Iowa Governor Signs Law Allowing Exemptions to COVID-19 Vaccine Mandates

Iowa Gov. Kim Reynolds on Oct. 29 signed into law a bill that allows Iowa workers to seek medical and religious exemptions from COVID-19 vaccine mandates and guarantees that those who are fired for refusing a vaccine will qualify for …

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Former Michigan Contractor Sentenced 5 Years in $3.8M Unemployment Insurance Fraud Scheme

A former contractor for the state of Michigan has been sentenced to nearly five years in prison for helping orchestrate a $3.8 million fraud scheme involving money intended to help unemployed people during the coronavirus pandemic. A U.S. District Court …

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Florida Agents Caught Off-Guard by Boom in Solar Power

Florida may be known as the Sunshine State, but insurance agents say they’ve been unprepared for the recent boom in rooftop solar power installations across the state, installations that can affect coverage, premiums and even home sales. “We kind of …

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J&J Spends $800M to Settle Most Risperdal Lawsuits

Johnson & Johnson said it has settled most of the lawsuits it faced by thousands of men who claimed its anti-psychotic drug Risperdal caused them to develop excessive breast tissue and disclosed that it recorded $800 million in expenses in …

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Report Sounds Alarm Over Workers With Long-Term COVID-19 Symptoms

About 10% of people who contracted COVID-19 continue to suffer persistent symptoms months later, creating the potential for millions of people to suffer functional impairment for extended lengths of time, according to a report released by the National Council on …

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California Workers’ Comp Hospital Stays Decline as COVID Affects Quantity and Types of Admissions

The latest update to California Workers’ Compensation Institute research on California workers’ compensation inpatient hospital stays shows the number of injured worker hospitalizations fell 17.2% in 2020, bringing the total decline since 2010 to 47.2%. Using hospital discharge data from …

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Utah Insurance Department Distributes $25M to Arches Claimants

Utah Insurance Commissioner Jon Pike, acting as liquidator of Arches Mutual Insurance Co. through his special deputy liquidator Stillman Consulting Services LLC, announced on Friday that checks are being sent to Arches’ medical providers for 100% of their approved claim …

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People Moves: Admiral Names Smyrl President; Hartford’s Schultz Moves to Zurich Life Sciences; Roth Heads AXA XL Cyber Claims; Hippo Adds Hiscox’s Hanson

Smyrl Succeeds Fletcher a President of Admiral Insurance W.R. Berkley Corp. as appointed Daniel Smyrl as president of excess and surplus lines insurer Admiral Insurance Group. He succeeds Curtis E. Fletcher, who has been named chairman of Admiral. Smyrl joined …

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Outages Persist After Nor’easter Batters New England

Utility crews worked Thursday to restore power to hundreds of thousands of homes and businesses in New England after a nor’easter battered the coast with hurricane-force wind gusts. More than 300,000 customers lacked service Thursday morning, the Massachusetts Emergency Management …

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$17M Jury Award in Deadly Shooting by Off-Duty Officer in California

A federal jury has awarded $17 million to the parents of a mentally ill man who was shot in a Costco store by an off-duty Los Angeles police officer. The panel in Riverside ruled in a lawsuit filed against the …

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Inside the New Mexico Movie Set Where Baldwin’s Gun Fired

Light from a high afternoon sun slanted through the tall windows of the weathered wooden church, catching on the plank floorboards and illuminating the stained glass. Outside, the arid ground of the northern New Mexico foothills stretched for miles – …

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Month-Long Halt in Hurricanes Thanks to Dry Air and Atmospheric Lull

This year’s hurricane season started out as one of the most prolific in the modern era. Then suddenly, in October, the storms stopped. As of Friday, the Atlantic hasn’t produced a single new tropical storm in a month. Such a …

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Family of Man Killed by Snowblower Sues Two Maine Hospitals

The son of a man who died in a snowblower accident in 2017 has filed a wrongful death lawsuit against both of Bangor’s hospitals and two medical professionals. Herbert Pelletier, 86, died four years ago of complications of a ruptured …

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First Half of Year Recorded 18% increase in Road Fatalities

Traffic deaths across the country soared by 18.4% in the first six months of 2021, the largest number of projected fatalities in that time period since 2006. The Department of Transportation’s National Highway Traffic Safety Administration reported that an estimated …

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Climate Protesters Spill 1,000 Liters of Fake Oil Outside Lloyd’s of London

Climate protesters spilled a 1,000 liters (220 gallons) of fake oil outside Lloyd’s of London Friday, part of a campaign to draw attention to the finance industry’s financing of fossil fuels. The activists were protesting the insurance marketplace’s underwriting of …

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Flood Re Tours UK With ‘Floodmobile’ Before COP26 to Highlight Flood Resilience

Flood Re, the joint initiative between the UK government and insurance industry to help make home flood insurance more affordable, has been touring flood-prone cities in the UK to highlight the resilience measures that residents and businesses can install to …

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Swiss Re Reports Better-Than-Expected Profit Despite Major Claims

Reinsurance company Swiss Re said on Friday it swung to a better-than-expected net profit in the first nine months as it recovers from the impact of the coronavirus pandemic despite big claims from major storms on both sides of the …

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Severe South Australia Storms Declared a Catastrophe by Insurance Council

The Insurance Council of Australia (ICA) has declared an insurance catastrophe for parts of South Australia, which were hit by significant hail, rain, and strong winds over the past 24 hours. Insurers have received more than 12,000 claims so far …

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Amazon-Backed Indian Online Insurer Acko Valued at $1.1B in New Funding Round

General Atlantic and local private equity firm Multiples Private Equity led a $225 million funding in Acko General Insurance, valuing the Indian online insurer at $1.1 billion. Existing investors including Canada Pension Plan Investment Board and Lightspeed, a global technology …

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SiriusPoint Forms Partnership with ESG-Focused Start-up Parameter Climate

SiriusPoint Ltd., the Bermuda-based specialty insurer and reinsurer, has announced a strategic partnership with Parameter Climate, a climate underwriting and distribution advisory firm. As part of the transaction, SiriusPoint has purchased a significant ownership stake in Parameter Climate in addition …

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Louisiana Turns to Travel Trailers For Residents Displaced by Ida

Louisiana’s temporary housing program for people displaced by Hurricane Ida is increasing its pace of getting people into travel trailers, but Gov. John Bel Edwards said he’s still pushing for the program to accelerate its work. “We’re not satisfied. We’re …

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EXOR Agrees to Sell PartnerRe to Covéa for $9B, Reviving Last Year’s Collapsed Deal

