Strong thunderstorms caused widespread damage across Wisconsin, left tens of thousands without power and triggered tornado warnings. The severe weather stretched from the Mississippi River to Lake Michigan and began in the evening on July 28 in northwestern Wisconsin. By …
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Friday, July 30, 2021
Monsanto Told to Pay Washington Teachers $185M Over PCB Exposure
Three schoolteachers in Washington state who sued chemical company Monsanto over exposure to materials in fluorescent lights have been awarded $185 million. The law firm that represented the teachers, Friedman Rubin, said a jury returned the verdict in King County …
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Reinsurers Show Strong Profits During 2nd Half, Rebounding from 2020’s Challenges
The first half financial results, reported by a group of six reinsurers over the past week, generally show a strong return to profits after last year’s challenging market conditions. A wrap-up of these H1 results follows for Swiss Re, Everest …
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Delaware Farm Receives Violation for Damaged Pipeline, Wastewater Spill
Delaware environmental officials have issued a notice of violation to Mountaire Farms in Millsboro after a contractor damaged a pipeline and treated wastewater spilled into Swan Creek. The notice from the Department of Natural Resources and Environmental Control states a …
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DFS Issues New Report on Insurers’ Management of Climate Change Risks
The New York State Department of Financial Services (DFS) has issued a report analyzing New York domestic insurers’ management of the financial risks from climate change based on their 2020 responses to the National Association of Insurance Commissioners (NAIC) Climate …
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Gun Maker Offers $33M to Settle Suit by Sandy Hook Families
The maker of the rifle used in the Sandy Hook Elementary School shooting has offered some of the victims’ families nearly $33 million to settle their lawsuit over how the company marketed the firearm to the public. Lawyers for now-bankrupt …
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Bayer Books Additional $4.5 Billion for Roundup Litigation
Bayer said on Thursday it would book an additional provision of $4.5 billion related to litigation which alleges that its weedkiller Roundup can cause cancer. Bayer made the announcement in an update to investors on how it plans to deal …
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‘Real Time’ Cyber Risk Specialist At-Bay Pulls In $185M as Antidote to Insurance Spiral
At-Bay pulled in a whopping $185 million in new financing that the cyber insurance startup plans to use for new product development, expansion into new markets and hiring more employees. Including the new round, the managing general underwriter said it …
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Cyber Criminals Target Remote Workers and ‘Critical Infrastructure to Corner Stores’
The share of policyholders who filed a cyberattack claim jumped by 50% from the first half of 2000 compared to the first half of 2001, according to a new report by cyber insurer Coalition. An increasing number of attacks were …
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85% of Flight Attendants Report Incidents With Unruly Passengers
Incidents with unruly passengers have become an everyday occurrence for flight attendants. A national survey of nearly 5,000 flight attendants found that more than 85 percent of all respondents had dealt with unruly passengers as air travel picked up in …
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CDC Describes Delta Variant as Highly Contagious – Report
The U.S. Centers for Disease Control and Prevention (CDC) has described the Delta variant of the coronavirus as being as transmissible as chickenpox and cautioned it could cause severe disease, the Washington Post said, citing an internal CDC document. The …
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UK’s Managing General Agents’ Association (MGAA) Expands to Republic of Ireland
The UK’s Managing General Agents’ Association (MGAA) has expanded its membership into the Republic of Ireland (ROI) following an initiative driven by Chief Executive Mike Keating. The move to enable MGAs, insurers and suppliers to join the association is designed …
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Occam Underwriting Promotes Fisher to CEO; Succeeding Gibbins Who Becomes Chair
Occam Underwriting, the specialist lines-focused managing general agent, has announced the promotion of Chief Financial Officer Mark Fisher to chief executive officer, subject to regulatory approval. The previous CEO, Lance Gibbins, will continue to serve the company as chair. Fisher …
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‘Talent War’ Forces Companies Across Globe to Pay Higher Salaries to Woo Workers
The COVID-19 pandemic has worsened a shortage of white-collar workers in many countries, forcing companies to pay higher salaries to woo talent, a top London-based recruiter said on Tuesday [July 27]. Robert Walters – which specializes in the likes of …
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Feds Sue North Carolina County Over Firing of 911 Operator Who Reported Sexual Harassment
A North Carolina county’s emergency communications unit engaged in unlawful retaliation when it terminated a worker after she told supervisors that she had been sexually harassed while on the job, according to a lawsuit filed by the U.S. Department of …
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Global Warming Could Kill 83 Million People by Turn of Next Century: Study
A population equivalent to that of Germany — 83 million people — could be killed by 2100 because of rising temperatures caused by greenhouse-gas emissions, according to a new study that might influence how markets price carbon pollution. The research …
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Mississippi ICU Capacity ‘Extinguished’ by Latest COVID Spike
Mississippi’s top public health official said that intensive care units are filling up in some hospitals and COVID-19 outbreaks are expanding in nursing homes as the delta variant of the virus continues to spread rapidly. “We are seeing more and …
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Ireland to Introduce Laws to Make Insurers, Bankers Accountable for Corporate Failings
DUBLIN – Ireland will introduce long-anticipated laws to make senior bankers and executives in other financial sectors directly accountable for failings at institutions over the next 12 to 18 months, Finance Minister Paschal Donohoe said on Tuesday. Donohoe had planned …
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Anti-Fraud Tech Company FRISS Raises $65 Million to Fund Expansion
FRISS, a provider of AI-focused fraud prevention and detection products for P/C insurers, raised $65 million to help it carve out new product lines and market reach. The company said it serves insurers in more than 40 countries currently, and …
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Global Empowerment Mission Provides Housing Assistance for Surfside Victims
Sharon Schechter escaped the South Florida condominium tower collapse with just the nightclothes she was wearing, so she cried shortly after when the Global Empowerment Mission gave her an electric toothbrush, a phone charger and a $500 gift card to …
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Thursday, July 29, 2021
People Moves: IIAT Promotes Loftis, Adds Ellmer; New Officers, Board Members for Austin Agents Association
IIAT The Independent Insurance Agents Association of Texas (IIAT) promoted H. Lee Loftis Jr. to chief legislative officer and added Regan Ellmer to the IIAT government affairs team. Loftis has been IIAT’s government affairs director since 2006. Ellmer joins Loftis …
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People Moves: United Valley Adds Cyr; MJ Hall Names Brooks Lead Broker in California
United Valley Insurance Services Inc. has named Paul Cyr Southwest region director. Cyr, formerly United Valley’s Member Advisory Council chair, joins United Valley as the lead in Arizona and surrounding states. His primary role is to liaison with members and …
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Warming Rivers in Western U.S. Killing Imperiling Fish Industry
Baby salmon are dying by the thousands in one California river, and an entire run of endangered salmon could be wiped out in another. Fishermen who make their living off adult salmon, once they enter the Pacific Ocean, are sounding …
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Chubb CEO Greenberg Stresses Need to Address Ransomware and ‘Systemic’ Cyber Risk
Chubb Chairman and CEO Evan Greenberg is doubling down against outlawing ransomware payments to address the the growing threat of ransomware. He appears to make an exception, however, for cryptocurrency payments. “While I don’t think the government should outlaw ransomware …
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The Hanover Enhances Product Suites for Lawyers, Healthcare Facilities
The Hanover Insurance Group Inc. said it has enhanced its product suites for lawyers and healthcare facilities. The Hanover Lawyers Advantage product suite offers stand-alone professional liability coverage for a wide range of law firms. In addition to a new …
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Study Finds Boston’s Subway System Faces Severe Flood Threat
The Boston area’s subway system faces a severe threat from rising seas over the next 50 years that could cause flooding and cut critical links around the city, according to a new study. The report, written by researchers at the …
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Ex-eBay Employee Gets 18 Months for Cyberstalking Campaign
A former security operations manager for eBay Inc. was sentenced to 18 months in prison Tuesday for his role in an extensive campaign to terrorize and intimidate the editor and publisher of an online newsletter. Philip Cooke pleaded guilty in …
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Man Killed When Machinery Collapses on Him at Massachusetts Storage Facility
A 38-year-old man was killed when a piece of machinery collapsed on him at a storage facility in Everett, authorities said Monday. The man was operating a hydraulic forklift system alone at a Commercial Street facility on Monday when it …
