Texas, Oklahoma Hailstorms Likely Caused $3.5B in Damage: Accuweather

Violent spring storms packing high winds and large hailstones in Texas and Oklahoma on April 28 likely caused $3.5 billion in damage, according to Accuweather.com. Additionally, the National Weather Service confirmed an EF-1 Tornado was included within a wide swath …

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Firefighter Injured in Blaze at Eastern Missouri Chemical plant

A firefighter was injured on April 29 during a large fire at a chemical plant in eastern Missouri that forced evacuations in nearby neighborhoods. Fire personnel responded to the scene at the Manor Chemical Plant in Affton, where the fire …

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As Ransomware Criminals Get More Ruthless, Experts Call for Multi-Pronged Response

Political hand-wringing in Washington over Russia’s hacking of federal agencies and interference in U.S. politics has mostly overshadowed a worsening digital scourge with a far broader wallop: crippling and dispiriting extortionary ransomware attacks by cybercriminal mafias that mostly operate in …

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Biden’s Labor Chief Walsh Weighs Employee Status for Many Gig Workers

President Joe Biden’s top labor official said most gig workers in the United States should be classified as “employees” deserving of related benefits, in what could be a policy shift that is likely to raise costs for companies that depend …

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Judge Wants NRA to Name Insurance Witnesses in Claims Against New York

A judge ordered the National Rifle Association to provide the names Lloyd’s of London agents or employees who the gun rights group says have information backing its claim that New York’s insurance regulator bullied the company into severing ties with …

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University of Hartford Wins 2021 Spencer-Rims Risk Management Challenge

During the RIMS LIVE 2021 Virtual Conference finale, RIMS CEO Mary Roth and RIMS President Ellen Dunkin announced the University of Hartford student team as the winner of the 2021 Spencer-RIMS Risk Management Challenge. Competing against 18 other universities from …

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Pennsylvania Regulator Asks Insurers To Assess Pandemic’s Impact in Rate Filings

The Pennsylvania Insurance Department has issued guidance for property/casualty insurers in the state to continue to assess the impact of the COVID-19 pandemic in rate filings. “Much has changed since the start of the pandemic, and there will be lasting …

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People Moves: Berkley Re UK Names Himmer; RSG Transactional Risks Adds Schiener

W.R. Berkley Corp. named Clare Himmer as president of Berkley Re UK Limited, effective September 1, 2021. In the interim, Richard Fothergill will continue as Berkley Re UK’s CEO, with the expectation that, by the end of 2021, Himmer will …

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UK Supreme Court Urged to Allow Privacy Class Action Against Google

Blocking a proposed British class action against Google, that alleges it secretly tracked millions of iPhone users a decade ago, risks allowing big firms to behave with impunity, a lawyer told the Supreme Court on Thursday. Hugh Tomlinson, a lawyer …

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EU Seeks Review of GMO Rules for Gene-Edited Crops

BRUSSELS — The European Commission launched a review of EU rules on genetically modified organisms (GMOs) on Thursday, opening the door to a possible loosening of restrictions for plants resulting from gene-editing technology. Prompted by a 2018 ruling from the …

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New York Begins Probe Into Toxic Metals in Baby Food

New York’s attorney general said on Thursday she has opened a probe into whether baby food contains arsenic and other toxic metals, and asked four manufacturers to provide information on whether their infant rice cereal products are safe. In letters …

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Liberty Mutual Weighing Options, Delays Australian Coal Mine Project

MELBOURNE — U.S. insurer Liberty Mutual will not be filing an environmental impact assessment for a coal project in Australia, it said on Friday, missing a deadline as it weighs alternatives for the proposed mine. Community groups worried about pollution …

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H.W. Kaufman Expands in Europe, Adding Amsterdam Office, London Healthcare Unit

U.S.-based specialty insurance firm H.W. Kaufman Group is expanding within Continental Europe through the opening of a new office in Amsterdam, the Netherlands, and the addition of a specialty healthcare insurance team in London. The new H.W. Kaufman Group Europe …

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CFC to Launch Lloyd’s Syndicate with Asta as Manager

LONDON — Specialty insurance underwriter CFC reported that Lloyd’s of London has given preliminary approval to the creation of CFC Syndicate 1988. The new syndicate will be managed by Asta Managing Agency Ltd. CFC and Asta said they are working …

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Milwaukee Area Water Technology Facility Faces $234K in OSHA Penalties

Federal workplace safety officials have cited a water technology company after an employee was injured when a guardrail loosened and he fell and struck his head on a support beam as he lowered himself into a nearly 30-foot deep water …

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Reno, Nevada, to Settle Lemmon Valley Flood Lawsuit for $4.5M

Reno, Nevada, city officials said they have reached a tentative agreement to pay $4.5 million to settle a lawsuit brought by residents whose homes in the community of Lemmon Valley were flooded north of town in 2017 after the city …

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Wisconsin’s M3 Insurance Unveils M3 Elevate for Small Businesses, Individuals

Madison, Wisconsin-based M3 Insurance (M3), an insurance broker and risk management firm with seven locations throughout Wisconsin and Illinois, has launched M3 Elevate (Elevate), a new division that encourages small business owners and leaders to think of insurance and benefits …

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Texas Insured Who Paid Part of Settlement May Seek Recovery from Carrier

A woman who chipped in $100,000 toward a settlement after a car crash can sue her insurer to seek recovery of that cost, but cannot seek damages in excess of the policy limits for negligent failure to settle because there …

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Louisiana 2020 Hurricane Insured Claim Costs Still Rising

Insurers have increased by 25% since the end of last year estimates of the claims costs for three hurricanes that struck Louisiana in 2020, according to the state insurance department. The Louisiana Department of Insurance reported that insurance companies now …

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People Moves: InterWest Names Espinosa Senior Director in California, IMA Adds Washington to Executive Leadership

InterWest Insurance Services has named Brad Espinosa senior director in its surety division. He will be based in Sacramento, Calif., and report to Keith Schuler, president and CEO of InterWest Insurance Services. He has more than 12 years of experience …

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Watchdog Warns Rescinded Actuarial Principles Could Harm Consumers

U.S. regulators should strengthen their oversight of insurers to prevent potential overcharging and discrimination in selling coverage for cars and homes, a consumer watchdog group said on Thursday. The campaign by the Consumer Federation of America (CFA) comes after an …

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China Continues Crackdown on Fintech Firms

BEIJING — Chinese financial watchdogs on Thursday summoned 13 internet platforms engaged in finance business, including heavyweights Tencent and ByteDance, to order them to strengthen compliance with regulations, the central bank said. The move by the four regulators is part …

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Settlement Reached in Lawsuit Against Affluent Montana Club

Dozens of Jamaican citizens recruited to work as cooks, servers and housekeepers at a Montana ski resort for the ultra-rich have reached a $1 million class action settlement over allegations they were discriminated against and paid less than other employees …

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Uber, Lyft, Other Gig Firms Worried About U.S. Push to Reclassify Workers as Employees

Under growing threat by a new U.S. administration insistent on reclassifying ride-hail and food delivery workers as employees with full benefits, gig economy companies including Uber, Lyft, Doordash and Instacart are pushing to keep drivers’ independent contractor status, albeit with …

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HG Holdings to Acquire National Consumer Title Insurer From Southern Fidelity

North Carolina-based HG Holdings said it has agreed to acquire 100% of the equity of Florida-based National Consumer Title Insurance Co. from Southern Fidelity for for $5.5 million. The deal also includes 100% of the interest in National Consumer Title …

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MarshMcLennan Fills Its Talent Pool in the Wake of Aon-Willis Merger

It has not happened yet but the proposed merger of large global insurance brokers Aon and Willis Towers Watson is already being felt at competitor MarshMcLennan. MarshMcLennan is capitalizing on the marketplace disruption brought about by the pending marriage of …

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Illinois Distribution Warehouse Cited for Virus Exposures; Fined $12K

A few days after employees at Midwest Warehouse and Distribution System Inc. gathered in its Naperville, Ill., facility breakroom for a luncheon, some workers experienced symptoms consistent with coronavirus exposure. Employees began reporting to the company that they had tested …

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Texas Q1 Surplus Lines Premium Up 20% Over 2020, Stamping Office Says

The Surplus Lines Stamping Office of Texas (SLTX) reported that the state has seen record-breaking premiums in the first quarter of 2021, with a total of $2 billion in premium representing a 20.1% increase over the same period in 2020. …

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Central Illinois Church Suffers Extensive Smoke Damage from Fire

A fire early on April 28 caused extensive smoke damage to a central Illinois church, authorities said. Crews were called to St. Mary’s Catholic Church in Lexington after a passerby discovered smoke coming from the building around 3:30 a.m., Lexington …

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Chicago-Area Chiropractor Sent to Prison for Insurance Fraud; Must Repay $500K

A suburban Chicago chiropractor has been sentenced to a 20-month term in federal prison for fraudulently submitting reimbursement claims to private insurers and Medicare for nonexistent treatment, the U.S. Attorney for the Northern District of Illinois announced. John Kosloski, who …

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Sex Harassment Suit Against Oregon ‘TikTok Doc’ Settled for $585K

Oregon Health and Science University said it will pay $585,000 to settle a federal lawsuit filed by a social worker who accused a former anesthesiology resident of sexually assaulting her and the school of failing to act. The university said …

