Florida’s Citizens Insurance Affirmed in Three of Four Claims Appeals

As Citizens Property Insurance, Florida’s state-created insurer of last resort, works to reduce its exposure, officials there may take heart from three court rulings handed down this week. A fourth decision, however, could end up costing the insurer significantly. In …

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Patriot Growth Grows with Another Florida Agency

Patriot Growth Insurance Services, less than three years old, has added a Florida firm to its army of insurance agencies around the country. The company, which calls itself one of the fastest growing national insurance agencies, announced that it had …

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GM’s Cruise, Alphabet’s Waymo Win Autonomous Permits to Give Rides to California Passengers

General Motors Co’s Cruise and Alphabet Inc’s Waymo self-driving car subsidiaries on Thursday became the first companies to receive autonomous vehicle permits to offer rides to passengers in California. Cruise has obtained a permit from the California Department of Motor …

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People Moves: Lockton Hires WTW’s Danyluk as Head Int’l Property, Wholesale; HSB Promotes Prentice in Cyber; Apollo’s Ker Is Head of Performance at Castel

Lockton Names WTW’s Danyluk as Head Int’l Property in Wholesale P/C Lockton, the world’s largest privately owned independent insurance broker, has appointed Andrzej Danyluk as head of International Property within the Wholesale Property & Casualty (P/C) division. In his new …

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Longtime New York City Contractor Indicted for $1M Insurance Fraud

Manhattan District Attorney Cyrus R. Vance Jr. and New York City Department of Investigation (DOI) Commissioner Margaret Garnett announced the indictment of Dragonetti Brothers Landscaping, Nursery, & Florist (DBLNF) and D.B. Demolition Inc., as well as their respective presidents Nicholas …

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Connecticut Considers Drop in 2022 Workers’ Comp Rates, Seeks Public Comment

Connecticut Insurance Commissioner Andrew N. Mais issued a department notice on September 24 announcing a 30 day period of public comment on the National Council on Compensation Insurance’s (NCCI) voluntary loss cost and assigned risk rate filing. NCCI is proposing …

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Rhode Island Woman Is Awarded $1.3M After Botched Surgery

A jury has awarded $1.3 million to a Rhode Island woman who underwent gallstone surgery that resulted in months of complications because of negligence from Kent Hospital. The jury reached a verdict Thursday, finding both Dr. Brian Reed and Kent …

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Allianz Transfers Legacy Life Portfolio to Resolution Re, Using Quota Share Reinsurance

Allianz Suisse Life has agreed to transfer to Resolution Re a legacy portfolio of individual life products, which have a reserve volume of around 4 billion Swiss francs (US$4.3 billion). Using quota share reinsurance, Resolution Re will assume 80% of …

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Woman’s Washington Suit Claims Bus Drove Over Her Leg, Resulting in Amputation

A woman has filed a lawsuit against King County Metro in Washington claiming a bus driver ran over her leg while she was laying on a Renton sidewalk and then drove away. Jessica Chapel’s injuries were so severe that doctors …

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Workers’ Compensation Underwriting Results Again Beat Other Lines in 2020

Workers’ compensation underwriters have been consistently generating better underwriting profits than other property/casualty lines of business, and did so again in 2020 amid the pandemic. According to an AM Best report, underwriting results of workers’ compensation insurers remained strong in …

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People Moves: Marsh’s Bauer to bolttec; Chubb’s Bryant to Resilience; Hartford’s Cromly to Insureon; Disney’s Singer to Acrisure

Marsh’s Bauer Moves to bolttech to Head MGA Effort Rob Bauer has joined bolttech’s executive leadership team as group chief managing general agent (MGA) officer, the insurtech announced. Based in the U.S., Rob will lead bolttech’s MGA strategy and capability …

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Re/Insurance Cyber Rates Could Double Before 2023, as Attacks Skyrocket: S&P

The pandemic caused economic and insured losses from cyber attacks to skyrocket, which has heightened awareness of the risk and increased demand for cyber re/insurance, according to a report published by S&P Global Ratings. “The trend toward digitalization will inevitably …

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Construction Fintech Built Nabs $1.5B Valuation; Growth Plans Include Insurance

Built Technologies, a construction industry-focused financial-technology startup, has more than tripled its valuation to $1.5 billion after raising $125 million in an equity funding round led by TCV. Brookfield Technology Partners, 9Yards Capital, HighSage Ventures and XYZ Venture Capital participated …

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Amid Uncertainty Over Flood Insurance, Florida County Declares Emergency After Unprecedented Rainfall

In what may be a sign of the climate times, a Florida county has declared a local state of emergency after a weather event — even without hope of much assistance from the state or federal government. The declaration by …

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Boy Scouts Preparing for Abuse Victims’ Vote on $1.6 Billion Compensation Fund

The Boy Scouts of America are preparing to ask sex abuse victims to vote for a $1.6 billion trust fund to settle their claims in a key step toward ending its contentious bankruptcy. The proposal sets potential payments based on …

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Amazon Reaches Private Settlement With Workers Who Criticized Warehouse Conditions

Amazon.com Inc. and the U.S. National Labor Relations Board (NLRB) said on Wednesday the company had reached a settlement with two former employees who alleged they were fired last year for criticizing the working conditions at the e-commerce giant’s warehouses. …

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Citigroup Asks Appeals Court to Let It Recoup $504M Lost in Revlon Loan Pre-Pay Error

Citigroup Inc. on Wednesday pressed a federal appeals court to let it recoup about $504 million of its own money that it accidentally wired Revlon Inc. lenders, saying its mistake did not entitle them to a huge windfall. The bank’s …

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Willis Re Launches Flood Model for MENA Region

Willis Re has launched a new flood model for the Middle East and North Africa (MENA) region, which enables re/insurers to quantify their flood risk using a catastrophe model. Currently the model covers Morocco, the United Arab Emirates, and the …

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Funds Demand Science-Based Emissions Targets From 1,600 Most Polluting Firms

Funds managing nearly $30 trillion in assets called on Wednesday for 1,600 of the world’s most polluting companies to “urgently” set science-based emissions reduction targets. The 220 investors, including Fidelity International and Amundi, said they had written to CEOs of …

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Hong Kong Firms, Including FWD, Are Flagging China Risks in U.S. IPO Filings

Hong Kong-based companies with little to no presence in mainland China are the latest to warn about the risks they face from Beijing’s crackdown on businesses, in a further sign of enhanced disclosures sought by American regulators in filings for …

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UK Financial Services Sector Calls for Eased Visa Requirements to Keep Competitiveness

LONDON — Britain’s financial sector has called on the government to ease visa requirements on overseas staff who want to work up to six months in the country to maintain global competitiveness. A Global Talent Mobility report from TheCityUK, City …

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Mississippi State Dept. of Health Officer: Medical Marijuana Regulation a Concern

The Mississippi state health officer said that he’s concerned about how the Health Department would receive money for its part in licensing and regulating a proposed medical marijuana program. Dr. Thomas Dobbs said some regulatory programs, such as restaurant inspections, …

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Federal Judge Overturns S.C. School Mask Ban; Dept. of Education to Comply

A federal judge Tuesday suspended South Carolina from enforcing a rule that banned school districts from requiring masks for students. Parents of disabled children, helped by the American Civil Liberties Union, sued the state saying the ban discriminated against medically …

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MS Amlin AG Enters Agriculture Reinsurance Market, Hiring Bektleuov From PartnerRe

MS Amlin AG (MS AAG), the global reinsurer, announced its entry into the agriculture reinsurance market with the hire of Rinat Bektleuov as product group lead underwriter. Bektleuov joined the business in August 2021 and reports directly to Charles Goldie, …

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Ninth Circuit Rules in Favor of California’s New Arbitration Agreements Law

A ruling in California has overturned an injunction against a new law preventing employers in California from making employees sign arbitration agreements as a condition of employment. The Ninth Circuit Court of Appeals recently vacated a preliminary injunction issued in …

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AM Best Downgrades Casualty Underwriters Insurance in Utah

AM Best downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb+” (Fair) from “bbb-” (Good) of Casualty Underwriters Insurance Co. in Salt Lake City, Utah. The outlook of the ratings …

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Jury Says Washington City Must Pay $3.26M to Men Shot by Police

A federal jury has awarded two men who live south of Tacoma, Wash., a total of $3.26 million for injuries suffered when they were shot by one of the town of Roy’s two police officers during a drunken joy ride …

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Washington Collectibles Shop Owner Pleads Guilty to Setting Fire for Insurance

An Edmonds, Washington woman has pleaded guilty to wire fraud related to the 2018 fire at her business that prosecutors said she set in order to collect insurance money. Connie Bigelow, 53, admitted in the plea agreement that she set …

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PG&E Charged in California Wildfire That Killed 4

Pacific Gas & Electric was charged Friday with involuntary manslaughter and other crimes after its equipment sparked a Northern California wildfire that killed four people and destroyed hundreds of homes last year, prosecutors said. It is the latest legal action …

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People Moves: New Hire at Risk Strategies; Promotions at Ames & Gough

Risk Strategies Hires Honig as Compliance Director for Employee Benefits Risk Strategies, a national specialty insurance brokerage and risk management firm, hired Erica Honig as the compliance director for its employee benefits division. In this new role, Honig will provide …

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New York City to Hire Forecaster, Beef Up Warnings After Ida Flooding

New York City is planning to hire a private weather forecaster, install more drainage features and issue earlier and more aggressive warnings to residents under a new plan to respond to heavy rainfall like the deadly deluge Hurricane Ida dropped …

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‘Once Traffic Goes Away, People Speed.’ Study Analyzes Pandemic’s Fatal Crashes.

