Lockton Pacific Series has named Lorrinda Lattimore vice president, voluntary benefits. Lattimore is based in Lockton’s Irvine, Calif., office. Lattimore has more than 20 years of experience in leadership, sales and operations. Lattimore was previously a vice president and broker …
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Sunday, January 31, 2021
Distinguished Programs Adds Arrizabalaga in Southern California
Distinguished Programs has added George Arrizabalaga to the sales team as a regional sales executive for Southern California. Arrizabalaga will work with agents and brokers throughout Southern California to choose insurance programs for clients across the range of specialized products …
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OSHA Issues COVID-19 Workplace Safety Guidance
The U.S. Labor Department on Friday issued guidance for safe workplaces during the COVID-19 pandemic, which could allow sick employees to stay at home without fear of losing their jobs. This followed a request by President Joe Biden last week …
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Insurance Déjà Vu: Vaccines, AI, Litigation, Recession Made Headlines 10 Years Ago
How much have things changed for the insurance industry in the past decade? Judging by feature headlines from Insurance Journal published in February 2011, many of the issues and themes talked about then are again, or still, on the minds …
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Analysis: User Agreement, Section 230 Likely Shield Robinhood, Reddit From Lawsuits
Robinhood Markets Inc.’s user agreement is likely to protect the brokerage app from a barrage of lawsuits filed by customers after it blocked a frenzied trading rally in companies such as GameStop Corp. that was fueled on social media forums. …
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Friday, January 29, 2021
Illinois Bill Adds Prejudgment Interest to Recoveries in Personal Injury Cases
The Illinois General Assembly has passed a bill that includes prejudgment interest in the recovery of damages in personal injury or wrongful death lawsuits. HB 3360 specifies “that in all actions brought to recover damages for personal injuries or wrongful …
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Cryptocurrency Crime Drops in 2020 but ‘Decentralized Finance’ Losses Rise: Study
Losses from cryptocurrency theft, hacks and fraud fell 57% last year to $1.9 billion, as market participants boosted security systems, but crime in the “decentralized finance” space continued to grow, a report from crypto intelligence company CipherTrace showed. Criminals got …
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AM Best Upgrades Credit Ratings of Kemper P/C Group and Its Subsidiaries
AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” from “a-” of the property/casualty subsidiaries and affiliated insurance companies of Kemper Corp., collectively referred …
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Lawsuit Over 2017 Connecticut Training Flight Crash Is Settled
The sister of a student pilot who died in a small plane crash in Connecticut in 2017 has settled a wrongful-death lawsuit against the flight school she accused of failing to maintain the aircraft. Terms of the settlement over the …
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Brazil Reinsurer IRB Rises 18% as Some Retail Investors Mimick GameStop
SAO PAULO – Brazilian reinsurer IRB Brasil Resseguros rose 18% on Thursday, closing at 7.67 reais, as some Brazilian retail investors mimicked their U.S. counterparts in trying to squeeze short sellers. Rio de Janeiro-based Squadra Investimentos last year uncovered accounting …
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Judge to Rule on Maine Property Boundary Dispute
A Maine judge will hear arguments in a property boundary dispute that resulted in a Dover-Foxcroft garage being cut in half last year. Gabriel Brawn removed half of the building that he believed was on his land using a Sawzall …
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Court Rules New Jersey Transit Due $300M in Sandy Damage Coverage
New Jersey’s Supreme Court ruled Wednesday that New Jersey Transit has the right to an additional $300 million in insurance coverage based on damage it sustained during Superstorm Sandy. The ruling upheld a lower court’s decision that rejected the claims …
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Insurtech Trov Partners with UFODRIVE to Insure London-Based Electric Vehicles
Trov, the San Francisco-based insurtech company, announced that UFODRIVE, a frontrunner in sustainable car rental, has selected Trov’s Mobility Insurance Platform for its fleet of fully electric vehicles. UFODRIVE will benefit from Trov’s risk operations, combined with context-based commercial insurance, …
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Dutch Court Orders Shell Nigeria to Pay Damages from Oil Pipeline Leaks
A Dutch court has ordered Royal Dutch Shell Plc’s Nigerian unit to compensate for oil spills in two villages over 13 years ago. Shell Nigeria is liable for damages from pipeline leaks in the villages of Oruma and Goi, the …
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China Emphasizes Communist Party Leadership in Governance of Insurers, Banks
China’s banking and insurance regulator issued draft rules on Friday in which emphasized stronger Communist Party leadership in both state-owned and private banks and insurers to contain corporate governance risks. The draft rules urged state-owned banking and insurance institutions to …
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Businesses Should Take the Lead on COVID-19 Recovery, Climate Crisis: UN Chief
UN Secretary-General Antonio Guterres on Monday [Jan. 25] urged businesses to lead the way to a fair and sustainable recovery from the COVID-19 pandemic while tackling the climate crisis, adding the world had reached “a moment of truth.” Addressing a …
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Coalition Adds 5 Hires to Middle Market Production Underwriting Team
Coalition has appointed five new production underwriters to help grow and serve the company’s middle market relationships. New Coalition production underwriting team members include: Andrew Cross, based in San Francisco, joined Coalition from CNA Insurance where he held the role …
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Low-Level Jobs, Less School Could Mean Costly Auto Policies
Drivers with less education and lower-ranking jobs could wind up paying more for auto insurance, magnifying the impact of systemic racism, according to a Consumer Reports analysis. The consumer-advocacy group sought price quotes from several insurance companies for a hypothetical …
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Industry Underestimating COVID-19 Biz Interruption Losses: RenRe CEO
During an upbeat earnings call focused on how RenaissanceRe is using $1 billion of capital it raised last year in 2021, the CEO highlighted one negative development for the industry overall — inadequate estimates of COVID-19 losses. “Even as COVID …
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Tornado Hits Florida’s Capital City; Damages, Closes Airport
A tornado touched down near the airport in Florida’s capital city Wednesday, flipping at least one small plane over and knocking out weather radar before moving east into residential neighborhoods, the National Weather Service said. A few thousand were without …
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Thursday, January 28, 2021
Society Insurance Adds Travelers’ Aranas to Launch Restaurant, Bar Program in Georgia
Society Insurance, a Wisconsin-based insurance carrier specializing in coverage for select business niches, has added Joseph Aranas as regional sales manager for the Georgia market. Aranas will help spearhead Society’s launch of insurance programs for restaurants and bars in Georgia …
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Texas Holiday Inn Owner Sued for Firing Pregnant Employee
Federal officials have sued the owner of a Holiday Inn Express and Suites in Corpus Christi, Texas, for firing a temporary employee because she was pregnant, Awon Phie LLC, doing business as the Holiday Inn Express & Suites in Corpus …
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Citizens Immune from Bad Faith, Not Liable for Non-Contractual Damages: Court
The Florida Supreme Court has resolved A 14-year-old lawsuit against Citizens Property Insurance Corp. in favor of the insurer in a ruling that was expected but still has far-reaching effects on the state’s property market. The court issued the unanimous …
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Kaufman Dolowich & Voluck Names Thompson Employment Litigation Partner in California
Kaufman Dolowich & Voluck LLP has named Allyson K. Thompson an employment litigation partner in its Los Angeles, Calif., office. Thompson provides advice and counsel to companies to manage workplaces and workforces and defends companies targeted by litigation. Thompson is …
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Utah Dealership Launches Larry H. Miller Insurance Services
Sandy, Utah-based Larry H. Miller Group of Companies in partnership with Leavitt Group in Utah has launched Larry H. Miller Insurance Services, an independent insurance agency that will offer auto, home, life and business insurance. The new venture expands the …
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North Dakota Bills Would Shield Businesses from Virus Lawsuits
Some North Dakota lawmakers are pushing legislation aimed at shielding businesses and health care facilities from lawsuits over customers’ or employees’ COVID-19 exposure, despite criticism that it may be unconstitutional and could relax protections for workers. The House Industry, Business …
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Lawsuit Alleges Negligence in Deadly Ohio Medical Helicopter Crash
A wrongful-death lawsuit has been filed against an air ambulance company over a medical helicopter crash in snowy weather that killed the three central Ohioans on board. The suit alleges Survival Flight and operator Viking Aviation inappropriately and recklessly accepted …
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Suit Dismissed Against Nebraska Shop That Sold Alcohol to Minor Who Died
The family of a 17-year-old Nebraska boy who died in a car wreck after he bought liquor cannot recover damages from the Kwik Shop where the alcohol was illegally sold, a Douglas County District Judge has ruled. Judge Timothy Burns …
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Deadline for Late-Filed Texas Surplus Line Policy Corrections: Feb. 15
Corrections or adjustment forms for late-filed Texas surplus line insurance policies included on November or December 2020 monthly late filers reports are due by Feb. 15, 2021. After this date, no additional modifications can be made to the annual late …
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W.R. Berkley Reports Record Q4 Net Income
W.R. Berkley Corp. generated record net income in its 2020 fourth-quarter and a healthy combined ratio, results that company attributed to rate hikes, bigger investment returns and ongoing underwriting discipline. Fourth-quarter net income reached nearly $312.2 million, or $1.67 per …
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M&T Bank’s Batt, Beazley’s Ingrassia Join AmTrust Cyber Insurance Team