The Agnelli family’s EXOR NV agreed to sell its PartnerRe reinsurance unit to France’s Covéa for $9 billion, reviving a transaction that collapsed at the onset of the pandemic last year. Talks broke down in May 2020 when Exor rejected …

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Arkansas Sues Medical Supplier for $11M for Failed COVID Supplies Delivery

The state of Arkansas filed a consumer protection lawsuit Wednesday against a Virginia-based medical supplier for nearly $11 million for failing to deliver supplies during the coronavirus pandemic, Attorney General Leslie Rutledge said. Rutledge said Wednesday that Med-Care Healthlink LLC …

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Ohio Insurtech Coterie Insurance Raises $50M

Cincinnati, Ohio-based insurtech company Coterie Insurance, which specializes in commercial insurance, has completed a $50 million series Series B financing round, totaling $75 million raised since its founding in 2018. Series B funding was led by Weatherford Capital alongside existing …

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Roller Derby Team Sues Cleveland Guardians Over Name Change, Alleges Trademark Infringement

A roller derby team that has called itself the Cleveland Guardians since 2013 sued the city’s Major League Baseball team in federal court in Cleveland on Wednesday alleging that the switch from Indians to Guardians infringes on its trademark. “A …

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Striking McDonald’s Workers Protest Alleged Workplace Harassment, Violence

McDonald’s workers in 12 U.S. cities walked off the job Tuesday to protest what they say is an ongoing problem of sexual harassment and violence in the company’s stores. Several hundred workers were expected to participate in Chicago, Houston, Miami, …

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Bank of England to Push Banks, Insurers on Climate Risk Capital Requirements

The Bank of England will crack down from next year on banks and insurers that do not hold enough capital to cover risks from climate change, while also considering bespoke safety buffers. Climate-related financial risks are partially captured by existing …

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California Insurance Commissioner Makes Numerous Appointments to Boards

California Insurance Commissioner Ricardo Lara announced several new appointments. The appointments include three new members to the California Department of Insurance Curriculum Board, one member to the California Insurance Guarantee Association Board of Governors, and five members to the Insurance …

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Louisiana Tornado Damages More Than a Dozen Homes in Region Still Reeling From Hurricanes

A tornado touched down in western Louisiana Wednesday, Oct. 28, damaging more than a dozen homes in a part of the state still struggling to recover from repeated weather disasters, officials said. The National Weather Service said in a preliminary …

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La Banque Postale Plans to Buy French Insurer CNP

PARIS — The banking arm of French mail operator La Poste is planning to buy banking group BPCE’s stake in French insurer CNP, the companies said on Thursday, and then plans to make an offer to buy the rest of …

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Georgia to Hold Hearing on Insurance Rule Changes

The Georgia insurance commissioner is proposing a wide range of rule changes for insurance and fire safety. A hearing will be held Nov. 22, and written comments can be submitted by Nov. 15, the office said in a bulletin. Most …

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Judge Rejects Southwest Airlines Pilots’ Bid to Block COVID-19 Vaccine Mandate

A federal judge has rejected a bid by pilots to block Southwest Airlines from imposing a vaccine mandate, saying the Dallas-based airline is within its power to require vaccination as a safety measure. U.S. District Judge Barbara Lynn denied the …

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California Still in Deep Drought Despite Big Storm

The deluge California received from a powerful atmospheric river made streams and waterfalls come alive while coating mountains with snow, but as the storm headed east to the Plains on Tuesday it left the Golden State still deep in drought. …

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Kemper $17.6M Data Breach Settlement Wins Preliminary Court Approval

Kemper Insurance has won preliminary approval of its $17.6 million proposal to settle a class action stemming from two data breaches. Judge Martha M. Pacold of the federal court for the Northern District of Illinois on Wednesday gave the green …

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Keystone Agency Partners Appoints Rusbuldt as First Independent Board Member

Keystone Agency Partners, an independent insurance agency partnership platform, appointed insurance industry veteran Robert A. Rusbuldt as the company’s first independent board member. Rusbuldt currently serves as president and CEO of the Independent Insurance Agents & Brokers of America Inc. …

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EU Cybersecurity Agency Warns of Threat From Hackers-for-Hire

Hackers-for-hire emerged as the biggest threat to online security in the last 15 months, with the COVID-19 pandemic and home working creating opportunities for cybercriminals, EU cybersecurity agency ENISA said in its annual report on Wednesday. The study, which covered …

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Legal, Insurance, Safety Issues Swirl Around ‘Rust’ Movie Set Shooting

Alec Baldwin the actor, who pulled the trigger on a prop gun while filming “Rust” in New Mexico and unwittingly killed a cinematographer and injured a director, likely won’t be held criminally or civilly liable for the tragedy. But Alec …

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Johnson & Johnson Reaches $290M Texas Opioid Settlement

Texas Attorney General Ken Paxton announced a $290 million statewide opioid settlement agreement with Johnson & Johnson to resolve opioid-related claims. The agreement will largely track the terms of the Global Prescription Opioid Litigation Settlement Agreement that was announced July …

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Reinsurers Increasingly Using ILS to Transfer Risks

Reinsurers are increasingly relying on third-party capital to support their retrocession needs, in which they transfer risks they have assumed to other counterparties. According to a report from S&P Global Ratings reinsurers have ceded about 50% of their exposures at …

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Three Teens Accused of Setting Maine Fire Facing Felony Murder Charge

Three teenagers accused of starting a fatal apartment building fire in Maine have been charged with felony murder, officials said. Two 13-year-olds and a 14-year-old were charged last month with arson, but those charges have been upgraded to felony murder, …

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Illinois Engine Manufacturer to Reduce NOx Emissions, Pay $52M Penalty in Clear Air Act Settlement

Navistar Inc., an integrated manufacturer of trucks and diesel engines based in Lisle, Illinois, has agreed to mitigate at least 10,000 tons of oxides of nitrogen (NOx) emissions and pay a $52 million civil penalty in a consent decree to …

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Suit Claims Trucker in Pennsylvania Crash Wore Noise-Canceling Headphones

Victims of a crash on the Pennsylvania Turnpike that killed five people and hurt nearly all the dozens of passengers on a bus nearly two years ago claim in a lawsuit that one of the drivers was wearing noise-canceling headphones. …

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Judge Dismisses More Unsettled Lawsuits Over Sex Abuse by Ohio State Doctor

A federal judge on Monday dismissed more of the unsettled lawsuits filed by men who say Ohio State University failed to stop sexual abuse decades ago by now-deceased team doctor Richard Strauss. U.S. District Court Judge Michael Watson’s latest rulings …

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Minnesota Furniture Retailer Fined $60,000 for Denying Hire to Transgender Applicant