With fewer people on the road during the early days of the pandemic, more drivers were speeding and driving recklessly, resulting in more crashes being deadly. Researchers at The Ohio State University conducted a detailed analysis of traffic in Franklin …

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Sotheby’s Must Face New York Claims It Helped Rich Collector Dodge Taxes

Sotheby’s must face a lawsuit by New York’s attorney general accusing the auction house of fraudulently helping a wealthy art collector dodge millions of dollars of sales taxes, a state judge has ruled. The case concerned purchases by a Sotheby’s …

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Why This Is Not a ‘Standard’ Hard Market and Other Views on Today’s Insurance Market

Interesting. Fluctuating. Moderating. Fun. Those are the words that Patrick M. Gallagher, chief executive officer of Gallagher Global Brokerage for the Americas, used to respond to a question about the state of the insurance marketplace during a virtual conference hosted …

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Employees May Not Be Working Inside Office Buildings, But Cyber Criminals Are

The normal bustle inside of many office buildings has come to a halt during the pandemic switch to remote work, but these empty buildings could be inviting a different kind of activity: cyber crime. “With any type of confusion, and …

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3 Largest Opioid Distributors to Pay Native American Tribe $75m to Settle Claims

The three largest U.S. drug distributors will pay more than $75 million to resolve claims they fueled an opioid epidemic in the Cherokee Nation’s territory in Oklahoma, marking the first settlement with a tribal government in the litigation over the …

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Cash-Strapped China Evergrande Sells Bank Stake to Repay Loan

Cash-strapped China Evergrande Group left its offshore bondholders guessing whether it would pay interest on a bond coupon due Wednesday, despite agreeing to settle debt with a Chinese bank in a $1.5 billion stake divestment deal. With liabilities of $305 …

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Connected Motor Insurtech Ticker and Abacai Partner to Raise Capacity, Expand Offering

UK connected motor insurtech Ticker and Abacai Group have partnered to increase Ticker’s capacity and introduce new levels of pricing sophistication, bringing connected insurance to a much wider market. Founded in 2018 and launched in 2019 with the backing of …

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ACORD Releases Re/Insurance Data Standards for Electronic Placing

ACORD, the standards-setting body for the global insurance industry, announced the expansion of its Global Reinsurance & Large Commercial (GRLC) Data Standards, to include new standards for electronic placing. Re/insurers will be able to leverage these newly developed standards in …

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CNN Prevents Australians From Accessing Its Facebook Pages, Citing Defamation Risk

SYDNEY – CNN said it is preventing Australians from accessing its Facebook Inc pages after a court ruled that publishers can be liable for defamation in public comment sections and the social media firm refused to help it disable comments …

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Broker BMS Re Launches Operations in Brazil, Led by 2 Former Guy Carpenter Execs

BMS Re, the independent specialist reinsurance broker, announced the launch of BMS Brasil Corretora de Resseguros Ltda (BMS Re Brazil), headquartered in Sao Paulo. Confirmation of BMS Re Brazil’s license was published in the Official Gazette on Sept. 27. José …

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Amwins Global Risks Launches Underwriting Portfolio Mgmt Team; AXA XL Promotes MacFarlane to Head of Climate; R&Q Appoints Pinkes as CEO for Legacy Insurance

This edition of International People Moves covers appointments at Amwins Global Risks, AXA XL and Randall & Quilter. A summary of these new hires follows. Amwins Global Risks Launches Underwriting Portfolio Management Team Amwins Global Risks, the international arm of …

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Italian Insurer Cattolica Says Its Board Views Generali Takeover Offer as Fair

Italian insurer Cattolica said on Tuesday that its board considers that bigger rival Generali’s takeover offer for it is at a fair price. Generali, Italy’s largest insurer, earlier in May said it would launch a 1.17 billion euro [$1.4 billion] …

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Arrowhead Expands Workers’ Comp Program in 5 Southeastern States

Arrowhead General Insurance Agency, Inc. (Arrowhead) has announced the expansion of its Workers’ Compensation Program into five new southeastern states: Tennessee, Georgia, North and South Carolina and Alabama, with more states to come next year. “Expansion in these southeast states …

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Climate Change Ranks as Top Concern for Insurers, Replacing Pandemic

Climate change has returned to the top of the list of insurers’ biggest concerns as the vaccine roll-out and gradual lifting of health restrictions see pandemic fears ease in many countries. Global warming was ranked as the biggest risk to …

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Final Chunk of Wrecked Cargo Ship Awaits Removal off Georgia Coast

The final chunk of a cargo ship that capsized two years ago along the Georgia coast is awaiting removal from the water. Salvage crews have worked since November to cut the South Korean freighter Golden Ray into eight giant chunks …

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Workers’ Comp Pays More Than Group Health to Treat Similar Injuries: NCCI Study

Workers’ compensation pays more than group health to treat comparable injuries, according to a research brief issued by the National Council on Compensation Insurance. Although the workers’ compensation benefit delivery system is specifically geared to the needs of employers and …

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Cyber Insurer Coalition Raises $205M

Coalition, a San Francisco-based cyber insurance and security company, has already been focused on rapid growth. Its new $205 million venture capital financing will help supercharge that strategy even further. Coalition said the investment will help accelerate its plans to …

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COVID-Related Discrimination Lawsuits Filed Against 2 Texas Companies

Federal officials filed two lawsuits in Texas courts, alleging that a pharmacy in Fabens and a coffeehouse in Ft. Worth both discriminated against employees with disabilities that rendered them vulnerable to serious illness if they contracted COVID-19. The two employers …

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Brit CEO Wilson on Leave of Absence for Health Reasons; Thompson Named Interim CEO

Brit Ltd., the London-based insurer and subsidiary of Fairfax Financial Holdings, announced that Matthew Wilson, group CEO, will be taking an indefinite leave of absence due to health reasons. During this period, Martin Thompson will step in as interim group …

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Religious Partners Fear Boy Scouts’ Bankruptcy Plan Leaves Them Unprotected

Amid the Boy Scouts of America’s complex bankruptcy case, there is worsening friction between the BSA and the major religious groups that help it run thousands of scout units. At issue: the churches’ fears that an eventual settlement — while …

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Omaha National Raises $45M, Will Transition to Being Direct Workers’ Compensation Writer

Technology-enabled workers’ compensation and payroll services provider Omaha National Group, Inc. announced a $45 million Series B round led by Accomplice. The company said it plans to use the funds to support its transition to operating as a direct insurance …

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Investigators Probing Cause of Deadly Montana Train Derailment

Federal investigators are seeking the cause of an Amtrak train derailment near a switch on tracks in the middle of vast farmland in far northern Montana that killed three people and left seven hospitalized over the weekend. The westbound Empire …

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Annual Financial Crime Compliance Costs Rise to $49.9B for Financial Institutions

Financial crime compliance costs for the U.S. and Canada are at nearly $50 billion in 2021, a rise of almost 20% from the year before, according to a new LexisNexis study. Labor costs, more regulations and evolving crime threats are …

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Colonial Surety Launches Cyber and Fiduciary Package for Retirement Planning

Colonial Surety, a direct and digital insurer, expanded its fiduciary liability product offering for plan sponsors – businesses that offer retirement plans – with a new, two-part package that includes cyber liability coverage. The new package offers fiduciary liability insurance …

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Delaware Sues Monsanto Alleging Damage to Natural Resources

Delaware’s attorney general has filed a lawsuit against chemical company Monsanto and spinoffs Solutia and Pharmacia, alleging long-lasting damage to the state’s natural resources. The lawsuit filed Delaware Superior Court on Wednesday alleges Monsanto knew as early as 1937 that …

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Maine Attorney General Considers Suing Over PCB, PFAS Contamination

Maine’s attorney general is seeking proposals from law firms willing to assist with potential legal claims over chemical contamination in the state. The state is considering legal claims over so-called PCBs and a separate class known as PFAS. Both chemicals …

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Smaller Delaware Businesses Find Ways to Survive Pandemic

Small businesses have faced big-time problems throughout the COVID-19 pandemic. And for many, it was no longer just about trying to get by. It was a matter of survival. Local small-business owners Rous and Angie Robles of My Sister’s Fault …

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Cyber Insurer Coalition Raises $205M; Push Into Public Markets Among Future Plans

Coalition, a San Francisco-based cyber insurance and security company, has already been focused on rapid growth. Its new $205 million venture capital financing will help supercharge that strategy even further. “We are building a new kind of insurance with technology …

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Shell Plans Mid-October Post-Hurricane Restart or Louisiana Refinery

Royal Dutch Shell Plc tentatively plans the first restart of a production unit at its 230,611 barrel-per-day (bpd) Norco, Louisiana, refinery for mid-October, sources familiar with plant operations said on Monday. A Shell spokesman did not reply to a request …

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People Moves: Mosaic Builds Out International Cyber Team; Howden Appoints 19 for Construction Division Across EMEA

Bermuda-based Mosaic Insurance has expanded its cyber-security business line internationally, with the addition of new team members to its UK-based unit. The specialty insurer began underwriting global cyber coverage from Chicago April 1, just two months after launching with headquarters …

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States Struggle to Recruit and Retain Cyber-Security Pros

CHICAGO (AP) — Austin Moody wanted to apply his cyber-security skills in his home state of Michigan, teaming up with investigators for the State Police to analyze evidence and track down criminals. But the recent graduate set the idea aside …