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Branch Insurance Expands Home, Auto Coverage to Colorado, Oklahoma

Columbus, Ohio-based Branch Insurance is now offering its home and auto insurance coverage in Colorado and Oklahoma. The company, which specializes in bundled home and auto coverage using technology and automation, said this expansion is its third state launch of …

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D&O Line Still on Losing Track Despite Big Rate Hikes: Fitch

Record premiums haven’t been enough to reverse U.S. directors and officers (D&O) insurers’ underwriting losses, and the sector will still lose money in the near term as a result, Fitch Ratings said. Premium growth for D&O coverage has been significant. …

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CDC Promises Speedier Approvals for Restarting U.S. Cruises

Royal Caribbean Group said on Thursday it was aiming to restart its U.S. cruises in July after the U.S. Centers for Disease Control and Prevention (CDC) issued new measures to speed up approvals, sending its shares up 2.5%. Late on …

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London MGA Optio Acquires Nuclear Insurance Specialist MGA Northcourt

LONDON — Optio Group, a specialty managing general agency, said it has acquired nuclear risk specialist Northcourt for an undisclosed sum. Launched in 2010, Northcourt is an MGA licensed to underwrite nuclear property and liability risks globally, with clients across …

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Authorities Investigating Helicopter Crash in Northeastern Pennsylvania

Authorities were investigating a helicopter crash in northeastern Pennsylvania, the Federal Aviation Administration said. The wreckage of a Robinson R44 copter was found in a remote area of Wyoming after the agency had issued an alert about a missing aircraft, …

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Treatment Facility Resident Charged with Arson in Connecticut Fire

A 27-year-old Connecticut man has been arrested on charges of setting fire to a building that housed a mental health treatment facility where he lived, police said. Firefighters and police officers were dispatched to a building in Clinton on Tuesday …

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People Moves: Global Indemnity Group Names Charlton CEO; DUAL Hires Marchica; Floyd to Alera Group

DUAL Transactional Risk Hires Marchica as Vice President for New York Team DUAL Transactional Risk, the newest underwriting team at DUAL North America, has hired Megan Marchica as vice president for its New York-based team. In this role, Marchica will …

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Chubb CEO Sees ‘Outstanding’ Q1 and Lots of Options for Growth Without Hartford

Chubb reported sizable net income of $2.30 billion in the first quarter of 2021 versus $252 million for the prior year’s first quarter as the global insurer’s commercial property/casualty businesses continued to capitalize on favorable underwriting conditions with double-digit premium …

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U.S.-Style Google iPhone Privacy Case Viewed as a Landmark for UK Class Actions

A proposed multi-billion pound British class action against Google, which alleges the internet giant secretly tracked millions of iPhone users, is not viable and should not be allowed to proceed, the Supreme Court was told on Wednesday. Antony White, a …

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China Drafts Rules on Security of Data From Connected Vehicles

China published draft rules on Thursday to ensure the security of data generated by connected vehicles, as the proliferation of smart cars such as Teslas, fuels concerns about privacy and national security. Last month, U.S. electric car maker Tesla Inc. …

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Former Alabama Insurance Commissioner Mike Weaver Dies at 70

Mike Weaver, who served as Alabama Insurance Commissioner under Gov. Guy Hunt from 1988 to 1993, passed away Sunday after an extended illness. He was 70. Weaver was a longtime resident of Randolph County, a graduate of Randolph County High …

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Georgia Sheriff Accused of Civil Rights Violations in Federal Indictment

An Atlanta-area sheriff who’s no stranger to controversy is accused of violating the civil rights of several people in his agency’s custody by ordering that they be unnecessarily strapped into a restraint chair and left there for hours, according to …

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Unhappy Investor Caltagirone to Snub Generali Meeting

MILAN – Leading Generali investor Francesco Gaetano Caltagirone will snub its AGM on Thursday in the first public sign that the businessman is unhappy with the balance of power among shareholders, three sources close to the matter said. Tensions among …

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EPA to Investigate U.S. Virgin Islands Refinery Incidents

The U.S. Environmental Protection Agency (EPA) plans to send experts and staff to a recently reopened U.S. Caribbean refinery as soon as this week to conduct an investigation, the agency said in a Tuesday statement after some residents said an …

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Global Aviation Safety Campaign Targets ‘Bunch of Garbage’ to Ease Pilot Overload

When it came time to land at San Francisco on July 7, 2017, the pilots of an Air Canada jet could not recall a critical piece of information buried on page eight of a 27-page briefing package: the closure of …

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Toyota Constructs a Sensor-Laden Entire City to Test Its Self-Driving Cars

In late February, Toyota Motor Corp. President Akio Toyoda gathered with a handful of Shinto priests in a white tent at the foot of Mount Fuji. The group prayed — as is customary when embarking on new builds in Japan …

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Automakers Support Guidelines for Advertising Partially Automated Vehicles

DETROIT —The trade association representing most major automakers is offering guidelines for manufacturers to advertise partially automated driving systems and to make sure drivers are paying attention while using them. The Alliance for Automotive Innovation says its members support the …

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Louisiana Refineries to Pay $5.5M for Lake Charles-Area Contamination

Nine oil refineries and chemical companies in the Lake Charles area have agreed to pay the federal government $5.5 million for their contamination of parts of the northern Calcasieu River estuary. The settlement was announced by the U.S. Justice Department, …

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Texas Bill Would Require Disclosure on ‘Occupational Insurance’ Policies

Texas legislation requiring an occupational insurance policy to include a specified disclosure statement clarifying the policy is not a workers’ compensation policy has passed the state House of Representatives. House Bill 3769 by Rep. John Smithee, District 86, “amends the …

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EU Set to Approve Aon-Willis Merger; More Concessions Unlikely: Reuters

Insurance broker Aon is set to gain conditional EU antitrust approval for its $30 billion bid for Willis Towers Watson without having to offer more concessions, people familiar with the matter said. Aon, which clinched the deal a year ago …

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U.S. Supreme Court Hands Texas Insurers a Win in Air Ambulance Billing Battle

A 2020 decision by the Supreme Court of Texas that limits workers’ compensation air ambulance payments to what is “fair and reasonable,” has been allowed to stand by the U.S. Supreme Court, according to workers’ compensation insurer Texas Mutual. The …

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Insurers Don’t Like New New Credit Scoring Ban in Washington, But Say They’ll Follow the Law

The American Property Casualty Insurance Association said it insurers will following the law where it concerns Washington Insurance Commissioner Mike Kreidler’s emergency regulation banning the use of credit-based insurance scores. Kreidler issued a reminder earlier this week that insurance companies …

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Security Firm ADT Accuses Rival Ring of Trademark Infringement Over Blue Signage

Long-time home security firm ADT is suing rival upstart Ring alleging the newcomer is violating its trademarks by using signage that is very similar to the blue octagon logo that ADT has used for decades. In using the similarly colored …

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Alera Group Acquires New Jersey’s Duryea Agency

Alera Group, a financial services and risk management company, has acquired Duryea Agency, an insurance agency providing personal insurance and business insurance for clients across New Jersey and beyond. Duryea Agency is a New Jersey-based insurance agency that offers products, …

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Officials Say New York School District Hit by Cyber Attack

An Albany, New York-area school district is investigating a malware attack that forced students in grades 7 through 12 into all-remote learning on Monday, district officials announced. Officials at the Guilderland Central School District said on the district’s website that …

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Judge in California Tosses Suit of Man Who Alleged Jackson Molestation

A judge on Monday dismissed the lawsuit of a man who alleged that Michael Jackson sexually abused him as a boy. Los Angeles County Superior Court Judge Mark A. Young granted the Jackson estate’s request to dismiss the suit brought …

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P/C Insurance Firms Lead as Global Insurtech Investment Soars to $2.55B in Q1

Global investment in the insurtech sector reached a new quarterly high of US$2.55 billion during the first quarter of 2021. The number of mega-rounds reached eight, more than any other three-month period, according to the new Quarterly InsurTech Briefing from …

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New York Warns of Supply Chain Attack Dangers in Recent SolarWinds Report

The next great financial crisis could come from a cyber attack. At least, that’s according to New York State Department of Financial Services (DFS) Superintendent Linda Lacewell in a statement regarding DFS’ recent report outlining its investigation into the SolarWinds …

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Fairfax Commits $5 Million for COVID-19 Relief in India

Fairfax Financial Holdings announced that it has made a commitment of US$5 million (approximately INR 37 crore) to fund initiatives to assist India with the recent surge in COVID-19 cases and the country’s urgent needs around the pandemic. The contribution …

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Marsh McLennan Reports 9% Revenue Growth in Q1

MarshMcLennan reported financial results for the first quarter of 2021 that included consolidated revenue of $5.1 billion, an increase of 9% compared with the first quarter of 2020. Operating income was $1.4 billion compared with $1.1 billion in the prior …

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IMA Financial Group Acquires California’s Bolton

Denver-based insurance brokerage IMA Financial Group said it is expanding to California by acquiring Bolton & Co. in a transaction effective May 1, 2021. The combined brokerage firm will employ 1,200 associates and generate annualized revenues of more than $300 …