Frizzell Furniture, a furniture retailer with locations in northern Minnesota, has agreed to pay $60,000 and has committed to providing training and revising its policies to resolve a finding of gender identity discrimination, a form of sex discrimination, by the …

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FEMA Extends Deadline to Apply for Hurricane Ida Assistance to No. 29

Louisiana residents seeking disaster aid from Hurricane Ida now have until Nov. 29 to apply for assistance. The Federal Emergency Management announced that the deadline to register for individual assistance has been extended an extra two weeks from the previous …

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JKJ Merges with Witherspoon on Scuba and Marine Insurance

Johnson, Kendall & Johnson, an insurance brokerage firm, has merged with Tennessee-based Witherspoon & Associates to offer expanded coverage for the marine and scuba industry, the company announced. The merger will extend programs for individual professional liability, dive facilities, dive …

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Lloyd’s Ups Climate Pledge, Vow to Push Members on Net Zero: Reuters

Lloyd’s of London said on Thursday it would join peers in scaling up efforts to cut carbon emissions and push members of the commercial insurance market to do the same, days before international climate talks get underway in Scotland. Lloyd’s …

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UN Proposes Net Zero Verification Standard for Corporate Climate Claims

A U.N.-backed body launched a scheme to verify corporates’ net zero strategies on Thursday that is likely to become a standard for regulators and investors to measure companies’ climate ambitions. With rising investor and societal pressure on companies to reduce …

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Report Finds Meat Plant Workers’ COVID Cases Much Higher Than Previous Estimates

Workers at the leading U.S. meatpacking plants experienced cases and death from COVID-19 that were up to three times previous estimates, according to a report by the House Select Subcommittee on the Coronavirus Crisis seen by Reuters. The U.S. House …

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For Home Insurers, Weather Proves More Costly While COVID Measures Lower Claims

Catastrophic weather events such as wildfires, hurricanes and floods caused 39% of home insurance claims in 2020 – the highest percentage in the last six years. According to the 2021 LexisNexis Home Trends Report, the loss cost in 2020 also …

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Unlicensed California Insurance Agent Arraigned in $1.4M Workers’ Comp Fraud Scheme

Unlicensed insurance agent Karyl Lynn Reed, 57, formerly of Cosa Mesa, Calif., was arraigned this week on multiple felony counts of grand theft, forgery, embezzlement, and aggravated white-collar crime after allegedly defrauding three victims of over $1.4 million. Reed was …

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Pair of Earthquakes Confirmed on California’s Central Coast

A pair of earthquakes rattled California’s central coast late Monday afternoon, the U.S. Geological Survey confirmed. A magnitude 4.7 quake hit at 4:42 p.m., centered about 11 miles northwest of San Simeon, according to. At 4:49 p.m., a 3.6 magnitude …

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We Insure Opens Florida Agency with Real Estate Connection

Jacksonville-based We Insure Inc., an insurance franchise company, announced a new operation in Lecanto, Florida, north of Tampa. We Insure Citrus agency, owned by Kevin and Karen Cunningham, will specialize in residential, automobile and commercial lines, particularly for RE/MAX real …

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Chubb Sees Profit Jump 58% on Premium Growth, Underwriting Income

Global insurer Chubb’s third quarter net income soared more than 58 percent year-over-year, as premium gains continued their double-digit climb. The insurer’s Q3 net income reached $1.83 billion during the quarter, or $4.18 per share. That compares to just under …

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Carolina Investigation Busts Contractors for Tax Evasion, False Insurance Certificates

For three years, undercover investigators watched as construction company owners in South Carolina met with a check-cashing company in parking lots, then walk away with bags of cash and fake insurance certificates, showing laborers were covered by workers’ compensation insurance. …

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Risk Strategies Acquires New Jersey’s Corrigan Johnston Risk Advisors

Risk Strategies, a national specialty insurance brokerage and risk management firm, acquired Corrigan Johnston Risk Advisors, an all-lines brokerage focused on transportation-related industries. Terms of the deal were not announced. Headquartered in Basking Ridge, New Jersey, Corrigan Johnston was founded …

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UK-Based Broker KGJ Insurance Is Latest Acquisition for NFP

NFP, a New York City-based insurance broker and consultant, has acquired UK-based KGJ Insurance Services Group Ltd. KGJ is a commercial insurance broker with specialization in combined risks for complex and non-standard programs. KGJ provides exclusive program facilities as well …

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Connecticut Seeks Disaster Declaration for Flooding Caused by Ida

Connecticut Governor Ned Lamont has submitted a request for a major disaster declaration to the Biden administration, seeking federal funds to help Connecticut recover from damage caused by the remnants of Hurricane Ida. The September 1 storm dumped as much …

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Ex-Liberty University Spokesman Says He Was Fired for Raising Concerns

A former spokesperson for Liberty University is suing the evangelical Virginia school after being fired, alleging in a lawsuit that his termination came in retaliation for voicing concerns that sexual misconduct accusations were mishandled. Scott Lamb, a vice president-level executive …

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Aston Lark Acquires Birmingham Broker Bainbridge Collins

London-based Aston Lark reported it has acquired Bainbridge Collins Ltd., a Midlands independent insurance brokerage focused on the mid corporate sector. Led by Cyril Gallagher, Bainbridge Collins was established more than 30 years ago in Birmingham. In addition to offering …

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Global $10.5B Insurtech Funding Train Leaving Many Startups Behind, WTW Advises

While global investment in insurtechs continues to rise, not all insurtechs are benefitting. Rather, much of the funding is focused on a relatively few startups. For example, in the second quarter, more than two-thirds of the total capital raised went …

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As Strikes, Riots and Civil Commotion Risks Increase, Insurers Respond With Exclusions

Insurers traditionally have offered protection against strikes, riots and civil commotion (SRCC) at no extra cost, but the increased frequency and severity of these risks means property insurers have begun excluding events of social unrest from policies, according to a …

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These Women Are Fighting Cyber Crime and Cybersecurity’s Gender Divide

Growing ransomware attacks aren’t the only issue concerning the cybersecurity industry today, according to experts on this episode of The Insuring Cyber Podcast. Another concern within the cybersecurity workforce is the gender gap. “I do believe that whatever we have …

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Ping An Insurance Profit Falls 31.2% as Returns, Premiums Shrink

SHANGHAI/BEIJING — Ping An Insurance Group Co of China Ltd., the country’s largest insurer by market value, posted a 31.2% fall in third-quarter net profit on Wednesday as its premium income shrank on a weak economy and profit was dented …

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Global Minimum Tax Proposal Could Create Double Taxation for Some Insurers: AM Best