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EPA Urged by 21 States to Toughen Vehicle Emissions Rules

A group of 21 state attorneys general, the District of Columbia, and several major U.S. cities urged the Biden administration to finalize significantly stricter vehicle emissions rules than it has proposed. The U.S. Environmental Protection Agency (EPA) in August called …

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Glynn County, Georgia Officials Propose Rules Allowing Buildings Closer to Sand Dunes

Leaders on one of Georgia’s most popular coastal islands are considering letting developers build closer to sand dunes. The Brunswick News reports that a planning commission that governs construction on St. Simons Island is discussing reducing the required setback for …

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People Moves: Alliant Adds Brian Shaw as First VP; Orchid Promotes Ross Bowie

Alliant Alliant continues has added to its Absence, Disability, and Life team, hiring Brian Shaw as First Vice President. The Atlanta-based benefits consultant joins Alliant’s Employees Benefits Groupand will serve a diverse base of clients throughout the Southeast region. Shaw …

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Australia Insurtech Startup Cover Genius Raises Funds, Boosting Valuation to A$1 Billion

Australian insurance startup Cover Genius Pty Ltd. boosted its valuation to A$1 billion ($729 million), after raising A$100 million [$72.8 million] from investors including G Squared and Japanese insurer Sompo Holdings Inc. The proceeds — about seven times more than …

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Allianz in Talks to Transfer Block of Life Assets to Free Up Regulatory Capital: Sources

Allianz SE is in advanced talks to transfer a block of Swiss life insurance assets to Resolution Life, people with knowledge of the matter said, a move that could free up regulatory capital as Europe’s largest insurer prepares for the …

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UK Accounting Firm Grant Thornton Fined for Audit of Café Chain Patisserie Valerie

Accountancy firm Grant Thornton has been fined for its audit of Patisserie Valerie, the British cafe chain that collapsed in 2018, throwing 900 people out of a job and triggering a separate fraud investigation into accounting irregularities. The Financial Reporting …

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Investors in Insurance-Linked Securities Seek to Avoid Exposure to Secondary Perils

Investors in insurance-linked securities are leaning toward structured catastrophe bonds rather than broader ILS instruments to steer away from unexpected losses from secondary perils. At the same time, catastrophe bond investors are accepting lower yields than they did two years …

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UN Launches Disaster Insurance Program for Developing Countries

The United Nations Development Programme has launched an initiative to help governments and the private sector in developing countries provide insurance for crises such as pandemics and natural catastrophes, it said on Monday. Disaster recovery costs the world’s 77 poorest …

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Southern California Utility Settles 2015 Gas Leak Litigation, To Take $1.1B Charge

Gas utility Southern California Gas (SoCalGas), a unit of Sempra Energy, said on Monday it has reached agreements that are expected to resolve substantially all civil litigation related to a 2015 natural gas storage facility leak. As a result of …

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BNSF Railway Sued for Sexual Harassment at Nebraska Railyard

A federal lawsuit alleges women working at a Nebraska railyard were subjected to sexual harassment and managers failed to do anything about it, in violation of federal law. BNSF Railway Company (BNSF), a major North American freight transportation company, violated …

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Chicago Suburb to Pay Ex-Cop $275K in Discrimination Lawsuit

A Chicago suburb will pay $275,000 to a former police officer who says colleagues discriminated against him because of his Assyrian and Iraqi heritage. Anfiny J. Eshoo sued the village of Arlington Heights last year, saying he was subjected to …

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Mexican Insurtech Startup Offers Quick Claims Payments for Earthquake Damage

Mexican startup Super, which offers coverage for earthquake property damages, plans to expand into hurricane insurance and possibly raise a fresh funding round next year, according to chief executive officer and founder Sebastian Villarreal. The company, which launched in 2019, …

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New York Announces New Consumer Protections in Public Adjusters Regulation

New York State Department of Financial Services (DFS) Acting Superintendent Adrienne A. Harris announced new consumer protections in New York’s public adjusters regulation, which will become effective October 8. The protections help insureds by clearly defining the duties of insurers …

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Connecticut Woman Charged with Workers’ Compensation Fraud, Larceny

A Wallingford, Connecticut, woman was arrested and charged with illegally collecting workers’ compensation benefits while being employed as a teacher for the City of Bristol Board of Education. Ann Marie Barros was arrested by inspectors from the Workers’ Compensation Fraud …

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New Jersey Weighs Expanding Flood Buyback Program After Ida

Liz Sawyer called Manville, New Jersey, home for more than two decades when Ida became the latest storm to send flood waters crashing into her house. For her and her family it will – she hopes – be the last …

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People Moves: Zurich’s Charles to SiriusPoint as Head of Americas P/C Insurance; Amwins Promotes Bernacki to New Role of Chief Underwriting Officer

People Moves: SiriusPoint Names Zurich’s Charles as Head of Americas P/C Insurance SiriusPoint Ltd., the Bermuda-based global specialty insurer and reinsurer, announced that Patrick Charles has joined the company as head of Americas Property and Casualty (P/C) Insurance. Charles will …

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Millions Risk Losing Homeowners Insurance in Fire-Ravaged California

A California moratorium guaranteeing insurance in wildfire-threatened areas lapsed Saturday, putting 347,000 homes in Pasadena and other Los Angeles foothills communities at the mercy of the market. As many as 2.4 million homes are at risk of losing protection in …

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Lawsuit Accuses United Airlines of Refusing Employee Exemptions to Vaccine Mandate

United Airlines Inc is facing claims that it unlawfully denied religious and medical exemptions from a requirement that employees receive COVID-19 vaccines after allegedly making it difficult for workers to apply for them. Six United employees filed a class action …

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AXA XL Launches Benchmarking Service for Subcontractor Default Risks

AXA XL’s Construction insurance team has launched a new schedule benchmarking service to strengthen their Subcontractor Default Insurance (SDI) clients’ risk management efforts. “The global pandemic has shined a light on the importance of strong project controls to effectively manage …

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MGU SageSure Secures $125M in Bank Financing to Support Continued Growth Plans

SageSure, a tech-driven managing general underwriter focused on costal residential property markets, raised $125 million in bank financing meant to enable its continued growth plans. “SageSure has always been focused on protecting homeowners in the most challenging and catastrophe-prone insurance …

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Generali CEO Donnet Faces Key Test in Face of Opposition From 2 Leading Investors

Generali Chief Executive Philippe Donnet’s future at Italy’s biggest insurer faces a key test on Monday at a meeting of its board to discuss putting him forward for reappointment in the face of opposition by two leading investors. With Donnet …

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Middle Market Firms Miss Out on Agents as Risk Management Resource: Survey

Many middle market companies are failing to use a key risk management resource: their insurance agents and brokers. According to a survey sponsored by insurer Chubb, only 15% of middle market companies rely heavily on an insurance agent or broker …

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Markel Offers Accelerated Return of Capital to Investors in 2 CATCo Funds in Runoff

Markel Corp. and Markel CATCo Investment Management Ltd. (MCIM) announced the terms of a buy-out transaction that provides an accelerated return of substantially all the net asset value in Markel CATCo Reinsurance Fund Ltd. (the Private Fund) and CATCo Reinsurance …

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Why China Evergrande’s Debt Problems Pose Systemic Risk

China Evergrande Group has missed a dollar bond interest payment deadline, moving closer to a potential default and fueling worries about a collapse that could send shockwaves through China’s economy and beyond. WHAT IS EVERGRANDE? Chairman Hui Ka Yan founded …

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Amazon to Offer Insurance to Small and Medium-Sized UK Businesses: Broker

Amazon.com Inc is to start offering insurance to small and medium-sized UK business customers, the technology giant’s first foray into business insurance in the country, broker Superscript said on Monday. Members of Amazon’s Business Prime program will be able to …

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Debt-Laden China Evergrande Could Raise $600M by Selling Life Insurance Stake

Debt-laden China Evergrande Group may have another asset to sell in its scramble to raise cash: its fast-growing life insurance business. That’s according to Bloomberg Intelligence analyst Steven Lam, who says the developer’s 50% stake in Evergrande Life Assurance Co. …

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Russia’s Renaissance Insurance Plans to List Shares on Moscow Exchange

Renaissance Insurance Group said on Monday it plans to list its shares on the Moscow Exchange and raise up to $290 million in an initial public offering (IPO), riding Russia’s emerging IPO wave. Russian IPO activity, hit by the COVID-19 …

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Mississippi Legislative Negotiators Reach Medical Marijuana Proposal

Mississippi House and Senate negotiators said that they have agreed on a proposed medical marijuana program. Leaders are expected to ask Republican Gov. Tate Reeves to call the Legislature into session to put the plan into law. The step comes …

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People Moves: CMR in California Creates New Executive Team; IC International Names Shigemura Executive VP

CMR Risk and Insurance Services Inc. of San Diego, Calif., announced the creation of a new executive leadership team. The team was put together by the board of directors to help CMR make more timely decisions, operate in a more …

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Takeaways from Our Conversation on Crime at Cannabis Operations

One big national insurance cannabis firm sifted through some of its claims data to tell us that many thefts at cannabis operations are occurring overnight, but more interestingly, based on security footage and other available evidence, it appears criminals are …

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McVey Named Next West Virginia Insurance Commissioner

Allan L. McVey has been appointed as West Virginia’s insurance commissioner. Gov. Jim Justice announced McVey’s appointment Wednesday. McVey fills the vacancy created by the resignation of Jim Dodrill. McVey served as insurance commissioner from March 2017 until his appointment …