Specialty insurer AmTrust Financial Services reported that Jeffrey Batt and Michelle Ingrassia have joined its cyber insurance team headed by Aaron Basilius, senior vice president, Cyber. Batt joins AmTrust from M&T Bank where he was the Cyber Insurance practice leader. …
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UK Chancellor Sunak Seeks Deeper UK Insurance, Banking Ties With Switzerland
U.K. Chancellor of the Exchequer Rishi Sunak will hold talks with his Swiss counterpart on Wednesday as the two countries seek to deepen financial services ties in the wake of Brexit. The virtual discussions with Federal Councilor Ueli Maurer will …
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Luxembourg Signs Restitution Agreement for Holocaust Victims
LUXEMBOURG— The Luxembourg government signed a deal Wednesday with the World Jewish Restitution Organization to pay reparations and to restitute dormant bank accounts, insurance policies as well as looted art to Holocaust survivors. The deal announced on International Holocaust Remembrance …
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Mother of Teen Who Died Suing Center in Oregon for $13M
The mother of a Portland, Ore., teen who died by suicide shortly after medical staff allegedly evaluated and released him from the Unity Center for Behavioral Health has filed a $13 million lawsuit. Leila Mesch’s lawsuit lists Legacy Health and …
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Aon, Willis Announce Leadership Team for Post-Merger Brokerages
In anticipation of their proposed merger receiving final approval, insurance brokers Aon and Willis Towers Watson announced the future leadership team for the firm that will be effective following the close of the merger, which they expect to occur before …
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Vermont Man Charged in Eight Arsons Arrested by Federal Agents
A Stowe man charged in eight arsons that police say caused more than $1.5 million in damage to the resort community has been arrested by federal agents. Jeffrey Nolan, 62, made his initial appearance in federal court on Monday on …
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Saxe Doernberger & Vita Promotes Clifford, Johnson to Of Counsel
Saxe Doernberger & Vita P.C. (SDV) has promoted associate attorneys Brian J. Clifford and Kelly A. Johnson to of counsel. Clifford, resident in the firm’s Connecticut office, has represented clients on a range of coverage and litigation matters, including advising …
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AXA XL Names Colao as Global Chief Underwriting Officer for Cyber
AXA XL announced that Michael Colao, who has 20 years experience in financial services cyber security, has been named global chief underwriting officer for Cyber. Colao will manage aggregate cyber exposure across AXA XL’s products globally. Additionally, he will help …
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Insurer USAA, Serving Military and Veterans, Enters Small Business Insurance Market
The insurer that targets members of the military and veterans, USAA, is going to start writing its own small business insurance policies for the first time. The company will initially offer the coverage in five states – Arizona, Colorado, Illinois, …
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China Urges International Cooperation on Financial Services, Technology Regulation
SHANGHAI— China’s regulators want to step up exchanges with international counterparts and strengthen co-operation on anti-trust issues, data treatment and consumer protection, China’s central bank vice governor said in a Financial Times opinion piece. Pan Gongsheng said authorities wanted to …
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China Approves Allianz Bid to Open Insurance Asset Management Firm in Beijing
SHANGHAI— Allianz said on Thursday it had obtained regulatory approval to set up China’s first wholly foreign-owned insurance asset management company, as the German insurer steps up expansion in the world’s second-biggest economy. The greenlight from the China Banking and …
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Trump Health Secretary Rule Slows COVID Court Claims Against Nursing Homes
Garnice Robertson wants accountability for her mother’s death from COVID-19 caught while she was living at a Kansas nursing home that allegedly failed to prevent an outbreak of the disease. An unexpected legal hurdle stands in her way. The nursing …
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GEICO Loses Appeal that Sought Coverage From Another Insurer for Lamborghini Crash
In a dispute between two insurers, a federal appellate court ruled that GEICO is solely liable for the cost of replacing a Lamborghini worth more than $100,000 that was totaled in a collision with another vehicle. A panel of the …
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Texas Surplus Line Insurance Premium Neared $8B in 2020
Texas recorded nearly $8 billion in surplus lines premium in 2020. The Surplus Lines Stamping Office of Texas (SLTX) reported that surplus line premium in the state increased to $7.92 billion in 2020, up 14% from $6.95 billion recorded in …
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Wednesday, January 27, 2021
Judge Rules Former CBS Shareholders Can Sue Over ViacomCBS Merger
A Delaware judge on Wednesday said former CBS shareholders may pursue a lawsuit accusing Shari Redstone, the daughter of late media magnate Sumner Redstone, of pressuring the company into entering an unfair merger that created ViacomCBS Inc. Vice Chancellor Joseph …
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Hogeboom Looks Back on 46 Years Helping Shape California Insurance Landscape
Robert W. Hogeboom has quietly been in the background of making and forming insurance laws and regulations for decades – and he’s seen a lot change in California’s insurance landscape in all of that time. During his 46-year-long legal career, …
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Topa Insurance in California Names Kim Controller
Calabasas, Calif.-based Topa Insurance Co. has promoted Jamie Kim to controller and vice president of accounting. Kim will be responsible for representing the company and the finance department on strategic projects, reinsurance reporting, and leading the accounts payable, accounting and …
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Before Starting an Independent Agency, There Are Many Questions to Weigh
In the most recent Closing Quote in Insurance Journal, I wrote about why I believe this is the best time in history for entrepreneurial agents to create a new independent insurance agency. My reasons include lower costs, the increased need …
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Louisiana Governor Seeking $3B in Hurricane Aid From White House
Louisiana Gov. John Bel Edwards is asking President Joe Biden for $3 billion to help Louisiana with its ongoing recovery from the 2020 hurricanes, saying that he’s filed a request with the new White House similar to the unfulfilled ask …
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Highway Safety Advocates Urge Nebraska to Tighten Slack Seat Belt Law
Highway safety advocates are urging Nebraska lawmakers to tighten state seat belt requirements that are among the loosest in the nation. Nebraska is one of nine states that only require seat belts for front-seat passengers, according to the National Conference …
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Airlines Seek WHO Approval of Quarantine-Free Travel After Vaccines
The airline industry has called on the World Health Organization to rule it’s safe for people to fly without quarantining once they’ve had a coronavirus vaccine. Acknowledgement of that principle from the United Nations agency is vital to the development …
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Arkansas Judge Dismisses Bars’ Virus Curfew Challenge
An Arkansas judge has dismissed a lawsuit challenging the early closing time for bars and some restaurants that was temporarily imposed because of the coronavirus pandemic. The lawsuit argued Gov. Asa Hutchinson and state officials did not have authority to …
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Bluefire Now Offering Auto Insurance in Illinois
Automobile insurance provider, Bluefire Insurance, has expanded its presence into Illinois. With the addition of Illinois, Bluefire, an Irving, Texas-based managing general agency, now offers coverage in eight states, with more states to be added in the coming months, the …
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Cost of Laura, Delta, Zeta Insurance Claims Up to $7.7B in Louisiana
Through the end 2020 property/casualty insurers have paid or reserved $7.7 billion on claims of all types in Louisiana through the end of 2020 from Hurricanes Laura, Delta and Zeta, the state insurance department reported. This data represents the first …
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Seattle OKs Virus ‘Hazard Pay’ for Grocery Workers
Seattle has joined other cities in approving extra pay for grocery store workers during the COVID-19 pandemic. The City Council on this week approved legislation requiring large groceries to pay an extra $4 an hour in hazard pay. The Seattle …
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World Economic Forum: Allianz CEO Says Europe Must Alter Capital Rules for Climate
European regulators need to overhaul their capital rules to free up insurers to invest more in climate-friendly infrastructure projects, the chief executive of German insurer Allianz said on Wednesday. “Today, the regulatory framework we have in Europe has actually disincentivised …
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Utility Paying $2B Settlement in Deadly 2018 California Fire
Southern California Edison will pay $2.2 billion to settle insurance claims from a deadly, destructive wildfire sparked by its equipment in 2018, the utility announced this week. Edison, which acknowledged no wrongdoing, said the agreement covers all claims in pending …
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Investor Sues Drugmaker Astrazeneca Over Coronavirus Vaccine Testing Claims
AstraZeneca PLC was sued by a pension fund on behalf of investors who it says suffered losses because of flaws in the company’s testing of its coronavirus vaccine. For much of last year, the Cambridge, England-based pharmaceutical company was touting …
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Parents of Maryland Teen Who Died in Class File Lawsuit
The parents of an autistic Maryland teenager who died in class after choking on a glove have filed a lawsuit against school officials, saying negligence led to their son’s death. Bryan and Tanya Levy, the parents of 17-year-old Bowen Levy, …
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The Beacon Mutual Insurance Company Names Tumeinski as Chief Financial Officer
The Beacon Mutual Insurance Company has named Gregg Tumeinski as chief financial officer (CFO) at The Beacon Mutual Insurance Company. Tumeinski will succeed Cynthia Lawlor, who is retiring after more than 28 years at the Rhode Island workers’ compensation insurer. …
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If Tokyo Olympics Canceled, Loss for Insurers Would Be ‘Mind-Blowingly’ Big
LONDON — Insurers are facing a $2-3 billion loss if the Tokyo Olympics are canceled this year, amounting to the largest ever claim in the global event cancellation market, brokers say. With less than six months until the Games are …