Given the accounting differences for global insurance companies in different jurisdictions, a new global minimum tax on certain multinational companies creates the potential for double taxation for some insurance companies, according to an AM Best commentary. The Organization for Economic …

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Georgia Court Says No Double Dip on Auto Policies After Accident

The injured party in an automobile collision cannot double-dip on insurance coverage simply because she calls the payment from the other driver’s policy “punitive damages,” a Georgia appeals court has decided. “The mere fact that Nay’s limited release included a …

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Repairing Mexico City’s Collapsed Metro Could Cost $40M: Grupo Carso

MEXICO CITY – Mexican billionaire Carlos Slim’s Grupo Carso said the cost of repairing a collapsed section of a Mexico City metro rail that caused a fatal accident earlier this year could amount to some 800 million pesos ($40 million). …

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AM Best Downgrades Outlook for Journey Insurance

AM Best credit rating agency has given Florida-based Journey Insurance Co. a financial strength rating of “excellent,” but downgraded the company’s outlook from stable to negative, due to its parent company’s capitalization. Journey, headquartered in St. Petersburg, Florida, is majority …

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Unvaccinated Pilots Costing It Millions in Paid Leave, United Airlines Tells Judge

United Airlines Inc. told a federal judge the company is spending millions on paid leave for unvaccinated pilots because their colleagues “refuse to risk their safety” by flying with them. The leave is costing United about $1.4 million every two …

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Insuring Cannabis Summit: Capacity Still a Centerpiece of Concern

There is little surprise when a conversation about cannabis and insurance turns to the subject of capacity. “Really when it comes to cultivation, processing, there is a bit of a hiccup, it seems in the overall market space, I think …

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Takeaways from Our Conversation on Federal Legalization

It’s part of just about every cannabis conversation: “Hey, it looks like we’re close to seeing cannabis legalized. Is this the year?” There are three promising cannabis bills in Congress – two that would legalize or at least decriminalize cannabis, …

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California Labor Commissioner Cites Grocer $1.1M for COVID Sick Leave Practices

The California Labor Commissioner’s Office cited Bodega Latina (dba El Super grocery stores) in Southern California $1,164,500 for failing to provide or delaying supplemental paid sick leave or other benefits to 240 workers at 38 locations affected by COVID-19. An …

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Small Earthquake Confirmed in Southern California

A small earthquake near downtown Los Angeles on Sunday morning was felt widely across Southern California, the U.S. Geological Survey confirmed. The magnitude 3.6 quake hit just after 7 a.m. and was centered about a mile south-southeast of the Boyle …

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Hippo in California Hires Hiscox’s Hanson to Expand Claims Operations

This article originally appeared in Carrier Management. Digital home insurer Hippo hired a former Hiscox executive to be its first chief claims officer, with a mission to expand claims operations for the now publicly-traded California-based InsurTech as it grows nationally. …

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Insurer Responsible for Damages After Massachusetts Officer Injured During Training

Driving a truck too fast and injuring a fellow officer during a firearms training is not within the scope of employment duties for a Massachusetts police officer, the Massachusetts Supreme Judicial Court found. This means his insurer is on the …

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California City Pays $500K to Stroke Victim Arrested for DUI

A Southern California city will pay $500,000 to settle a lawsuit by a woman arrested for driving under the influence when she was actually having a stroke. The settlement ends a long legal battle over the arrest of Robin Winger, …

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Pounding Rain Raises Flash Flood Threat in New York, New England

The powerful storm battering the U.S. Northeast will inundate New York City with lashing rain and possible flash floods through Tuesday night, then unleash the worst of its fury on New England. As much as 4 inches (10 centimeters) could …

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Commercial Liability Insurers Face Growing Number of False Claims Act Cases

A growing number of False Claims Act investigations combined with recent court decisions that found insurers liable for the cost of settlements may spell trouble for commercial liability insurers. Policyholder attorney Geoffrey B. Fehling, with Hunton Andrews Kurth in Washington …

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Analysts Say U.S. Labor Shortage Could Last a While

Labor shortages may be the most intractable of the cost risks that U.S. companies faced in the latest quarter, and as the earnings season moves into its peak there are signs the problem will persist, some strategists say. Finding and …

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AIG Announces Senior Leadership Changes; Readies for Life & Retirement Unit Spinoff

Insurer American International Group announced senior leadership changes that it says strengthen the organization to deliver on its main priorities including the separation of the Life & Retirement business. AIG announced that effective January 1, 2022, Mark Lyons, currently executive …

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Safety Head Criticizes Tesla Over Its Release of New Self-Driving Software

The head of the U.S. National Transportation Safety Board on Monday criticized electric carmaker Tesla Inc.’s decision to provide new self-driving software to vehicle owners without addressing safety concerns that the agency raised after a series of fatal accidents. NTSB …

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Global Commercial Insurance Rates Rise 15% in Q3 as Moderation Continues: Marsh

Global commercial insurance prices increased 15% in the third quarter of 2021, which was the same rate of increase recorded in the previous quarter, according to the Global Insurance Market Index released by insurance broker Marsh. While this is the …

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UK Financial Regulator Raises No Objection to Bain’s Acquisition of Insurer LV=

Britain’s financial watchdog said on Tuesday it won’t stop insurer LV= from proceeding with the disputed sale of its pensions and life insurance business to U.S. private equity company Bain Capital. LV=, founded in 1843 and formerly known as Liverpool …

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Reinsurance Price Increases Support Improving Outlook for Sector: Fitch

Reinsurers’ plans to continue raising premium rates during the January 2022 renewals are likely to contribute to stronger profitability and an improving sector outlook, according to Fitch Ratings. Fitch said it expects double-digit percentage premium rate rises for property catastrophe …

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Parametric Insurer CCRIF Strengthens Belize Warning Systems for Extreme Weather

Parametric catastrophe insurer CCRIF continues to strengthen Belize’s early warning systems for rainfall and climate forecasting with a new grant of US$43,140. This grant brings CCRIF’s Belize contributions to US$143,000, which began helping the country purchase and install automatic weather …

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Australian Publisher Urges Government to Compel Facebook to Negotiate Content Deal

SYDNEY – A small Australian publisher is calling for the government to enforce a new law to compel Facebook Inc to negotiate a content deal, prompting the architect of the rule to say he was “concerned” about the social media …

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Southern Ontario Storms in September Cause Insured Damages of C$105M

Storms that hit southern Ontario on Sept. 7 and Sept. 22 caused C$105 million (US$84.9 million) in insured damage, according to the Insurance Bureau of Canada (IBC), which quoted initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). These storms …

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Indiana Farm Bureau Offers $10K Reward for Information Related to Series of Barn Arsons