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3-Month TD Bank Trial in $4.5B Stanford Ponzi Scheme Closes

TORONTO — The three-month trial of a lawsuit against Toronto-Dominion Bank, in which the liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $4.5 billion in damages, is expected to end on Wednesday. A …

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Insuring Cyber Podcast: Social Engineering Risks Rising, but Cyber Coverage Still Lacks

The COVID-19 pandemic has upended the work environment in many ways, and cyber experts say one unfortunate result of the switch to remote work is an increase in cyber crime, particularly around social engineering threats. “The bottom line here is …

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German Vaccine Maker Says Waivers for Vaccine Not Right Approach

The granting of intellectual property waivers is not the right way to increase output of COVID-19 vaccines, the founder of German vaccine maker BioNTech said on Wednesday, advocating instead the award of production licenses. Such waivers are among the options …

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People Moves: Topa in California Names Torio Director of Tech, Resilience Names Reed EVP

Topa Insurance Co. has named Paul Torio director of technology. Torio is responsible for developing and delivering solutions across Topa’s technology infrastructure in support of business goals. He has worked at Topa for more than 15 years. Most recently, he …

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Insurers, Other Financial Firms Lag in Climate Disclosure for Investors

The world’s banks, asset managers and insurers should provide more information to investors about the greenhouse gas emissions from the activities they finance, a group that tracks emissions data said on Wednesday. CDP, which maintains a system used by hundreds …

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UK Is First Country to Green Light Self-Driving Cars on Motorways

The UK government on Wednesday became the first country to announce it will regulate the use of self-driving vehicles at slow speeds on motorways, with the first such cars possibly appearing on public roads as soon as this year. Britain’s …

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SEC Eyes Guidance on SPAC Projections, Clarity on Liability Shield

U.S. securities regulator is considering new guidance to rein in growth projections made by listed blank-check companies, and clarify when they qualify for certain legal protections, according to three people with knowledge of the discussions. The previously unreported measures being …

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Kraken Hockey Team in Washington Sued by Punk Bar for Name

A Seattle, Wash., punk rock bar is suing the city’s new NHL hockey team for $3.5 million, saying the Kraken’s choice of a name and plans to open a restaurant are harming the Kraken Bar & Lounge, which opened a …

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Biden Administration Considering Intellectual Property Rights Waiver for COVID Vaccines

The White House is considering options for maximizing global production and supply of COVID-19 vaccines at the lowest cost, including backing a proposed waiver of intellectual property rights, but no decision has been made, press secretary Jen Psaki said on …

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Concern for Red Tide Outbreak in Tampa Bay After Wastewater Discharge

Environmentalists are worried that a recent discharge of wastewater into Tampa Bay could exacerbate a new outbreak of the dreaded red tide algal blooms. An estimated 215 million gallons of wastewater from the old Piney Point fertilizer plant grounds was …

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N.D. Governor Signs COVID-19 Liability Protection Bill

North Dakota Gov. Doug Burgum on April 23 signed legislation that creates liability protections to shield health care providers, businesses and others from frivolous claims related to exposure to COVID-19. House Bill 1175 protects health care providers, businesses and other …

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New Roles for Gomez, Copeland at IIAT; New Directors at Global Special Risks

IIAT Connie Gomez has joined the Independent Insurance Agents Association of Texas’ IIAT Advantage team as an Advantage Market support specialist and RLI account manager. Gomez previously served as education coordinator for IIAT’s education department. In her new role, Gomez …

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Bankers Call for More ‘Bang’ to Boost London’s Competitiveness

LONDON — Shortly after Britain left the European Union, finance minister Rishi Sunak pledged a series of measures he dubbed “Big Bang 2.0” to ensure the City of London remained one of the world’s top financial centers. Four months on, …

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EU Inquires About 9 Potential Buyers of Assets in Aon-Willis Deal

BRUSSELS–EU antitrust regulators are asking Aon rivals and customers who is the best buyer for assets the insurance broker has offered to sell to address competition concerns about its $30 billion Willis Towers Watson bid, people familiar with the matter …

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Minnesota Nursing Home Fined $27K After Employee’s Coronavirus Death

A suburban Minneapolis nursing home has paid the state’s largest fine for a coronavirus-related safety violation after an employee contracted COVID-19 and died. State Labor Department inspection files show Sholom Community Alliance paid $27,100 in fines after David Kolleh died …

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Wisconsin Farm, Manure Spreader to Pay $242K for Pollution Violations

Wisconsin Attorney General Josh Kaul has reached a $242,000 settlement with a factory farm and a manure applicator to resolve pollution violations stemming from manure spills several years ago. Kaul announced the settlements with K&D Manure Handling Inc., its owner, …

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Hawaii Launching Program to Buy 2018 Eruption-Damaged Homes

Property owners on the Big Island who were affected by the 2018 Kilauea volcanic eruption can apply to have Hawaii County buy back their land starting next week. Hawaii County said the first phase of its Kilauea Disaster Recovery Voluntary …

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Explosion at Gender Reveal Party Rocks Several New Hampshire Towns

One New Hampshire family’s gender reveal party was such a blast that it rattled towns, set off reports of an earthquake, and could be heard from across the state line, police said. Police in Kingston, a town not far from …

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Small Quakes Confirmed in Lake Tahoe Region of California, Nevada

A series of small earthquakes jolted the Lake Tahoe region of California and Nevada on Sunday, the U.S. Geological Survey confirmed. A 3.7 magnitude quake struck at 8:33 a.m. centered about 4.5 miles southeast of Dollar Point, California, the USGS …

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New Jersey to Bake Climate Change Risk Into Policies, Share Costs

New Jersey will incorporate the impacts of climate change and rising seas into all its major policy decisions in the near future, and will seek to share the costs of protecting the state among all levels of government and the …

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Agency Start-up Sigo Serving Latinx, Immigrant Drivers Raises $1.5M

A start-up managing general agency focused on auto insurance for underserved populations including immigrants and Latin Americans has raised seed funding to help it launch an initial product. Sigo pulled in $1.5 million in financing from Amicle Capital, Bonded Capital …

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Delos Announces New Capacity for California Wildfire Areas

San Francisco, Calif.-based Delos Insurance Solutions announced an agreement with reinsurance companies that the firm said will result in a five-fold increase in insurance capacity for California homeowners in areas prone to wildfires. The new reinsurance capacity is provided by …

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Expert Explains Mental Health Report on Newspaper Gunman

A key expert for prosecutors in the Capital Gazette shooting testified Friday that the gunman’s methodical planning both for the attack and for after it indicate he is legally sane and criminally responsible for killing five people at the newsroom …

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How Tech Firms From Amazon to YouTube Ban Users for Off-Site Behavior

Earlier this month, Twitch announced it would start banning users for behavior away from its site. The move by Amazon Inc.’s live-streaming platform involved hiring a law firm to conduct investigations into users’ misconduct, a new twist in the latest …

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China Reports Tanker Crash, Oil Spill in Yellow Sea

BEIJING — China’s Shandong Maritime Safety Administration said on Tuesday that the tanker A Symphony, carrying around 1 million barrels of oil, has spilled oil in the Yellow Sea. The Suezmax tanker was last seen near the Qingdao port, live …

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Weighing Effects of Bolsonaro’s Intervention in Brazil’s State Insurance Firm IPO: Analysis:

SAO PAULO – The first IPO by a Brazilian state-controlled company under President Jair Bolsonaro’s government has emerged as a test of whether his penchant for intervening in the running of state-run firms will dampen investor interest in the Brazilian …

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Roadway Work Zone Fatalities Increased by 9% in Texas in 2020

The number of Texas work zone fatalities increased by 9% in 2020 compared to 2019, according to state transportation officials. Drivers and their passengers account for the majority of those who have died in work zone crashes. The Texas Department …

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GEICO Must Pay $2.7M After Failing to Accept $30K Offer: Georgia Supreme Court

GEICO Indemnity Co.’s refusal to settle a bodily injury claim for $30,000 will cost it more than $2.7 million, under a ruling last week by the Georgia Supreme Court. The high court’s 7-0 decision answered three certified questions posed to …

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Governor Signs Oklahoma Bill Allowing Third-Party Drivers License Examiners

Legislation allowing for state, county and municipal government agencies in Oklahoma to contract with third-party examiners for commercial drivers license (CDL) exams and other similar tests has been signed into law. House Bill 2183 was authored by Rep. Ronny Johns, …

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Shipping Containers Plunge Overboard as Supply Race Raises Risks

Containers piled high on giant vessels carrying everything from car tires to smartphones are toppling over at an alarming rate, sending millions of dollars of cargo sinking to the bottom of the ocean as pressure to speed deliveries raises the …

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Senators File Bill to Mandate Driver Monitoring Systems

Three Democratic U.S. senators on Monday said they are introducing legislation that would require U.S. regulators to mandate installation of driver-monitoring systems to ensure motorists pay attention while using systems like Tesla’s Autopilot. Senators Ed Markey, Richard Blumenthal and Amy …

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Integrated Specialty Coverages Launches Vacant Property Program

Integrated Specialty Coverages (ISC), a multi-line program administrator that builds end-to-end insurance products with artificial intelligence (AI) engineering and data analytics, has launched its Vacant Property Program (VPP), designed to address the increasing number of vacant residential and commercial properties …

