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Meta Must Face Investor Suit After Supreme Court Drops Case

Article 0 Comments The US Supreme Court dismissed an appeal by Meta Platforms Inc., leaving it to face a lawsuit that accuses the company of misleading shareholders about the data-harvesting scandal involving political consulting firm Cambridge Analytica. Investors claim the company, then known as Facebook, inflated share prices by failing to adequately disclose the risk that its user data would be misused. The shareholders say revelations about the scandal contributed to two 2018 price drops that cost the company more than $200 billion in market value. Meta was asking the Supreme Court to reverse a federal appeals court decision that had let the lawsuit go forward. The court heard arguments on Nov. 6. As is its usual practice, the high court didn’t provide any explanation for dropping the case, saying only that it was being “dismissed as improvidently granted.” Business groups led by the Chamber of Commerce had urged the court to take up the case and side with Meta, saying that risk-disclosure allegations have contributed to a wave of meritless securities-fraud suits. The Supreme Court is also considering an appeal by Nvidia Corp., which is being sued for allegedly misleading shareholders about its reliance on crypto-mining revenue in the...

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Markets/Coverages: MGA Aqueous Secures Capacity Deal With Allied World and Sompo

Article 0 Comments Aqueous Underwriting, the London-based MGA, has secured major new capacity in a three-year deal with A+ rated insurers Allied World and Sompo. The move to a syndicated capacity arrangement provides the MGA with the opportunity to significantly develop and enhance its product suite as it enters its next phase of growth. Following a mutual agreement reflecting differing strategic objectives, Aqueous said it will transition from Allianz to the new capacity providers over the remainder of 2024 and continues to partner with Allianz on other product lines. The syndicated binder agreement with Allied World and Sompo is active for all SME package new business submissions with immediate effect. Aqueous specializes in the professional indemnity and SME package (food, hospitality, leisure, and hotel) sectors. The MGA said the new arrangement will enable it to build on its reputation for responding quickly to changing customer needs. Aqueous is also launching an extension to its pubs, restaurants and bars product to address the significant increase in dine & dash losses. The new coverage extension will be available from January. “Allied World is committed to the SME market in the UK and partnering with Aqueous is a natural fit,” commented Emma Lisi,...

Equisoft Completes 30th Major Life Insurance Modernization Project In 18 Months 0

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Equisoft Completes 30th Major Life Insurance Modernization Project In 18 Months

Global digital solutions provider successfully completes 30 major life insurance go-lives with 23 customers in six regions, made possible by their three decades of insurance and investment industry expertise Montreal, QC (Nov. 21, 2024) – Equisoft, a leading global digital solutions provider to the financial services industry, currently celebrating its 30th anniversary, is pleased to announce its successful completion of 30 modernization projects in the past 18 months. These initiatives showcase the full spectrum of Equisoft’s solutions, centered around its flagship Equisoft/manage platform—a comprehensive SaaS policy administration system for life, group, and annuity products. Eleven projects included large data migrations, helping clients accelerate the development of innovative products, differentiate against competition as well as reduce risks and operational costs associated with the legacy systems. “The scale and success of these implementations demonstrate the deep industry expertise we’ve built over three decades. What started in 1994 with the development and delivery of a desktop investment analysis solution, has evolved into a mission to make financial services accessible to all—supported by more than 900 team members around the globe,” said Luis Romero, Founder and CEO of Equisoft. “We invest massively in our R&D, but also in our expertise. Successful deliveries are the...

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NAIC Elects New Officers for 2025

Article 0 Comments At the conclusion of its fall national meeting in Denver, the National Association of Insurance Commissioners elected new officers for 2025, with North Dakota Insurance Commissioner Jon Godfread to become president. Jon Godfread Godfread was first elected commissioner of the Peace Garden State in 2016. He was reelected for a third term on Nov. 5. The November 19 members elected Scott A. White, Virginia’s commissioner, as president-elect; Elizabeth (Beth) Kelleher Dwyer, Rhode Island Department of Business Regulation director, as vice president; and Utah Commissioner Jon Pike as Secretary-Treasurer. White has been insurance commissioner of Virginia since 2018. Dwyer was appointed superintendent of insurance to start 2016 and was named director of the Rhode Island Department of Business Regulation in May 2023. Pike was named Commissioner in Utah at the beginning of 2021. Each officer will assume their duties on Jan. 1. 2025 zone officers were also elected during the fall meeting: Northeast Zone Chair: Commissioner Michael Humphreys (Pennsylvania) Vice Chair: Commissioner Justin Zimmerman (New Jersey) Secretary-Treasurer: Commissioner David J. (D.J.) Bettencourt (New Hampshire) Southeast Zone Chair: Commissioner Sharon P. Clark (Kentucky) Vice Chair: Commissioner Alan McClain (Arkansas) Secretary-Treasurer: Commissioner Tregenza Roach (U.S. Virgin Islands) Midwest Zone Chair:...

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Know These New Retirement Planning Rules for 2024 and Beyond

The IRS has made clear that no there will be no more waivers for beneficiaries under the 10-year rule — RMDs must be taken in 2025. Even though distributions have not yet been required, the 10-year clock on withdrawing the entire account balance has been ticking. This means that a non-eligible designated beneficiary who inherited an IRA in 2020 must withdraw the entire balance within the next five years. Beyond what a client may be required to take as an RMD for 2025, it might behoove the client to withdraw an amount in excess of the RMD amount in 2024 and beyond to avoid taking a major tax hit in the final year of the 10-year period. Surviving Spouse Beneficiaries Another rule change via Secure 2.0 that took effect in 2024 allows a surviving spouse to be treated as their deceased spouse when taking distributions from the deceased spouse’s retirement accounts. If the surviving spouse elects to take advantage of this rule change, they are eligible for the following benefits: RMDs for the surviving spouse can be delayed until the deceased spouse would have reached their required beginning date to commence their RMDs.  Once RMDs for the deceased spouse would...