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China Regulator Urges Insurers to Expand Natural Disaster Coverage
BEIJING – China’s banking and insurance regulator said on Thursday that it will guide insurers to increase investment in natural disaster insurance and enrich product offerings. It also plans to raise public awareness of risks, to let natural disaster insurance …
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Fitch Sees No Ratings Change, ‘Modest Benefit’ for Liberty Mutual in State Auto Buy
Fitch Ratings said it does not expect Liberty Mutual Holding Co. Inc.’s ratings to be impacted by its planned acquisition of State Auto Group for an estimated $1 billion of cash consideration. “Given the relative size of the two organizations …
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CFC Underwriting Names Newman as CEO as Walsh Becomes Group CEO
CFC Underwriting, the London-based specialist managing general agent, announced that Chief Innovation Office Graeme Newman has been appointed as the company’s new CEO. Founder and current CEO, Dave Walsh, will assume the role of group CEO effective immediately, subject to …
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Insurtech Agentero to Expand Digital Network for Agents After Raising $13.5M
Agentero raised $13.5 million in new financing designed to boost and help expand its digital insurance network for agents. The California-based insurtech, launched in 2017, is designed to help insurance agents access digitally-savvy insurance carriers and boost their revenues. Agentero …
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Liberty Global Transaction Solutions Group Reorganizes EMEA Team, Led by Messinger
Liberty Global Transaction Solutions (GTS), part of Liberty Mutual Insurance, has announced a suite of team changes in EMEA. The appointments create a new regionalized structure for EMEA under the new leadership of Markus Messinger, who has been appointed head …
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Congressional Committee Asks J&J For Details on Talcum Liability Bankruptcy Plans
A U.S. congressional panel has asked Johnson & Johnson to provide it all documents related to the company’s plans to put its talc liabilities into bankruptcy, according to a letter sent on Wednesday and seen by Reuters. Democrat Raja Krishnamoorthi, …
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P/C Insurers’ Boost Net Income But Extreme Weather Hurts Underwriting in Q1
Private property/casualty insurers in the U.S. saw their net income after taxes increase significantly in the first quarter to $20 billion from $17.9 billion in the first quarter of 2020. Growth was fueled, in part, by an increase in realized …
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Global InsurTech Investment Reaches Record $7.4B for H1 2021: Willis Towers Watson
Insurtech venture investment keeps climbing ever higher, with new records reached for the second quarter as well as the first half of 2021, according to the latest Willis Towers Watson report on the sector. Global insurtech investment hit $7.4 billion …
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Howden Acquires Independent Italian Broker Andrea Scagliarini SpA
Howden, the London-based insurance broker, announced an agreement to acquire Italian broker Andrea Scagliarini SpA. Financial details of the transaction were not disclosed. By establishing operations in Italy, Howden adds another market to its growing European platform, which enables it …
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British On-Demand Drone Insurer Flock Raises $17 Million in Funding
British drone insurer Flock has raised $17 million from investors in early-stage funding led by venture investor Chamath Palihapitiya’s Social Capital, Flock said on Thursday. Flock started out insuring commercial drones, and added car and van fleets last year. It …
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Alabama COVID Hospitalizations Soar
The number of COVID-19 patients in Alabama hospitals Monday climbed to more than 900 _ a number the state has not seen since February _ as the state sees a surge in virus cases. There were 947 COVID-19 patients in …
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People Moves: Monarch E&S Hires Currier; Howden Specialty Names Two Executive Directors for Financial Lines Division
Monarch E&S Monarch E&S Insurance Services has named Heather Currier operations manager. Currier will be based out of Monarch’s Florida branch with responsibilities covering the company’s national platform. With 20 years of insurance experience, Currier has proven success in developing …
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Lloyd’s Plans Insurance for Electric Vehicles, Hydrogen Fuel in Climate Change Fight
Lloyd’s of London plans to develop insurance products for electric vehicles and hydrogen as part of its efforts to fight climate change, the specialist insurance market said on Thursday. Lloyd’s published a climate action road map to speed the move …
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West Virginia Lawsuit Over Opioids Reaches Closing Arguments
Three major U.S. drug distributors should be held responsible for sending a “tsunami” of prescription pain pills that caused a health crisis in one corner of West Virginia, an attorney for local governments said in closing arguments Tuesday in a …
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Wednesday, July 28, 2021
People Moves: Bahn Joins RPS in Illinois; Keller Joins IFG Primary Casualty in Chicago; Omaha National Promotes Perry
Risk Placement Services Bruce Bahn joined Risk Placement Services (RPS) in Rolling Meadows, Ill., as the vice president of business and product development. In this new position, Bahn will be responsible for leading the firm’s new product and program development …
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Scientists Call for Urgent Climate Change Action, Citing ‘Tipping point’
The California Climate Insurance Working Group has released 40 state and local policy recommendations focused on reducing damage and improving recovery following a wildfire, extreme heat wave, or flood. The report “Protecting Communities, Preserving Nature, and Building Resiliency; How First-of-Its-Kind …
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Labor Commissioner Cites Three California Grocers $447K over COVID-19 Paid Sick Leave
The California Labor Commissioner’s Office cited three El Super grocery stores in Southern California for failing to provide or delaying supplemental paid sick leave or other benefits to 95 workers impacted by COVID-19. Some of the workers were reportedly forced …
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California, Nevada Governors Tour Site of Massive Wildfire
The governors of California and Nevada called for more federal firefighting assistance Wednesday as they toured a region blackened by one of several massive wildfires that have destroyed dozens of homes in the West. Nevada Gov. Steve Sisolak and California …
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University Study Posses Possible Future for Western Wildfires as a Decade-Long Burst, Followed by Gradual Decline
Newswise — In recent years, wildfires on the West Coast have become larger and more damaging. A combination of almost a century of fire suppression and hotter and drier conditions has created a tinderbox ready to ignite, destroying homes and …
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Bayer Will Appeal U.S. Court Ruling on PCBss If Necessary
German chemicals maker Bayer said on Wednesday it may appeal an order in a U.S. legal case to pay $185 million to four staff members of a school in the state of Washington over exposure to polychlorinated biphenyls, or PCBs, …
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Chubb Is ‘Firing On All Cylinders,’ Says CEO Greenberg After Record Results for Q2
Chubb released positive second quarter results, driven by gains in its commercial property/casualty business and related rate hikes in the sector. The company called it a “record quarter” with “robust” numbers. The company said it had its best property/casualty premium …
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Acrobat Injured After Fall at Barnstable County Fair in Massachusetts
An acrobat has been hospitalized following injuries sustained in a fall at the Barnstable County Fair Wednesday. The man fell about 20 feet to the ground while he was performing on a large, spinning structure called the wheel of death. …
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Maryland Investigators Say Three Fires on Same Street Intentionally Set
Three fires just days apart at homes on the same street on the Eastern Shore were set intentionally, Maryland fire investigators said. The first fire broke out Wednesday on Nokomis Avenue in Salisbury and two more broke out Friday night …
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The Hilb Group Acquires Massachusetts’ MillBrook Benefits and Insurance Services
The Hilb Group has acquired Massachusetts-based MillBrook Benefits and Insurance Services LLC, strengthening its presence throughout New England. Based in East Longmeadow, Massachusetts, MillBrook specializes in customized benefits solutions for businesses and their employees. Agency Principal Pete Miller and his …
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States Braced for a Wave of COVID Lawsuits. It Never Arrived.
In a legislative flurry, 30 states instituted liability protections in late 2020 and early 2021 designed to protect businesses from COVID-19 lawsuits, out of fear that companies would be sued for exposing workers, clients or vendors to the swiftly spreading, …
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Aon Launches New Executive Committee Following Decision to Terminate Willis Merger
Aon plc has introduced a new Aon Executive Committee (AEC), following the broker’s recent decision to terminate its $30 billion acquisition of Willis Towers Watson. The AEC will be comprised of four solution lines, five regions and five shared service …
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Businesses Show They’re in No Rush to Resume Busy Travel Schedules
Of the 2 million people clogging airport security lines and gate areas again each day, one crowd is still largely missing: business travelers. Their absence is noteworthy because they are a key source of revenue and profit, underpinning a record-breaking …
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In Opioid Trial Closing, West Virginia Blames Drug Distributors. Distributors Blame Doctors.