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Texas FAIR Plan Rate Increase Filings Approved

The Texas Department of Insurance (TDI) has approved the FAIR Plan’s rate changes. The changes resulted in overall statewide average rate increases for homeowners, dwelling, condominium and renters policies. On Jan. 22, 2021, the FAIR Plan Association filed residential property …

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Report: 2020 A Record Year for Overdose Deaths in West Virginia

The number of fatal drug overdoses in West Virginia hit a record last year, according to preliminary state data showing at least 1,275 residents died. The increase comes after two years of declining numbers in a state often called the …

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Fiery Crash on Georgia Interstate Causes At Least 6 Deaths

At least six people died and several others were hurt in an interstate crash in Georgia that left a passenger van engulfed in flames and rolled on its side, police said. Passersby stopped to pull people from the burning vehicle …

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Construction Firms Face Soaring Lumber Prices

Skyrocketing lumber prices threaten to thwart the momentum of the U.S. housing market, which for months has been one of the brightest stars of the recovery from the pandemic recession. At the onset of the health crisis, “the mills stopped …

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Tech Firm Luminar, Planemaker Airbus Partner to Test Autonomous Flights

Luminar Technologies Inc. said on Monday it would partner with Airbus SE to test technologies which could increase aircraft safety and ultimately enable an autonomous flight with obstacle detection. The two companies will work on enhancing aircraft sensing and perception, …

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Suez Canal Chief Hopes Insurer, Owner of Detained Cargo Ship Reach Deal

The head of the Suez Canal Authority (SCA) said on Monday he hoped talks would soon yield an agreement with the owner and insurer of a giant container ship which is still being detained since it blocked the waterway for …

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California Governor Wants Ban on New Fracking by 2024

Gov. Gavin Newsom said said California will stop issuing fracking permits by 2024 and halt all oil drilling by 2045, using his authority to take on the state’s powerful oil and gas industry in a year he will likely face …

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Supreme Court Seeks Biden Administration Input on VW Emissions Lawsuits

The U.S. Supreme Court on Monday asked President Joe Biden’s administration to weigh in on whether Volkswagen AG can be sued by local governments in Florida and Utah for damages stemming from the German automaker’s diesel emissions cheating scandal. The …

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Officials Say Fire at Oregon Textile Manufacturer Was Arson

A large fire that gutted a Southeast Portland, Ore., textile manufacturing last week was arson, according to fire officials. Portland Fire & Rescue said in a statement that a security camera recorded someone starting the fire in a nearby dumpster, …

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Insurers Warn Washington Court Ruling Will Raise Rates for a Million Consumers

Insurer groups expressed disappointment over a judge’s ruling denying an industry request to halt an emergency rule that temporarily bans the use of insurance credit scoring in Washington. The Independent Insurance Agents and Brokers of Washington, the Professional Insurance Agents …

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Digital Leader Kerridge Named President of Hiscox USA

Specialty insurer Hiscox Ltd. announced that Kevin Kerridge will succeed Steve Langan as chief executive officer of Hiscox USA. Kerridge will take the helm effective May 15, 2021. Langan, who is retiring, will return to the UK after working with …

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How Agents Can Help Construction Businesses Get Back on Track

Construction business owners experienced declines in their revenues, project completions, new bids and workforce, as the pandemic took hold in 2020. In fact, 7-in-10 construction business owners were negatively affected by COVID-19, according to research from insurer Nationwide. The New …

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Europe’s Hopes for Digital Health Passports Face Security, Fraud, Political Challenges

As Europe races to set up a digital health pass scheme to save the holiday season from the pandemic, technical and political obstacles are showing just how big a challenge the world faces in building such systems, people involved in …

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London’s NuVenture to Support MGAs with Funding,Technology

A new London-based business is promising to support a diverse portfolio of managing general agencies (MGAs) with resources, as well as back office services and custom technology. NuVenture International Ltd., formed by industry veteran Andy Colbran in a strategic partnership …

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Greensill Creditors OK Australian Liquidation; Further Investigations Expected

Creditors of Greensill Capital Pty, the Australian parent of the collapsed British supply chain financier, voted on Thursday to liquidate the company, its administrator said, triggering deeper investigations into the conduct of its directors. Grant Thornton (GT), the liquidator appointed …

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Openly Expands Homeowners Insurance Platform into Massachusetts

Homeowners insurance platform Openly has made its services available in its home state of Massachusetts. Independent insurance agents in Massachusetts can now access Openly’s coverage and obtain quotes in seconds. Openly has filed for licenses now in nine states with …

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New York Launches Injured Workers Legal Assistance Project to Assist with Comp Claims

The New York State Workers’ Compensation Board has launched its first-ever legal assistance project to help injured workers obtain medical treatment, the Injured Workers Legal Assistance Project (IWLAP). Now, injured workers can complete an online form maintained by the New …

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A Dozen Homes Damaged in Wind-Whipped Baltimore Fire

Fire officials said a dozen homes on several streets caught fire in Southwest Baltimore, fueled by wind-whipped flames from the burning roof of a vacant house. One firefighter was injured during the blaze Friday and was taken to a hospital …

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EU Privacy Supervisor Urges Ban on Facial Recognition Software

Facial recognition should be banned in Europe because of its “deep and non-democratic intrusion” into people’s private lives, EU privacy watchdog the European Data Protection Supervisor (EDPS) said on Friday. The comments come two days after the European Commission proposed …

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Worker Group Alleges Unsafe Chemical Releases at Minnesota Refinery: Reuters

Inadequate safety standards at Marathon Petroleum’s St. Paul Park refinery in Minnesota have caused avoidable hydrocarbon and chemical releases that pose a threat to the community, a local worker advocacy group said in a report on Sunday, as a lockout …

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No Delays Found in Medical Care for Workers’ Compensation Claimants During COVID

Despite potential obstacles posed by the coronavirus pandemic, injured workers experienced no meaningful delays in access to medical treatment under their employers’ workers’ compensation programs during the pandemic. Research from the Workers’ Compensation Research Institute (WCRI) also shows that states …

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Virgin Island Officials Investigating St. Croix Refinery Emissions

A “noxious” gaseous smell coming from St. Croix’s recently reopened refinery that caused schools to close was caused by excess emissions of hydrogen sulfide, U.S. Virgin Islands officials said on Friday. The Department of Planning and Natural Resources (DPNR) is …

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Small Insurance M&As Create More Value Than Large Deals: McKinsey

McKinsey analysts believe insurers focused on large one-off deals undertaken to scale their companies and those that stick to organic growth are both headed down unfruitful paths if outsized shareholder return is their success metric. In a report published in …

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CEO Swift Optimistic About The Hartford’s Position as Economic Recovery Begins

The Hartford CEO Christopher Swift expressed confidence that the property/casualty insurer has weathered the worst of the COVID-19 pandemic and that related concerns about business interruption claims have become minimal. “I have never been more excited about The Hartford’s future,” …

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People Moves: Marze to Dwight Andrus Insurance; BenefitMall Adds Mitchell, Promotes Sims

Dwight Andrus Insurance Dwight Andrus Insurance in Lafayette, Louisiana, has added Hayden Marze as a commercial lines producer. Hayden has prior business-to-business sales experience in the oil and gas and aviation industries. An independent insurance agency founded in 1945, Dwight …

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Climate Change Activists Protest at Lloyd’s of London, Dumping a Load of ‘Coal’

Lloyd’s of London was the focus of climate change activists on Friday, when a group called “Insurance Rebellion” used a dump truck to deposit a large pile of fake coal in front of the Lloyd’s headquarters on One Lime Street. …

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Concerns Raised over Possible Flooding in Western Alaska

A heavy winter snowpack along the Kuskokwim River could make flooding likely this year in western Alaska, a federal weather official said. “I’m especially concerned about the lower villages” along the Johnson River, a tributary of the Kuskokwim, National Weather …

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Cal/OSHA Cites Company $108K in Fatal Pressure Vessel Incident

Cal/OSHA has cited Sierra Pacific Industries $108,300 for workplace safety and health violations after one of its employees was fatally injured when a pipeline on an air compressor exploded. On September 17, an employee working for Sierra Pacific Industries in …

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Cyber Attacks and Data Loss Are Top 2 Risks Facing Directors & Officers: WTW Survey

Cyber attacks and data loss are the top two risks facing directors & officers, with pandemic-related changes in working practices heightening these concerns, according to a global survey from broker Willis Towers Watson and law firm Clyde & Co. Covering …

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Pet Insurance Outshines Travel, Other Inland Marine Coverages Cut by COVID: AM Best

The U.S. inland marine insurance segment experienced a “significant downturn in profitability” in 2020, with its loss ratio deteriorating by nearly 16 percentage points amid the COVID-19 pandemic, according to an AM Best report. The Best’s Market Segment Report, “Significant …

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For Some Buyers, Commercial Insurance Market Is Going to Get Better, Easier: Willis

North American buyers of commercial property/casualty insurance can expect an “ever-so-slight turn for the better” and a “less difficult marketplace” in the months ahead. However, global broker Willis Towers Watson’s 2021 Insurance Marketplace Realities report adds, buyers will continue to …

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Insurity Completes Acquisition of Instec

