MetLife embraces blockchain
MetLife has joined a global consortium of financial institutions focused on the potential of blockchain technology.
The insurer is the latest member of the R3 partnership to explore how blockchain technology can be used in an insurance environment to streamline activities such as new investments management, business processing, policy administration, customer payments and distribution of proceeds.
“R3’s work has proven how blockchain technology can disrupt how business is done today. MetLife is proud to be the first multinational insurer and 60th member to join this prestigious group,” said Marty Lippert, Executive Vice President and head of MetLife’s Global Technology & Operations organization.
The R3 partnership comprises 60 financial institutions and technology experts and entrepreneurs.
Amtrak wins partial victory in Sandy insurance case
Amtrak won a partial victory in its lawsuit against insurers including
Aspen Specialty Insurance Co following losses of more than $1 billion resulting from the Sandy Superstorm in 2012.
The rail company’s action in the 2
nd US Circuit Court of Appeals seeks to overturn a number of issues by lower courts including a block on claiming up to $125 million to replace damage tunnels under the Hudson and East rivers in New York. The appeal court found that the lower court had been too quick to dismiss this as Amtrak had yet to submit full repair plans.
A bid to overturn a cap on claims for water damage and claims for corrosion of Amtrak’s equipment used to pump seawater out of the tunnels were rejected by the appeal court panel.
The rail firm says that insurers had only paid $30 million of an agreed $675 million settlement.
First day in the office for Marsh’s new North American president
Martin South officially begins his new role as president of Marsh & McLennan Companies’ US and Canada division.
The 30-year insurance industry veteran will report to Marsh’s president John Doyle and will be based in the New York office.
South has been with the company for many years and has previously served as CEO of Marsh Europe, Marsh UK & Ireland and, most recently, Marsh Asia-Pacific.
Before joining Marsh, he held senior roles at
Zurich.