CHARLESTON, W.Va. — Lawyers for a West Virginia city and county hard hit by the opioid crisis began wrapping up their case in a $2.5 billion trial on Tuesday arguing major drug distributors flooded the region with the addictive pills, …
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Pressure on Workers to Get Vaccine Grows as Patience Runs Thin for U.S. Employers
As a resurgence in Covid-19 cases prompts more U.S. employers to require vaccinations, workers who object face a common response: Get a shot or get another job. In the past six weeks alone, a federal judge in Texas dismissed a …
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White House Calls Nixing of Aon-Willis Deal ‘Robust Enforcement’ of Antitrust Laws
The White House on Tuesday praised the Justice Department’s successful effort to stop a $30 billion deal that would have created the world’s biggest insurance broker, saying the agency’s work was “robust enforcement of the antitrust laws.” Aon Plc and …
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Peak Re to Buy Remaining 50% Stake in Caribbean Insurance Group NAGICO
Peak Reinsurance Co. Ltd., a Hong Kong-based global reinsurer, announced it has reached a definitive agreement to acquire the remaining 50% issued share capital of the Caribbean insurance group NAGICO Holdings Ltd. Financial terms of the deal were not disclosed. …
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Gunmaker Remington Offers $33M to Sandy Hook School Shooting Victims’ Families
Remington Arms Co. on Tuesday offered to pay nearly $33 million to nine families to settle lawsuits claiming that its marketing of firearms contributed to the 2012 Sandy Hook school massacre in Newtown, Connecticut, where 26 people died. The proposed …
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Claims Adjuster Global Risk Solutions Appoints 4 to Complex Claims Unit in London
Global Risk Solutions Group Inc., the Miami-based P/C claims adjuster, has enhanced its Complex Claims Solutions (CCS) business unit with the addition of four claims professionals in London. These appointments are detailed here: Michael Morgan, head of Energy – Europe, …
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NFP in Canada and Aviation Broker Piiq Risk Form Exclusive Partnership in Canada
NFP, a New York-based insurance broker and consultant, announced the formation of an exclusive strategic partnership in Canada with aviation re/insurance broker Piiq Risk Partners. The NFP Complex Risk Solutions Group will provide domestic account servicing in Canada to Piiq’s …
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World Faces Shortage of Sailors for Commercial Ships, Risking Supply Chains: Report
There could be a shortage of merchant sailors to crew commercial ships in five years if action is not taken to boost numbers, raising risks for global supply chains, a report said on Wednesday. The shipping industry is already struggling …
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Insured Losses from July Floods in Germany Could Approach $6B: AIR Worldwide
AIR Worldwide, the Boston-based catastrophe modeling firm, estimates insured losses in Germany from July flooding could approach €5 billion ($6 billion). Low pressure system “Bernd” parked itself over central Europe and brought about significant flooding from July 13 to 18, …
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North Carolina County to Pay $1.25m to Family of Woman Killed in Accident With Sheriff’s Deputy
The family of a woman killed in a crash with a North Carolina sheriff’s deputy earlier this year will receive $1.25 million in a settlement agreement. The News & Observer of Raleigh reported the settlement was approved by the Johnston …
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Tuesday, July 27, 2021
Global Commercial Insurance Price Hikes Moderated Further in Q2: Marsh
Global commercial insurance prices rose 15% in the 2021 second quarter, continuing a stunning track record of increases but far from their peak at the end of 2020, according to a new Marsh report. The Q2 numbers reflect the 15th …
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London Court of Appeal Agrees to Reopen $7B Brazil Dam-Collapse Lawsuit Against BHP
London’s Court of Appeal made a U-turn on Tuesday by agreeing to reopen a $7 billion lawsuit by 200,000 claimants against Anglo-Australian mining giant BHP, reviving a case over a dam rupture behind Brazil’s worst environmental disaster. Lawyers for one …
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Officials Propose $1m in Fines For Georgia Nitrogen Leak That Killed 6
Federal workplace safety officials are proposing nearly $1 million in fines against four companies following a liquid nitrogen leak in January that killed six workers at a northeast Georgia poultry processing plant. U.S. Labor Secretary Marty Walsh announced the citations …
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Disney to Resume Florida-Based Cruises in August
Walt Disney Co’s cruise division said on Friday it would start operations from U.S. ports again next month, following a months-long pause due to the COVID-19 pandemic. Disney Dream will depart from Port Canaveral, Florida on Aug. 9 to the …
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Texas Veterans Homes Often the Deadliest Places During COVID-19 Pandemic
Mary Kay Dieterich was encouraged last year when Texas Land Commissioner George P. Bush promised to shake up the management of the El Paso nursing home where her father died of COVID-19. She knew it wouldn’t bring Eugene Forti, a …
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‘Holy Moly!’: Inside the Fight Against a Texas Ransomware Hack
It was the start of a steamy Friday two Augusts ago when Jason Whisler settled in for a working breakfast at the Coffee Ranch restaurant in the Texas Panhandle city of Borger. The most pressing agenda item for city officials …
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Court Affirms Miami Condo Tower Hurricane Damage Award That Disappointed Both Sides
The 11th Circuit Court of Appeals affirmed a jury verdict that found an insurer liable for $2.6 million in damages to a Miami condominium tower caused by Hurricane Irma, rejecting arguments made in appeals filed by parties on both sides …
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People Moves: Covéa Insurance Names Furness CEO; BHSI Hires Chubb’s Alder-Smurthwaite; Pritchard Promoted at Swiss Re Corporate Solutions
This edition of International People Moves covers appointments at three insurers: Covéa Insurance, Berkshire Hathaway Specialty Insurance and Swiss Re Corporate Solutions. A summary of these new hires follows here. Covéa Insurance, the UK underwriting business of French mutual insurer …
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Winds Feeding California’s Largest Wildfire
It could be days before officials will be able to assess the damage done to a small town by California’s largest wildfire, one of dozens of blazes scorching lands across the U.S. West. Over the weekend, the massive Dixie Fire …
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200 Buildings Added to Avalanche Risk Areas for Alaskan City
Updated maps add 200 homes and other buildings to hazard zones for landslides and avalanches in Alaska’s capital city, bringing to about 550 the total number of structures that would be considered at moderate to severe risk of being damaged …
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States Weigh Bans on Ransomware Payoffs
As ransomware attacks continue to wreak havoc on police departments, school districts and city and county governments, some state legislators say they’ve had enough. At least three states—New York, North Carolina and Pennsylvania—are considering legislation that would ban state and …
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People: Millers Mutual Promotes Hess, MEMIC Hires Three to Underwriting Team
Millers Mutual Insurance Promotes Hess to VP, Chief Information Officer Millers Mutual Insurance, a regional property/casualty insurance carrier, promoted Samuel Hess to vice president and chief information officer, effective immediately. As CIO, Hess will partner with Millers’ business units to …
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Car-Sharing Firm Getaround Settles Over Tax Bill, Customer Damage and Thefts
Getaround Inc. will pay $950,000 to Washington, D.C. and revise its business practices after allegations that it misrepresented the benefits and nature of its car sharing services and failed to pay city sales taxes, officials said on Friday. The Softbank-backed …
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Erosion of Sand Spit Could Threaten Connecticut Shore, Homes
A sand spit that protects part of the coastline straddling Fairfield and Bridgeport, Connecticut, is eroding and could leave the area vulnerable to flooding and other damage if measures aren’t taken to replenish it, a local environmental group says. A …
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Arthur J. Gallagher Ends $3.6B Deal to Buy Willis Re, After Aon-Willis Merger Scrapped
Arthur J. Gallagher & Co. announced it has terminated its May 12, 2021 agreement to acquire Willis Re and certain other Willis Towers Watson operations for $3.57 billion. Both Gallagher and Willis Towers Watson filed statements with the Securities and …
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National Alliance Announces States’ Insurance Customer Service Reps for 2021
The educational organization The National Alliance for Insurance Education & Research has announced this year’s winners of its annual insurance customer service representative (CSR) competition for each state. To be eligible for the National Outstanding CSR of the Year Award, …
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Purdue’s Creditors Back Bankruptcy Plan That Would Pay 3,000 Opioid Lawsuits
OxyContin maker Purdue Pharma LP said on Tuesday that creditors voted in favor of its reorganization plan that would provide billions of dollars to the governments that sued the company for its role in the U.S. opioid crisis. More than …
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Allstate Among Large Firms Linking CEO Pay to Diversity Gains
Corporate diversity has become the most common type of sustainability metric used in setting executive pay, a new study found, as companies look to increase the share of women and minorities in their workforces. Among 61 metrics used by Fortune …
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Insurance Investor Aquiline Capital to All Employees: Take the Week Off
No calls, no emails and no meetings. That’s the order this week from Aquiline Capital Partners to its staff. The private equity firm is putting all employees on vacation, people familiar with the matter said. It’s an unusual move intended …
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North Carolina Civil Rights Groups Reach Settlement Over 2020 Clash With Police
Civil rights groups in North Carolina have reached a settlement with the city of Charlotte and its police department in a lawsuit filed last year after officers surrounded and gassed demonstrators protesting the death of George Floyd. The terms of …
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Broker Ardonagh Group Launches Ardonagh Europe to Expand Buy-and-Build Strategy
The Ardonagh Group announced the creation of Ardonagh Europe as it prepares to take its buy-and-build model to Europe. Ardonagh Europe will be headquartered in Dublin and led by Conor Brennan, who will also continue to hold the position of …
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Trans-Siberian Railway Bridge Resumes Operations After Repair of Flood Damages
MOSCOW — Russia said on Tuesday it had fully restored train travel over a Trans-Siberian railway bridge in its far east that was damaged last week by floods. The world’s longest railway is a strategic transport artery for Russia’s economy, …
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Disruptions from Cyber Attack Force S. Africa Port Operator to Declare ‘Force Majeure’
Transnet SOC Ltd., South Africa’s state-owned ports and freight-rail company, declared force majeure at the country’s key container terminals after disruptions caused by a cyber attack five days ago. The measure covers the Durban, Ngqura, Port Elizabeth and Cape Town …
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Duke Energy Building Flood Walls Around South Carolina Electric Substation
A utility is building walls around an electric substation to prevent them from being overrun by floodwaters in the first of its kind project in South Carolina. Duke Energy is spending $1.6 million on the Nichols project to protect a …
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Chubb Launches Insurance for Offshore Wind Farms
Chubb has announced the launch of an insurance solution for offshore wind farms. Chubb’s Offshore Wind Farm policy has been developed to support green energy providers through the entire offshore wind farm process – from project inception through to energy …
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Monday, July 26, 2021
People Moves: J.M. Wilson Promotes Ricks, Councell, Tokarz, Farr, Hans, Mahaffey
J.M. Wilson promoted Mary Ricks and Jennifer Councell to executive fleet underwriters in its Portage, Michigan, office, where they are responsible for underwriting new and renewal transportation fleet submissions (11 plus units), as well as building relationships with independent insurance …
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Viewpoint: Is California Serious About Addressing the Wildfire Risk? Not So Much.