Property/casualty insurance software firm Insurity has completed its acquisition of Instec, a cloud software maker for mid-size property/casualty carriers, managing general agencies and specialty insurers. Terms of the acquisition were not disclosed. Insurity said the deal further increases its support …

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Insurer for Ever Given Container Ship Appeals Detention by Egypt After Suez Grounding

LONDON – UK Club, an insurer of the Ever Given cargo ship which ran aground in the Suez Canal in March, said on Friday it had filed an appeal in an Egyptian court over the detention of the vessel by …

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Citing China, Senators Make Bipartisan Bid to Accelerate U.S. Self-Driving Vehicle Industry

Two U.S. senators are working to attach legislation to allow automakers to deploy tens of thousands of self-driving vehicles on U.S. roads to a bipartisan China bill, a significant reform that could help speed the commercial use of automated vehicles. …

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Lloyd’s Receives ‘AA-‘ from Its New Rating Agency KBRA

Kroll Bond Rating Agency (KBRA) has assigned an “AA-” insurance financial strength rating (IFSR) to Lloyd’s with a stable outlook. Newly appointed to provide an additional independent opinion of the market’s financial strength, KBRA joins three other agencies that rate …

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Alera Group Acquires New York’s The Waterford Group

Alera Group, a financial services and risk management company, has acquired The Waterford Group, a Rochester, New York-based retirement plan specialist providing consulting and fiduciary services to companies. Following the acquisition, The Waterford Group team will continue serving clients in …

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Worker Dies in Accident at Submarine Building Facility in Rhode Island

An employee at Electric Boat’s facility in Rhode Island has died from injuries suffered in a workplace accident, the company said. Sean Davies, a vice president for the Connecticut-based submarine builder, told WPRI-TV the incident took place around 8 a.m. …

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Up to 40% of Losses from Frost Damage at French Vineyards Are Uninsured

PARIS – Frost damage to French vineyards this month could reduce wine production by nearly a third compared with recent years, farm office FranceAgriMer said on Thursday, citing initial estimates from wine producers. The losses, subject to revision as the …

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Ex-Deloitte Auditor Faces Disciplinary Action for Improper Audit of S. Africa’s Steinhoff

An ex-Deloitte LLP partner is facing disciplinary action in the Netherlands for an improper audit of Steinhoff International Holdings NV prior to the South African retailer’s near collapse more than three years ago. The Dutch Authority for the Financial Markets …

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AM Best Revises Outlooks to Positive for Convex Group’s Subsidiaries

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Convex Insurance UK Ltd. and Convex Re Ltd. Both entities are wholly …

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Pennsylvania Moves Closer to Allowing Lawsuits by Child Sex Abuse Victims

For the first time, prominent Republican state senators on Wednesday put their support behind legislation in Pennsylvania to change the law to allow now-adult victims of child sexual abuse to sue the perpetrators or institutions that did not prevent it …

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Florida House Overwhelmingly Approves Consumer Privacy Bill

The Florida House resoundingly approved a consumer privacy bill on Wednesday, giving the public an opportunity to regain ownership of the personal data collected by companies and the right to sue companies for mishandling information in a marketplace where consumers …

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Hackers Publish Florida School District Files After $40M Ransom Unpaid

Hackers who sought $40 million in ransom from a South Florida school district that refused to pay have now published nearly 26,000 stolen files. Many of the files, dated from 2012 to March 2021, contain Broward School District accounting and …

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Plaintiff Lawyers Accuse Bayer of ‘Pay to Appeal Scheme’ in Roundup Litigation

Bayer AG’s strategy to get a favorable ruling in its Roundup litigation is a manufactured “pay-to-appeal scheme” that will erode the U.S. system of justice if it’s permitted, plaintiffs’ lawyers said in a letter to a court. Lawyers who are …

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New York City Lawsuit Claims Exxon, BP, Shell Mislead Over ‘Cleaner’ Fuels

New York City on Thursday sued three major oil companies and the top industry trade group in state court, arguing that the companies are misrepresenting themselves by selling fuels as “cleaner” and advertising themselves as leaders in fighting climate change. …

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‘Suspicious’ Apartment Fire in New York Displaces More Than 20 Residents

Fires at an apartment complex displaced more than 20 people on Sunday night, with authorities saying the blaze was suspicious and appeared to have been started in the recycling bins left on back porches. This is the second fire to …

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The Hilb Group Acquires Clarus Benefits Group in Texas

The Hilb Group LLC (THG) has acquired Houston, Texas-based Clarus Benefits Group LLC (CBG). The transaction became effective on April 1, 2021, and represents THG’s expansion into Texas. CBG is an employee benefits and human resources consulting firm, providing packages …

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Cannabis Legalization Debate Turns to Questions of Pot Potency

As marijuana legalization spreads across U.S. states, so does a debate over whether to set pot policy by potency. Under a law signed last month, New York will tax recreational marijuana based on its amount of THC, the main intoxicating …

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Mental Health Drug Prescriptions on the Rise

The number of Americans taking prescription medication is up 6.4% in the last year, which means that 65 million people (1 in 5) are now prescribed medication to help them cope with stress, anxiety or depression, according to an online …

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White House to Assist Drought-Plagued Western U.S. Communities

The White House on Wednesday announced an effort to provide immediate support to farmers, tribes and communities suffering from worsening drought conditions in the Western United States. After a meeting of the National Climate Task Force, President Joe Biden’s administration …

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People Moves: AXA XL’s Hiscock to AXIS; Carpenter Promotes Gaudron, Hires Willis Re’s den Boer; Dahlmann at Marsh; Forder to Dale Underwriting

This wrap-up of international People Moves details recent appointments at AXIS Re, Guy Carpenter, Marsh and Dale Underwriting Partners. A summary of these new hires follows here. AXIS Re, the reinsurance business segment of Bermuda-based AXIS Capital Holdings Ltd., announced …

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Hartford Rejected 3 Acquisition Offers From Chubb From $65 to $70 a Share

After its initial offer of $65 per share to acquire The Hartford was rejected, insurer Chubb came back with two additional offers of $67 and then $70 per share, The Hartford reported today in its first quarter filings. The Hartford’s …

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Geico Customer Data Breach May be Part of Unemployment Insurance Scam

Auto insurer Geico recently reported that fraudsters have been stealing license numbers of its customers for the past few months and possibly using them to fraudulently apply for unemployment benefits. In a data breach notification filed with California’s data privacy …

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Philippine Rescuers Find Bodies of 4 Crew Members of Abandoned Cargo Ship; 9 Missing

MANILA, Philippines – Rescuers in the southern Philippines found the bodies of four crew members Wednesday and rescued seven others who jumped off a cargo vessel, which took in water and listed after its anchor broke in rough seas, officials …

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New York Contractor to Pay $135K in Penalties After Trench Collapse

A Long Island, New York, superstructure, foundation and concrete company will pay $135,612 in penalties stemming from the collapse of an approximately 30-foot deep trench in Oyster Bay that led to the deaths of two workers. Following a January 2020 …

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Fire Erupts at Maryland Domino Sugar Plant, No Injuries Reported

A fire at the Domino Sugar plant sent white smoke billowing over the Inner Harbor in Baltimore, Maryland, last Tuesday, but no injuries were immediately reported, a fire department spokeswoman said. A conveyer belt apparently carried a burning substance from …

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Massachusetts Eye and Ear to Pay $2.6M to Resolve False Claims Act Allegations

Massachusetts Eye and Ear Infirmary, Massachusetts Eye and Ear Associates Inc. and the Foundation of the Massachusetts Eye and Ear Infirmary Inc., collectively referred to as Massachusetts Eye and Ear, have agreed to pay $2.678 million to resolve allegations that …

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Court Orders Liquidation of American Capital; Policies to Cancel May 14

Florida-based American Capital Assurance Corp. is officially in receivership and is in the process of being liquidated after being deemed insolvent by Florida’s insurance regulator earlier this month. The Florida Department of Financial Services, which serves as the receiver for …

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AXA XL Partners with SpaceAble to Support Operators with Satellites in Low Earth Orbit

AXA XL Insurance announced it has established a global partnership with SpaceAble, a start-up specializing in space situational awareness (SSA), to better support satellite operators and organizations operating in space. Based in France and a leading European SSA service provider, …

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Argo Group Estimates Q1 2021 Catastrophe Losses of $47 Million

Bermuda-based Argo Group International Holdings Ltd. announced estimated catastrophe losses of approximately $47 million for the first quarter of 2021. Argo expects to report Q1 natural catastrophe losses of approximately $43 million, primarily related to Winter Storm Uri. Approximately half …

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EU Announces Tough Draft Rules on Use of Artificial Intelligence

BRUSSELS – The European Commission on Wednesday announced tough draft rules on the use of artificial intelligence, including a ban on most surveillance, in an attempt to set global standards for a key technology dominated by China and the United …

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Reinsurers Remain Resilient Despite P/C Underwriting Losses in 2020: Aon

Despite the combined effects of around $25 billion of pandemic- and natural catastrophe-related losses as well compromised investment returns, a group of reinsurers studied by Aon reported positive earnings for 2020 and an increased capital base, aided by access to …

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Insurers Prefer Private Equity Investments over Hedge Funds: Survey

