BoA wins $17.85m weather derivatives lawsuit

Diamond State Insurance, a unit of Cayman Islands-domiciled United National Group (UNG), has agreed to pay Bank of America (BoA) $17.85 million to settle its claims over a series of weather derivatives policies written through the now defunct Customized…

ABN Amro builds in weather derivatives

ABN Amro has hired Henry Kus as director of weather and insurance derivatives. The Dutch bank said it had made the appointment in response to "rapidly increasing" investor demand for weather derivatives products.

Insurers to sue Worldwide Weather Trading for fraud

A number of insurance companies have been granted the go-ahead by the Nassau County Court in New York to launch a lawsuit against Worldwide Weather Trading (WWT), alleging the company fraudulently sold weather derivatives policies. The plaintiffs will…

Chubb head calls for more chief risk officers

Dean O’Hare, chairman and chief executive of Chubb Corporation, believes companies without a chief risk officer are not handling risk management effectively. Speaking at the Risk & Insurance Management Society’s annual conference in New Orleans today, O…

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