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Report: California Independent Medical Review Volume Declined Through 1st Half of 2021

The number of independent medical reviews used to resolve California workers’ comp medical disputes hit a record low in the first half of 2021 as statewide unemployment remained stubbornly high, non-COVID job injury claims stayed below pre-pandemic levels, millions of …

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Suspected Arson Wildfire Forces Evacuations in Northern California

Thousands of people were under evacuation orders Friday and many others were on notice to be ready to flee as a destructive wildfire raged in a drought-stricken forest in California’s far north. A woman suspected of starting the Fawn Fire …

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California Commissioner Orders FAIR Plan to Offer Increased Coverage

California Insurance Commissioner Ricardo Lara on Friday ordered the FAIR Plan to offer a homeowners policy, in addition to its current dwelling fire coverage, with more traditional homeowner features, such as coverage for water damage, theft, and loss of use. …

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Feds Analyzing Fractured Gas Pipeline in Arizona Explosion

The National Transportation Safety Board released its preliminary report on last month’s gas line explosion in Coolidge, Ariz., that destroyed a home and killed a man and his 14-year-old daughter. NTSB investigators said a natural gas pipeline ruptured around 5:30 …

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Bill Would Change Maritime Liability Rules After California Boat Fire

Federal lawmakers introduced legislation this week that would change 19th century maritime liability rules in response to the 2019 boat fire off the coast of Southern California that killed 34 people. The bill would update the Limitation of Liability Act …

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Former New York Insurance Broker Sentenced to Prison for $1M Fraud Scheme

A former insurance broker is going to prison for defrauding insurance companies and individual investors out of more than $1 million. U.S. Attorney James P. Kennedy, Jr. announced that Brian Bartz of Rochester, New York, who was convicted of wire …

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Projections on Drought-Stricken Colorado River More Dire

The U.S. government released projections Wednesday that indicate an even more troubling outlook for a river that serves 40 million people in the American West. The Bureau of Reclamation recently declared the first-ever shortage on the Colorado River, which means …

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New York’s Bolton Street Programs Rebrands, Implements New Technologies

Bolton Street Programs, a new Woodbury, New York-based program administrator that creates and administers affinity programs, is working to integrate insurtech, resinsurance, E&S options and loss control throughout its suite of programs. The announcement was made by Bolton Street Programs …

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After Northeast Flooding, Insurance Woes Swamp Residents

After being pummeled by two tropical storms that submerged basements, cracked home foundations and destroyed belongings, Northeastern U.S. residents still in the throes of recovery are being hit with another unexpected blow: Thousands of families are now swamped with financial …

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Hong Kong Tycoon Richard Li’s Insurer FWD Makes U.S. IPO Filing Public

Insurance company FWD Group Holdings Ltd., owned by Hong Kong billionaire Richard Li, made its filing for a stock market listing in the United States public on Thursday, revealing a jump in revenue last year. The insurer, which will list …

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Biden Cybersecurity Officials Support Breach Incident Reporting Mandate

The head of the U.S. cybersecurity enforcement agency “is a huge supporter” of bipartisan legislation to mandate that operators of critical infrastructure report data breaches to the government. Jen Easterly, director of the Cybersecurity and Infrastructure Security Agency, said she …

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Insured Price Tag for Canada’s Summer Storms and Wildfires Nears C$200M

Two storms that raged across Alberta and Saskatchewan in Canada in July and August caused C$120 million (US$94.5 million) in insured damage, while the August wildfire in White Rock Lake, British Columbia is now estimated to have caused damages of …

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$480M Gift From Insurance Leader Ryan, Wife Is Northwestern University’s Largest Ever

Northwestern University has received the largest gift in its history, $480 million, from Patrick G. Ryan, founder and former long-time CEO of Aon Corp, and now chair of Ryan Specialty Group, and his wife, Shirley W. Ryan, co-founder and long-time …

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Q&A: New Director Criswell Prepares FEMA for a Hot, Chaotic Future

Deanne Criswell, the first woman to lead the Federal Emergency Management Agency, in April took over a 20,000-person operation exhausted by managing responses to disasters linked to global warming: wildfires and the 2020 hurricane season, the most active on record. …

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JPMorgan to Pay $15.7M to Settle Spoofing Class Action

JPMorgan Chase & Co. agreed to pay $15.7 million in cash to settle a class action lawsuit by investors who accused the largest U.S. bank of intentionally manipulating prices of U.S. Treasury futures and options. The settlement disclosed late Wednesday …

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California Enacts Nation’s First Law Regulating Warehouse Labor Quotas

California Governor Gavin Newsom on Wednesday signed a bill that limits warehouse employers like Amazon.com Inc. from setting productivity quotas, the first legislation of its kind in the United States. The new provisions require all companies using warehouse labor to …

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Flood Modeler JBA Collaborates With South African Broker, Reinsurance Solutions

JBA Risk Management Ltd. announced its collaboration with Reinsurance Solutions Intermediary Services (RSIS), an African-based reinsurance broker that will use the JBA global flood modeling capability to provide flood risk analytics and catastrophe modeling services for its insurance clients across …

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Evergrande’s Problems Prompt China’s Banks, Insurers to Pull Back on New Credit for Property Developers

SHANGHAI/BEIJING – As fears of contagion from any default by China Evergrande Group mounted this month, some Chinese banks, insurers, and shadow banks stopped offering new credit to property developers, and ran urgent checks on their exposure to the troubled …

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Mediobanca Boosts Stake in Generali as Battle Over Leadership Heats Up

Italy’s Mediobanca SpA strengthened its grip over insurer Assicurazioni Generali SpA, boosting its stake to more than 17% just days before a board meeting that could decide the future of embattled Chief Executive Officer Philippe Donnet. The investment bank, already …

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50 Companies Worldwide Are Highly Exposed to Physical Climate Risks, Say Investors

European energy firms Centrica and Galp, food group Nestle and watchmaker Swatch are among 50 companies worldwide that are highly exposed to physical climate risks, investors with $10 trillion in assets said on Thursday. The companies, which are involved in …

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People Moves: Insurer Aviva Names Montague, Cummings to Exec Committee; Wood to Launch Captive Operation for Price Forbes Bermuda; Wagstaff Is CEO of LMG

This edition of International People Moves details appointments at UK insurer Aviva, broker Price Forbes Bermuda and the London Market Group. A summary of these new hires follows. Aviva Strengthens Exec Committee with Chief Risk Officer Montague and CIO Cummings …

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Global Reinsurers Could Be Greatly Underestimating Exposure to Climate Risk: S&P

Reinsurers’ estimates of their exposure to natural catastrophe risk could be underestimated by 33%-50%, according to a report published by S&P Global Ratings. “Unmodeled risks and the inherent difficulties in attributing extreme events to climate change create the risk that …

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Georgia Man Beaten by Police Officers During Traffic Stop Sues for Compensatory and Punitive Damages

A man who was punched and kicked in the head by Georgia police officers during a traffic stop four years ago has filed a lawsuit alleging the stop was unjustified and the officers used excessive force against him. Gwinnett County …

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Southern Baptist Agrees to Fund Third-Party Investigation into Handling of Sexual Abuse Allegations

A top Southern Baptist Convention committee agreed to fund a third-party investigation into its handling of sexual abuse allegations but held off on waiving its attorney-client privilege for the probe, delaying for the future a decision seen as a key …

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Biden Multi-Agency Plan Seeks to Address Extreme Heat Stress

WASHINGTON (AP) — The Biden administration is moving to protect workers and communities from extreme heat after a dangerously hot summer that spurred an onslaught of drought-worsened wildfires and caused hundreds of deaths from the Pacific Northwest to hurricane-ravaged Louisiana. …

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U.S. Road Travel Up 11.5% in July

U.S. motorists drove 11.5% more miles in July as driving nearly matched pre-COVID levels and more Americans returned to offices and took leisure trips. The Federal Highway Administration said Thursday motorists drove 290.1 billion miles in July, up 30 billion …

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Relation Acquires South Carolina-Based Perry

Relation Insurance Services, Inc. (“Relation”) has acquired the assets of South Carolina-based Perry Insurance Group, Inc. (“Perry”). Terms of the transaction were not disclosed. Perry provides personal and commercial lines insurance solutions to clients throughout South Carolina and is headquartered …

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California University Paying $1.6M To Students Assaulted by Employee

San Jose State University has agreed to pay $1.6 million to 13 female student-athletes whose complaints about being sexually assaulted by an athletic trainer were mishandled by the university, federal prosecutors said Tuesday. The payment is part of a settlement …

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Private Flood Insurance Market Small But May Grow With New NFIP Rating: AM Best

The country’s flood insurance market is slowly transitioning toward private insurers providing additional options to the federal government’s program for those seeking coverage, according to a new AM Best report. But private sector carriers are being selective, tending to avoid …

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Insurance M&A Activity Slowed in P/C Sector in First Half of 2021

Merger and acquisition activity increased in the first half of 2021 in most insurance sectors but not in the property/casualty sector. According to Deloitte’s Midyear Insurance M&A Outlook, the number of M&A deals is up 18 percent year-to-date and aggregate …

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‘Attribution Science’ May Help Plaintiffs Push Climate Suits Ahead

Although a U.S. Supreme Court decision put an end to climate lawsuits alleging violations of the federal common law of public nuisance, a second round of state actions may get further, researchers said recently. There are two major categories of …

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Is Climate Litigation Covered by Insurance?