LONDON — Insurers want to put more money into private equity this year while scaling back on hedge funds, a survey by Goldman Sachs Asset Management showed on Wednesday. Private equity was the most-favored asset class for insurers seeking to …

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Howden to Acquire Spain’s Largest Independent Broker, ARTAI

Howden, the London-based insurance broker, has announced the acquisition of ARTAI, Spain’s largest independent corporate insurance broker. The transaction, which is pending approval from Spain’s Directorate General of Insurance (DGSFP), will see Howden’s presence in the region grow considerably, managing …

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People Moves: CopperPoint in Arizona Expands Roles for Roland, Davis-Schultz

Phoenix Ariz.-based CopperPoint has named Bob Roland chief operating officer adding to his responsibilities as chief administrative officer. Roland succeeds Scott Shader, who announced his retirement effective April 1. Roland joined CopperPoint in 2017 with more than 30 years of …

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Court Agrees Chubb Excluded Coverage in $3.3 Million Unsolicited Advertising Case

Chubb subsidiary Federal Insurance Co. does not have to pay $3.3 million that medical device services firm Mesa Laboratories Inc. wants to fund a settlement over its violations of the Telephone Consumer Protection Act (TCPA). The U.S. 7th Circuit Court …

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Insurance Agency Staffs Remain Positive Even Though Pay Is Down

Insurance agency personnel on average made a little less money in 2020 but they were more satisfied with their compensation in what was a stressful year. Satisfaction with compensation rose across the board, according to the 2021 Agency Salary Survey, …

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Coalition is Letting Californians Know May is Wildfire Awareness Month

Now is the time for Californians to prepare homes and communities for the coming wildfire season, the StrongerCA Coalition is warning. Last year saw a record-breaking wildfire season, with five of the 10 largest wildfires in California. The group is …

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Goldman Survey: Insurers Favoring Private Equity Over Hedge Funds

Insurers want to put more money into private equity this year while scaling back on hedge funds, a survey by Goldman Sachs Asset Management showed on Wednesday. Private equity was the most-favored asset class for insurers seeking to increase investment …

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California Transit Agency Settles Death Lawsuit for $5.5M

San Diego County’s transportation agency has apologized and agreed to pay $5.5 million to the mother of a mentally ill man who died after a security officer kept a knee on his neck for several minutes. It was announced this …

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Cape Town Wildfire Largely Contained; Damage Assessment Begins

CAPE TOWN, South Africa – Fire crews had largely contained a big wildfire on the slopes of Cape Town’s Table Mountain on Tuesday as the city started to come to terms with the damage caused by what officials described as …

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Fire Causes Partial Roof Collapse at Oregon Textile Factory

A fire caused extensive damage to a textile manufacturing facility in Portland early Monday, officials said. The first reports of the blaze came in around 3:30 a.m. Monday at a commercial building in southeast Portland, said Lt. Liz Thompson, a …

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COVID-19 Experiences Show Need for Employment Practices Insurance

As soon as the first community was shut down to slow the spread of the coronavirus or the first announcement of a safer at home order by a governor, some of us saw the storm of suits coming related to …

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Businesses Turned to Risk Management Technology More During Pandemic

Driven by the COVID-19 pandemic, businesses and public entities increased their reliance on risk management technologies, as vendors expanded their offerings to meet their needs. A survey of 1,100 risk professionals found that 38 percent of the respondents increased their …

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P/C Insurers Returned $13B in Premiums Due to COVID-19 Reduced Exposures

U.S. property/casualty insurers returned nearly $13 billion in premiums to policyholders in 2020 to reflect reduced exposures from the COVID-19 pandemic. Auto insurers returned premium in the greatest numbers, though general liability, workers’ compensation, event cancellation and inland marine sectors …

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How U.S. Plans to Protect Power Grid From Foreign Hackers

The White House unveiled on Tuesday a 100-day plan intended to protect the U.S. power grid from cyber-attacks, mainly by creating a stronger relationship between U.S. national security agencies and the mostly private utilities that run the electrical system. The …

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People Moves: Liberty Specialty Promotes Warren; GC FAC’s Smith to Miller; Everest’s Geddes to MS Amlin; Pro Global Hires; Generali Promotions

This wrap-up of international People Moves details recent appointments at Liberty Specialty Markets, re/insurance broker Miller, MS Amlin, Pro Global Holdings and Generali Global Corporate & Commercial. A summary of these new hires follows here. Liberty Specialty Markets (LSM), part …

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More Assertive SEC Smacks Down SPACs: Viewpoint

Investor Jeremy Grantham says special purpose acquisition companies, which raise money in an initial public offering and then find a promising company with which to merge, are a “license to rip investors off.” On an investing podcast in February, the …

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Chinese Military Reported to Be Behind Japan Cyber Attacks

China’s military is thought to have instructed a hacker group to conduct cyber attacks on nearly 200 Japanese research institutions and firms, public broadcaster NHK reported, citing unidentified people in a police investigation. The investigators found a member of China’s …

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Bank of England Warns of Potential Risks from Cloud Data Providers

LONDON – The Bank of England might strengthen its controls on cloud data providers and other technology firms to counter possible risks to the stability of the financial system from the rise of fintech, Deputy Governor Dave Ramsden said. The …

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Mom Sues Over Teen’s Suicide at Maine Youth Detention Center

The mother of a transgender teenager who died by suicide at a youth detention center in Maine has filed a wrongful death lawsuit against the state. Michelle Knowles, of North Vassalboro, filed the lawsuit Tuesday against the Maine Department of …

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New York Petroleum Carrier Pays $375K for Seaman’s Protection Act Violation

A Long Island, New York-based petroleum barge company and three former and current management officials have paid $375,000 in restitution to the brother of one of two seamen killed in a barge explosion off the coast of Texas. The seaman …

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Maine Man Charged with Hate Crime in Black Church Arson

A Maine man accused of setting fire to a Massachusetts church with a predominantly Black congregation been charged with hate crime offenses, federal prosecutors said. Dushko Vulchev is charged in federal court with four counts of damage to religious property …

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Insurers Warn that Drivers May Not Understand Limits of ‘Automated’ Car Technology

LONDON – Britain’s goal to be a leader in adopting self-driving cars could backfire unless automakers and government regulators spell out the current limitations of the technology, insurance companies warn. Insurers are key players in the shift to automated driving, …

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Tech Provider FintechOS Raises US$60M to Fuel Global Expansion

FintechOS the London-based technology provider for insurers, banks and other financial services companies, announced it has raised US$60 million (€51 million) in Series B funding. The round was led by venture capital firm Draper Esprit. Existing investors Earlybird Digital East, …

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Canadian MGA GroupAssur Merges with Evolution Insurance

GroupAssur, a Canadian managing general agent (MGA), specializing in property/casualty insurance lines, announced it has merged with Evolution Insurance, an MGA and wholesaler specializing in complex risks that offers its facilities, programs and services to Canadian brokers. Novacap, one of …

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TikTok Faces Damages Claim Worth Billions in Child Privacy Lawsuit in London

LONDON – TikTok, the wildly popular video app, and its Chinese parent ByteDance could face a damages claim worth billions of pounds (dollars) in London’s High Court over allegations they illegally harvested the private data of millions of European children. …

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J&J to Resume Shipments of COVID-19 Vaccine to EU with Safety Warning

Johnson & Johnson said on Tuesday it will resume rolling out its COVID-19 vaccine in Europe after the region’s medical regulator said the benefits of the shot outweigh the risk of very rare, potentially lethal blood clots. Europe’s health regulator, …

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Florida Regulator Nixes Citizens Request to Remove Rate Cap on New Business

New policyholders coming into Florida’s insurer of last resort will not face higher rates than existing insureds under an order issued by the Florida Office of Insurance Regulation. The regulator’s decision comes after Citizens Property Insurance Corp. President & CEO …

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J.M. Wilson Acquires Wisconsin’s Transcom General Agency

J.M. Wilson, a managing general agency headquartered in Portage, Michigan, with eight offices in the United States, has acquired Transcom General Agency, based in Madison, Wisconsin. The transaction was effective April 1. Transcom General Agency was founded in 1995 and …

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Insight: Tesla Drives on Autopilot Through Regulatory Limbo

The fatal crash of a Tesla with no one apparently behind the wheel has cast a new light on the safety of semi-autonomous vehicles and the nebulous U.S. regulatory terrain they navigate. Police in Harris County, Texas, said a Tesla …

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Jabs on the Job: Companies, Unions Offering COVID-19 Vaccines

Marie Watson wanted to be among the first in line when she and other essential workers became eligible for the coronavirus vaccine — and with good reason. The maintenance parts buyer for a Mission Foods tortilla plant in Pueblo, Colorado, …

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Massachusetts Shoe Company Exec to Plead Guilty to Embezzling $30M

A former top executive at a Massachusetts-based shoe manufacturer has agreed to plead guilty to embezzling $30 million from the company, federal prosecutors said Wednesday. Richard Hajjar, 64, the former chief financial officer of Alden Shoe Co., agreed to plead …

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Oregon Considering Indefinite Mask Rules for Workers

As states around the country lift COVID-19 restrictions, Oregon is poised to go the opposite direction – and many residents are fuming about it. A top health official is considering indefinitely extending rules requiring masks and social distancing in all …