A reward is being offered as investigators try to find whoever has set at least a dozen barn fires at northern Indiana farms this year. The Farm Bureau groups in Elkhart, Kosciusko, St. Joseph and Marshall counties created a $10,000 …

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Allegations of Bias Against Kansas Law Enforcement Rarely Yield Sanctions

Kansas law enforcement agencies have received hundreds of complaints of bias over the past 10 years, but records available to the public show only two alleging racial bias resulted in consequences for officers, an Associated Press examination of the data …

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Texas Furniture Manufacturing Company Faces $247K in Fines for Exposing Employees to Amputation Hazards

The U.S. Department of Labor’s Occupational Safety and Health Administration said it has given MooreCo Inc., a Temple, Texas furniture design and manufacturing company, several opportunities to stop exposing its workers to amputation hazards, but an investigation into a recent …

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More ‘Missing’ Rolexes Turn Up; Owner Charged with Fraud

North Carolina authorities announced Monday that a Raleigh man has been charged with falsely claiming that two Rolex watches had been stolen, an apparent ruse to gain insurance payments. James Henry Weeks III, 47, was charged with insurance fraud and …

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People Moves: Villages, AXA Add Names

Villages Names New People The Villages Insurance Partners has added two new people to its team of personal line risk consultants. Mary Ann Schabowski will work out of the agency’s Spanish Springs office, specializing in home, auto, golf car, motorcycle …

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IMA Acquires Parker, Smith & Feek in Washington

IMA Financial Group is acquiring Washington-based Parker, Smith & Feek to expand its brokerage services in the Pacific Northwest, Alaska and Hawaii. The deal is effective Nov. 1. Terms were not disclosed. IMA’s acquisition of PS&F grows the agency’s team …

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California Announces Workers’ Comp Temporary Total Disability Rates for 2022

California’s Division of Workers’ Compensation announced that the 2022 minimum and maximum temporary total disability rates will increase on Jan. 1, 2022. The minimum TTD rate will increase from $203.44 to $230.95 and the maximum TTD rate will increase from …

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Massachusetts Train Conductor Who Lost Part of Finger Sues Rail Operator

A conductor on a Massachusetts commuter rail train is suing the company that runs the system, alleging that a malfunctioning door amputated part of his right ring finger. Allen Chin, of Quincy, is suing Keolis Commuter Services LLC for $220,000, …

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Ensurise Acquires Virginia’s Gerczak Insurance Agency

Effective October 15, 2021, independent insurance agency Ensurise LLC announced its acquisition of the property/casualty insurance brokerage business of Gerczak Insurance Agency Inc. Founded in 2007 by Gary R. Gerczak, Richmond, Virginia-based Gerczak Insurance Agency is a boutique insurance brokerage …

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Grocer Sues Oregon Beef Producer for $2.7M Over Outbreak

Lawyers representing New Seasons Market have filed a $2.7 million lawsuit against an Oregon beef producer accusing the company of negligence for delivering beef tainted with E. coli in 2019, court records show. Several people were sickened by the bacteria, …

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NTSB Issues 1st Report on Fatal Midair Arizona Collision

The National Transportation Safety Board issued its preliminary report on a fatal midair collision involving a helicopter and a small plane outside a suburban Phoenix airport earlier this month. The flight instructor and student pilot aboard the Robinson R22 helicopter …

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Maryland Army Veteran Charged with Fraud After Falsely Claiming Disability

A U.S. Army veteran in Maryland is facing federal charges for falsely claiming to be a paraplegic to obtain more than $1 million in government disability benefits. A federal criminal complaint charged William Rich of Windsor Mill, Maryland, for allegedly …

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Large Private Employer Coalition Creates Pharmacy Benefit Management Firm

A nonprofit coalition of nearly 40 private employers, including U.S. retailers Walmart and Costco, said on Monday it has launched a new company that would offer pharmacy benefit management (PBM) services for employers. With the COVID-19 pandemic weighing severely on …

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Georgia Can’t Pursue Ethics Charges Against Former Insurance Commissioner Oxendine

A judge has thrown out ethics charges against former Georgia Insurance Commissioner John Oxendine, saying state officials waited too long to pursue action. Oxendine was accused of illegally using campaign funds from his failed 2010 gubernatorial campaign to buy a …

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Recoop Insurance Vows Quick Cash to Homeowners, Renters Hit by Natural Disasters

Homeowners in 37 states now have access to a parametric-like multi-peril disaster insurance product designed to deliver quick cash in the wake of a natural disaster. The product, Recoop Disaster Insurance, pays out a lump-sum cash benefit from $5,000 up …

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What Are the Economic Stakes of Climate Change?

COP26 climate talks in Glasgow starting next Sunday may be the world’s best last chance to cap global warming at the 1.5-2 degrees Celsius upper limit set out in the 2015 Paris Agreement. The stakes for the planet are huge …

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DNA Testing Firm 23andMe to Expand Into Telehealth With Lemonaid Acquisition

Direct-to-consumer DNA testing firm 23andMe Holding Co. said on Friday it would buy privately held company Lemonaid Health Inc. for $400 million in a cash-and-stock deal, as it looks to expand into telemedicine. Lemonaid Health offers patients direct online access …

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Greenhouse Gas Levels Hit Record in 2021 as World Fails to Cap Rising Temperatures

GENEVA/GLASGOW – Greenhouse gas concentrations hit a record last year and the world is “way off track” on capping rising temperatures, the United Nations said on Monday, showing the task facing climate talks in Glasgow aimed at averting dangerous levels …

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SEC Eyes Clawbacks of Executives’ Pay in Cases of Misconduct

The new Democratic leadership of the U.S. securities watchdog has a message for Corporate America’s highly paid executives: if your company screws up, your pay is at risk. Clawing back compensation is shaping up to be a key part of …

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Citing Software Issues, Tesla Pulls Latest Full Self-Driving Beta

U.S. electric car maker Tesla Inc. on Sunday rolled back the latest version of its Full Self-Driving (FSD) beta software, less than a day after its release, after users complained of false collision warnings and other issues. The setback comes …

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Hundreds of U.S. Networks Targeted by Russian Cyber Attack, Microsoft Says

The Russian-based agency behind last year’s massive SolarWinds cyberattack has targeted hundreds more companies and organizations in its latest wave of attacks on U.S.-based computer systems, Microsoft said in a blog post. Microsoft, in a blog post dated Oct. 24, …

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Getsafe Receives German Insurance License, Permitting European Expansion

Digital insurer Getsafe has received its insurance license from Germany’s financial regulator, BaFin. The license will allow Getsafe to accelerate its expansion to the rest of Europe. “The license is a significant milestone – especially when considering that the German …