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SterlingRisk Insurance Promotes Larocca to Chief Strategic Relations Officer
SterlingRisk Insurance, a Woodbury, New York-based independent insurance brokerage, has promoted Robert F. Larocca to chief strategic relations officer. Larocca, who began his career at SterlingRisk in 1999, will retain his title of executive vice president and continue to report …
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China’s Central Bank Says Ant IPO Could Resume Once Problems Resolved
Ant Group Co. could resume its plans for an initial public offering once problems are resolved, China’s central bank chief said, offering some relief to global investors seeking signs on what the future holds for the world’s largest fintech giant. …
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Volkswagen Wants U.S. Supreme Court to Nix Diesel Emissions Claims by Counties
Volkswagen AG and a German auto supplier on Tuesday asked the U.S. Supreme Court to reverse a lower-court ruling that said two counties could seek financial penalties over excess diesel emissions that could total billions of dollars. The German automaker’s …
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Tennessee Reports Highest Number of Boating Deaths in 37 Years in 2020
Tennessee had 32 boating-related deaths in 2020, the most in 37 years, wildlife officials said. The Tennessee Wildlife Resources Agency reported an increase in traffic on the state’s lakes and rivers in 2020 as outdoor activities such as boating increased …
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Hay Joins Sedgwick in Tennessee as Global Chief People Officer
Sedgwick, a provider of technology–enabled risk, benefits and integrated business services, has added Michelle Hay as global chief people officer. With more than 25 years of professional experience and a human resources leadership and consulting expertise, Hay will have executive …
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Tuesday, January 26, 2021
The Liberty Company Insurance Brokers in California Adds James
The Liberty Company Insurance Brokers in Woodland Hills, Calif., has added Jessica James to the firm. James focuses on construction, environmental, professional liability, non-profits, cannabis and lessor’s risk. She has more than 21 years of experience in the industry as …
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Allstate to Sell Life Insurance Business to Blackstone for $2.8M to Grow in P/C
The Allstate Corp. is selling Allstate Life Insurance Co. to entities managed by investment firm Blackstone for $2.8 billion. Explaining the move from Allstate’s perspective, Allstate CEO Tom Wilson referred to a strategy to grow market share in personal lines …
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Everest Re Cites Social Inflation for $400M Prior-Year Reserve Charge
Everest Re is the most recent insurance and reinsurance company to announce catastrophe and COVID losses in advance of fourth-quarter earnings, but Everest’s disclosure on Monday also addressed a boost in prior-year casualty reserves. “The decisive reserving actions we are …
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Eurapco and B3i Introduce Unity, a Risk Transfer Service Built on Blockchain
What its creators say is the first global operational offering on blockchain infrastructure has been launched, enabling the transfer of facultative risks within a network of companies, with marine insurance being the first business line to try it out. Eurapco, …
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Pandemic-Related Business Interruption, Cyber Top Business Risks for 2021: Allianz
There was no escaping the coronavirus in 2020 and the pandemic will dominate the risk landscape again in 2021, according to global leaders in business, risk management and insurance. A trio of Covid-19 related risks — business interruption, the pandemic …
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Auto Theft Jumped in 2020
Auto theft appears to have increased considerably in 2020 compared to 2019, reversing two years of auto theft declines. A preliminary analysis by the National Insurance Crime Bureau shows there were 873,080 auto thefts in 2020, or almost 2,400 a …
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Oklahoma AG Seeks $1.8M from Vendor After Failed PPE Order
State Attorney General Mike Hunter is seeking more than $1.8 million from a company he says owes that state after failing to deliver four orders of personal protective equipment (PPE) ordered by the Oklahoma Department of Health. In a petition …
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Kansas Governor Extends Pandemic Disaster Declaration
Gov. Laura Kelly has signed a bill that extends the state’s disaster emergency declaration, allowing Kansas to continue to tap into resources for its pandemic response efforts. The legislation, which extends the declaration to March 31, aims to provide a …
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Texas Governor Urging Protections for Businesses from Virus-Related Lawsuits
Texas Gov. Greg Abbott said he is pushing state lawmakers to protect individuals and companies that opened businesses during the pandemic against coronavirus-related lawsuits. While the governor did not provide specifics about what protections he wants businesses to have, he …
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Houston’s Skyward Specialty Names Burkhart President of Specialty Lines
Houston-based Skyward Specialty Insurance Group Inc. (Skyward Specialty) has appointed John Burkhart president of specialty lines with oversight of Executive and Professional Liability, Healthcare Professional Liability, Surety, E&S and the A&H businesses. Burkhart brings 28 years of experience and has …
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Judge Strikes Down North Dakota ‘Pore Space’ Law Backed by Oil, Gas Group
A judge has struck down a North Dakota’s law that landowners say takes away their property rights. The so-called pore space law passed the Legislature in 2019 after supporters sought clarification on the use of cavities in rock or soil. …
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Ratings of Ohio’s Wayne Mutual Insurance Upgraded
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Wayne Mutual Insurance Co. (Wayne Mutual) in Wooster, Ohio. The outlook of these ratings has …
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Survey Shows Gains in Rural Economy of Midwest, West States
The rural economy in parts of 10 Plains and Western states continues to grow, but rural bank CEOs say their biggest fears for the 2021 economy are excessive inflation and higher long-term interest rates, according to a new monthly survey …
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Montana Virus Liability Bill Advancing Through Legislature
A bill that would protect businesses and health care providers from coronavirus-related lawsuits is advancing quickly through the Montana Legislature, after the state’s Republican governor said the measure was necessary to remove a statewide mask mandate put in place by …
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Arizona Sees Recreational Cannabis Sales Start
Legal sales of recreational marijuana in Arizona have started, a once-unthinkable step in the former conservative stronghold that joins 14 other states that have broadly legalized pot. The state Health Services Department on Friday announced it had approved 86 licenses …
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California May Prioritize Age Before Essential Workers for Vaccine
Advocates for farmworkers, teachers, grocery store clerks and other essential workers are worried they will have to wait until this summer to be vaccinated against the coronavirus as California considers giving priority to older residents. State officials said the move …
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Two Women Found Dead After Row Home Fire Causing Estimated $250K in Damage
Authorities say two women were found dead after a fire in a central Pennsylvania row home over the weekend that caused an estimated more than $250,000 in damage to all three homes. Fire crews were dispatched shortly after 6 a.m. …
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New York’s NFP Hires Beaudette as Senior Vice President
NFP, a New York, New York-based insurance broker and consultant that provides property/casualty, corporate benefits, retirement and individual solutions, has hired Daniel Beaudette as a senior vice president. Beaudette will be part of the team focused on growing NFP’s managing …
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New Jersey’s American Global Hires McGill to Lead National Project Risk Practice
American Global has hired John McGill as president of American Global Project Solutions, in which he will head its national project risk practice. The practice is dedicated to bringing analytics, innovation and best practices to contractors and owners engaged in …
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Consumers Open to Sharing Personal Data with Insurers But Worry About Data Security
If it means reduced premiums, consumers are willing to share their personal information with insurers but they question whether insurers can protect their data. The number of consumers willing to share significant data on their health and lifestyle habits with …
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European Researchers Turn to AI to Build Better Weather Data
European scientists who feed critical climate data to industry and researchers said that their next great breakthrough in weather forecasting will be powered by artificial intelligence. The European Centre for Medium-Range Weather Forecasts is turning to machine learning in order …
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Olympics Board Expected to Focus on Safety; Unlikely to Cancel Tokyo Games
BERLIN— The Tokyo Olympics will top the agenda when the International Olympic Committee’s executive board meets on Wednesday – but with the board firmly backing the event, any talk of scrapping it altogether due to the COVID-19 pandemic is highly …
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Bankruptcy Judge Approves Weinstein Co. Plan With $17M for Sex Abuse Claims
A U.S. Bankruptcy Court judge on Monday approved The Weinstein Co.’s liquidation plan, which sets aside $17 million for women who accused co-founder Harvey Weinstein of sexual misconduct. Judge Mary Walrath in Wilmington, Delaware announced her ruling at the conclusion …
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Monday, January 25, 2021
Ex-Rep Hayes Pardoned by Trump for Role in North Carolina Insurance Bribery Scheme
A former North Carolina congressman and state Republican Party leader who lied to FBI agents about a bribery scandal received a pardon from outgoing President Donald Trump in his final hours in office. Federal authorities said ex-Rep. Robin Hayes participated …
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WestPro Insurance Partners with Obsidian on Bars, Taverns, Restaurants Program
WestPro Insurance Services has formed a program partnership with Obsidian, a hybrid fronting program carrier. WestPro is a managing general underwriter and program administrator for bar, tavern and restaurant coverage in more than a dozen states. WestPro, a division of …
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Pirates Attacking Ships in Gulf of Guinea. Here’s Why and the Impact.
