Nasdaq to provide trading, clearing services to Dubai Gold & Commodities Exchange

August 10, 2020.
Nasdaq said Monday that it has reached a deal with the Dubai Gold & Commodities Exchange to provide a series of technology services spanning areas that include clearing and trading.

UnipolSai cuts back bond portfolio while Italy's debt crisis worsens

August 7, 2020.
Italian insurer and financial services company UnipolSai is selling off domestic bond holdings to preserve its capital reserves as the country’s public debt mounts, the company said.

Insurers begin drafting COVID-19 travel policies to reignite stalled tourism industry

August 7, 2020.
A German insurer is launching a new policy aimed at COVID-19-wary travelers, the latest in a wave of new products global insurers are crafting to adapt to the evolving travel landscape.

Ukraine partners with World Bank affiliate to develop ESG investment standards

August 7, 2020.
Ukraine’s capital markets regulator reached an agreement with a World Bank affiliate to develop sustainable investing standards, in a departure from the country’s limited track record on social responsibility in the private sector.

Daniel Loeb’s Third Point Re to buy Sirius Group in focus on underwriting

Last modified August 7, 2020. Published August 7, 2020.
Third Point Reinsurance said Friday that it will buy Sirius International Insurance Group, a fellow reinsurer, in a deal that its leadership said will be coupled with more focus on underwriting and diversified offerings.