April 7, 2021

Corp

Regulator Deems Florida-Based American Capital Assurance Corp. Insolvent

After negative moves by ratings agencies last month to address its financial issues, Florida’s insurance regulator says American Capital Assurance Corp. (AmCap) is insolvent and should be placed in receivership,

In a letter dated April 2 to Chief Financial Officer Jimmy Patronis, Florida Insurance Commissioner David Altmaier said the Office of Insurance Regulation (OIR) has determined that grounds exist for the “initiation of delinquency proceedings” against AmCap. Included in the letter is a consent to order of receivership signed by AmCap “in which it admits that is insolvent.”

The Florida-based insurer, which focused on commercial residential and non-residential property risks,

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News Corp, Google announce three-year deal to distribute journalism in exchange for payments

News Corp announced Wednesday that it has agreed to a multi-year partnership with Google, a move the company said would yield “substantial benefits for journalism and society.”

The agreement, which News Corp called “historic,” will provide “trusted journalism” from News Corp’s news sites from around the world “in return for significant payments by Google.”

News Corp publications joining Google News Showcase from the United States will be The Wall Street Journal, Barron’s, MarketWatch and the New York Post.

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