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NTSB: Driver was Behind Wheel When Tesla Crashed Near Houston, Killing Two

A driver was behind the wheel when a Tesla electric car crashed and burned last April near Houston, killing two men, neither of whom was found in the driver’s seat. The U.S. National Transportation Safety Board announced the findings in …

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Berkley Moves into Tennessee, DC, Indiana

Berkley One has expanded its personal lines business to Tennessee, Indiana and the District of Columbia. Berkley One collector vehicle coverage is also launching in Idaho, Oregon and Washington, the company said in a news release. In Tennessee and D.C., …

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EXOR Restarts Talks With Insurer Covéa Over Scrapped $9B Sale of PartnerRe: Report

EXOR, the holding company of Italy’s Agnelli family, has restarted talks with French insurer Covéa over a possible sale of reinsurer PartnerRe, Il Sole 24 Ore reported on Saturday, after the deal was scrapped last year due to the pandemic. …

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Florida Lawmakers May Hold Off on More Insurance Reforms, Despite Warnings

Despite hearing warnings of more rate hikes and more red ink from property insurers in coming months, Florida lawmakers may little appetite for further, significant changes to the state’s insurance laws. Instead, the Legislature, which convenes Jan. 11, may wait …

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‘Rust’ Film Crew Protested Conditions Before Fatal Movie Set Shooting by Baldwin

SANTA FE, N.M. (AP) — Alec Baldwin fatally shot a cinematographer on a New Mexico film set with a gun a crew member had assured the actor was safe, a tragic mistake that came hours after some workers walked off …

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On Baldwin’s ‘Rust,’ Other Movie Sets, Union Guidance Is Key to Gun Safety

Safety standards developed by film studios and labor unions are the primary protection for actors and film crews when a scene calls for using prop guns. The industry-wide guidance is clear: “Blanks can kill. Treat all firearms as if they …

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People Moves: New Hire at Willis, Chamness Elected to Norfolk & Dedham Boards

Willis Towers Watson Hires Latham to Mid-Atlantic FINEX Commercial Team Willis Towers Watson, a global advisory, broking and solutions company, hired Kenneth Latham to as associate director for the Mid-Atlantic FINEX commercial team. Latham will be responsible for all aspects …

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NCCI Launches Workers’ Comp Learning Academy for Carriers

The National Council on Compensation Insurance has launched a workers’ compensation learning academy for member carriers. “NCCI affiliates have asked for convenient training and development programs focused on workers compensation insurance,” the council said in a bulletin. The learning sessions …

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Multiple Delaware Residents Indicted for Insurance Fraud

Late last month in New Castle County, Delaware, a grand jury indicted multiple residents for insurance fraud. The indictments stem from Department of Insurance Fraud Prevention Bureau investigations, in partnership with the Delaware Department of Justice. They allege that following …

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The Hilb Group Acquires Massachusetts’ Forrest Insurance Agency

The Hilb Group acquired Massachusetts-based Forrest Insurance Agency, increasing its property/casualty offerings and presence throughout New England. The transaction became effective October 1, 2021. Agency principals Larry Forrest and Michael Forrest and their team of insurance professionals will be joining …

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Nashville Clamps Restrictions on Party Buses After Accident

The party bus needs to slow down, Nashville officials decided this week. Nashville’s Metro Council voted 33-3 to approve new regulations for the city’s numerous entertainment vehicles that often loudly cruise down lower Broadway. The Tennessean newspaper reported that the …

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Lawsuits Decry Lead Levels in Mississippi Capital’s Water

Two lawsuits claim that hundreds of children have been exposed to dangerous lead levels through the drinking water in Mississippi’s capital, a city that has been facing water system problems for years. One lawsuit represents one child, while the other …

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FM Global Promotes Johnson and Dempsey in EMEA Roles; Beazley Names Hiscox’s Wilson Head of Open Market, London; Rokstone Taps Pickard as D&F Property U/W

This edition of International People Moves details appointments at three insurers: FM Global, Beazley and Rokstone. A summary of these new hires follows here. FM Global Promotes Johnson and Dempsey in Senior EMEA Roles Commercial property insurer FM Global has …

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Bermuda’s Tax Advantage for Re/Insurers to Be Cut With 15% Global Minimum Tax: Fitch

Bermuda’s advantageous tax status for the re/insurance industry will be reduced at the margin with the expected passage of the recent multilateral agreement to establish a 15% global minimum tax rate, according to Fitch Ratings. The overall benefits of maintaining …

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Texas Workers’ Compensation Saw Telemedicine Services Skyrocket During Pandemic

Utilization of telemedicine services in the Texas workers’ compensation rose dramatically during the height of the COVID-19 pandemic, according to a recently published report from the Texas Department of Insurance (TDI). The report, “Evaluation of Telemedicine Services in the Texas …

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Aon and Cybereason Form Alliance to Help Protect Clients From Cyber Attacks

Insurance broker Aon and cyber security specialist Cybereason announced an alliance to help protect clients from sophisticated cyber attacks. Cybereason’s Cyber Defence Platform, together with Aon’s Cyber Solutions, will enable clients to better prevent, detect and respond to cyber threats …

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Employers in Qatar to Be Required to Provide Health Insurance for Expatriates

DOHA – Employers in Qatar will be required to provide health insurance coverage for expatriates and their families under a new law issued by the emir this week, a senior Qatari official said on Thursday. The huge number of foreign …

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Insurance Technology: Guidewire Guides Insurers to Insurtechs; Rhino, Cover Genius Offer Embedded Renters Insurance

Guidewire Guides Insurers to Insurtechs Guidewire Software has launched a program designed to connect its property/casualty insurance industry customers to up-and-coming insurtechs. Dubbed, Insurtech Vanguards, the program will highlight insurtechs that bring novel approaches to the industry. The program is …

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Canal Expands to Larger HQ in South Carolina

After adding 85 employees in the last three years, trucking insurer Canal Insurance will move to a new headquarters in downtown Greenville, South Carolina. The company, which specializes in commercial trucking and other specialty transportation insurance, said it will move …

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Worsening Off-Season Floods in Venice Trigger Fears About Climate Change Impact

VENICE, Italy (AP) – After Venice suffered the second-worst flood in its history in November 2019, it was inundated with four more exceptional tides within six weeks, shocking Venetians and triggering fears about the worsening impact of climate change. The …

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Mosaic Offers $600M of Capacity for War, Terrorism and Political Violence Risks

Bermuda-based Mosaic Insurance has extended its war, terrorism and political violence coverage to offer up to $600 million per risk. The increased capacity allows the company to serve clients via domestic U.S. or Bermuda markets through underwriting teams in both …