Recent state budget actions by California Gov. Gavin Newsom and the state Legislature make a strong argument that the state is not serious about addressing the state’s immense wildfire risk. Unquestionably, California’s wildfire risk is the second biggest problem facing …
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Viewpoint: Be Prepared Before Disaster Strikes
In the wake of 2020 and winter storm Uri, we have seen firsthand how disaster can strike anytime or anywhere, causing sometimes irreparable damage — and no business is immune. Perhaps one of the greatest lessons is the importance of …
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Study: Many Texas Households Lack Homeowner’s Insurance
A study conducted the Texas Real Estate Research Center at Texas A&M University following winter storm Uri revealed a widespread lack of homeowners insurance in the state. The study shows households that are low-income, in nonmetropolitan areas, or without a …
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People Moves: ArgoGlobal’s Birtwistle to Howden’s New Reinsurance Casualty Team; Riddell Promoted to CEO of Berkley Re Australia, Succeeding Piper
This edition of International People Moves covers appointments at London-based broker Howden Reinsurance and Berkley Re Australia. A summary of these new hires follows here. Howden Reinsurance, part of international re/insurance intermediary Howden Broking, has announced the first appointment to …
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Carfagna, Hall Introduce Data Privacy Legislation in Ohio
Two Ohio state representatives have introduced legislation aimed at protecting data privacy by creating standards for the handling of data by businesses. Rick Carfagna (R-Genoa Township) and Thomas Hall (R-Madison Township) introduced House Bill 376, known as the Ohio Personal …
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Workers’ Compensation Research Study Shows No Treatment Delays Due to COVID
COVID-19 did not delay medical treatment for workers’ compensation claimants, but did decrease the amount of emergency care and other services provided to injured workers, a study released by the Workers’ Compensation Institute concludes. Research by WCRI economist Olesya Fomenko …
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Judge: Florida Condo Collapse to Receive $150m in Initial Compensation
As the remaining rubble from the collapse of a 12-story oceanfront condominium was cleared away Wednesday, a Florida judge said victims and families who suffered losses will get a minimum of $150 million in compensation initially. That sum includes about …
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Former California Insurance Agent Sentenced for Embezzling Nearly $200K
Anna Gabriela Garcia, also known as Anna Nuno-Garcia, 48, of Capistrano Beach, Calif., was sentenced in Orange County Superior Court in Santa Ana after pleading guilty to two felony counts of embezzlement and grand theft for collecting premium payments from …
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Oregon Home Manufacturer Sued for Alleged Racism, Discrimination
Two former employees of a home manufacturing company in eastern Oregon have filed a lawsuit saying they endured anti-Black racism and discrimination, and then were fired after reporting the incidents to managers. The lawsuit was filed in federal court by …
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Firefighters Injured While Fighting Montana Wildfire
Five firefighters were injured when a thunderstorm and swirling winds in central Montana blew a lightning-caused wildfire back on them, federal officials said. All five remained in medical facilities and were still being evaluated and treated a day after they …
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California’s Largest Wildvire Torches Homes as Blazes Lash West
Flames racing through rugged terrain in Northern California destroyed multiple homes over the weeked as the state’s largest wildfire intensified and numerous other blazes battered the U.S. West. The Dixie fire, which started July 14, had already leveled over a …
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Mayor Says New York City Businesses Should Mandate Worker Vaccinations
New York City Mayor Bill de Blasio urged the city’s private sector businesses to institute vaccine requirements for their employees, saying the “limits of a purely voluntary system” have been reached. Speaking in his weekly appearance Friday on WNYC radio, …
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Maryland County Commits to Change After Lawsuit Settlement
A $2.3 million payment to a group of Black and Latino police officers to settle their workplace discrimination lawsuit against a Maryland police department is the latest effort toward reforms within the department, a county official said Thursday. Prince George’s …
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Massachusetts Man Charged with Arson Following Great Barrington Blaze
A Massachusetts man is facing charges of arson and insurance fraud in connection with a fire that consumed a building he owned in Great Barrington. The building held apartments and a retail shop but was vacant when it went up …
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Aon and Willis Towers Watson to Terminate $30B Merger; Aon to Pay $1B Fee to WTW
Aon plc and Willis Towers Watson announced that the firms have agreed to terminate their $30 billion business combination agreement and end litigation with the U.S. Department of Justice (DOJ). The proposed combination was first announced on March 9, 2020. …
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Software Firm Attacked on July 4 Mum on How It Got Decryption Key
The Florida company whose software was exploited in the devastating Fourth of July weekend ransomware attack, Kaseya, has received a universal key that will decrypt all of the more than 1,000 businesses and public organizations crippled in the global incident. …
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Global Supply Chains Driven to Breaking Point on New COVID Wave, Natural Disasters
LONDON/BEIJING – A new worldwide wave of COVID-19. Natural disasters in China and Germany. A cyber attack targeting key South African ports. Events have conspired to drive global supply chains towards breaking point, threatening the fragile flow of raw materials, …
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Florida COVID Cases Jump 65% From Previous Week
Florida’s COVID-19 hospitalizations and cases again jumped significantly this week as the vaccination rate in rural counties where some of the worst outbreaks are occurring remains well below the state and national averages. About 5,300 Floridians are now hospitalized with …
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Climate Models May Have Underestimated Impact of Extreme Weather Events
As scientists gather online to finalize a long-awaited update on global climate research, recent extreme weather events across the globe highlight the need for more research on how it will play out, especially locally. The list of extremes in just …
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China’s Financial Hub of Shanghai at Virtual Standstill as Typhoon In-Fa Makes Landfall
China’s financial hub of Shanghai was at a virtual standstill as a massive typhoon that swept across eastern China over the weekend threatened more damage as it makes landfall on Monday, after forcing the evacuation of hundreds of thousands of …
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Appeals Court Blocks CDC Pandemic Restrictions For Florida-Based Cruises
Pandemic restrictions on Florida-based cruise ships are no longer in place under a ruling Friday, July 22 by a federal appeals court, while the U.S. Centers for Disease Control and Prevention seek to fight a Florida lawsuit challenging the regulations. …
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Sunday, July 25, 2021
Insurance Industry Heading to Faster Recovery than After 2008 Financial Crisis: Swiss Re
The global insurance industry is poised to recover more quickly and forcefully from the pandemic than it did after the 2008 financial crisis, despite such obstacles as low interest rates and inflation risk, insurer Swiss Re AG’s chief Americas economist …
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Senators Still Working on Bipartisan Federal Police Reform Bill
U.S. Senator Tim Scott said he’s hopeful an agreement on police reform will be reached but vowed that any final accord wouldn’t “demonize” the police, including allowing individual officers to be sued in civil cases. “That is dead-stop not going …
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Manufacturers Balk at ‘Right to Repair’ Initiative by Biden Administration
Americans would be freer to repair their broken cellphones, computers, videogame consoles and even tractors themselves, or to use independent repair shops, under changes being eyed by federal regulators. The regulators maintain that restrictions have steered consumers into manufacturers’ and …
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Friday, July 23, 2021
Relation Insurance Services Acquires Assets of SIG Insurance Agencies
Relation Insurance Services Inc. acquired the assets of The SIG Insurance Agencies. The partnership with SIG strengthens Relation’s existing capabilities and further expands the platform’s geographic presence in the Northeast. Headquartered in Connecticut with additional operations in New York, New …
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Pennsylvania Joining National Survey on Climate Risk in the Insurance Industry
The Pennsylvania Insurance Department (PID) is joining with other states around the country in conducting the National Association of Insurance Commissioners’ (NAIC) Climate Risk Disclosure Survey. The survey allows insurers to report on climate-related risks and opportunities and will provide …
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$65M Settlement Proposed in New York Polluted Water Lawsuit
Plaintiffs in a federal class action lawsuit could get payments and medical monitoring as part of a proposed $65.25 million settlement with three companies over chemical contamination of the water supply in an upstate New York village. The Times Union …
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Flooding Damages Bridge on Russia’s Trans-Siberian Railway, Blocking Traffic
MOSCOW – Flooding has damaged a bridge on Russia’s Trans-Siberian railway in its Far East, suspending traffic in the area, officials said on Friday, and President Vladimir Putin said full track repair would take five days. The world’s longest railway …
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U.S. Lawsuit Could Open ‘Giant Can of Worms’ in Amazon’s Fight Against Product Recalls
A U.S. safety regulator’s decision last week to sue Amazon.com Inc. could bring clarity to a question that has long befuddled courts and state legislatures nationwide: Who is responsible when a product bought from the world’s largest online retailer hurts …
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London Staff Want Big Pay Rises Before Returning to Their Desks Full-Time: Survey
London office workers want an average pay rise equivalent to the cost of some annual railway season tickets to return to their desks full-time after the pandemic, according to a survey. With COVID-19 restrictions leaving many offices empty, white-collar staff …
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VW Investors Approve $339M Deal to Settle Diesel-Scandal Claims Against Former Execs