Federal or state court? How will attribution science impact climate litigation? The questions aren’t the only ones of interest to insurers and reinsurers wanting to understand the potential for mass climate liability claims in the years ahead. Another key question: …

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Social Inflation or Science: What Is Fueling Climate Litigation?

A rising amount of litigation tied to the environmental and health impacts of greenhouse gas emissions prompted a question from the leader of a liability risk analytics company recently: “Is it about climate liability or the liability climate?” Robert Reville, …

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Volante Receives ‘In-Principle’ Nod From Lloyd’s to Launch Asta-Managed Syndicate

Volante Capital Holdings (Bermuda) Ltd., the international multi-class managing general agency platform, has received “in-principle” approval from Lloyd’s to launch Syndicate 1699 for the 2022 year of account, with initial stamp capacity of £130 million ($177.4 million). The syndicate will …

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Fortegra Europe Opens Branch in Czech Republic

Fortegra Europe Insurance Co., a leading international specialty insurer and subsidiary of Tiptree Inc., announced the registration of a branch office in Prague, Czech Republic. Aiming to further strengthen Fortegra’s European presence, the Czech branch has all the regulatory approvals …

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‘Things Are Dire’: $16B Bay Flood Plan for Worst New Jersey Storms

Federal officials on Tuesday warned of a “dire” situation that is likely to get worse as they explained details of a $16 billion plan to lessen back bay flooding, one of the major sources of storm damage at the Jersey …

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People Moves: Promotions at IAT Insurance Group, RT Specialty

IAT Insurance Group Promotes Rudd within Excess and Surplus Business Unit IAT Insurance Group, a provider of specialty property/casualty and surety products, promoted Coy Rudd to lead the insurer’s excess and surplus business unit as executive vice president. IAT’s E&S …

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Two Men Hurt in Fall from Balcony at Maryland Home

Two men were hospitalized with life-threatening injuries after a fall from a second-story balcony at a Maryland home, authorities said. Montgomery County Fire and Rescue spokesperson Jason Blake said the men fell at a Clarksburg home on Monday morning, taking …

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Just Insure Raises $8M to Grow Pay-Per-Mile Telematics Auto Insurance Platform

Just Insure, a pay-per-mile insurance technology company that uses telematics to reward safe drivers and reduce insurer bias, announced it has raised $8 million, bringing its total funding amount to $15 million. The new funds will be used to scale …

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India Likely to Block Chinese Investment in IPO of Insurance Giant LIC: Reuters

New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations. State-owned …

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Russia’s Largest Online Insurer Weighs Acquisitions Ahead of Possible IPO

Renaissance Insurance, Russia’s largest online policy provider, is trawling the country’s traditional insurers for acquisition targets as it prepares for a possible initial public offering. RenIns — which hired banks earlier this month for an IPO — is exploring ways …

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Mississippi Public Universities Cannot Require COVID-19 Vaccine

The board that governs Mississippi’s public universities has voted to prohibit schools from requiring COVID-19 vaccines for students and staff. The Board of Trustees of the Mississippi Institutions of Higher Learning took the vote on Friday, said Caron Blanton, communications …

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Robots Take Over More jobs Where Humans Are Aging

It turns out robots are taking over jobs fastest around the world in places where their human counterparts are aging the most rapidly. That is the conclusion of a new study that looked at demographic and industry-level data in 60 …

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Key Hearing on Fate of Boy Scouts Bankruptcy Plan Gets Underway

A Delaware judge on Tuesday began a key hearing that could determine whether the Boy Scouts of America can emerge from bankruptcy later this year with a reorganization plan that would compensate thousands of men who say they were sexually …

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Washington Business Owner Repays $43K for Bogus Worker’s Comp Interpretation Bills

A Seattle, Wash. woman accused of forging signatures and stealing money by billing the state for appointments, some related to workers’ compensation services, that never happened pleaded guilty Wednesday. Carla C. Moreno also repaid the Washington State Department of Labor …

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Washington Suit Settled for $250K over Abuse

A man who accused Seattle police officers of physical abuse after they entered his home two years ago during a welfare check has reached a $250,000 settlement with the city. Under the settlement, the city didn’t admit wrongdoing and Howard …

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Religious Exemptions Grow as COVID-19 Vaccine Mandates Rise

An estimated 2,600 Los Angeles Police Department employees are citing religious objections to try to get out of the required COVID-19 vaccination. In Washington state, thousands of state workers are seeking similar exemptions. And in Arkansas, a hospital has been …

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Otso, Assurely, Accelerant Partner to Offer Insurance for Lease Security

Texas-based companies, Otso and Assurely, have partnered to create an insurance coverage option for lease security in the commercial real estate industry. The insurance coverage allows landlords to reduce the risks of leasing while saving tenants of commercial property essential …

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People Moves: Beazley Promotes Turk to Head of Strategy; Everest Hires Chubb’s McBride as Head of Claims; Pen Names Hiscox’s Dixon as Head of Tech

This edition of International People Moves details promotions and appointments at three insurers: Beazley, Everest Insurance and MGA Pen Underwriting. A summary of these new hires follows here. Beazley Promotes Turk as Group Head of Strategy Beazley, the London-based insurer, …

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Wisconsin District Settles Suit Over Student’s Harassment for $862.5K

A Wisconsin school district has settled a lawsuit brought by a former student who said the district ignored years of complaints by her and her mother about multiple sexual assaults and a pattern of racial discrimination. The Baraboo School District …

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Contractor Killed at Alabama Steel Mill

A Texas man who was working for a contractor at an Alabama steel mill died after being struck by a forklift, authorities said. Don Burton died at Huntsville Hospital following the accident, which occurred Monday morning, news outlets reported. He …

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Oklahoma to See 9.4% Drop in Workers’ Comp Loss Costs in 2022

The Oklahoma Insurance Department approved a 9.4% decrease in workers’ compensation insurance loss costs for 2022, a reduction that will lead to lower premiums for many Oklahoma businesses, the department said. Loss costs are the average cost of lost wages …

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Karen Clark & Co.: Insured Loss from Nicholas Likely Near $950M

Catastrophe risk modeling firm Karen Clark & Co. estimates that the insured loss from Hurricane Nicholas will come in at around $950 million. KCC said its estimate is based on its high-resolution KCC US Hurricane Reference Model and includes the …

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Louisiana Lawmaker: Residents Sleeping in Tents After Ida Damaged Housing

About 13,000 homes in Louisiana’s Terrebonne and Lafourche parishes were destroyed by Hurricane Ida and displaced parish residents have been sleeping in tents and “using the rubble to build their own sort of makeshift structure,” Speaker Pro Tempore Tanner Magee …

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EU Plans to Ease Capital Rules for Insurers to Provide €120 Billion Economic Boost

The European Union proposed changing the bloc’s capital rules for insurers on Wednesday to release 120 billion euros ($141 billion) for repairing an economy hit by COVID and to meet climate goals without eroding policyholder protection. Britain, which is home …

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HSB Canada Introduces Cyber Coverage for Small Businesses

HSB Canada, part of Munich Re, has introduced HSB Cyber Suite, a comprehensive collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, and cyber extortion. HSB Cyber Suite is a …

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Broker/Fintech Provider Acrisure Buys New York-Based Tempo Title

Acrisure, the global insurance broker and fintech services provider, announced it has entered the real estate services business through its acquisition of Tempo Title, one of the largest private title insurance and settlement service providers in the United States. Financial …

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Maryland Couple Indicted in $20M Insurance Fraud Scheme

A federal district court in Baltimore, Maryland, unsealed an indictment charging a Maryland couple with conspiracy to commit insurance fraud and related charges for money laundering, filing false tax returns and identity theft. The indictment charges that from 1996 to …

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In Changing Housing Market, Home Insurers Struggle with Customer Loyalty: Study

Home insurers have struggled to develop products and services designed to maximize customer lifetime value for the growing population of baby boomers migrating from home ownership to renting, a new study by J.D. Power, 2021 U.S. Home Insurance, reveals. About …

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Questions on $16B Plan to Ease Back Bay Flooding at New Jersey Shore

A proposed $16 billion billion plan to address back bay flooding, one of the major sources of storm damage at the Jersey Shore, is raising concerns about where water would go during storms, whether barriers proposed as part of it …

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New Hampshire Governor Asks for Second Disaster Declaration After More Storms

New Hampshire Governor Chris Sununu on Monday requested a federal disaster declaration for New Hampshire as a result of storms and flooding that happened July 29-Aug. 2, a week after he asked for one covering storms from mid-July. Sununu’s letter …

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Swiss Re Partners with Insurtech Claim Genius for Efficient Motor Claims Using AI

Swiss Re is partnering with Claim Genius, an insurtech that provides artificial intelligence (AI) insurance claims solutions, to enhance motor claims efficiencies with real-time damage assessment and estimation. “Swiss Re Solutions aims to deliver world leading claims management capabilities to …

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Cyber Insurtech BOXX Raises US$10M From Zurich Insurance and 2 Other Investors

BOXX, the Toronto-based cyber insurer for small businesses, individuals and families, announced it has closed its oversubscribed US$10 million (C$12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor …

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Honeywell and Asbestos Trust Countersue Over Disputed Claims of $2.3 Billion

Honeywell International Inc. sued a trust for victims of asbestos poisoning, claiming the fund’s managers are wrongly paying people who say they were harmed by the toxic industrial substance. The lawsuit, filed in Pittsburgh, comes after years of acrimony between …

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China Will Not Build Coal-Fired Power Plants Abroad, Says Xi, in Climate Pledge