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Florida Litigated Claims Dropped 9% in September

The Florida Legislature’s recent efforts to curtail assignments-of-benefits abuse and excessive claims litigation may be having an impact, according to a new report from a lawsuit-tracking firm. CaseGlide, a litigation management software company that regularly reports on insurance litigation, said …

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Ohio, Illinois Manufacturing Companies Sued for Disability Discrimination

Grief Inc., an international manufacturing company based in Delaware, Ohio, and American Flange, its wholly-owned subsidiary operating in the western suburbs of Chicago, violated federal law when they fired an employee and refused to excuse his disability-related absences, the U.S. …

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Months Before Bankruptcy Move, J&J Offered $4B to Settle Talcum Claims

Months before putting one of its units into bankruptcy, Johnson & Johnson offered $4 billion to settle with victims of its talc-based powder — twice the amount it’s now proposing to pay through a forced resolution, according to people familiar …

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Top Regulators’ Roadmap Addresses Climate Change as Threat to U.S. Financial Stability

Climate change is an “emerging threat” to U.S. financial stability that regulators should address in their everyday work, a top U.S. regulatory panel said on Thursday, a first for the United States which has lagged other wealthy countries on tackling …

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U.S. Urges Global Intellectual Property Waiver for COVID-19 Vaccines

The White House on Thursday called on all World Trade Organization members to support an intellectual property waiver for COVID-19 vaccines. “We … need every WTO member to step up as well and support an intellectual property waiver, and every …

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NFL to Offer to Changes to ‘Race-Norming’ Testing Formula Used in Dementia Claims

The NFL is set to propose changes to the $1 billion concussion settlement this week after an outcry over test score adjustments known as “race-norming,” which make it harder for retired Black players to win dementia awards that average $500,000 …

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Activist Investor Starboard Takes New Stake in Willis, Saying Broker Undervalued

Activist investor Starboard Value disclosed a new position in Willis Towers Watson Plc Thursday, and said it believes the insurance broker could nearly double its share price in the next three years. Jeff Smith, Starboard’s chief executive officer, said Willis …

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Fifth Member of $31M New York City Trip-And-Fall Scheme Arrested, Charged

A New York litigation funder and the fifth member of a $31 million trip-and-fall fraud scheme has been arrested and charged in Manhattan Federal Court. An indictment has been unsealed charging Adrian Alexander with conspiracy to commit mail and wire …

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1,887 Washington Workers Fired, Leave Jobs Due to Vaccine Mandate

More than 1,800 Washington state workers have been fired, resigned or retired due to the state’s COVID-19 vaccination mandate, according to data released Tuesday. The latest numbers released by the governor’s Office of Financial Management show that about 3% of …

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Governor Hochul Declares October as Cyber Security Awareness Month in New York

New York Governor Kathy Hochul has proclaimed October 2021 as Cyber Security Awareness Month in New York state. The announcement comes as part of the state’s effort to raise awareness on the importance of all New Yorkers developing smart cybersecurity …

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Business Owners’ Risk Management Acumen Falls Short in Modern Era: Broker

In an era of increased business risk, the owners, CEOs and founders of small-medium enterprises (SME) and technology startups are falling short in both evaluating these risks and showing the right acumen for risk management. According to a report released …

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AM Best Drops Florida Farm Bureau Outlook to Negative After Surplus Declines

Credit-rating agency AM Best has downgraded its outlook for Florida Farm Bureau Casualty Co., from stable to negative, due to the company’s declining surplus in a disaster-prone state. “The revised outlooks reflect the continued volatility in the group’s policyholder surplus,” …

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Howden Acquires Bermuda-Based Insurance Broker Foram

Howden, the London-based insurance broker, announced the acquisition of Foram Brokerage Ltd., an independent re/insurance broker based in Hamilton, Bermuda. Financial terms of the transaction were not disclosed. Foram is an independent re/insurance broker that provides speciality brokerage services in …

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3 States Could Lose Their Workplace Safety Authority for Refusing COVID Rules

The Biden administration threatened Tuesday to revoke the authority for three Republican-controlled states to handle their own workplace safety enforcement because they have refused to adopt rules to protect health care workers from COVID-19. The threats were sent to Arizona, …

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FAA Proposes Minimum 10-Hour Rest Period for Flight Attendants

The Federal Aviation Administration (FAA) said Thursday it was proposing to require flight attendants receive at least 10 hours of rest time between shifts after Congress had directed the action in 2018, according to a document released Thursday. Airlines for …

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Cowbell Cyber, Palomar E&S Enter Multi-Year Partnership

Cowbell Cyber, an AI-powered cyber insurance provider for small to medium enterprises (SMEs), announced a strategic partnership with Palomar Excess & Surplus Insurance Company to expand its offerings on a non-admitted basis nationwide. The multi-year agreement with Palomar, backed by …

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UK MGA CFC Underwriting Receives Major Investment From 2 Private Equity Firms

CFC Underwriting, the London-based specialist managing general agent, announced a major investment, which was joint-led by EQT and Vitruvian Partners, two of Europe’s leading private equity firms. The size of the investment was not disclosed. Founded in 1999, CFC was …

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UK’s BMS Acquires South Korean Broker VIB, Led by Former Aon Executive

BMS, the UK independent specialist insurance and reinsurance broker, announced the acquisition of Seoul-based insurance broker, Value-add Insurance Broker (VIB). Financial terms of the transaction were not disclosed. As part of the acquisition, VIB will become BMS Korea, a newly-licensed …

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Castel Targets U.S. Professional Liability Business With Launch of Underwriting Cell

Castel Underwriting Agencies Ltd. has launched a new underwriting cell, North American Professional Liability (NAPL), to focus on professional service firms’ business in the U.S. The cell is writing both primary and excess layer coverage for larger risk managed clients …

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New Zealand Is 1st Country to Pass Climate Change Disclosure Laws for Insurers, Banks

New Zealand has become the first country to pass laws requiring banks, insurers and investment managers to report the impacts of climate change on their business, officials said on Thursday. About 200 of the largest financial firms in New Zealand, …

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Acrisure Enters Brazilian Market with Purchase of Broker It’sSeg

Acrisure, the Grand Rapids, Mich.-based global insurance broker, announced it has signed an agreement to acquire It’sSeg, the largest independent benefit management and insurance broking firm in Brazil. The partnership with It’sSeg marks Acrisure’s entry into the Brazilian market and …

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AXIS Capital Accelerates Its Retreat From Coal Investments and Cover