FRANKFURT – Shareholders in Europe’s largest carmaker Volkswagen on Thursday approved a deal to settle claims against four former executives, including long-time CEO Martin Winterkorn, related to the company’s emissions scandal. The initial deal, which was announced last month and …
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Ryan Specialty Rose 9% in NYSE Initial Offering, Valued at $6.5 Billion
Shares of Ryan Specialty Group Holdings Inc rose 9% in their New York Stock Exchange Debut on Thursday, fetching a market capitalization of $6.5 billion for the insurance brokerage founded and led by industry veteran Patrick Ryan. The stock opened …
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Insurtech bolttech Acquires i-surance to Help Accelerate Expansion Across Europe
Insurtech startup bolttech announced it has acquired i-surance, a next-generation B2B2C digital insurance platform based in Berlin. Financial details of the deal were not disclosed. The transaction is part of bolttech’s international expansion strategy and follows its recent Series A …
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Lloyd’s Council Appoints Guy Carpenter’s Carter as 1st Female Deputy Chair
Lloyd’s announced the appointment of Vicky Carter as deputy chair of Lloyd’s, effective Sept. 1, 2021. Carter has been an elected member of Lloyd’s Council since February 2019 and has worked in the Lloyd’s market for 40 years, starting her …
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North Carolina Senate Finance Committee Approves Medical Marijuana Bill
Legislation to legalize marijuana for medical use in North Carolina advanced through another Senate panel on Wednesday. Members of the Senate Finance Committee, which voted for the legislation, narrowed their review to fees and revenues collected in the measure. They …
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Chubb Canada Launches Hub for General Aviation and Non-Major Aerospace Insurance
Chubb announced that it has set up an aviation hub in Canada to develop further its domestic general aviation and non-major aerospace business. The Canadian Aviation hub is part of a new regional focus for the aviation team from Chubb …
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Drugmaker Endo Agrees to $35m Opioid Settlement With Tennessee Local Governments
Endo International Plc has agreed to pay $35 million to settle a lawsuit by Tennessee local governments and on behalf of a child allegedly born addicted to painkillers accusing the drugmaker of fueling the opioid epidemic, the company announced Thursday. …
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Alabama Reports July Spike in COVID-19 Cases
Alabama is suffering a “self-inflicted wound” from COVID-19, with hospitals again filling up as the state trails the nation in vaccinations and pandemic precautions like face masks and social distancing are all but forgotten, a health leader said. Only 166 …
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Thursday, July 22, 2021
Cyber Attack Disrupts Container Operations at Major South African Port
JOHANNESBURG – A cyber attack has disrupted container operations at the South African port of Cape Town, an email seen by Reuters on Thursday said. Durban, the busiest shipping terminal in sub-Saharan Africa, was also affected, three sources with direct …
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Louisiana ‘Good,’ but Texas Lags in IBHS Building Code Rankings
Texas has a long way to go but despite getting hit by four hurricanes and one tropical storm in 2020, Louisiana still ranks as one of the top 10 states for resilience based on its statewide building codes. The “Rating …
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Senators Add Vaccine Misinformation as Reason to Alter Tech Firms’ Liability Protection
Two Democratic U.S. senators on Thursday will add to the stack of bills going after Section 230 – a law that protects tech companies from being sued over content posted by users – making such platforms responsible for health-related misinformation. …
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Hippo Enters Commercial Insurance Market With Homeowners Association Product
Home insurtech Hippo is jumping into the commercial insurance market. The California-based managing general agency startup said its expansion will focus on “targeted commercial insurance” customers. Its first product in the space is a tailored homeowners association (HOA) product. That …
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Wells Media Group Executive Chairman Given Industry Marketing Group’s Icon Award
The Insurance Marketing & Communications Association (IMCA) presented Mark Wells, executive chairman of Wells Media Group Inc., with the IMCA Icon award in recognition of extraordinary leadership and exemplary achievement in insurance marketing and communications. Wells recently celebrated 50 years …
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North Dakota Pipeline Break Spews 41K Gallons of Oilfield Wastewater
Nearly 41,000 gallons of oilfield wastewater spilled from a broken pipeline in western North Dakota, impacting an unknown amount of land, state regulators said. The North Dakota Department of Environmental quality said Kansas-based Tallgrass Energy reported the produced water spill …
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Officials: Texas Home Explosion May Have Been Intentional
The explosion that destroyed a house in suburban Dallas on July 19 and heavily damaged the two next door, injuring six people, may not have been an accident, officials said. Previously, fire officials had said that a gas leak in …
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Worker Dead After Part of Houston-Area Oil Rig Falls on Him
A man was killed July 21 when part of an oil rig he was working on fell on him near Houston, officials said. The incident happened in a remote area of the northeastern part of Harris County, 10 miles northeast …
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Jury Convicts Suspended Georgia Insurance Commissioner Jim Beck on Fraud, Laundering Charges
Jurors convicted suspended Georgia insurance commissioner Jim Beck on 37 counts of mail fraud, wire fraud and money laundering and tax fraud charges. The jury needed about an hour and 20 minutes to return the guilty verdict, putting an end …
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Germany’s Floods Will See Sizable Protection Gap. Could Insurance Demand Increase?
With an insured price tag of €4 billion to €5 billion (US$4.7 billion to $5.9 billion), economic losses from Germany’s recent floods are likely to be significantly higher, which highlights a sizable insurance “protection gap.” This protection gap – or …
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Virus’ Presence a Reason for Case Against Ohio Insurer to Proceed: Judge
A gym and fitness center in Pennsylvania won a minor victory on July 13 in a dispute with an Ohio-based commercial property insurer over business interruption coverage claims stemming from closures caused by the COVID-19 pandemic. Judge Terrance R. Nealon …
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Beazley Enhances ‘Virtual Care’ Coverage for Growing Telehealth and Wellness Sector
Specialist insurer Beazley has enhanced its pioneering Virtual Care policy, which provides comprehensive protection against the interconnected risks facing digital health and wellness organizations. First launched in the U.S. in 2017 for the telehealth sector, demand for Virtual Care coverage …
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Massachusetts Couple Sues eBay Over ‘Unrelenting’ Harassment Campaign
A Massachusetts couple sued eBay Inc on Wednesday for being subjected to an “unrelenting stream” of threats by its employees to stifle their online newsletter critical of the e-commerce company. In a complaint filed in Boston federal court, David and …
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Vermont Town Gauges More Than $200K in Damage from Weekend Storm
The town of Brattleboro, Vermont, is reporting more than $200,000 in damage to roads and bridges from a weekend rain storm. An initial assessment was completed on Sunday, the Brattleboro Reformer reported. “It’s going to be six figures,” Public Works …
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Lawsuit Against Liberty University Alleges Mishandling of Sex Assaults
Twelve women filed a lawsuit Tuesday against Liberty University, accusing the Christian institution of a pattern of mishandling cases of sexual assault and harassment, and fostering an unsafe campus environment. The federal lawsuit filed in New York made various claims …
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PG&E in California’s Will Pay to Bury Power Lines to Prevent Wildfires
California power company Pacific Gas and Electric said on Wednesday it would bury 10,000 miles of power lines in high-risk fire zones as a safety measure after its equipment caused multiple destructive wildfires over several years. The utility, which called …
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MMC Q2 Revenue Up 20%; Marsh Up 15%
Global insurance and professional services firm Marsh McLennan (MMC) reported financial results for the second quarter ended June 30, 2021, including consolidated revenue of 2021 of $5.0 billion, an increase of 20% compared with the second quarter of 2020. MMC …
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Trading to Begin on Ryan Specialty IPO at $23.50 per Share for $1.3 Billion
Chicago-based wholesale insurance broker Ryan Specialty Group Holdings, Inc. announced the pricing of its initial public offering of 57 million shares of its Class A common stock at a price to the public of $23.50 per share for gross proceeds …
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What Drug Companies Have Paid to Settle Claims Over U.S. Opioid Crisis
State attorneys general on Wednesday unveiled a $26 billion settlement with the three largest U.S. drug distributors and Johnson & Johnson to resolve thousands of lawsuits by states and local governments over the companies’ role in the country’s opioid painkiller …
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States, Municipalities Have 30 Days to Weigh $26B Opioid Deal with Major Drug Firms
A group of state attorneys general unveiled on Wednesday a landmark $26 billion settlement with large drug companies for allegedly fueling the deadly nationwide opioid epidemic, but the deal still requires support from thousands of local governments. Under the settlement …
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Embedded As a Risk, New COVID Cycle Could Challenge Economic Recovery
Five weeks after dropping its reference to the coronavirus as a weight on the economy, the U.S. Federal Reserve is confronting a challenging new rise in cases that has fueled doubts about the global recovery and is already forcing other …
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Insurance Commissioner, Acting as Liquidator of RRG, Is Not a ‘Governmental Authority’
When is an insurance commissioner not a governmental authority? A federal district judge reminds us that a state insurance commissioner, when acting as receiver of an insolvent insurer, acts in a different capacity to his governmental role. This principle can …
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AIG Employees to Return to Offices on Sept. 14 With Safety Measures
American International Group Inc., one of the largest U.S. insurers, has set Sept. 14 as its global return-to-office date, Chief Executive Officer Peter Zaffino told employees on Wednesday in a memo seen by Reuters. Zaffino said local regulations will continue …
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Heavy Rains Cause Sewer Overflows, Flood Problems in Alabama