UNITED NATIONS — Chinese leader Xi Jinping said on Tuesday that China would not build new coal-fired power projects abroad, using his address at the United Nations General Assembly to add to pledges to deal with climate change. Xi provided …

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New Zealand Raises Fines for People and Companies that Break COVID-19 Rules

WELLINGTON – New Zealand on Friday [Sept. 17] announced higher fines of up to NZ$12,000 ($8,400) for individuals breaching coronavirus restrictions amid concerns that the current outbreak may spread beyond Auckland to other regions due to people breaking rules. “Our …

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Karen Clark & Co. Releases Version 1.0 of U.S. Wildfire Model

Karen Clark & Co. (KCC), the Boston-based catastrophe modeling company, announced it has released Version 1.0 of its high-resolution U.S. Wildfire Model. This advanced and fully probabilistic model provides exceedance probability (EP) curves, probable maximum losses (PMLs), and average annual …

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Biden Administration Targets Crypto Pipelines in Fight Against Ransomware Attacks

The Biden administration plans a fresh campaign against ransomware attacks through sanctions to cut off criminals’ cryptocurrency pipelines, and it urged companies to report extortion attempts and better protect themselves from them. Deputy Treasury Secretary Wally Adeyemo told reporters that …

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Here’s Why Auto Safety Investigators Are Still Probing Takata Air Bag Inflators

Why are U.S. auto safety regulators opening a new investigation into Takata air bag inflators installed in millions of vehicles built over the past 20 years? Some of those vehicles have the original inflators that were installed when they were …

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North Carolina Mother, Son Charged With Insurance Fraud

Officials with a North Carolina agency have accused a mother and son of falsely telling an insurance company that her car and truck had been struck multiple times by deer and other animals. A news release from state Insurance Commissioner …

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Cybersecurity Incident Knocks Iowa Farm Services Firm’s Systems Offline

Iowa-based farm services provider NEW Cooperative Inc. said its systems were offline to contain a “cybersecurity” incident just as the U.S. farm belt gears up for harvest. The cooperative operates grain storage elevators in the top U.S. corn producing state, …

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Damage from Hurricane Ida to Cut Shell Oil Production Until Early Next Year

Royal Dutch Shell, the largest U.S. Gulf of Mexico oil producer, said damage to offshore transfer facilities from Hurricane Ida will cut production into early next year, slashing deliveries of a type of crude oil prized by refiners. Shell was …

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Aston Lark Buys 2 Brokers: Abbey Murphy Insurance and The Health Insurance Co.

Aston Lark, the Goldman Sachs-based insurance broker, announced two acquisitions in one day: Deanspoint Insurance Brokers, which trades as Abbey Murphy Insurance in Ireland, and The Health Insurance Company, based in Bournemouth, England. Financial details of the deals were not …

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RIMS Adopts Full Vaccination Requirement for In-Person Events

RIMS, the global risk management society with a membership of 10,000 risk management professionals in more than 60 countries, has implemented new guidelines that will require attendees at RIMS’ in-person events to show that they are fully vaccinated for COVID-19. …

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People Moves: AXA XL’s Harth to Liberty Specialty in Germany; Amwins Global Hires Ed Broking’s Keenan for Construction & Engineering; Marsh’s Tigleanu to Lockton Re Cyber

This edition of International People Moves details appointments at Liberty Specialty Markets, Amwins Global Risks and Lockton Re. A summary of these new hires follows here. Liberty Specialty Markets Appoints AXA XL’s Harth as Germany’s Country Manager Liberty Specialty Markets …

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GI Partners Announces Recapitalization of Patriot Growth Insurance Services

GI Partners, a private investment firm, announced the recapitalization of Patriot Growth Insurance Services LLC, a national insurance agency. The move comes in partnership with Patriot Founder and CEO Matt Gardner. Summit Partners, which invested in Patriot in 2019, and …

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Washington Commissioner Fines Aetna for Discriminating Against Transgender Women

Washington Insurance Commissioner Mike Kreidler this month fined Aetna Life Insurance Co. $25,000 for discriminating against policyholders who sought gender-affirming medical treatment. In June 2019, a Washington consumer filed a complaint with Kreidler’s office that Aetna, a health insurer, denied …

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People Moves: New Hires at Gilbert Insurance Agency, IAT Insurance Group

Gilbert Insurance Agency Hires Bernazani as Account Executive Gilbert Insurance Agency hired Carmelina Bernazani as an account executive for personal and commercial lines. Bernazani will work out of Gilbert’s Reading, Massachusetts, office. With Carmelina’s addition to the team, Gilbert Insurance …

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Idaho Man Pleads Guilty to Insurance Fraud

Christopher Katsikaris of Nampa, Idao, was sentenced to two years of supervised probation and a $500 fine after being convicted of one count of insurance fraud. Katsikaris plead guilty to the offense on June 21 after it was determined that …

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H.W. Kaufman Group Acquires Chile-Based Prospect Brokers

U.S.-based specialty insurance corporation H.W. Kaufman Group announced its expansion into South America through the acquisition of Prospect Brokers Chile, based in Santiago, Chile. Financial details of the deal were not disclosed. As a result of the acquisition, Prospect Brokers …

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Racial Discrimination Alleged at ABM Janitorial Services’ Maryland, Virginia Offices

The U.S. Department of Labor has filed an administrative complaint against ABM Janitorial Services after a compliance evaluation by the department’s Office of Federal Contract Compliance Programs alleged systematic racial discrimination against Black and a smaller number of white applicants …

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National Transportation Safety Board Probes Deadly Tesla Crash in Florida

The National Transportation Safety Board has opened an investigation into a crash of a Tesla Inc. vehicle, the second probe by the agency of a fatal accident involving the electric carmaker’s models in less than six months. Two people were …

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Brit Launches Machine Learning Algorithm to Accelerate Catastrophe Claims Response

Brit Ltd., the London-based specialty insurer and reinsurer, announced the creation and successful proof-of-concept launch of a proprietary machine-learning algorithm, designed to accelerate the identification of post-catastrophe property damage, based on the use of ultra-high-resolution imagery. This proof of concept …

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Union Sues to Overturn Trump-Era Rule that Narrowed Definition of ‘Joint Employer’

The union behind the “Fight for $15” movement is suing to overturn a Trump-era rule that makes it harder to hold companies like McDonald’s Corp. and Amazon.com Inc. accountable for violations of franchised or sub-contracted workers’ rights. In a lawsuit …

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MS Amlin AG Appoints Swiss Re’s Wiest as CEO, Stepping Into Role Vacated by Beazley

Global reinsurer MS Amlin AG announced the appointment of Robert Wiest as chief executive officer. Wiest will take up the role on Jan. 3, 2022 and will be based in Zurich, Switzerland. He replaces Christopher Beazley who stepped down in …

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SEC Must Increase Cryptocurrency Oversight, Investor Advocates Say

Many cryptocurrency projects are flouting investor-protection rules and deserve more scrutiny, a group of investor advocates told Securities and Exchange Commission Chair Gary Gensler in a Monday letter. The letter, signed by the Americans for Financial Reform Education Fund, the …

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Russia-Linked Ransomware Group Hits Iowa Grain Cooperative, Violating Biden Warning

After a furious run of ransomware attacks in the first half of the year, President Joe Biden in July warned his Russian counterpart, Vladimir Putin, that Russia-based hacking groups should steer clear of 16 critical sectors of the U.S. economy. …

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Insurtech bolttech Extends Funding Round to $210M, Adding 2 New Investors

Insurtech startup bolttech announced the extension of its recently announced US$180 million Series A funding round led by Activant Capital Group, bringing the series total to US$210 million. The funding round adds two new strategic investors: Singapore-based global investor EDBI …

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Stanford Ponzi Scheme Recovery Tops $1 Billion With Help From Insurers

A court-appointed receiver has recouped more than $1 billion for victims of Texas financier Allen Stanford’s Ponzi scheme, the largest by dollar amount other than Bernard Madoff’s fraud, the receiver’s lawyers said on Monday. The threshold was crossed when Ralph …

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Southern Baptist Sex Abuse Task Force Advances in Investigation

The Rev. Marshall Blalock feels the weight of his new responsibility. The South Carolina pastor serves as vice chair of a recently formed Southern Baptist Convention task force charged with overseeing an investigation into how a top denominational committee handled …

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Alabama Heavy Rain, Flash Flooding Causes One Fatality

Authorities on Sunday found the body of a man whose vehicle was overtaken by water during flash flooding in Tuscaloosa the day before. A spokeswoman for the Tuscaloosa police, Stephanie Taylor, told Al.com that the man’s body was found shortly …

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California Issues 1-Year Moratorium on Homeowner Insurance Cancellations And Non-Renewals

California Insurance Commissioner Ricardo Lara on Monday ordered insurance companies to preserve residential insurance coverage for more than 325,000 policyholders who have been affected by Northern California wildfires across 22 counties. Lara in early September issued similar orders following emergency …

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California Contractors Charged in $5M Workers’ Comp Fraud Scheme

The Alameda County District Attorney’s Office along with the California Department of Insurance on Monday announced charges against multiple suspects in an organized insurance and workers’ compensation fraud scheme that reportedly defrauded insurance carriers over $5 million in estimated losses. …

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Missouri’s Open Container Law Diverts Millions from State’s Roads

Missouri’s decision to allow open containers of alcohol in vehicles forces the state to divert millions of federal dollars intended for road construction to safety programs, according to a public radio report. The state’s policy of letting passengers drink in …