LAGOS— Pirates are stepping up attacks on ships in West Africa’s Gulf of Guinea, defying regional navies. On Saturday, pirates off Nigeria kidnapped 15 sailors from a Turkish container ship and killed one. Pirates in the Gulf of Guinea kidnapped …
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Top Trading Firms Vow to Help Merchants Sailors Stuck on Ships Due to Coronavirus
Over 300 leading companies said on Tuesday they would work together to help hundreds of thousands of merchant sailors stuck on ships for many months due to COVID-19 in a crisis that risks creating more dangers at sea. About 90% …
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Propel Insurance in Washington Names Hub’s Fusaro CFO
Tacoma, Wash.-based Propel Insurance has named Angelo Fusaro chief financial officer. Fusaro succeeds Pete Hendrick, who has announced his retirement after serving as CFO since 2004. Fusaro has more than 20 years of experience in financial and operational management. He …
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Biden Withdraws Trump Chicken Slaughter Rule Industry Says Is Safe
A major food workers’ union praised President Joe Biden for withdrawing a rule that would have permanently allowed U.S. poultry producers to kill more chickens per minute. Industry trade groups said the speeds were safe. Donald Trump’s administration in its …
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Top Insurance Regulatory Developments of 2020: Part 2
This is the second installment of a two-part look at the top 10 insurance regulatory developments of 2020 by attorneys at Locke Lord. The first part on Jan. 22 covered COVID-19, Insurtechs, Data Privacy, Race Equality and Pharmacy Benefit Managers. …
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Spanish Court Orders VW to Pay $20M to Buyers in Diesel Cheating Case
A Spanish court has ordered German carmaker Volkswagen to pay 16.3 million euros ($19.8 million) in compensation to people in Spain who bought cars with emissions-cheating devices installed, consumer group OCU said on Monday. The company will appeal the ruling, …
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‘Spotter’ in New Orleans Staged Crash Schemes Sentenced to Prison
A New Orleans, Louisiana, man has been sentenced to prison for conspiring to stage automobile accidents as part of a scheme to defraud insurance and trucking companies, federal officials say. U.S. Attorney Peter G. Strasser with the U.S. Attorney’s Office …
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Insurance Industry Veterans Launch Upland Capital Group in Dallas
Upland Capital Group (Upland), a Dallas-based specialty insurance business led by long-time insurance and investment executives has opened for business. Upland is funded through an equity investment of up to $200 million from Newlight Partners LP (Newlight), a growth equity …
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IMA Adds Maier as VP in Houston Energy Practice
Insurance brokerage firm, IMA Inc., has hired veteran underwriting professional Conrad Maier as vice president in the company’s Houston-based energy practice. Maier is the first dedicated producer in Houston, marking the next stage of IMA’s aggressive expansion plan in the …
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Unions File OSHA Complaint Over No Mask Mandate at Iowa Capitol
A labor union representing state workers has filed a complaint with the state Occupational Safety and Health Administration, arguing that a lack of a mask mandate at the Iowa Capitol threatens the safety of everyone who enters the building. Iowa …
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Heinz Joins Lockton from Aon as Partner in Transaction Liability Practice
Kansas City, Mo.-based Lockton has added Matt Heinz as a partner in its Transaction Liability practice. Heinz will co-lead the group with partners Josh Halpern, Eric Ziff and Gaurav Sud, who joined Lockton last year as the firm sought to …
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Insurance Journal’s 2021 Agency Salary Survey Open
Insurance Journal is once again seeking independent agency owners, principals, producers, CSRs — the entire agency — to participate in its annual independent insurance agency salary survey for publication in Insurance Journal magazine. The survey takes about 15 minutes to …
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Wrongful Death Suit Filed Against NRA, Gunmaker, Shooter Over Synagogue Attack
The son of a couple killed in a Pittsburgh synagogue attack that killed 11 worshippers is suing the National Rifle Association, arguing the group’s inflammatory rhetoric led to the violence. Marc Simon, the son of Sylvan and Bernice Simon, filed …
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New York Court: Uber Drivers Are Employees Eligible for Unemployment Insurance
The New York Supreme Court, Appellate Division, Third Judicial Department held at the end of December that Uber drivers can be considered employees eligible for benefits such as unemployment insurance. The finding upheld two previous April 2019 decisions by the …
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Man Pleads Guilty to Deaths of 36 in California Warehouse Fire
The master tenant of a San Francisco Bay Area warehouse where 36 people perished when a fire ignited during a 2016 dance party pleaded guilty Friday to the deaths, avoiding a second trial after the first ended in a hung …
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Las Vegas Gym Sued over Gymnastics Coach Abuse Allegations
Eight women who were taught by a former USA Gymnastics coach now facing lewdness and sexual assault charges are suing the Las Vegas gym where he trained them from 2009 to 2015. A civil negligence and liability lawsuit filed Tuesday …
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DuPont, Chemours Reach Pact Over Liability for ‘Forever Chemicals’ PFAs Pollution
The Dupont Co. and its spinoff business Chemours have agreed to resolve legal disputes over environmental liabilities for pollution related to man-made chemicals associated with an increased risk of cancer and other health problems. The binding memorandum of understanding announced …
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S. Africa Insurer Santam Begins Processing 4,000 Business Interruption Claims
JOHANNESBURG— South African insurer Santam Ltd. said on Monday it will start processing business interruption claims for all commercial policies that were affected by a coronavirus-led lockdown in April beyond those of its hospitality and leisure division. It will cover …
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MyFloodInsurance.com Expands Flood Tool to Real Estate Agents, Homebuyers
MyFloodInsurance.com has been expanded to allow for real estate agents and homebuyers to receive instant flood insurance quotes from multiple flood insurance companies, as well as the National Flood Insurance Program (NFIP). The My Flood Insurance widget can be added …
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Fire on Prudence Island Destroys Three Homes
Three homes were destroyed and two others were damaged in a Thursday night fire on Prudence Island, Rhode Island, fire officials said. Firefighters from Portsmouth and several nearby communities responded to the fire around 11 p.m., according to The Newport …
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Pennsylvania Water Customer in Arrears Burned Workers with Acid
A Pennsylvania woman who didn’t pay her water bill has been charged with felonies including the use of weapons of mass destruction after she burned three municipal workers with acidic drain cleaner as they tried to restore her service, authorities …
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Libor Remains a Big Problem, But At Least It’s Getting Smaller
Untangling the vast global derivatives industry from Libor just got a bit easier. The London interbank offered rate is hardwired into swaps and other contracts worth hundreds of trillions of dollars, but it’s slated to disappear in the not-too-distant future. …
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Foley’s SPAC in $7.3B Deal to Take Blackstone’s Benefits Firm Alight Public
A blank-check firm backed by prominent investor Bill Foley has agreed to take Alight Solutions LLC, the U.S. benefits services provider owned by buyout firm Blackstone Group, public in a deal valued at $7.3 billion, the companies said on Monday. …
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Australian Securities Regulator Suffers Cyber Security Breach
Australia’s securities regulator said on Monday there was a cyber security breach at a server it used to transfer files including credit license applications where some information may have been viewed. The Australian Securities and Investment Commission (ASIC) said it …
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Nearly Two-Thirds of Global Catastrophe Economic Losses Unaddressed by Insurance
There were 416 natural catastrophe events globally in 2020 that resulted in economic losses of $268 billion – 8% above the average annual losses for this century, according to insurance broker Aon’s latest catastrophe loss report. Of this total, private …
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Sunday, January 24, 2021
‘Totally Destroyed’ Indonesia Jet in Java Sea Makes Search Almost Impossible
Bayu Wardoyo tends to skip the 6 a.m. breakfast of Indonesian fried rice served to divers on the ship searching for wreckage of the Sriwijaya Air passenger jet that crashed in the Java Sea on Jan. 9. He prefers coffee, …
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United Airlines CEO Urges Employers to Mandate COVID-19 Vaccines
United Airlines may make the COVID-19 vaccine mandatory for employees, and other companies should do the same, United Chief Executive Officer Scott Kirby told workers at a meeting on Thursday, according to a transcript reviewed by Reuters. A United spokeswoman …
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Volkswagen Talks Damages Claims Against Chip Suppliers Over shortages
German car manufacturer Volkswagen is in talks with its main suppliers about possible claims for damages due to a shortage of semiconductors, a company spokesman said on Sunday. Automakers around the world are shutting assembly lines due to problems in …
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Brazil Miner Vale, State Authorities Narrow Differences in Disaster Settlement: Source
Brazilian miner Vale SA and state authorities narrowed their gap in a potential settlement deal over the Brumadinho mining disaster to 11 billion reais ($2 billion) before talks fell apart, a person close to the negotiations told Reuters on Friday. …
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Tennessee Insurance Dept. Makes Multiple Leadership Changes
The Tennessee Department of Commerce & Insurance (TDCI) has announced multiple senior leadership role additions and staffing updates from Commissioner Carter Lawrence. Jennifer Peck has assumed the role of chief of staff and chief operating officer, while continuing in her …
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Friday, January 22, 2021
Farmers Launches Direct-to-Consumer Policies in Mississippi
Farmers Insurance has launched a range of customizable insurance products in Mississippi. Customers throughout the state can now quote and purchase auto, home, condo, and renters products in a direct-to-consumer model. According to Keith Daly, president of personal lines for …
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Lloyd’s Appoints Aviva’s Tiernan to New Chief of Markets Position
Patrick Tiernan will be joining Lloyd’s of London in the newly-created role of chief of Markets, where he will will oversee market performance and distribution. Tiernan will join Lloyd’s from Aviva where he is currently the managing director, UK Commercial …
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Biden Orders OSHA to Step Up COVID Workplace Safety Guidance, Enforcement
The Biden Administration has instructed federal workplace safety officials to do more to help halt the spread of the coronavirus on the job. On his first full day on office, President Joseph Biden signed an executive order asking the Occupational …
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California OKs Using Moderna Vaccine After Illness Reports
California says it’s safe to resume using a batch of Moderna coronavirus vaccine after some people fell ill and a halt to injections was recommended. The decision frees up more than 300,000 doses to counties, cities and hospitals struggling to …
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Pardon for Ex-Google Exec Who Took Self-Driving Car Secrets to Uber
A long-running Silicon Valley soap opera took an unexpected twist on Wednesday after outgoing President Donald Trump pardoned a former Google engineer for stealing self-driving car secrets shortly before joining Uber. Trump’s surprise pardon of Anthony Levandowski enables him to …
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How do NFL QBs Rodgers, Mahomes and Mayfield Rate as Insurance Salesmen?