Heavy rains caused more than 430,000 of sewage overflows near Mobile, while another round of downpours prompted flash flood alerts in central Alabama. In Prichard, just north of Mobile, health officials told residents to stay away from standing water that …
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Major Generali Shareholders Plan to Ask CEO Not to Present New Business Plan: Report
MILAN – Shareholders representing about 16% of Generali are ready to ask the chief executive not to present a 2022-2024 business plan, a move that would challenge the insurer’s leadership, daily La Repubblica reported on Thursday. Generali’s CEO Philippe Donnet, …
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Hiscox CEO Masojada to Retire at Year End, Succeeded by CFO Hussain
Specialist global insurer Hiscox announced that after 21 years as group chief executive, Bronek Masojada plans retire at the end of the year. In January 2022, he will be succeeded by Group Chief Financial Officer Aki Hussain, subject to regulatory …
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Deadly Floods in China, Europe Send Stark Reminder of Climate Change Vulnerabilities
Deadly floods that have upended life in both China and Germany have sent a stark reminder that climate change is making weather more extreme across the globe. At least 25 people in the central Chinese province of Henan died on …
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Suspended Georgia Insurance Commissioner Jim Beck Takes Stand at Fraud Trial
Georgia’s suspended insurance commissioner testified at his federal fraud trial Tuesday, saying he oversaw valuable work for his former employer and that hundreds of thousands of dollars that flowed to an entity he controlled was not part of a scam. …
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China’s Henan Province Braces for More Rain After Severe Floods Kill at Least 33
China’s Henan province is bracing for more heavy rain after severe flooding that sparked large-scale evacuations left at least 33 dead, while minor disruptions to manufacturing and commodity production continued. The death toll includes at least 12 people who were …
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W.R. Berkley-Backed Vehicle Inspection Firm UVeye Raises $60M in New Round
UVeye, a company that uses artificial intelligence to do fast vehicle inspections, has raised $60 million from investors including used car retailer CarMax Inc. and the insurer W.R. Berkley Corp. “The completion of Series C funding represents a significant step …
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Wednesday, July 21, 2021
Mississippi Health Official: State Seeing Rapid Increase in July COVID-19 Cases
Mississippi’s top public health official said Monday that the state is seeing a rapid increase in COVID-19 cases in July. “4th wave is here,” Dr. Thomas Dobbs, the state health officer, wrote on Twitter. The Mississippi State Department of Health …
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People Moves: California Insurance Commissioner Appoints Members to CIGA, COIN Boards
California Insurance Commissioner Ricardo Lara made several new appointments, including naming one member to the California Automobile Assigned Risk Plan Advisory Committee, one member to the California Insurance Guarantee Association Board of Governors, two members to the California Organized Investment …
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$5.5M Settlement Reached in Washington Nurse Lawsuit
A class-action lawsuit brought by thousands of nurses who said they weren’t properly paid for lunch and other breaks has settled with Kitsap County’s main health care system, Virginia Mason Franciscan Health. Under the $5.5 million settlement, nurses will receive …
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California Healthcare Provider Paying $37M to Settle Whistleblower Lawsuits
Southern California-based Prime Healthcare Services and two of its doctors will pay $37.5 million to settle whistleblower lawsuits that claimed the hospital system paid kickbacks to one of the physicians and bought his practice for more than it was worth, …
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PG&E Says Equipment Possibly Linked to Big California Wildfire
Pacific Gas & Electric reported to California utility regulators that its equipment may have been involved in the start of a fire burning in the Sierra Nevada that is threatening hundreds of homes. PG&E said in a report Sunday to …
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Advisory Firms Aite Group and Novarica Merge with Backing From Pamlico
Two Boston, Mass.-based advisory and research firms for the insurance industry are now one. Aite Group and Novarica Inc. said they have merged to create Aite-Novarica Group. The move comes with an investment by Pamlico Capital, a Charlotte, North Carolina-based …
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Virginia Tech Says It Was Targeted in Two Recent Cyberattacks
Virginia Tech says it was targeted in two recent cyberattacks but feels confident no data was stolen. Virginia Tech spokesman Mark Owczarski told the Roanoke Times that a few university units used Kaseya, a U.S. software company exploited in early …
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DuPont, Spinoffs to Pay $50M to Delaware for ‘Forever Chemical’ Cleanup
DuPont Co. and two spinoffs will pay at least $50 million to Delaware to help clean up toxic chemicals, the Delaware Department of Justice announced. It’s the first time the state’s Department of Justice has resolved environmental damage claims on …
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21 Rental Mopeds Seized for Unsafe Driving on Block Island
Police on Block Island seized 21 mopeds after their drivers were seen operating them unsafely and in violation of their rental contracts over the weekend. New Shoreham, Rhode Island, police said in a release Monday that an off-duty police officer …
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Pennsylvania Man Dies After Lightning Strike at Golf Course
A man died after he was struck by lightning while playing golf last week in northeastern Pennsylvania, authorities said. Lackawanna County Coroner Timothy Rowland said Monday that Joseph Slivinski. 71, of Blakely was at Pine Hills Golf Course when severe …
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Ford, Lyft, Argo AI Collaborate to Offer Robotaxi Service in Cities
Self-driving startup Argo AI, carmaker Ford Motor Co. and ride-hail company Lyft Inc. on Wednesday said they partnered to offer robotaxi trips to Lyft customers in Miami and Austin. The service is expected to launch in Miami later this year …
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Casualty Proves to Be a Good Diversifier for Reinsurers: Aon
Casualty is proving its value as a good diversifier for reinsurers, especially given the positive primary rate movement seen in recent years, according to an Aon report. The combination of challenged property experience, robust primary casualty rate levels and thoughtful …
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States’ Next Targets for Opioid Settlements Include Pharmacies and Drugmakers
With a $26 billion nationwide settlement in sight over claims that the three largest U.S. drug distributors and Johnson & Johnson helped fuel a nationwide opioid epidemic, state and local governments will soon turn their attention to pharmacies and a …
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Munich Re Reports Q2 Profit Increase of 90%
Munich Re’s net profit in the second quarter rose around 90% from a year earlier, beating expectations and giving it confidence of meeting its 2021 profit target. The German reinsurer said in an unscheduled announcement that expenses for major losses …
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China Province Deluged by Heaviest Rains in 1,000 Years, with Initial Death Toll of 16
BEIJING – A dozen people died in a flooded subway line in Zhengzhou, the capital of China’s central Henan province, after the city was drenched by what weather watchers said were the heaviest rains for 1,000 years. Video posted on …
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Shell to Appeal Landmark Climate Ruling in Dutch Court
Royal Dutch Shell Plc said it will appeal a ruling by a Dutch court which ordered it to cut its carbon emissions by 45% over the next decade. Shell has said it will speed up its energy transition plans in …
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Medical & Commercial International Gets ‘In-Principle’ Nod to Form Lloyd’s Syndicate
Medical & Commercial International (MCI), the specialist managing general agency, has received “in-principle” approval from Lloyd’s for Syndicate 1902 to underwrite business incepting on or after Jan. 1, 2022. The syndicate will write gross written premium (GWP) of £45 million …
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Former Aon Executive Mahoney Named Chairman of Oneglobal Bermuda
Oneglobal Broking has appointed former Aon executive Dennis Mahoney as chairman of Oneglobal Bermuda, with immediate effect. Following his retirement as chairman of Aon Global, Mahoney served on the board of Ironshore prior to its sale to Liberty Mutual. Mahoney …
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UK Broker Price Forbes Acquires 100% Stake of Chile Business
Price Forbes, a London-based insurance broker, announced it has increased its shareholding in Price Forbes Chile to 100% as part of its commitment to invest in growing its presence in Latin America. Price Forbes has grown substantially in Chile since …
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UK’s Q2 Auto Insurance Premiums Drop to Lowest Level Since Early 2016: Survey
The cost of a comprehensive car insurance policy in Britain fell 12% in the second quarter to its lowest level since early 2016 due to COVID-19 lockdowns, although it might rebound to pre-pandemic levels as restrictions ease, a survey showed …
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UK’s Aviva Calls for Urgent Action to Protect Homes, Businesses from Climate Change
British insurer Aviva called on Wednesday for urgent action from policymakers, developers and insurers to protect homes and businesses from the impact of climate change, saying most were ill-prepared to handle extreme weather. It said more than 570,000 new homes …
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Tuesday, July 20, 2021
People Moves: Alliant Adds Rose in Dallas; IIAT Honors Gavin, Tatum, Vasquez, Schreiber
Alliant Longtime energy and trade credit expert Jay Rose joined Alliant as senior vice president in the company’s Alliant Underwriting Solutions (AUS) division. He is based in Dallas. Rose will build a premier team with targeted industry expertise and a …
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As Cyberattacks Rise, Cyber Insurers Are Rethinking Their Business
The hacks came one right after another, sowing chaos at hospitals, idling America’s biggest gasoline pipeline, crippling a huge meat supplier and devastating hundreds of companies over the July 4 weekend. Now, insurers are reassessing the cyber business. With cyberattacks …
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Judge Upholds California Insurance Commissioner’s Order to Expand FAIR Plan Coverage
A Superior Court judge has upheld the California Insurance Commissioner’s authority to order the California FAIR Plan to offer broader coverage options to consumers. Los Angeles Superior Court Judge Mary Strobel has upheld California Insurance Commissioner Ricardo Lara’s authority to …
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In the Face of a Severe California Wildfire Season, is The Oft-Used ‘Mitigation’ Word Too Little Too Late?