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Arizona Utility Portal Back up Following Cyberattack

The utility billing citizen self-service online portal for Kingman, Ariz., is once again fully functional following a cyberattack two months ago, city officials said Wednesday. The Feb. 26 attack from an unknown source knocked down the city’s computer system, blocking …

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Owner, Builder of Solar Array Fined for Polluting Massachusetts Brook

A New Jersey solar energy company and utility Eversource have agreed to pay up to $310,000 in state fines to Massachusetts for allegedly violating state environmental laws that led to pollution of a brook and other protected areas. The settlement …

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Travelers Is ‘Off to a Terrific Start’ in 2021 with Q1 Results

The Travelers Companies reported net income of $733 million for the first quarter of 2021, compared to $600 million in the prior year quarter. Core income in the current quarter was $699 million compared to $676 million in the prior …

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Price Forbes Aviation Launches Digital General Aviation Facility

Price Forbes announced the launch of a digital general aviation facility that will quote and bind risks with a leading Lloyd’s syndicate within minutes. The development within Price Forbes’ proprietary EDGE platform will improve speed of service and placement for …

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Lemonade Warming Up to Enter Car Insurance Market

Lemonade, the insurance company that uses artificial intelligence and behavioral economics, plans to add car insurance to its current renters, homeowners, pet, and life insurance offerings in the U.S. The insurtech announced it is readying what it calls Lemonade Car …

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Broker Howden Launches Retail Operation in Switzerland, with Aon’s Jenny as CEO

Howden, the London-based insurance broker, announced that it has appointed Felix Jenny to lead its new retail operation in Switzerland. Howden Switzerland will form an important part of Howden’s European business, delivering local market expertise to the group’s multinational client …

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UK Car Insurance Premiums Drop to Lowest Level Since 2015: WTW Survey

The cost of a comprehensive car insurance policy in Britain slumped 14% in the first quarter of 2021, to their lowest level since 2015, as different phases of lockdowns in the country kept motorists off the streets, a survey showed. …

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Kenya Startup Pula Offers Insurance to African Farmers Hit by Effects of Climate Change

KITUI, Kenya – When Kenyan farmer Waki Munyalo’s crop of lentils shrank by three quarters last year because of unusually low rainfall, disaster was averted thanks to a simple remedy that was previously unavailable to most African farmers – insurance. …

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South Africa to Launch Compensation Fund to Allay Vaccine Makers’ Liability Concerns

JOHANNESBURG – The South African government’s compensation fund to cover potential injuries from COVID-19 vaccines could cost around 250 million rand ($17.5 million) in the first year, the health minister said in response to questions in parliament. The African country …

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Everest Re Estimates Q1 2021 Catastrophe Losses of $260 Million

Bermuda-based Everest Re Group Ltd. estimates pre-tax catastrophe losses for the first quarter of $260 million. Breaking down that total, Everest said the Texas winter storms will cost $250 million, while Australia’s New South Wales floods will cost $10 million. …

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Hungary’s Surprise Veto of $1B Aegon Deal with Vienna Insurance Sparks Dutch Outcry

The Dutch government has raised concerns with Hungarian officials after a decision in Budapest to block the sale of Aegon NV’s local unit to Vienna Insurance Group AG, according to several people familiar with the matter. The issue was communicated …

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Insurer for Georgia City to Pay $1.7M to Business Owner in Harassment Suit

A suburban Atlanta barbecue restaurant owner will get $1.7 million to settle a federal lawsuit claiming he was harassed by government officials and employees. The city of Stockbridge’s insurer will pay the money to Arick Whitson, owner of Georgia Championship …

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First United Insurance Division Rebrands as Unity Insurance Partners

Unity Insurance Partners is now the name of the insurance division at Plano, Texas-based financial services firm, First United. First United’s insurance division originated from three different insurance companies that have been combined over several years. The company said the …

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Florida Drives Toward Repeal of Motor Vehicle No-Fault Law

After many years of trying, Florida is closer than ever to repealing its 50-year-old motor vehicle no-fault law. However, many industry stakeholders have expressed opposition to the legislation passed by the Florida Senate last week and its companion bill approved …

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Unhappy New Year. Insurers Report Estimated Q1 Catastrophe Losses.

Carriers are starting to report their pretax catastrophe loss estimates for the 2021 first quarter, and the numbers are significant. Below are preliminary numbers from Allstate, Arch, AXIS, and The Hanover. *** The Allstate Corp. said it had nearly $1.7 …

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How Meatpacking Plants’ COVID-19 Cases Hurt Counties

An estimated 334,000 COVID-19 cases are attributable to meatpacking plants, resulting in $11.2 billion in economic damage, according to a new study led by a researcher at the University of California, Davis. The study was published in the journal Food …

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With Claims Rising, Cyber Insurers Need More Than Sizable Rate Increases: Fitch

Cyber insurance underwriters are reporting substantially higher claims losses in 2020 than in prior years and as a result face increasing profit pressure. insurers will have to achieve both significant premium rate increases and tighter coverage terms in order to …

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Digital E&S Broker Pathpoint Releases Lessor’s Risk Commercial Package

Pathpoint, a digital excess and surplus lines insurance distributor, has launched its Lessor’s Risk Only (LRO) Commercial Package for agents to access non-admitted coverage for property owners with a single application. The Pathpoint’s LRO product includes a shortened, targeted question …

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70 Homes Across Mississippi Damaged by 4 Tornadoes

Four tornadoes that moved across Mississippi earlier this month caused damage to around 70 homes, emergency officials said Thursday. Four businesses and three farms were also damaged. There have been no reports of injuries or fatalities, officials said. The storms …

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Insurers Have Paid Nearly $1.7B Property, Auto Claims from Texas Winter Storm

As of late March, Texas policyholders had filed 386,108 property and auto insurance claims related to the winter storm that blanketed the state in mid-February. That number reflects preliminary results from a data call issued February 26 to property and …

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Police to Demand Texas Tesla Crash Data; Musk Denies Autopilot Use

Texas police will serve search warrants on Tesla Inc. on Tuesday, April 20, to secure data from a vehicle that crashed on the weekend, killing two people, a senior officer told Reuters. Mark Herman, Harris County Constable Precinct 4, said …

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Transportation Insurer Lancer to Merge Into Core Specialty

Commercial auto insurer Lancer Insurance Co. has agreed to merge with another specialty insurer, Core Specialty, where it will operate under its own brand name as Core Specialty’s ninth specialty property/casualty business unit. The deal marks Core Specialty’s first merger …

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Cyber Attacks on the Rise for Businesses, Pushing Many to the Brink: Hiscox

The proportion of businesses targeted by cyber criminals in the past year increased from 38% to 43%, with over a quarter of those targeted (28%) experiencing five attacks or more, according to the Hiscox Cyber Readiness Report 2021. Those attacks …

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Liberty University Sues Jerry Falwell Jr., Seeking Millions in Damages

Liberty University has filed a civil lawsuit against its former leader, Jerry Falwell Jr., seeking tens of millions in damages after the two parted ways acrimoniously last year. The complaint, filed Thursday in Lynchburg Circuit Court, alleges Falwell crafted a …

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New Jersey Governor Proposes New Gun Control, Safety Measures

New Jersey would mandate safety courses in order to get a gun permit, require lockboxes for out-of-use firearms and change state law to hold firearm makers liable for harm stemming from gun use, among other changes proposed in the dozen …

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Colorado Woman with Dementia Arrested Over Petty Theft Sues

A 73-year-old woman with dementia is suing a Colorado city and members of its police department after she suffered a dislocated shoulder and bruises last year while being arrested after leaving a store without paying for about $14 worth of …

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Possible Water Crisis for Ag Operations on Oregon-California Border

Hundreds of farmers who rely on a massive irrigation project that spans the Oregon-California border learned Wednesday they will get a tiny fraction of the water they need amid the worst drought in decades, as federal regulators attempt to balance …

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Arch Capital Estimates Q1 Catastrophe Losses Could Reach $190 Million

Arch Capital Group Ltd. estimated a range of pretax catastrophe losses of $180 million to $190 million for the first quarter across its property casualty insurance and reinsurance segments. A major reason for the claims during Q1 will be January’s …

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Helix Underwriting to Write Excess Casualty, Forming Agency Agreement with Watford

Helix Underwriting Partners Ltd., the Bermuda-based managing general agency, has expanded its agency platform into the excess casualty insurance segment. The move will see Tim Hadler join as chief underwriting officer to lead the new program, which has received regulatory …

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Two Die in Tesla Crash in Texas

Two men died after a Tesla vehicle, which was believed to be operating without anyone in the driver’s seat, crashed into a tree on Saturday night north of Houston, authorities said. “There was no one in the driver’s seat,” Sgt. …

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FDA Halts Manufacturing at Plant Where Vaccines Were Ruined

The U.S. Food and Drug Administration has asked Emergent BioSolutions Inc. to stop manufacturing new drug material at its plant in Baltimore, which was responsible for millions of ruined COVID-19 vaccine doses earlier this month. The U.S government had put …

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China Launches 1st Class-Action Lawsuit as Regulators Vow to Fight Accounting Fraud