Three well-known television insurance salesmen competing for business are also competing in the National Football League playoffs. Only those totally cut off from television could not have seen at least one of the insurance commercials starring NFL quarterbacks. Green Bay …
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Skyward Specialty Insurance Group Acquires Aegis Surety, Sells XPro
Skyward Specialty Insurance Group Inc. has acquired Aegis Surety and simultaneously sold XPro, which provides solutions for the pest control industry. K2 Insurance Services is both the seller of Aegis Surety and the buyer of XPro. Aegis Surety Senior Vice …
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Falls Kill Two Long Island Men in Separate Workplace Accidents
A landscaper fell from a tree and a roofer fell from a building in two separate fatal workplace accidents Monday on Long Island. Suffolk County Police said 51-year-old Vicente Oliver of Levittown was trimming a tree at a West Hills …
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Investors Suing Bayer Blame Drop in Stock on Buying Monsanto, Roundup
Two law firms are suing Bayer for damages on behalf of shareholders, claiming the German group’s management should have warned of the risk of lawsuits over the Roundup weedkiller when Bayer acquired Roundup maker Monsanto. Weekly Wirtschaftswoche reported on Friday …
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China Says Its Fintech Antitrust Moves Not Targeted at Private Banks, Insurers
China’s recent antitrust measures are not aimed at its private sector and do not seek to hinder the development of such firms, a senior banking and insurance regulator said on Friday, as the country looks to expand scrutiny of the …
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Deadline Approaches for New York-Bermuda InsurTech Early Stage Competition
The submission deadline for the 2021 InsurTech Early-Stage Competition is approaching on January 29, 2021. Global insurtech hub InsurTech NY and the Bermuda Business Development Agency (BDA), Bermuda’s independent economic development public/private partnership, have joined forces for the competition, which …
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Spanos Joins Core Specialty Insurance E&S Group as VP
Van Spanos has joined Cincinnati, Ohio-based Core Specialty Insurance Holdings Inc.’s newly formed excess and surplus (E&S) primary Product Liability group as vice president. Spanos is responsible for managing all facets of this business, including direct oversight of the underwriting …
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Thursday, January 21, 2021
TÜV SÜD Hit by ‘Significant Damages’ Claim in Germany Over 2019 Brazil Dam Tragedy
German industrial inspector TÜV SÜD is facing a claim for “significant damages” in the first civil lawsuit on German soil over its alleged role in the deadly collapse of a dam in Brazil two years ago. A group of Brazilian …
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Mexico’s Pemex Plan to Cut Refinery Jobs Presents Safety Risks, Internal Document Shows
Plans by Mexican state oil company Petroleos Mexicanos to cut jobs at its six refineries through attrition this year could undermine safety at the plants, an internal company document shows. Pemex plans to leave 9,374 vacancies at its refineries unfilled …
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George Petersen in California Names Five New Principals
George Petersen Insurance Agency has promoted Joseph Feierabend, Jack Fess, Sean Parsons, Colby Ritch and Mindy Sehon to principals within the agency. The agency now has 20 principals across eight of the agency’s 10 locations in Northern California. Feierabend, a …
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In Third Lockdown, England Seeing ‘No Evidence of Decline’ in COVID-19 Cases
A third pandemic lockdown appears to be having little impact on rates of COVID-19 in England, researchers warned on Thursday, with prevalence of the disease “very high” and “no evidence of decline” in the first 10 days of renewed restrictions. …
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CoStar and Warburg Are Said to Be Competing to Buy CoreLogic: Bloomberg
CoStar Group Inc. and a private equity group led by Warburg Pincus are the final bidders competing for data provider CoreLogic Inc., according to people familiar with the matter. CoreLogic, which is evaluating the offers, is expected to decide in …
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Prioritizing High-Risk Individuals for Vaccines May Not Be Necessary, New Research Finds
A new study suggests that prioritizing vaccination of high-risk individuals has only a marginal effect on the number of COVID-19 deaths. To obtain significant improvements, it would be better if a very large fraction of a city or town population …
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Top Insurance Regulatory Developments of 2020: Part 1
This is the first installment of a two-part look at the top 10 insurance regulatory developments of 2020 by attorneys at Locke Lord. The first part covers COVID-19, Insurtechs, Data Privacy, Race Equality and Pharmacy Benefit Managers. The second installment …
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United Valley Insurance Services in California Adds Peck
United Valley Insurance Services Inc. in Fresno, Calif., has named Donna Peck a marketing consultant. Peck is focused on assisting members on marketing and placing workers’ compensation accounts with the firm’s carriers. Peck previously worked as an underwriting supervisor at …
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Hub Acquires Assets of Alabama-Based Shields Insurance Agency
Hub International Limited (Hub), a full-service global insurance broker, has acquired the assets of Shields Insurance Agency. Terms of the transaction were not disclosed. With locations in Birmingham and Mobile, Ala., Shields Insurance Agency is independently owned and provides services …
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Michigan’s McLaren to Pay $7.7M to Resolve Alleged Drug Violations
McLaren Health Care Corp. has agreed to pay the federal government more than $7.7 million to resolve alleged violations of provisions of the Controlled Substances Act. The civil settlement was announced by the U.S. attorneys in Grand Rapids and Detroit, …
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Ohio Suspends Pharmacy After 890 Vaccine Doses Wasted
A pharmacy responsible for distributing the coronavirus vaccine to Ohio nursing homes failed to document storage temperatures for leftover shots, resulting in 890 doses being wasted, the state Health Department said. The agency said it suspended SpecialtyRx in Columbus from …
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U.S. Charges 2 Oil Workers With Allowing Gulf of Mexico Oil Spills
Two Fieldwood Energy LLC oil workers face federal criminal charges for allegedly separately allowing crude oil spills from offshore U.S. Gulf of Mexico platforms to avoid required shut downs. The two were indicted Tuesday for spills in 2015 and 2018, …
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Analysis: Fight Over Mississippi Flood Control Project Continues
Farmers and environmentalists have been arguing for decades over proposals for a massive federal flood-control project in the south Mississippi Delta. The fight is continuing into a new presidential administration. Four conservation groups are suing the Environmental Protection Agency, with …
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Kansas Insurance Agent to Repay $86K After Guilty Plea
A former Kansas insurance agent from Johnson County has pleaded guilty to insurance fraud charges and agreed to repay nearly $86,000 in restitution, the state’s attorney general’s office reported. Kansas Attorney General Derek Schmidt said Armond R. Peghee, 42, pleaded …
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N.Y. Court Takes Contrary Position on Insurers’ Right to Recoup Defense Costs
It has long been understood that under New York law, an insurance company may recoup defense costs paid on behalf of an insured once it has been ultimately determined that there was no coverage in connection with the underlying action, …
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Fire Official Says Arcing Power Lines Caused Big Nevada Brush Fire
Satellite imagery and surveillance video from a casino roof 5 miles away helped pinpoint arcing power lines in gale force winds as the cause of a November brush fire that destroyed five Reno homes and damaged two dozen others, investigators …
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Deal Offers More Financial Services for California Cannabis Firms
A California cannabis industry group announced Tuesday that it reached an agreement with a state credit union that will provide checking, wire transfers and other banking services for more marijuana companies, helping ease what has been an obstacle for many …
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Judge Approves Settlement in Annapolis Housing Discrimination Lawsuit
A federal judge has approved a consent decree between the Maryland city of Annapolis and dozens of public housing residents. The Capital Gazette reported Tuesday that the decree will mandate that the city pay a $900,000 settlement in a discrimination …
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Travelers Insurance Profit Soared in Q4 on Fewer Claims, Investment Gains
Property and casualty insurer Travelers Cos. Inc. reported a jump in quarterly profit that beat analysts’ estimates on Thursday, helped by an increase in returns from investments and lower catastrophe claims. The company reported a core income of $1.26 billion, …
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China’s Top Financial Regulator Rejects ‘State Monopoly’ Criticism
China’s top financial regulator dismissed claims the nation is distorting its economy through “state monopoly capitalism” as pressure grows on China to align more with global trade rules. Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said …