It may have been around 2017 when a true sense of urgency donned on insurers, public officials, residents and regulators in wildfire-prone California, as fires destroyed or damaged more than 10,000 structures in the state, a higher tally than the …
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Worker Dies After Fall From Catwalk at Michigan Steel Company
A 50-year-old employee has died after falling from an elevated catwalk at a Detroit-area steel company. The man was pronounced dead at the former AK Steel facility following the fall which occurred about 3:15 a.m. on July 16, Dearborn police …
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El Paso Manufacturer Fined $412.75K for Safety Violations
An El Paso, Texas, metal stamping manufacturing facility with a history of workplace safety violations failed again to protect its workers from the dangers of moving machine parts, federal officials said. As a result, a worker at D&D Manufacturing Inc. …
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Florida Litigated Claims Spike in June
New litigated claims for Florida’s largest P&C insurers grew to 6,398 in June, according to data compiled by litigation management software provider CaseGlide. June litigated claims were up 14% from May’s figure of 5,364. Of the 17 largest Florida insurers …
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UK Risk Management Group Airmic Names Combes as Chair
The UK risk management association Airmic announced the appointment of Claire Combes as its next chair, effective from Sept. 1, 2021. Combes will succeed Tracey Skinner, Airmic’s current chair who also is director-Insurance & Risk Financing at BT Group plc. …
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Former Oregon Medical Resident Says Breached Settlement Deal Breached
A former medical resident at Oregon Health & Science University who sued the school in 2018 alleging retaliation for her complaints about discrimination now accuses the school of breaching their settlement agreement. After mediation, OHSU was to pay $100,000 to …
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M5.1 Earthquake Confirmed off Northern California Coast
A magnitude 5.1 earthquake struck off the Northern California coast late Saturday, the U.S. Geological Survey confirmed. The earthquake just before midnight was about 12 kilometers west of Petrolia in Humboldt County and 56 kilometers southwest of Eureka, according to …
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Solar Industry, Owners Warned to Take Steps to Mitigate Wildfire Risk
Noting that wildfire is a growing source of loss for both wind and solar power producers and insurers, one of the insurers is urging the U.S. solar industry to act to mitigate wildfire risk over the coming months or face …
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Africa Specialty Risks Secures $10M of PVT Capacity from Atrium at Lloyd’s
Africa Specialty Risks (ASR), the pan-African focused reinsurance managing general agent, announced it has secured an additional $10 million in capacity for its Political Violence and Terrorism (PVT) division from Lloyd’s insurer Atrium Underwriting Ltd. This is in addition to …
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People Moves: Westchester Promotes McLaughlin; New Hires at Insurity, Lockton
Insurity Appoints Campestre as Chief Sales Officer Insurity, a provider of cloud-based software for insurance carriers, brokers and managing general agencies, appointed Craig Campestre as chief sales officer. Campestre will lead Insurity’s sales strategy and operations, which includes driving revenue …
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NY Attorney General Reaches $1.1B Agreement with Three Opioid Distributors
New York Attorney General Letitia James announced an agreement with McKesson Corporation, Cardinal Health Inc. and Amerisource Bergen Drug Corporation that will deliver up to $1.1 billion to New York state to combat the ongoing opioid epidemic. The $1.1 billion …
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Connecticut Regulators Finalize Fines for Utilities Over Isaias Response
Connecticut regulators finalized millions of dollars in fines against the state’s two largest electricity distributors for what officials called the companies’ failures in their preparations and responses to Tropical Storm Isaias, which caused hundreds of thousands of power outages last …
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Travelers’ Q2 Profit Boosted by Higher Premiums, Lower Catastrophe Losses
U.S. property and casualty insurer Travelers Cos .Inc. delivered an unusually large beat of second-quarter profit expectations on Tuesday, helped by higher premiums, lower catastrophe losses and a surge in returns from investments. The New York-based company, seen as a …
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People Moves: Miller’s Higgins Joins New Broker Inver Re; Hartford Hires AXA XL’s Brodzinski for Global Specialty; Bayman to MS Amlin for Aviation Reinsurance
These editions of International People Moves covers appointments at a new reinsurance broker, Ardonagh’s Inver Re; The Hartford’s Global Specialty business unit, and the aviation reinsurance division of MS Amlin Underwriting. A summary of these new hires follows here. The …
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Surplus Lines Insurers Report 21.9% Premium Hike in First Half of 2021
Surplus lines premium exceeded $24 billion and premium bearing transactions exceeded 2.6 million through the first six months of 2021, according to the 2021 Midyear Report of the U.S. Surplus Lines Service and Stamping Offices by the Wholesale & Specialty …
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People Moves: Aon Cyber Appoints Bixby; Guy Carpenter Adds 2 from Willis Re, Xywave Names 3 Senior Leaders
Hacking Expert Bixby Joins Aon Cyber Solutions Aon has appointed Adam Bixby as the new managing director, Proactive Security leader, for Cyber Solutions North America. Bixby is responsible for the Proactive Security practices, advisory and testing, leading business development, service …
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German Floods Will Be Expensive but Unlikely to Burn Through Insurers’ Earnings: Fitch
The severe floods in Germany could add up to 5 percentage points to German non-life insurers’ net combined ratios (net claims and expenses to net premiums), according to Fitch Ratings. The insured losses are likely to be Germany’s highest from …
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U.S. Firms Operating in Hong Kong Face Risks, Warns American Chamber of Commerce
HONG KONG – U.S. businesses operating in Hong Kong should reassess their operations and decide if the risks of operating there are worth the reward, the president of the American Chamber of Commerce in Hong Kong said in an interview …
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Final Settlement for Brazil’s Samarco Mining Dam Disaster Could Reach $19 Billion
RIO DE JANEIRO – A definitive settlement with miner Samarco and owners, BHP Group and Vale SA, for the damage caused by a burst tailings dam in 2015 could reach 100 billion reais ($19.06 billion), the governor of the Brazilian …
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Britain’s Largest Pub Group Launches Billion-Dollar Suit over COVID-Related BI Claim
Britain’s largest pub group, Stonegate Pub Group Co., sued three insurers for 846 million pounds ($1.2 billion) over losses it suffered after being forced to shut during the coronavirus pandemic. Owned by TDR Capital, the company filed a suit against …
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Monday, July 19, 2021
People Moves: Island Insurance Names Kadomoto Assistant Vice President; The Liberty Company Insurance Brokers in California Names Arricale Chief Financial Officer
Island Insurance Co. has promoted Denise Kadomoto to assistant vice president of accounting and finance. Kadomoto will continue to serve as the company’s controller, a position she has held since 2015. Kadomoto joined Island in 2007 as senior accountant. She …
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States Expected to Announce $26B Opioid Deal With Drug Distributors, J&J: Reuters
U.S. state attorneys general and lawyers for local governments are expected on Wednesday to unveil a landmark, $26 billion settlement resolving claims that the three largest U.S. drug distributors and drugmaker Johnson & Johnson helped fuel a nationwide opioid epidemic, …
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U.S. and Allies Accuse China of Global Cyber Espionage
The United States and its allies accused China on Monday of a global cyber espionage campaign, mustering an unusually broad coalition of countries to publicly call out Beijing for hacking. The United States was joined by NATO, the European Union, …
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Washington Couple Face Felony Charges in $116K Workers’ Comp Scam
A married couple working at their son’s Vancouver, Wash., auto repair shop who claimed to be hurt at the shop and received workers’ compensation benefits for their injuries are now both charged with stealing those benefits from the Washington State …
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People Moves: IIAT Elects Officers, Directors; Pettiette Joins Louisiana’s Dwight W. Andrus Insurance
IIAT The Independent Insurance Agents of Texas (IIAT) elected Gaylon Brown of TexCap Insurance in Dallas to serve as chair for 2021-2022 during IIAT’s annual business meeting on June 25, 2021. Brown is CEO and Managing Partner of TexCap Insurance …
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Oregon Wildfire Burns More than 476 Square Miles
Erratic winds and dry lightning added to the dangers for crews battling the nation’s largest wildfire over the weekend in parched Oregon forests, just one of dozens burning across several Western states. The destructive Bootleg Fire, one of the largest …
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S&P Warns of Cyber Risk’s Impact on Insurers’ Credit Ratings
Cyber risk is becoming increasingly relevant to insurer credit ratings, according to a report from S&P Global Ratings. Overall, S&P said it has noted “more credit-relevant cyber events in the last six months than in the previous six years.” S&P …
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Liberty Mutual Looks to Acquire Malaysian P/C Insurer AmGeneral
Boston-based Liberty Mutual Insurance said it will be applying for regulatory approval to acquire Malaysian property/casualty insurer AmGeneral Insurance Berhad, which is currently 51%-owned by AmBank Group and 49%-owned by Insurance Australia Group (IAG). Subject to regulatory approvals, Liberty Mutual’s …
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Survivors of Maryland Newspaper Shooting, Victims’ Relatives Sue
The families of five Maryland newspaper employees killed in a mass shooting in 2018 and most of the surviving employees who were in the Capital Gazette newsroom during the attack have filed two lawsuits alleging a parent company did not …
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Rhode Island Governor Vetoes Auto Body Insurance Claims Legislation
Rhode Island Governor Dan McKee has vetoed legislation regarding auto body insurance claims that he said would ultimately burden consumers. “While I recognize the stated intent of this bill is to protect consumers, and there are portions of this legislation …
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Two Firms Merging to Capitalize on Embedded Insurance Demand
Two insurtech managing general agencies plan to merge in an effort to tap into embedded insurance demand for travel and other e-commerce businesses. Seeto, which focuses on helping e-businesses build embedded coverage, said it will merge with Pattern, a startup …
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Small Delaware Town Triples Police Liability Insurance
A small Delaware town has opted to triple its police department’s liability insurance, noting a rise in civil rights lawsuits. The Dewey Beach Town Council voted recently to increase the coverage from $1 million to $3 million, the News Journal …
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The Hilb Group Builds Virginia Presence with Six July Acquisitions
The Hilb Group (THG) is building its presence in its home state with six acquisitions of Virginia-based agencies so far this month. The acquisitions were effective July 1. “We’re always looking to grow, especially in areas where we already have …
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China Plans to Sell Controlling Stake of Revamped Anbang (Now Called Dajia) for $5.2B
Two Chinese state investors plan to sell a combined 98.78% of their stakes in Dajia Insurance Group, the revamped entity of embattled Anbang Insurance Group, for 33.6 billion yuan ($5.19 billion), according to an auction filing on Friday. China Insurance …
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TransRe Reorganizes Global Underwriting Structure, Promoting Key Leaders
TransRe has reorganized its global underwriting structure and promoted key leaders in the areas of Regional Markets, North America, Global Portfolio Management, Europe and Asia Pacific. In addition, it has restructured its casualty/liability and its professional liability teams. Paul McKeon, …