SHANGHAI – China launched the country’s first class-action lawsuit against a listed company on Friday, targeting Kangmei Pharmaceutical Co, as regulators vowed “zero tolerance” against accounting fraud and other capital markets “tumors.” The China Securities Investor Service Centre (CSISC), a …

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P/C Insurers Need to Hike Key Commercial Rates Even More: A.M. Best

The environment for many of the U.S. property/casualty (P/C) insurers lines remains competitive despite the need for rate increases for key commercial lines of coverage such as property catastrophe, commercial automobile, general and professional liability, and medical professional liability. For …

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Guy Carpenter Names Co-Heads of Cyber, Hiring Swiss Re’s Cordonnier, Promoting Davis

Guy Carpenter & Co., the reinsurance brokerage business of Marsh McLennan, announced the appointment of Anthony Cordonnier as managing director and global co-head of Cyber, effective the second half of 2021, and the promotion of Erica Davis to global co-head …

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Arthur J. Gallagher Invests in Broker ACE via Partnership with Dubai’s MIG Group

Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based broker, announced that it has agreed to a strategic partnership with MIG Holding Ltd. (MIG Group), which will see the company take a minority interest in Middle East & North Africa …

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SCOR Reports 4.3% Increase in Reinsurance Prices During April Renewals

French reinsurer SCOR said it benefited strongly from continued improvements in pricing and terms and conditions, during the April 1, 2021 reinsurance renewals – a continuation of trends already seen during the January renewals. SCOR’s gross premiums, up for renewal, …

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China’s Ant Explores Ways for Founder to Divest Stake as Beijin Pressure Grows: Sources

HONG KONG – Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control, as meetings with Chinese regulators signaled to the company that the move could help draw …

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3 House Fires in Savannah, Georgia Linked to Arsons

Three houses that burned in Savannah earlier this month are believed to have been set on fire by burglars. Georgia Insurance Commissioner John King said Thursday that investigators have ruled the fires to be arsons and believe they are linked. …

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People Moves: Burkhart to Lead Michigan Big ‘I’; J.M. Wilson Promotes 3, Adds VanderMaiden

Big ‘I’ of Michigan Jared Burkhart will be the next CEO of Big “I” Michigan (MAIA), the association announced. Burkhart joins the Big “I” team on May 3 and succeeds the current CEO, Bev Barney, who is retiring Aug. 31. …

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Telehealth Care Could Lead to More Follow-Up Visits

Even before the pandemic, people with minor urgent health needs had started to turn to companies that offer on-demand video chats with physicians they don’t normally see. Insurers and employers even started buying access to this direct-to-consumer form of virtual …

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Proximity Protect Brokerage Targets Coworking, Flex Space Industry

Workspace management software company Proximity Space Inc. has launched Proximity Protect, a specialty, nationwide insurance brokerage offering coverage for coworking and flex space operators, members and tenants. According to the company, Proximity Protect is the nation’s first brokerage to fully …

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Pandemic-Delayed Trials Over Drugmakers’ Marketing of Opioids to Begin

Four drugmakers, including Johnson & Johnson and Teva Pharmaceutical Industries Ltd., will go to trial on Monday over claims they helped fuel an opioid crisis that has resulted in nearly 500,000 overdose deaths in the United States. The trial is …

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People Moves: INSUREtrust Hires Ye, Yarbrough; Engle Martin Picks Stewart as COO; Oakbridge Adds Mahler as VP of Technology

INSUREtrust Hires Le, Yarbrough Atlanta-based INSUREtrust has hired Beveryly Le as an account manager. She will be responsible for developing and maintaining relationships with clients. Additionally, the company named Kyle Yarbrough as an operations specialist. Before joining INSUREtrust, Yarbrough worked …

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Wright National, Zurich Expand Flood Coverage into California

Wright National Flood Insurance Services LLC and Zurich Insurance are now offering Zurich’s Residential Private Flood Insurance in California. The stand-alone product has previously been launched in Florida, New Jersey, South Carolina and Virginia, with anticipated plans to expand to …

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South Texas Officials Worried About Flooding Due to Boarder Levee Breaches

South Texas officials say they are worried about flooding during the hurricane season starting June 1 from breaches in a levee system that remain after border wall construction was halted. Hidalgo County Judge Richard Cortez told Border Report that there …

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Abry Partners Acquires Michigan’s High Street Insurance Partners

Abry Partners (Abry), a Boston-based private equity firm, has acquired High Street Insurance Partners (HSIP), a full-service insurance brokerage, located in Traverse City, Michigan. Abry is acquiring HSIP from Huron Capital (Huron), a Detroit-based lower middle-market private equity platform. HSIP …

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Auto Insurers Lead 2020 U.S. Property/Casualty Impairments: AM Best

Seven insurance company impairments were identified in the U.S. property/casualty industry in 2020, with five of the seven involving auto insurers, according to an AM Best special report. Last year’s number was an improvement over 2019 when 13 impairments were …

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Institute Analyzes Impact of California Medical Provider Network Option for Workers

Legislation intended to increase injured California workers’ access to medical care by requiring the state to create a medical provider network as an alternative to private networks that render 90% of California workers’ compensation treatment would significantly increase medical costs …

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California Legislature Votes Down Fracking Ban

California lawmakers rejected a bill that would have banned fracking in the state, succumbing to pressure from the powerful oil and gas industry and their labor union allies who warned the bill would have cost good-paying jobs. The bill was …

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California Toughens PG&E Wildfire Safety Oversight

California officials on Thursday voted to toughen oversight of Pacific Gas & Electric, saying the utility had largely failed to perform required tree-trimming work near power lines in areas with the highest risk of wildfires. The unanimous vote by the …

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Praedicat Launches Risk Scenario Platform to Widen Cross-Line Clash Analysis

Praedicat Inc., the Los Angeles-based liability emerging risk analytics company, announced the launch of its new Risk Scenario Analysis Platform, which widens the cross-line clash scope of its scenario suite. The platform also makes it easier for syndicates at Lloyd’s …

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Connecticut Reminds Insurers to Avoid Discriminatory Practices with Big Data

Connecticut Insurance Department (CID) Commissioner Andrew N. Mais issued a formal notice to insurers licensed by the department that their use of technology and big data must be in full compliance with federal and state anti-discrimination laws. The notice, issued …

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Massachusetts Regulators Seek to Revoke Robinhood’s License; Brokerage Sues

Massachusetts regulators on Thursday sought the revocation of Robinhood’s broker-dealer license after charging that it encourages inexperienced investors to place risky trades without limits, while the online brokerage sued to invalidate a new rule underlying the case. Massachusetts Secretary of …

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Willis Towers Watson Launches ‘Radar Workbench’ for Commercial Underwriters

Insurance broker Willis Towers Watson has launched Radar Workbench, new software technology aims to transform the performance of frontline commercial underwriters. “Radar Workbench has been developed to provide the optimal environment that supports underwriters in making complex decisions at pace …

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Risk of COVID-19 Exposure on Airlines Drops when Middle Seats Are Empty: Study

The risk of being exposed to the COVID-19 virus on an airline flight drops by as much as half when airlines keep middle seats open, a new study published by the U.S. government concludes, a safety practice the carriers have …

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New York City Begins $1.5B Project to Protect Manhattan from Floods

New York City has embarked on a $1.45 billion resiliency project in lower Manhattan along the East River, an area devastated by flooding in 2012 during Hurricane Sandy, Mayor Bill de Blasio said. The city’s East Side Coastal Resiliency project, …

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Many Climate Scientists Moving from Fieldwork to Jobs in Financial Services

LONDON – Environmental scientist Laura Garcia Velez cut her teeth on projects to help Ethiopian farmers insure crops for drought and connect remote Colombian communities to the electricity grid before working for conservation campaigners WWF. Now she’s an analyst for …

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City of London Hit Worse by Brexit than Expected: Study

LONDON – Over 400 financial firms in Britain have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, a study from New Financial …

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UK Space Industry Aims to Remove Dangerous Space Junk from Orbit

A defunct satellite spent early April hurtling through space toward the body of an old rocket, threatening a collision that the European Union’s Space Surveillance and Tracking Consortium estimated could generate more than 4 million pieces of debris. In the …

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Ex-Allianz CFO Wemmer Plans to Form SPAC to Target Insurance Deals

Dieter Wemmer, a veteran insurance executive who was chief financial officer at Allianz SE, is launching a blank-check company to target deals in the sector where he worked for more than three decades, people familiar with the matter said. Wemmer …

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Russian Spy Agency SVR Responsible for SolarWinds Hack: White House

The White House said in a statement on Thursday that Russia’s foreign intelligence service, known as the SVR, was responsible for the SolarWinds hack, which led to the compromise of nine federal agencies and hundreds of private sector companies. Senior …

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Zywave Acquires Risk Management Solutions Provider, Enquiron

Insurance technology provider Zywave announced the acquisition of Enquiron, the Boston-based provider of risk management and consultative business solutions. Financial details of the acquisition were not disclosed. Founded in 1996, Enquiron serves more than 100 of the top P/C, healthcare …

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Mississippi Supreme Court Hears Arguments on Marijuana Program

The Mississippi Supreme Court heard arguments Wednesday in a lawsuit that’s trying to block a voter-approved medical marijuana program by disputing how the issue got onto the ballot. Arguments were not about marijuana. Instead, they were about Mississippi’s initiative process. …

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