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Trump Order Allows Government to Block Use of U.S. Cloud Services in Foreign Countries
On his last full day in office, President Donald Trump signed an executive order the White House said was aimed at preventing foreign malicious cyber-actors from using U.S. online infrastructure to carry out their activities. The order, which provides the …
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Maryland Insurance Agencies Accuse Erie Insurance of Discriminatory Practices
Three Maryland independent insurance agencies contracted with Erie Insurance have filed complaints with the Maryland Insurance Administration alleging Erie engaged in discriminatory practices against low-income and minority communities in the Baltimore area. The complaints were filed by Baltimore, Maryland-based Baltimore …
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French Car Rental Firm’s Credit Insurance Woes Send Warning to Speculators
A failed attempt to settle debt insurance on a struggling French car-rental company is the latest blow to the $9 trillion market in credit derivatives, but this time the focus is on speculators. Protection buyers who didn’t hold any of …
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Japan’s Automakers Adding Safety Technology for Often-Isolated Older Drivers
Automakers in Japan, where almost 30% of the population is 65 or older, are taking the lead on adapting cars so the nation’s legions of elderly drivers can feel more confident — and be safer — behind the wheel. A …
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Wednesday, January 20, 2021
Bage Appointed CEO at MAX Insurance in Kansas
Overland Park, Kansas-based MutualAid eXchange (MAX) has named Dr. Lisa Bage, currently chief operating officer at MAX, as CEO and president effective Feb. 15, 2021. She will succeed current President and CEO David M. Wine, who is retiring following 20 …
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Alera Group Acquires CSNW Benefits in Oregon
Alera Group has acquired CSNW Benefits in Portland, Ore. The CSNW Benefits team will continue serving clients in their existing roles. Terms of the deal were not announced. CSNW Benefits serves clients throughout the Northwest region, creating employee benefits and …
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Poms & Associates in California Adds Fontelieu and Toland
Poms & Associates has added Ed Fontelieu and Jason Toland to the commercial insurance production team. Fontelieu and Toland will work with Poms & Associates clients to deliver risk management solutions. Fontelieu is based in Fresno, Calif. He joins Poms …
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2020 Could Make 2021 the Year of Insurance Agency E&O Lawsuits
Insurance agents and brokers should prepare for a big agency errors and omissions (E&O) litigation wave to crash their shores in 2021. Agency E&O claims are a lagging indicator, meaning plaintiffs typically only go after agents and brokers after they …
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Why Now May Be the Best Time to Start an Insurance Agency: Viewpoint
Starting an independent insurance agency, or any business, is a risky proposition. You’re moving from a secure position with a regular income and foreseeable future to a place where uncertainty is the new normal. Some may think that’s truer than …
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Hub Acquires Assets of MPE Employee Benefit Services of Mississippi
HUB International Limited (Hub), a global insurance broker, has acquired the assets of MPE Employee Benefit Services. Terms of the transaction were not disclosed. Located in Ridgeland, Miss., MPE Employee Benefit Services is a third-party administrator (TPA) providing administration services …
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14 Tanks Burn in Explosion at North Dakota Oil Tank Battery
Authorities say an explosion at an oil tank battery near New Town, North Dakota, on Jan. 18 sent 14 tanks up in flames and caused oil and brine to spill. No injuries were reported. New Town Fire Chief John DeGroot …
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DuPont Spinoff Will Contest Charges Over Deadly Gas Leak at Texas Plant
Corteva, a spinoff that took over DuPont’s agriculture division, will contest the charges against DuPont stemming from a 2014 poisonous gas leak that killed four workers at a Houston-area plant. A former DuPont employee has also been charged. Four employees …
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Corps Could Pay $2.1B Louisiana for Hurricane Protection System
The Army Corps of Engineers is getting nearly $12.5 million to help build a Louisiana hurricane protection system and could pay $2.1 billion of the expected cost, officials said. Three Republicans in Louisiana’s congressional delegation announced approval of the construction …
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Oklahoma Dairy Recalls Contaminated Milk Given to Children
Oklahoma schools are advising people to throw away milk products received from districts after a dairy company recalled its chocolate milk because some of it may have been contaminated. Hiland Dairy is recalling 4,800 cases of its one-half pint 1% …
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California COVID-19 Benefits Fraud, Cyber Attack Could Reach $9.8B
California may have paid out nearly $10 billion in phony coronavirus unemployment claims – more than double the previous estimate – with some of that money going to organized crime in Russia, China and other countries, according to a security …
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Report: Florida’s Property Insurance Market Is ‘Spiraling Towards Collapse’ Due to Litigation
Florida’s property insurance market is “spiraling towards collapse” and requires immediate attention if there is any chance of protecting the market, consumers, and ultimately, the state’s economy, according to an analysis about to be presented to the Florida Legislature. The …
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Future of Russia’s Nord Stream 2 Pipeline Looks Increasingly Uncertain
The future of Nord Stream 2 looks increasingly uncertain as the U.S. ramped up pressure on the project with new sanctions, and companies walked away from the controversial Russian gas link. The new sanctions come just days before work on …
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Massachusetts Governor Charlie Baker Vetoes Sweeping Climate Change Bill
Massachusetts Governor Charlie Baker vetoed a sweeping climate change bill Thursday, just days after top Democratic lawmakers on Beacon Hill vowed to immediately refile and pass it again if the Republican refused to sign the legislation. The bill had been …
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ProSight to Become Private Company After Being Acquired by Investors
International investment management firm TowerBrook Capital Partners and private equity firm Further Global Capital agreed to acquire 100 percent of the common stock shares of specialty insurer ProSight Global for $586 million cash. The deal, announced last Friday, means the …
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Maine Court Says Tourette’s Patient Can Sue for Being Denied Procedure
A woman who has Tourette’s syndrome may proceed with her lawsuit against a surgeon who declined to repair her injured shoulder because of her disability, the state Supreme Court ruled. The doctor performed surgery on Carol Cutting’s injured shoulder but …
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Lawsuit Filed on Behalf of Rhode Island Man Injured in Moped Crash
Guardians of a Rhode Island moped driver who was sent into a coma with a head injury after he crashed while being followed closely by a Providence police cruiser filed a federal lawsuit on his behalf alleging brutality and excessive …
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AXIS Insurance Hires Aon’s Boswell Brown, Aviva’s Whelan as Renewable Energy U/Ws
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Ltd., announced the hiring of two additional underwriters within its global Renewable Energy business. Nicholas Boswell Brown and Claire Whelan will join AXIS in April as renewable energy underwriters …
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Insurance Agency M&A Deals Surged 20% in Year of Pandemic: OPTIS
There were 744 announced insurance agency mergers and acquisitions in 2020, up nearly 20% from 649 reported in 2019. The surge resulted from the pent-up supply of pending transactions from earlier in the year coupled with sellers looking to avoid …
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Aon CEO Greg Case Recognized as Top Ally of LGBTQ+ Employees and Individuals
Aon CEO Greg Case has been recognized for advancing the equality of LGBTQ+ employees and individuals. Specifically, Case was named the No. 1 ally on the INvolve OUTstanding LGBT+ Ally Executives list for 2020. INvolve is a global network and …
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Liberty Specialty Markets Launches German Terrorism Insurance Coverage
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has launched new terrorism insurance coverage in the German market, effective immediately. Since LSM entered the market in 2018, business written used the standard London market cover. The new terrorism …
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AkinovA Granted Bermuda License to Operate as Electronic Insurance Marketplace
AkinovA (Bermuda) Ltd., the wholly owned Bermuda trading subsidiary of AkinovA Ltd., has been granted the first “Insurance Marketplace Provider” license by Bermuda’s financial services regulator. This new category of insurance intermediary provides capital providers, brokers, agents and cover buyers …
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Viewpoint: Cyber Insurance Policies Are Challenging to Underwrite. AI Can Help.