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People Moves: Singer Joins Acrisure in Michigan; Missouri’s VIAA Hires McCoy

Singer Joins Acrisure as CFO Acrisure, based in Grand Rapids, Michigan, appointed Lowell Singer as chief financial officer. Singer joins Acrisure following 14 years with The Walt Disney Co., where he served as senior vice president of investor relations. At …

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People Moves: Acrisure Re Appoints 4; Amwins Global Risks Hires Beazley’s Hensman, Davies From Lloyd’s; Favre Joins SiriusPoint for Credit, Bond & Political Risk

This edition of International People Moves covers appointments at Acrisure Re, Amwins Global Risks and SiriusPoint. A summary of these new hires follows here. Reinsurance Broker Acrisure Re Augments Corporate Advisory and Solutions Division With 4 Appointments Acrisure Re, the …

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Twitter Agrees to Pay $810M to Settle Shareholder Lawsuit Over Growth Prospects

Twitter Inc. agreed to pay $809.5 million to settle a shareholder class action lawsuit that accused the social media company of painting an overly rosy picture of its future. The suit, originally filed by Twitter shareholder Doris Shenwick, claimed executives …

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PG&E: Power Shutoff Protocol May Avert Dixie-Like Fires in California

PG&E Corp. told a judge it has put into place new safety measures that would have resulted in power being cut to a utility line suspected of sparking the second-largest wildfire in California history. The California utility giant said it …

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Aluminum Wrap Being Used to Protect Homes from California Wildfires

Martin Diky said he panicked as a huge wildfire started racing down a slope toward his wooden house near Lake Tahoe. The contractor had enough time to do some quick research and decided to wrap his mountain home with an …

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Family Files Lawsuit in Police Restraint Death in Washington

The family of Manuel Ellis, a Black man who died while being restrained by Tacoma police officers who have since been charged criminally, has filed a federal lawsuit over his death. Attorneys for Ellis’ sister, Monet Carter-Mixon, and mother, Marcia …

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US Department of Labor Seeks to Reduce New England Landscaping Worker Deaths

In Connecticut, a tree branch contacted a live high-voltage power line as a worker in an aerial lift cut it, electrocuting him. In Massachusetts, a falling tree branch struck and killed a worker cutting down oak trees, while a falling …

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People Moves: AXA XL Names Clark as Marine Liabilities Global Practice Leader; Hamilton Hires Ironshore’s Marzec as Head of Management Liability for E&S

AXA XL Names Clark as Marine Liabilities Global Practice Leader AXA XL’s Global Marine insurance business has appointed Stephen Clark as its Marine Liabilities Global Practice leader. Based in Chicago, Clark assumes this new role in addition to retaining his …

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Asbestos, Lead Paint, Mold Found at Senior Center in Massachusetts

Three western Massachusetts towns are looking for a new home for their senior center after an environmental assessment found asbestos, lead paint and mold in the 90-year-old building they had been using. The South County Senior Center in Deerfield, Massachusetts, …

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Former Delaware Pastor Found Liable for Child Sexual Abuse

A woman who said her father, a former pastor of a Delaware church, sexually abused her as a child and trafficked her to other men, was awarded $1.5 million by a federal jury on Friday. Alicia Cohen, 41, said in …

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Cover Whale Partners with E&S Insurer Everspan to Offer Commercial Trucking

Cover Whale Insurance Solutions Inc., a Rancho Santa Margarita, Calif.-based insurtech, is partnering with excess and surplus lines insurer Everspan Indemnity Insurance Co., to offer a commercial trucking insurance program. Cover Whale offers underwriting and data tracking via its proprietary …

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UK Insurers Cautiously Willing to Underwrite Fire Safety Risks for High-Rise Recladding Projects: Survey

Insurers have revealed a cautious willingness to underwrite fire safety risks on new projects to remove defective cladding from high rise buildings. Around two-thirds of respondents to a survey by the International Underwriting Association (IUA) stated they would provide a …

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Ford, Walmart and Self-Driving Startup Argo AI to Launch Autonomous Vehicle Delivery

Self-driving startup Argo AI, automaker Ford Motor Co. and Walmart Inc. will together launch an autonomous vehicle delivery service in Miami, Austin, and Washington, D.C, the companies said on Wednesday [Sept. 15]. Initial integration testing is expected to begin later …

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Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada

Foxquilt, a Toronto-based insurtech, announced it has raised an $8 million financing round led by Luge Capital with participation from AmTrust Financial, Extreme Venture Partners and Side Door Ventures. The new capital will be used to support talent acquisition, product …

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Speciality Re/Insurer Convex Launches European Subsidiary With ‘A-‘ Rating From S&P

Convex Group Ltd. announced the launch of a Luxembourg-based European insurance entity, Convex Europe SA (CES). Convex received regulatory approval on Sept. 15, 2021 from the Luxembourg regulator, the Commissariat aux Assurances (CAA). CES has received an “A-” rating from …

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Italian Tycoons Seek Allies in Battle Over Choice of Generali’s Next CEO

Two Italian tycoons who are leading investors in Generali are looking for allies after joining forces in a bid to have a say over the choice of the insurer’s next chief executive, a document showed on Friday. Construction magnate Francesco …

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Workers in London’s Financial Services Industry Are Returning to Their Desks in Droves

On the lower floors of HSBC Holdings Plc’s Canary Wharf headquarters, the desks are filling up. Traders, salespeople and close support staff not currently in the office have been told they are expected to be at their workstations on the …

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Flooding Reported Around University of Alabama

Heavy rain has caused some flash flooding Saturday on parts of the University of Alabama campus. University officials tweeted information about various road closures because of flooding and have asked people to avoid driving on campus. Some areas of the …

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Demolition Set for South Carolina Housing Complex Where Monoxide Poisoning Killed Two

Heavy equipment may soon begin tearing down an 80-year-old South Carolina public housing complex where two men died from carbon monoxide poisoning from a poorly maintained heater. Scientists are conducting environmental tests on the land around Allen Benedict Court in …

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Southeast Senior Living Complexes Agree to Pay $450,000 in Settlement Claims over FHA, ADA Violations

The Justice Department announced that the developer and owners of eight senior living complexes in Alabama, Florida, Georgia, South Carolina and Tennessee have agreed to pay $450,000 to settle claims that they violated the Fair Housing Act (FHA) and the …

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People Moves: CAC Names Wonder Vice President; IOA Adds Dominguez in California

CAC Specialty added Nathan Wonder to its natural resources division in Denver, Colo., as vice president, surety. Wonder has experience in power and renewables. He has worked at firms like LaPorte Insurance and Brown & Brown. CAC Specialty is an …

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No Injuries as 4.3M Earthquake Rattles Los Angeles

A small earthquake shook the greater Los Angeles metropolitan area Friday night, the U.S. Geological Survey confirmed. There weren’t any immediate reports of major damage or injuries. The magnitude-4.3 quake struck shortly after 7:58 p.m. and was centered near Carson, …

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Wisconsin Agribusiness Sued for Harassment, Discrimination, Retaliation

Wisconsin’s largest ginseng producer is facing a federal lawsuit charging the company with subjecting female workers to hostile work environment and firing them for resisting, and for discriminating against employees because of their national origin. The U.S. Equal Employment Opportunity …

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Donelon Doubles Down as State Farm Refuses to Cover Ida Evacuation Costs

For the second time in a week, Louisiana Insurance Commissioner Jim Donelon has said he is considering levying fines against insurance companies that continue to refuse to comply with his emergency directive to cover the temporary living expenses of policyholders …

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South Carolina Lawyer Who Arranged Own Death Turns Himself in on Insurance Fraud

A prominent South Carolina lawyer who found the bodies of his wife and son three months ago plans to turn himself in to face charges in a plot to arrange his own death that ended with the shooter only grazing …

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Fukushima Plant Officials Admit Faulure to Probe Cause of Faulty Filters

TOKYO — Officials at Japan’s wrecked Fukushima nuclear power plant have acknowledged they neglected to investigate the cause of faulty exhaust filters that are key to preventing radioactive pollution, after being forced to replace them twice. Representatives of the operator, …

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‘Cyber Bullets’ Are Part of War on Hacks, Says U.S. Cyber Director

The U.S. government should be prepared to fire “cyber bullets” in response to significant hacking attacks as part of a comprehensive strategy to dissuade adversaries, National Cyber Director Chris Inglis said. President Joe Biden has been receptive to proposals to …

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Tourists from China Sue After Deadly Utah Tour Bus Crash

The state of Utah didn’t do enough to make sure a remote highway was safe before a tour bus crashed, killing four people from China and injuring two dozen more in 2019, family and survivors said in a lawsuit filed …

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California County Paying $11M to Man Exonerated in 1998 Murder

A California county has paid $11 million to a man who spent two decades in prison after being wrongly convicted of killing his girlfriend in 1998. The payment settles a federal lawsuit filed by Horace Roberts accusing Riverside County and …

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Termination Lawsuit in Washington County Settles for $1.4M

The Clark County Council in Washington has agreed to pay Don Benton and two other former county employees $1.4 million less than four months after a jury awarded the trio $693,998 in a wrongful termination lawsuit. The county announced Wednesday …

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Alera Acquires The Brokerage Commercial Insurance Services in California

Alera Group acquired The Brokerage Commercial Insurance Services Inc. in in Newport Beach, Calif. The Brokerage Commercial Insurance Services employees will continue serving clients in their existing roles. Terms of the deal were not announced. The Brokerage Commercial Insurance Services …

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Ex-Owner of Virginia Assisted Living Facility Pleads Guilty to Fraud