Kayna and WTW Partner With Vibrant To Drive Third-Party Vendor Cybersecurity Insurance Compliance Across Complex Supply Chains 0

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Kayna and WTW Partner With Vibrant To Drive Third-Party Vendor Cybersecurity Insurance Compliance Across Complex Supply Chains

US-based vertical SaaS platform Vibrant manages third-party vendor cybersecurity oversight by tracking vendor Insurance coverage directly with Carriers. Kayna’s embedded insurance infrastructure set to enable WTW cybersecurity insurance distribution with continuous vendor coverage assessments to close protection gap and safeguard ongoing compliance. Solution to support Procurement, Operations and Supply Chain functions within organisations across Manufacturing, Education, Healthcare, Utilities, Financial Services, Retail and State & Municipal Government sectors Cork, Ireland (Nov. 10, 2024) – Kayna, the award-winning embedded insurance infrastructure platform, and WTW, a leading global advisory, broking and solutions company, have partnered with Vibrant, the Pennsylvania-based platform that manages third-party vendor cybersecurity oversight by tracking insurance coverage. Vibrant’s innovative platform enables organisations with extensive vendor networks to easily monitor the cybersecurity status of their entire supply chain, providing continuous, real-time insights without the need for time-consuming, costly assessments. The partnership, through the integration of Kayna tech facilitating WTW-brokered insurance distribution, enhances Vibrant’s insurance-based model by generating real-time alerts when a vendor’s cybersecurity status may pose a risk to the organisations they supply. The integration also offers at-risk vendors immediate access to indicative insurance quotes and streamlined policy generation, effectively closing protection gaps in the supply chain. This comprehensive approach not...

Intact Financial acquires Jiffy, Canada’s No. 1 home maintenance app 0

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Intact Financial acquires Jiffy, Canada’s No. 1 home maintenance app

Intact and Jiffy to expand access to home maintenance services across Canada Toronto, ON (Nov. 14, 2024) – Intact Financial Corporation is pleased to announce it has acquired Jiffy Inc., Canada’s number-one home maintenance app. Through this acquisition, Jiffy will have the platform and capabilities to accelerate expansion of its services across more Canadian jurisdictions while supporting Intact’s goals of engaging three-quarters of Canadian customers digitally and providing a customer experience that is second to none. “At Intact, we invest in products and exceptional brands that directly support the evolution of customer needs. Through our partnership with Jiffy, we look forward to expanding their service offering to more customers, and geographies, connecting their network of certified professionals to more jobs,” said Imen Zitouni, Senior Vice President & Chief Marketing Officer, Intact Financial Corporation. Jiffy is an app-based service that connects homeowners with local service professionals to provide various home maintenance tasks such as plumbing, exterior repairs, appliance repair, electrical work and furniture assembly. Designed with the user in mind, Jiffy focuses on making home maintenance simpler and more accessible for everyone. “Intact is the perfect partner to help Jiffy deliver the most accessible and reliable home maintenance solutions for homeowners,...

Westland Insurance acquires P&C brokerage MSP Insurance 0

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Westland Insurance acquires P&C brokerage MSP Insurance

Acquisition marks Westland’s third Ontario partnership in 2024 Surrey, BC (Nov. 8, 2024) – Westland Insurance, one of Canada’s largest insurance brokers, is pleased to announce it has acquired MSP Insurance Corp. (operating as Mitchell Sandham Pastor Insurance Brokers), effective November 1st. The acquisition of this P&C brokerage marks Westland’s third partnership in Ontario this year, reinforcing the organization’s strategic growth in the Greater Toronto Area (GTA). MSP Insurance is a Mississauga-based brokerage that has served the GTA since 1957. Their team of experienced brokers is dedicated to offering personalized quality service, including professional insurance advice, ongoing policy maintenance, and claims support. “We’re thrilled to welcome MSP Insurance to the Westland team,” says Jamie Lyons, Westland’s President & CEO. “As we continue our growth journey across Eastern Canada, we feel privileged to join forces with this outstanding brokerage, in no small part due to their tremendous leadership and passionate employees. We’re looking forward to working with their team to continue serving Mississauga and make a difference in the lives of their clients.” Westland continues to invest in and grow its business in Canada, both organically and through strategic acquisitions. About Westland Insurance Group Westland Insurance Group is one of the...

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A Long-Term Care Planner’s Confession

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General Mills to Engage Regulators on Food Dyes Targeted by RFK Jr.

Article 0 Comments General Mills Inc. is planning to engage federal officials over potential restrictions on food dyes that it uses in some of its cereals, as Robert F. Kennedy Jr., the nominee to run the Department of Health and Human Services, calls for them to be removed. “Because this is always an evolving space, we work in close partnership with policymakers on this issue,” the company said in a statement. “We will engage with federal regulators as they consider any additional changes they may propose.” Kennedy boosted attention on the use of dyes in the final weeks of the US presidential campaign as a high-profile supporter of Donald Trump, who then made him his choice to run HHS. “The first thing I’d do isn’t going to cost you anything because I’m just gonna tell the cereal companies: Take all the dyes out of their food,” Kennedy said late last month. The additives have been held up by consumer advocates as a safety hazard since artificial dyes might be carcinogenic and possibly lead to hyperactivity in some kids. Versions of the cereals sold abroad are made without the dyes. Restrictions on food dyes could be costly for General Mills, which...