Advancements in artificial intelligence are in many ways a double-edged sword for the cyber insurance industry. Increasingly diverse and sophisticated cyber attacks have dramatically increased the demand for cyber coverage, offering a lucrative opportunity for insurers to capitalize upon. However, …
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AXA in Talks to Sell Singapore Unit Which Could Raise $700 Million
HSBC Holdings Plc and Malayan Banking Bhd.’s insurance venture are among shortlisted bidders for AXA SA’s business in Singapore, which could raise about $700 million in a sale, according to people familiar with the matter. The British bank and Etiqa, …
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Kentucky High Court Orders Online Poker Site to Pay State $1B for Illegal Gambling
The Kentucky Supreme Court ruled last month that an online poker company must pay more than $1 billion to the state for illegal gambling losses in a court battle that began a decade ago. The ruling from the state’s high …
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INSUREtrust Makes Multiple Personnel Changes After Merger
Atlanta-based INSUREtrust has announced multiple additions and promotions to its Atlanta team. The company, which was just acquired by Constellation Affiliated Partners, has added Beck Heigl as an account manager. Before INSUREtrust, Heigl was an estimator for a property restoration …
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Tennessee Touts 2020 Growth of Insurance Industry, Consumer Efforts
The Tennessee Department of Commerce & Insurance (TDCI) has located and returned more than $22.8 million to Tennesseans in combinedlife insurance benefits/annuities and monies through its mediation efforts in 2020. TDCI’s figures show: $10,164,747 was returned to Tennessee consumers last …
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Tuesday, January 19, 2021
Bearley Promoted to President of Great American’s P/C Group Bond Unit
Cincinnati, Ohio-based Great American Insurance Group has promoted Kenneth (Ken) R. Bearley to divisional president within its Property/Casualty Group’s Bond Division. Bearley joined Great American in 1994 as an underwriter in the Bond Division’s Pittsburgh office. He became a bond …
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Brown & Riding in California Names Nam CFO
Brown & Riding has named Harold Nam chief financial officer. Nam joined Brown & Riding in 2008 as a staff accountant. Since joining the firm, he has ascended to positions of increased responsibility. Brown & Riding is a wholesale insurance …
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Safety Agency Orders Ford to Recall 3 Million Vehicles Over Takata Air Bags
The U.S. auto safety regulator said on Tuesday it would require Ford Motor Co. to recall 3 million vehicles with potentially defective Takata air bags, rejecting a bid by the second-largest U.S. automaker to avoid calling them back. The National …
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Supreme Court Hears Baltimore’s Climate Change Damages Claim Against Energy Firms
The U.S. Supreme Court on Tuesday grappled with a dispute that one justice called a “close call” over a lawsuit filed by the city of Baltimore against energy companies seeking monetary damages due to the impact of global climate change. …
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Specialty Insurer Hallmark Financial CEO Anand Resigns; AM Best Maintains ‘A-‘ Rating
AM Best announced that it would not change the “A-” financial strength ratings of the members of Dallas-based specialty insurer Hallmark Insurance Group nor the “bbb-” long-term issue credit rating of Hallmark Financial Services, after Hallmark Financial announced its chief …
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Veteran Awarded $1M in Kansas VA Hospital Abuse Case
A federal judge has awarded more than $1 million in damages to another veteran who says he was sexually abused by a former physician assistant at a Veterans Administration hospital in Kansas. It’s the third time since November that U.S. …
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Holmes Murphy Names Cornett, Spencer, Reavis to New Leadership Roles
Independent brokerage firm, Holmes Murphy, in Waukee, Iowa, has added Roger Cornett and Jeff Spencer to its board of managers, and Jay Reavis to its executive committee. Each of these leaders brings years of experience, as well as energy and …
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Hurricane-Force Winds Caused Extensive Damage in North Dakota
A weather system packing hurricane-force wind gusts has caused extensive damage and power outages in western and central North Dakota. The National Weather Service reported wind gusts of 77 mph at Garrison, 81 mph in Hettinger County and 93 mph …
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40 La Crosse, Wisconsin, Wells Contaminated with PFAs, Tests Show
Dozens of La Crosse, Wis.-area wells are contaminated with forever chemicals known as PFAS, tests revealed. At least 40 wells that provide private drinking water on French Island are contaminated with PFAS levels above recommended standards, the La Crosse Tribune …
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Startup Loop Wins Funding for Fairer Auto Insurance Rating Model That Uses AI
Loop, a managing general agency focused on building an auto insurance model that does not utilize credit scores and ZIP codes, announced the close of a $3.25 million seed round last week. Freestyle.VC led the funding round, with participation from …
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Hamilton Appoints AXA XL’s Scully as Head of Casualty Insurance in Bermuda
Hamilton Insurance Group Ltd. announced the appointment of Elaine Scully as senior vice president, head of Casualty Insurance in its Bermuda company, Hamilton Re Ltd. Scully will report to Tim Duffin, chief underwriting officer, Hamilton Re. She will be based …
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Business Startups Surged Amid Covid-19 Pandemic
The surge of U.S. business formations in the back half of 2020 has been one of the pandemic’s many surprises. After cratering by 30% in the weeks following the March lockdowns, paperwork filed by prospective businesses started growing in June …
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USI Insurance Services Acquires CB Insurance in Colorado
USI Insurance Services has acquired Colorado Springs, Colo.-based CB Insurance LLC. Terms of the deal were not disclosed. CB Insurance and its predecessors have served the needs of the Colorado community for more 100 years, specializing in commercial and personal …
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Insurance Veterans Lead Confianza, Big Data Analytics Startup for Smaller Insurers
Two insurance industry veterans have launched Confianza, a new data analytics company focused on smaller insurers. One co-founder – Jeffrey Glazer – is a past chief executive officer of Activer Solutions and Insurity, and was a past CEO of Insurance …
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How Climate Change May Affect Hurricane Risk and Losses: AIR, Brookings, AXIS
By 2050, climate change-related weather events will have a meaningful impact on future hurricane losses, increasing them by 20% or more and in some cases doubling them, even without any increase in the concentration of property exposure along the coast, …
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Vermont’s Winooski Insurance Adds Heaslip to Its Leadership Team
Winooski Insurance of Williston, Vermont, a commercial insurance agency of nearly 40 years, is growing its leadership team with the addition of Ryan Heaslip. Heaslip joins the team as the director of Commercial Lines – Sales. He is an insurance …
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Cross Insurance Partners with Connecticut’s Daigle & Travers Insurance
Cross Insurance, a subsidiary of Cross Financial Corp., based in Bangor, Maine, and an independent insurance provider in New England, has partnered with Daigle & Travers Insurance of Fairfield County, Conn. The Daigle & Travers team of insurance experts offer …
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NYPD Adopts Clearer Penalties for Excessive Force, Racial Bias
The New York City Police Department enacted new disciplinary rules on Friday that call for terminating police officers found to use racial profiling or “excessive deadly force.” The so-called “disciplinary matrix,” as Mayor Bill de Blasio called it, also lays …
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Applied Specialty Underwriters Names Black to Lead Middle Market Surplus Lines
Applied Underwriters has named John Black, Sr., CPCU, to lead its expansion into middle market surplus lines. As executive vice president of the newly-expanded Applied Specialty Underwriters, Black, who has 35 years of underwriting experience, will focus on middle market …
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Indonesia Earthquake Leaves Thousands Homeless, Killing at Least 84 People
MAMUJU, Indonesia (AP) – Aid was reaching the thousands of people left homeless and struggling after an earthquake that killed at least 84 people on an Indonesian island where rescuers intensified their work Monday to find those buried in the …
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Here’s How European Satellites Can Help Predict the Next Weather Disaster
Spain began the new year battling Storm Filomena, a once-in-a-generation weather event that blanketed Madrid in snow and paralyzed the economy. Health workers were stranded, supermarkets shut, and the army was called in. At least four people died. “Now, consider …
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BGC Insurance Rebrands as Corant Global
BGC Insurance (BGCI) has rebranded as Corant Global Ltd., which will become the holding company for all the insurance interests of BGC Partners Inc., a global brokerage and financial technology company, subject to regulatory consent. Corant will comprise the broking …
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World’s Biggest Shipping Line Demands Action Against Piracy Surge Off West Africa
The world’s biggest shipping company demanded a more effective military response to surging pirate attacks and record kidnappings off the coast of West Africa. The number of attacks on vessels globally jumped 20% last year to 195, with 135 crew …
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Zurich Insurance to Stop Insuring Russia’s Nord Stream 2 Project: Sources
Zurich Insurance Group will drop out of Russia’s Nord Stream 2 project in the face of looming U.S. sanctions against European companies that support construction of the $11 billion gas pipeline, two sources familiar with the situation said. The U.S. …
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Monday, January 18, 2021
21 Georgia Counties Approved for Federal Aid for Zeta Cleanup, Repair
Several north Georgia counties are getting federal aid to repair infrastructure and clean up damage from Hurricane Zeta in October. The storm, which made landfall in Louisiana, blew over trees in metro Atlanta and areas to the north, causing widespread …
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Sierra Specialty in California Names Sunderland Senior Underwriter
Clovis, Calif.-based Sierra Specialty Insurance Services has added Chris Sunderland as a senior property/casualty underwriter. Sunderland previously co-founded International Property & Casualty Insurance Brokers of Nevada Inc., which was recently acquired by Platinum Specialty Underwriting, a division of XPT Group, …
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Lawmakers Sought to Ban Facial Recognition Software Being Used to Find Capitol Attackers
U.S. lawmakers are moving ahead with efforts to ban facial recognition software even as the technology helps identify supporters of President Donald Trump who ransacked their workplace and forced them to evacuate this month. Researchers and law enforcement have been …
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AM Best, Moody’s Rate Personal Lines Insurance Market Outlook as Stable
AM Best kept its stable market segment outlook on the U.S. personal lines insurance segment for 2021, citing the segment’s strong risk-adjusted capitalization and profitable underwriting performance in private passenger automobile, as well as underwriting actions benefiting the homeowners segment. …
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Constellation Affiliated Partners Acquires INSUREtrust; Haase to Retire
Constellation Affiliated Partners (Constellation) has acquired INSUREtrust, a specialty wholesale broker and MGA headquartered in Atlanta, Ga. Financial terms of the transaction were not disclosed. INSUREtrust, founded by Steve Haase in 1997, is a specialty wholesale broker and managing general …
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Sunday, January 17, 2021
Bender in California Names Guillen Vice President of Alternative Risk
Bender Insurance Solutions in Sacramento, Calif., has named Roland Guillen vice president of alternative risk markets to commercial insurance clients. Guillen oversees the growth of the Captive and Alternative Risk Market business as well as large complex risks, in addition …
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Newfront in California Adds Parker as Employee Benefits Producer