The former owner of a Richmond, Virginia, assisted living facility pleaded guilty to health care fraud after spending more than $800,000 meant for residents’ care on travel, gambling expenses and personal debts, federal prosecutors said. Mable Jones owned and operated …

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Ex-Shoe Company Exec in Massachusetts Gets Nearly Six Years for Embezzlement

A former executive at a nearly 140-year-old shoe manufacturer in Massachusetts has been sentenced to nearly six years in prison for embezzling $30 million from the company and spending it on luxury items and travel for himself and another person, …

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Vermont Governor Seeking Disaster Assistance After Flooding

Vermont Governor Phil Scott asked the federal government to help Bennington and Windham counties recover from summer flooding. Scott said communities in the two southern Vermont counties suffered an estimated $4 million in damage from flooding that occurred on July …

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Great American Introduces Home-Based Business Coverage

Great American Insurance Group has introduced a new product offering through PolicySweet, its online offering for small business customers. PolicySweet, which allows small business owners to research, shop, quote and purchase insurance online, is expanding its coverage to include HomeHQSM, …

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People Moves: Wuller Promoted to CEO of RSG Underwriting Managers, Replacing Clark

Ryan Specialty Group announced the appointment of Miles Wuller to chief executive officer of RSG Underwriting Managers, Ryan Specialty’s underwriting management specialty. Wuller will replace Tom Clark who is resigning from the position for personal reasons effective Sept. 30, 2021, …

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Benefits Firm Unum to Offer Digital Vaccination Verification Tool

Employee benefits firm Unum said it will soon launch a product to help employers determine employees’ COVID-19 vaccination status and manage vaccine exemptions and testing results. In anticipation of recent federal vaccination and testing mandates, the product promises to ease …

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Lloyd’s Urges Insurance Workforce With Ethnic Minorities as One-Third of New Hires

Lloyd’s of London wants the commercial insurance market to recruit a third of its workforce from ethnic minorities, it said on Friday, as it attempts to improve diversity. Nearly 50,000 staff are employed in Lloyd’s underwriting and broking firms, which …

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Financial Services Firms Beware, Outsiders Are Cracking the Code

Anyone can be a banker these days, you just need the right code. Global brands from Mercedes and Amazon to IKEA and Walmart are cutting out the traditional financial middleman and plugging in software from tech startups to offer customers …

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Demand Outpacing Supply in One of Best E&S Markets in 50 Years, Industry Veteran Says

The chair of W.R. Berkley Corp. has been observing conditions in the excess and surplus and specialty markets for more than five decades and views the current environment as just about the best in that time span. According to William …

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Florida New Litigated Claims Fell 35% in August

New litigated claims for Florida’s largest property and casualty insurers dropped to 4,313 in August, a 35% decrease from July, according to data compiled by litigation management software provider CaseGlide. The month-over-month drop is the largest percentage decline since September …

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Surfside Commissioners Reject Proposed Land Swap at Site of Condo Collapse

Commissioners in Surfside, Florida, have rejected a proposal to trade public beachfront to the eventual buyer of the condominium collapse site so that a memorial to the 98 victims could be built there. The decision followed an emotional meeting Tuesday …

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Zurich Insurance Weighs Selling Some Australian Non-Core Assets

Zurich Insurance Group AG is considering a sale of some of its general insurance assets in Australia as the Swiss firm seeks to streamline its portfolio, according to people familiar with the matter. The insurer is working with an adviser …

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People Moves: Beazley Names Sanchez to New Cyber Role; AGCS Promotes Vassallo for Energy & Construction; Dyer and Adams Join Marsh’s UK Marine & Cargo Practice

This edition of International People Moves covers London-based appointments at Beazley, Allianz Global Corporate & Specialty (AGCS) and Marsh. A summary of these promotions and new hires follows here. Insurer Beazley Names Sanchez for Newly Created Global Head of Cyber …

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DOXA Insurance Acquires Caitlin Morgan Insurance Services in Indianapolis

Fort Wayne, Indiana-based DOXA Insurance Holdings LLC (DOXA) acquired Caitlin Morgan Insurance Services, a managing general underwriter (MGU) and wholesale brokerage in Indianapolis that helps independent agents place business and develop package programs for select industry niches. Caitlin Morgan will …

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Allstate: Most August 2021 Cat Losses Occurred in Louisiana

The Allstate Corporation estimates catastrophe losses for August 2021 at of $876 million or $692 million, after-tax. The bulk of those losses are the result of Hurricane Ida and the majority occurred in Louisiana, the company said. Catastrophe losses for …

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U.S. Surplus Lines Industry Grew Premium 17.5% in 2020

The U.S. surplus lines market experienced direct premium growth of 17.5% in 2020, the largest year-over-year premium increase since 2003, according to an AM Best report. The 2020 increase in direct premium written comes on the heels of 11.2% growth …

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Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds

A principal negative factor affecting the reinsurance industry is the large amount of claims uncertainty, but positive tailwinds are offsetting these negative headwinds, creating a stable outlook for the sector into 2022, according to Carlos Wong-Fupuy, senior director, AM Best. …

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People Moves: USG Insurance Services Hires Partazana; Cross Insurance Promotes Branning

USG Insurance Services Names Partazana Director of Human Services USG Insurance Services Inc., a national wholesaler and managing general agency, named Kathy Partazana as director of human resources in the Canonsburg, Pennsylvania, branch. Partazana joins the USG team with 24 …

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People Moves: Alkeme in California Names Rosandic COO; Pemco Names La Rowe Vice President

Alkeme named Anton Rosandic chief operating officer. Rosandic was the former COO/co-founder of the Fidelity National Property and Casualty Insurance Group. Rosandic has experience in distribution channels of the insurance industry from his work at Assured Relocation, Guy Carpenter and …

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9/11 Fallout Includes Decades of Worry About Toxic WTC Dust

Two decades after the collapse of the World Trade Center, people are still coming forward to report illnesses that might be related to dust that billowed over the city after the terror attack. To date, the U.S. has spent $11.7 …

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Connecticut Woman Arrested for Workers’ Comp Benefits Fraud

A Newtown, Connecticut, woman was arrested and charged with illegally collecting workers’ compensation benefits while being employed as a supervisor of Pupil Personnel Services for the Town of New Fairfield Board of Education. Ann Marie Cordisco was arrested by inspectors …

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Moody’s Closes on Acquisition of Risk Modeler RMS for $2 Billion

Moody’s Corp. reported that it has completed its acquisition of RMS, the climate and natural disaster risk modeling and analytics firm. In the transaction, originally announced on August 5, 2021. Moody’s paid approximately $2.0 billion (1.425 billion pounds) to acquire …

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E&S Insurer Ategrity Raises $75M, Plans Further Expansion

Ategrity Specialty Insurance Co. sad it has completed a $75 million capital raise led by Sequentis Financial LLC to support its continued growth. Ategrity is a Scottsdale, Arizona-based specialty property/casualty insurance company focused on the excess and surplus lines market …

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What One State’s Tough Stand Against Biometrics Says About Digital Privacy

When night fell, a clerk at a bustling 24-hour MotoMart flipped a switch from behind the counter. Electromagnetic locks sealed the doorway. A window sign, now illuminated in red, warned “facial recognition technology in use” and directed customers to “look …

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States Curtail Public Health Powers for This Pandemic and Future Diseases

Republican legislators in more than half of U.S. states, spurred on by voters angry about lockdowns and mask mandates, are taking away the powers that state and local officials use to protect the public against infectious diseases. A Kaiser Health …

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Judge Likely to Rule for Boy Scouts in Trademark Case With Girl Scouts

A federal judge said he’s likely to rule for the now-coed Boy Scouts of America in a trademark lawsuit brought by the Girl Scouts. U.S. District Judge Alvin Hellerstein on Wednesday told lawyers his “tentative” decision was to throw out …

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Australia’s Commonwealth Bank Apologizes for Misleading Insurance Sales

Commonwealth Bank of Australia, the country’s top lender, said on Thursday it would plead guilty to 30 charges brought against it in the federal court for mis-selling consumer credit insurance (CCI) to its customers. Scrutiny of Australian lenders and financial …

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CoreLogic Completes Acquisition of Property Restoration Platform Next Gear

Property data firm CoreLogic said it has closed on its acquisition of Next Gear Solutions, a digital workflow platform for the property restoration industry. Next Gear Solutions, headquartered in Oxford, Miss., offers a cloud-based suite of products, including DASH, SettleAssist …

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Jensten Group Completes Acquisition of London-Based Tasker Insurance Group

The Jensten Group has completed its acquisition of London-based Tasker Insurance Group, after receiving regulatory approval. The deal includes Tasker Insurance Brokers, Tasker & Partners and Gresham Underwriting. Financial terms of the transaction, which was first announced in June, were …

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Dale Partners Receives ‘In-Principle’ to Launch Lloyd’s Managing Agency

Dale Partners Ltd., the London-based holding company of Dale Underwriting Partners (DUP), has been granted “in-principle” approval by Lloyd’s to form its own managing agency. The new entity, Dale Managing Agency Ltd., will now submit its regulatory business plan, seeking …

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People Moves: Claims Leaders Hired at Generali’s GC&C; D&O Specialist Rising Edge, and Hamilton

This edition of International People Moves focuses on claims appointments at three insurance underwriters: Generali Global Corporate & Commercial, D&O MGA Rising Edge and Hamilton Insurance Group. A summary of these promotions and new hires follows here. Generali’s GC&C Creates …

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