Day: September 14, 2020

GM conducted ‘appropriate diligence’ on $2 billion Nikola deal

spike 6 months ago

General Motors conducted “appropriate diligence” regarding a $2 billion deal with electric vehicle start-up Nikola, GM CEO Mary Barra said Monday.

Barra’s comments are a response to increased scrutiny of Nikola following fraud claims made last week by short-selling firm Hindenburg Research. Nikola on Monday disputed several of the claims but didn’t deny some of its actions, including a staged video showing a semitruck that appeared to be functional but wasn’t.

“The company has worked with a lot of different partners and we’re a very capable team that has done the appropriate diligence,” Barra said during a conference Monday with

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Fitch Ratings shares global reinsurance non-life outlook

spike 6 months ago

While the pandemic was raging, global catastrophe losses were “quite manageable” in the first half of 2020, according to Brian C. Schneider (pictured), senior director and global head of reinsurance at Fitch Ratings. CAT losses added only 3.3 percentage points to the reinsurance combined ratio in H1, which is not much deterioration from the 2.7 points added in the first half of 2019. However, the senior director pointed out that the CAT performance is likely to deteriorate – similar to prior years – in the second quarter, especially considering the very active North Atlantic Hurricane Season currently underway.

The 17

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Ping An identifies four key growth areas

spike 6 months ago

Ping An Life, the life insurance arm of Ping An Insurance (Group) Company of China, has announced that it will focus on four key areas – growth model, marketing, product strategy and channel integration – as its foundation for the next decade of business.

“Despite the unprecedented challenges and the industry’s inertia to sweeping changes, we are confident that this reform will pave the way for Ping An Life’s further development in the next decade,” said Lu Min, chief insurance business officer of Ping An, at the insurer’s 2020 interim results conference.

According to Lu, the previous round of business

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Fitch shares global reinsurance non-life outlook

spike 6 months ago

While the pandemic was raging, global catastrophe losses were “quite manageable” in the first half of 2020, according to Brian C. Schneider (pictured), senior director and global head of reinsurance at Fitch Ratings. CAT losses added only 3.3 percentage points to the reinsurance combined ratio in H1, which is not much deterioration from the 2.7 points added in the first half of 2019. However, the senior director pointed out that the CAT performance is likely to deteriorate – similar to prior years – in the second quarter, especially considering the very active North Atlantic Hurricane Season currently underway.

The 17

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