Newfront Insurance in San Francisco, Calif., has brought Nichole Parker on as a principal and employee benefits producer. Parker joins Newfront from TSM Insurance and Financial Services Inc., where she was heading the individual and medicare services divisions. Newfront is …
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Friday, January 15, 2021
Sompo Int’l Hires Generali’s Brown to Lead New London & International Property Team
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced the appointment of Richard Brown to lead a new team focusing on property business through retail distribution channels in the UK, Europe and selected …
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2 W. Virginia Bus Drivers Who Attended Trump Rally Sue Over Suspension
Two West Virginia school bus drivers who were suspended for attending a rally for President Donald Trump in the nation’s capital have been cleared of wrongdoing following hearings, an attorney said Wednesday. Attorney John Bryan, who is representing the employees …
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AM Best Assigns ‘A’ Rating to Nebraska’s Summit Specialty Insurance
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to Summit Specialty Insurance Co. (SSIC), based in Omaha, Neb. The outlook assigned to these ratings is stable. SSIC is a …
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Tug Hits, Damages Louisiana Railroad Bridge
A railroad bridge in Louisiana is back in place after reportedly being hit early on Jan. 13 by a tugboat, officials said. The swing bridge over the Rigolets near Slidell was reportedly hit by the tug Robert Cenac about 1 …
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Hub Acquires Assets of Texas’ Commercial Insurance Brokers
Global insurance broker Hub International Limited (Hub) has acquired the assets of Commercial Insurance Brokers Inc. (Commercial Insurance Brokers), based in El Paso, Texas. Terms of the transaction were not disclosed. Commercial Insurance Brokers is a locally owned, independent insurance …
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Initial Reactions to UK Supreme Court’s Ruling on Business Interruption Claims
Insurers, policyholders and industry observers have issued comments on the UK Supreme Court’s ruling that insurers should pay small businesses for many business interruption claims from the COVID-19 lockdowns. The UK Supreme Court dismissed appeals by six insurers – Hiscox, …
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Bus Driver Placed on Probation After Plea in Fatal Accident
A Port Authority bus driver has been placed on probation for three years after pleading guilty to involuntary manslaughter in the death of a University of Pittsburgh student struck by the bus she was driving a year ago. Shavonne James, …
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Navajo Nation Reaches Settlements with Mining Companies
The Navajo Nation’s Department of Justice announced Wednesday it has settled with mining companies to resolve claims stemming from a 2015 spill that resulted in rivers in three western states being fouled with a bright-yellow plume of arsenic, lead and …
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Drone Maker Settling for $25M in Military Gear Parts Suit
Aerial drone manufacturer Insitu in the Columbia River Gorge, Ore., will pay $25 million to settle allegations that its military drones were outfitted with used components instead of new ones. U.S. attorney Brian Moran said cases such as this one …
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Expecting the Unexpected: Cyber Lessons from COVID and What Could Be Ahead
What is the biggest lesson that cyber insurers should carry into 2021 after a year in which the COVID-19 pandemic took center stage? In the first Insuring Cyber podcast episode of the new year and the fifth overall, Tim Zeilman, …
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World Insurance Associates Acquires Bush Insurance Agents & Brokers
World Insurance Associates LLC (WIA), acquired Bush Insurance Agents & Brokers of Cambridge Springs, Penn., on December 31, 2020. Terms of the transaction were not disclosed. Established in 1918, Bush Insurance is a provider of loss and risk management products. …
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MMG Insurance Company Promotes Dill to VP of Marketing, Business Development
MMG Insurance Company has promoted Kayla O’Malley Dill to vice president of Marketing and Business Development, effective January 4, 2021. Dill is based in Maine. Dill joined the Company in 2013 as senior marketing representative. Throughout her tenure with MMG, …
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Delivery Company Offers Gig Workers $25 to Get COVID Vaccine
Grocery delivery company Instacart said on Thursday it would pay $25 to its over half-a-million gig workers if they chose to take time off to get vaccinated against COVID-19. The company, which has been lobbying government agencies for its delivery …
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Lemonade Eyes Sale of 3 Million Shares in Secondary Offering
Digital insurer Lemonade has announced plans to sell 3 million shares of common stock to raise money for “general corporate purposes.” The New York-based insurtech could raise as much as $808 million, according to its regulatory filing announcing the stock …
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As Production Declines, Coal Miner Fatalities at Historic Low
Five miners died in U.S. coal mines in 2020, an all-time low mark for an industry in a year that saw continuing declines in production as electric providers move away from burning coal. The federal Mine Safety and Health Administration, …
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UK Insurance Ruling Is ‘Massive Boost’ for Businesses: Hiscox Action Group
A UK Supreme Court insurance judgment substantially in favor of policyholders will be a “massive boost” for British businesses currently suffering from a third government lockdown, the Hiscox Action Group policyholder group said on Friday. The court ruled earlier that …
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UK Supreme Court Rules Businesses Should Be Insured for COVID-19 Claims
The UK Supreme Court ruled on Friday that thousands of businesses should be insured for some losses amassed after a national lockdown to curb the coronavirus pandemic in a test case that pitched the markets regulator against major insurers. Six …
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Thursday, January 14, 2021
Risk Placement Services Hires Neligan as Marine Producer in Chicago
Brendan Neligan has joined Risk Placement Services as a marine producer, in the company’s Chicago property brokerage office. Neligan will support the growth of the RPS marine portfolio, serving retail independent agents and brokers nationwide. Previously, he was regional vice …
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Outgoing Administration Moves to Lift Safety Restrictions for Some Autonomous Vehicles
The outgoing Trump administration said on Thursday it was issuing new rules that would allow manufacturers of automated vehicles to bypass some crash standards required of conventional vehicles, which would cut production costs. The National Highway Traffic Safety Administration said …
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Moment of Change: How the Insurance Industry Can Bridge the Diversity Gap, Be an Ally
The deaths of George Floyd and Breonna Taylor by white police officers last year sparked protests and examinations of racial injustice and inequities across the country. Individuals and businesses responded by vowing to better support communities of color. Experts on …
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LP in Nevada Adds Cantlon, Ennis, Garcia, Rossi to Ownership Group
Reno, Nev.-based LP Insurance Services LLC has added Andrea Cantlon, Matt Ennis, Dustin Garcia and Jared Rossi to its ownership group. LP Insurance Services currently has 24 member-owners throughout the footprint. Cantlon leads the surety division. She joined LP Insurance …
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World Insurance Associates Acquires J.W. Edens & Company, Inc.
Insurance brokerage World Insurance Associates LLC (WIA) has acquired J.W. Edens & Co., Inc. (JWE) of Titusville, Fla. on Dec. 31, 2020. Terms of the transaction were not disclosed. Founded in 1997, J.W. Edens & Company is a retail insurance …
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North Carolina Retaining Wall Collapse Injures Construction Workers, Kills 1
One person was killed and at least four people were injured after a retaining wall fell on construction workers in a North Carolina city, officials said Wednesday. The City of Hendersonville said in a news release that the accident occurred …
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Uber Appealing $59M Fine in California Over Sex Assault Data Request
Uber Technologies Inc. on Wednesday appealed a $59 million fine by a California regulator in a dispute over whether the company should share detailed information on sexual assault and harassment claims reported on its ridesharing platform. The California Public Utilities …
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Vermont Man Facing Eight Arson Charges for Stowe Fires
A Stowe man is facing eight arson charges that he set a series of fires over nearly two years that caused more than $1.5 million in damage, police said Wednesday. Police say Jeffrey Nolan, 62, admitted to setting a fire …
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Hub International Acquires Massachusetts’ Alpha Pension Group
Hub International Limited (Hub), a full-service global insurance broker, has acquired Alpha Pension Group Inc. Terms of the transaction were not disclosed. Headquartered in Boston, Mass., Alpha Pension Group is a retirement consulting firm that provides investment analytics, fiduciary governance …
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Marsh Unveils 15 Cybersecurity Vendors Insurers Rate Most Effective
Global insurance broker Marsh has unveiled for the second time its group of Cyber Catalyst designated products and services judged by leading cyber insurers to be effective in combating significant cyber risks, including ransomware and data management. This year’s cohort …
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World Insurance Associates Acquires New Jersey’s True & Associates
World Insurance Associates LLC (WIA) acquired True & Associates of Westfield, N.J. on December 31, 2020. True & Associates is its largest property/casualty acquisition to date. Terms of the transaction were not disclosed. True & Associates is a multi-line full-service …
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Warming Arctic Is Key to Understanding Climate Change Risks, Experts Say
HONG KONG/BRUSSELS – The environmental transformation happening in the Arctic is key to understanding the potential global impacts of climate change, an Alaska Native leader and a polar explorer told the Reuters Next conference on Monday [Jan. 11]. With climate …
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Catlin’s Convex Group Raises Capital of $500 Million
Convex Group Ltd. has secured $500 million in committed preferred equity capital from affiliates of Sixth Street, a leading global investment firm. The investment follows Convex’s recent $1 billion capital raise from a consortium led by Onex and GIC, in …
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Brokerslink Expands Global Network with Brokers in Europe, Asia-Pacific and Africa
Global broking business, Brokerslink, starts 2021 with the continued the expansion of its global network and the addition of independent broker JDB in North Macedonia. Trading since 2009, JDB is a growing broker with a sharp focus on customer service …
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UK Regulators Approve Lloyd’s Special Purpose Vehicle to Attract New Forms of Capital
Lloyd’s announced it has received regulatory approval to set up a new multi-insurance special purpose vehicle, which aims to attract new forms of capital. A key milestone for the Future at Lloyd’s strategy, the new platform will make it easier …
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Generali CEO Plans to Restructure Top Management: Sources
Assicurazioni Generali SpA Chief Executive Officer Philippe Donnet is seeking to overhaul the top ranks at Italy’s largest insurer to increase control on key businesses and speed up growth, according to people with knowledge of the matter. The CEO, whose …
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Florida’s Citizens Ends Moratorium on Cancellations, Nonrenewals
After extending the moratorium on cancellations and nonrenewals put into place at the start of the pandemic, Citizens Property Insurance Corp. has announced it will resume processing these as of Feb. 1, 2021. The Florida insurer of last resort said …
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Berkshire Hathaway GUARD Expands Homeowners Coverage Into Georgia, Utah
Berkshire Hathaway GUARD Insurance Companies has added Georgia and Utah to the list of states where the insurer offers its homeowners product. With these additions, the company now offers its personal lines products in 22 states with plans for further …
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