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Kin Insurance Sees Shark Tank SPAC Deal as Way to ‘Pour Gas on’ Expansion
Kin Insurance Inc., an insurance-technology startup that counts golfer Rory McIlroy among its investors, has agreed to go public through a merger with Omnichannel Acquisition Corp., a blank-check firm led by Matt Higgins, a longtime investor who has appeared as …
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Zego, Supported by Swiss Re, Teams Up with bp to Insure Electric Vehicles in London
Commercial motor insurer Zego, with support from Swiss Re, has teamed up with bp, an integrated energy company, to provide professional insurance for bp’s electric vehicle trial in London, called “bp EV Pro.” The package is designed specifically for ride-hail …
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Number of Women on Boards of UK’s Top Financial Firms Rises to 32%: Report
The proportion of women on the board at 200 of Britain’s top financial firms has risen to nearly a third in the five years since the government launched an initiative to improve gender balance in the sector, a report on …
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Death Toll from European Floods Rises Above 180
The death toll from flooding in Western Europe climbed above 180 on Sunday after rescue workers dug deeper into debris left by receding waters. Police put the toll from the hard-hit Ahrweiler area of western Germany’s Rhineland-Palatinate state at more …
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S. African Riot Insurer to Shoulder Bulk of Claims After Days of Violent Civil Unrest
As calm begins to return to South Africa following days of violent riots that caused billions of rand in damage, questions are being asked about who will foot the bill. While some claims will be assessed by heavyweight insurers such …
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Sunday, July 18, 2021
U.S. Fights Cyber Attacks by Blacklisting, Sanctioning Russian Tech Firms
The United States on Friday took a new stab at Russia’s cybersecurity industry, restricting trade with four information technology firms and two other entities over “aggressive and harmful” activities – including digital espionage – that Washington blames on the Russian …
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Facebook Hits Back Against Biden Team Blaming It for Vaccine Misinformation
U.S. Surgeon General Vivek Murthy stood by federal guidance that those fully vaccinated against COVID-19 no longer needed to wear masks, while blaming social media companies for fueling vaccine misinformation. Murthy told CNN’s “State of the Union” that allowing vaccinated …
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J&J Considers Placing Talcum Powder Liabilities Into Bankruptcy: Reuters
Johnson & Johnson is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, according to seven people familiar with the matter. During settlement discussions, one of the …
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Rescue Efforts Fell Short for Gulfstream Insurance
Plagued by worsening financial issues and under pressure from credit rating agencies, Gulfstream Property and Casualty Insurance Co. entered the first months of 2021 determined to increase its capital contributions. The Sarasota-based personal residential insurer had just come off a …
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Takeaways from Our Conversation on The Impact of California Wildfires on Cannabis Insurance
The California wildfire season is shaping up to be an ugly one, with a worsening drought and soaring temperatures in the Western U.S. Wildfires are already blazing across numerous states. As of early July, the number of fires in California …
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U.S. Appeals Court Sides With CDC on Enforcement of COVID Rules for Florida Cruise Ships
A U.S. appeals court late Saturday in a 2-1 ruling put on hold a lower-court decision that said the U.S. Centers for Disease Control and Prevention (CDC) could not enforce its coronavirus cruise ship rules in the state. Last month, …
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Witness Says Suspended Georgia Insurance Commissioner Used Arson Money to Buy Campaign Signs
Suspended Georgia Insurance Commissioner Jim Beck improperly took money from the private insurer he led and used it to buy campaign signs when the Republican ran for office in 2018, a witness testified Friday in Beck’s trial. The testimony came …
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Friday, July 16, 2021
People Moves: Pinnacol Names Johnson Chief Human Resources Officer; CIBA CEO Marino Stepping with Rheel Named New CEO
Pinnacol Assurance named Timothy A. Johnson chief human resources officer and vice president of employee services. He replaces Barbara Brannen, who is retiring. Johnson has 30 years of global human resources experience. Most recently, he was in the food industry, …
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Ousted New Mexico Police Chief Files Whistleblower Suit
Albuquerque’s former police chief is accusing top city officials of violating open record laws and a state statute meant to protect whistleblowers. Michael Geier and his former assistant, Paulette Diaz, filed a complaint against the city in state district court …
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Largest Wildfire in Oregon Prompts New Evacuations
Firefighters are scrambling to control a raging wildfire in southeastern Oregon that’s spreading miles a day in windy conditions, one of numerous conflagrations across the U.S. West that are straining resources. Authorities ordered a new round of evacuations Thursday amid …
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In Its Quest for Diversity, Insurance Industry Finds One Size Does Not Fit All
In the wake of massive protests last year focused on racial equity and social justice, insurers are among the many industries confronting the need to incorporate more diversity into their hiring and business practices. There are many different ideas in …
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People Moves: Aon’s EMEA Promotions; Lockton Re Hires Charit from Aon; Miller Names Hobbs as Head of Cyber
This edition of International People Moves covers appointments at three re/insurance brokers: Aon, Lockton Re and Miller. A summary of these new hires follows here. Insurance broker Aon plc has announced several promotions within its team in the Europe, Middle …
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Delaware Captive Insurance Legislation Signed by the Governor
With Delaware Governor John Carney’s recent signature, the state’s Captive Insurance Division is providing increased flexibility in its offerings to captive insurance companies. Senate Substitute 1 for Senate Bill 36 allows captives to be classified as registered series, offers clarity …
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New York Man Arrested for Insurance Fraud Following Criminal Investigation
A New York man has been arrested for insurance fraud in the second degree following a year-long criminal investigation. On January 28, 2020, the Ellenville Fire Department requested the Ulster County Fire Investigation Unit to respond in Wawarsing, New York, …
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World Insurance Associates Acquires New Jersey’s McCue Captains Agency
World Insurance Associates LLC (WIA) has acquired McCue Captains Agency of Little Silver, New Jersey, on July 1, 2021. Terms of the transaction were not disclosed. McCue Captains Agency was founded in 1927 as a local independent insurance agent. They …
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Q&A: Have Drivers Gotten Worse Since COVID?
As the restrictions around COVID-19 are lifted, and more and more people hit the road to return to their work spaces and routines, there has been a familiar refrain: “People have forgotten how to drive.” Is it true? Are drivers …
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Global P/C Industry See Strongest Rate Hikes in 20 Years but Inflation Headwinds Loom
Robust global economic recovery, higher risk awareness and the strongest rate hardening for 20 years in non-life insurance commercial lines will combine to push premiums 10% above pre-COVID-19-crisis levels this year, creating a faster bounceback than from the global financial …
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Drug Overdose Deaths Hit Record 93,000 During 2020 Pandemic
Overdose deaths soared to a record 93,000 last year in the midst of the COVID-19 pandemic, the U.S. government reported Wednesday. That estimate far eclipses the high of about 72,000 drug overdose deaths reached the previous year and amounts to …
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Cape Analytics Gains $44 Million in Financing
Cape Analytics has attracted $44 million in new financing that the of property data firm plans to use for expansion, accelerated product development, and hiring of more machine learning, data science and risk experts. Launched in 2014, Cape Analytics uses …
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Houston Fans Shamed by Astros Cheating Scandal Strike Out with Lawsuit
Houston Astros ticket holders can’t sue the team over its signal-stealing scandal even if it caused them “embarrassment, disappointment, shame and disgrace,” a Texas appeals court ruled Thursday. Buying a ticket gives sports fans the license for a seat at …
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Uber to Share Sexual Assault Claims Data on Website in Deal with California Regulator
Uber Technologies Inc. on Thursday reached a preliminary agreement with a California regulator for sharing data on sexual assault and harassment claims on its platform while protecting victims’ privacy and avoiding a $59 million fine. Under the proposal outlined in …
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U.S. Launches ‘Stop Ransomware’ Website; Offers Reward Up to $10M
The U.S. government on Thursday unveiled an online hub for the victims of ransomware attacks, saying it will make it easier for companies and municipalities to find resources and get assistance if they are targeted by cyber hackers. At the …
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Fintech and On-Demand Insurer N26 Eyes Value of About $10B in New Fundraising
N26 GmbH is holding discussions with investors to raise several hundred million dollars in a fundraising that could value the German fintech at about $10 billion, according to people familiar with the matter. The firm, backed by billionaires Peter Thiel …
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Germany Reels from Flood ‘Catastrophe’; Insurers Expect Costly Claims for 2021
Chancellor Angela Merkel pledged swift help backed by “all the power of the state” for people affected by devastating flooding in western Germany, where at least 42 people have died and dozens are missing. Following heavy rain Wednesday night into …
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India’s Digital Payments Startup Paytm Files Draft Papers for $2.2 Billion IPO
BENGALURU – SoftBank-backed Indian digital payments startup Paytm has filed for an initial public offering (IPO) of up to 166 billion rupees ($2.23 billion), draft papers submitted to the country’s market regulator showed on Friday. The IPO will include an …
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Thursday, July 15, 2021
People Moves: Church Mutual Adds Stampen as Chief People Officer; Lau Now COO at Robertson Ryan; J.M. Wilson Promotes Mandwee, Hires Head and Durflinger
Church Mutual Insurance Pamela Stampen has been named chief people officer of Merrill, Wisconsin-based Church Mutual Insurance Co., reporting to Rich Poirier, president and CEO. Stampen’s role will encompass all the essential elements of recruitment and retention – learning and …
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Biden Administration Plans More Ransom Payment Tracing in Fight Against Attacks
The Biden administration intends to crack down on the use of cryptocurrencies in ransomware attacks through more rigorous tracing of proceeds paid to hackers behind the disabling of companies, government agencies and organizations, according to people familiar with the matter. …
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U.S. Heatwave ‘Virtually Impossible’ Without Climate Change, Scientists Say
An international group of 27 climate scientists have concluded that the recent heat wave in the Pacific Northwest was “virtually impossible without human-caused climate change.” National Weather Service reports show that in late June Seattle, Wash., reached all-time high temperature …
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Florida Judge Approves Sale of Property Where Collapsed Surfside Condo Stood
A Florida judge on Wednesday approved the sale of the oceanfront property where a collapsed Florida condominium building once stood, with proceeds intended to benefit victims of the deadly disaster. At a hearing, Miami-Dade Circuit Judge Michael Hanzman ordered that …
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