AXIS Capital Holdings Ltd. said it will phase out insurance cover and investments in the coal business globally within the next 20 years. “It is our belief at AXIS that [insurance/reinsurance] industry needs to move to the forefront of the …

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Wright National Offers ‘Pinpoint’ Flood Insurance Policies in Georgia

Georgia homeowners now have another choice in flood insurance. Wright National Flood Insurance Services, underwritten by Zurich American, announced it has begun offering policies in the state. Using model-based rating methods, the program can pinpoint risk house by house, the …

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Asset Managers, Including Allianz, to Cut Portfolio Emissions by at Least 25% by 2025

By 2025, 29 of the world’s biggest pension funds and investment firms, including Allianz SE and the California Public Employees’ Retirement System, intend to have cut the emissions of their portfolio holdings by at least 25%. The targets, which cover …

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No App for That: Florida Court Bans Lawyer-Finding Service, But More to Come

A Florida Supreme Court decision banning an app-based service from connecting ticketed drivers with lawyers may be a win for the law profession, but it is another impediment to average citizens gaining access to the court system, critics said. “This …

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People Moves: Marcello Joins Lockton as COO of Mountain West; Alliant Adds Hill in California

Lockton named Julie Marcello chief operating officer of its Mountain West operations. Marcello will be responsible for operations and business development for Lockton’s regional hub, including Denver, Phoenix, Las Vegas, Salt Lake City and Seattle. Marcello has 23 years of …

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‘We Cannot Do This Alone.’ Biden Cyber Crime Fighter Seeks Corporate Help.

U.S. Deputy Attorney General Lisa Monaco has a message for corporate America: The U.S. Justice Department needs its help in order to take down cyber criminals. “We cannot do this alone,” Monaco said on Wednesday during a virtual roundtable on …

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Oli Insurance Services Acquires Rose City Associates in Oregon

Oli Insurance Services Inc. has acquired Rose City Associates in Portland, Ore. Pete Lackner and Bob Asher created Rose City Associates in 2012 through a merger of their respective agencies, and will continue to lead their team of employees following …

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$8.5M in Citations Issued to Owner of 6 California Residential Care Facilities Upheld

A hearing officer has upheld the California Labor Commissioner’s wage theft citations issued to Adat Shalom Board & Care Inc. and owner Angelica Reingold in 2018. The citations were to compensate 148 workers who reportedly cared for elderly residents 24 …

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Georgia to Pay $870,000 to Whistleblowers Fired by Beck

The state of Georgia has settled a whistleblower lawsuit brought by three Insurance Department employees who reportedly leaked information about disgraced former Insurance Commissioner Jim Beck. “I think the primary lesson here is that these ladies are heroes or should …

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New Jersey Executive Who Embezzled $48M Gets 75-Month Sentence

A former publication company executive was sentenced to more than six years in prison Monday in a $48 million embezzlement plot. A federal judge sentenced Nestor Charriez to 75 months and also ordered him to pay $43 million in restitution. …

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Two Tornados Confirmed in Western Pennsylvania

A pair of tornados have been confirmed in western Pennsylvania over the weekend, forecasters said. The National Weather Service says an EF-0 tornado with estimated winds up to 85 mph touched down in the town of Shippingport before dawn Saturday. …

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EPA Launches Strategy to Regulate Toxic ‘Forever Chemicals’

The Biden administration said it is launching a broad strategy to regulate toxic industrial compounds associated with serious health conditions that are used in products ranging from cookware to carpets and firefighting foams. Michael Regan, the head of the Environmental …

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Russia’s Renaissance Insurance to Cut Size of IPO to $250M: Sources

MOSCOW – Russia’s Renaissance Insurance Group will reduce the size of its IPO to $250 million from an initial $290 million, two sources told Reuters on Wednesday, selling only new shares plus an over-allotment option. The group has covered its …

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Broker Aston Lark Announces 40th Acquisition Since 2018 Launch

Aston Lark, the Goldman Sachs-backed broker, announced the acquisition of Absolute Products Ltd., its 40th deal since its formation in 2018 and its 24th in 2021 alone. Financial terms of the deal were not disclosed. Established in 2002, insurance broker …

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Great Shakeout Highlights Dwindling Missouri Earthquake Insurance Market

Millions of Americans will participate in the Great Shakeout on Oct. 21, a day designated to earthquake education and awareness. Annually held on the third Thursday of October, the Great Shakeout encourages schools and workplaces to practice earthquake safety techniques. …

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Munich Re Doubles Q3 Profit Despite Big Storm Losses in Europe, U.S.

German reinsurer Munich Re doubled its profit in the third quarter, despite big losses from storms in Europe and the United States, it said on Tuesday, but left its forecasts for the year unchanged. Profit rose to around 400 million …

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Re/Insurers Need a Data Strategy to Build Underwriting Transformation Programs

Years of low interest rates and burgeoning catastrophe losses have accelerated the hardening of the reinsurance market, as the January 2021 renewals clearly demonstrated, and moreover, the COVID-19 pandemic has worsened the “lower for longer” interest rate environment. Considering suboptimal …

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Banks Demanding Stricter Environmental Criteria When Financing Shipping Companies

Banks are demanding much stricter environmental criteria when financing shipping companies as investor pressure grows on the sector to accelerate going greener, according to Boston Consulting Group (BCG). Shipping, which transports about 90% of world trade, accounts for nearly 3% …

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People Moves: Sayata, Willis Towers Name New SE Directors

The insurtech Sayata, which provides software for the quote-bind-issue process for brokers and carriers, announced Lisa Sanders will serve as business development manager for the company’s Southeastern U.S. territory. Sanders, based in Atlanta, was previously a senior vice president at …

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Georgia Regulators Can’t Track Overdue Elevator Inspections

Elevators across Georgia may be long overdue for safety inspections, but regulators have no way to know, thanks to a poorly set up computer database and a system that relies on self-policing. The revelations came to light after an 18-year-old …

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Investment Company JAB to Acquire Majority Stake in UK Pet Insurer, Cardif Pinnacle

Global investment company JAB Holding Co. is acquiring a majority stake in UK pet insurer, Cardif Pinnacle. Cardif Pinnacle’s current parent company, BNP Paribas Cardif, will retain a significant minority interest in the insurer. The transaction is expected to close …

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Coverys Launches European Casualty MGA, AEC Europe

Coverys European Holdings (CEH), a leading underwriting vehicle that invests in speciality managing general agencies in Europe and the UK, announces the expansion of its AEC underwriting agency with the launch of AEC Europe in Barcelona. AEC Europe underwrites a …

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Lockton Launches Silent Cyber Property Solution for Businesses

Lockton, the privately-owned independent insurance broker, has launched its Silent Cyber Property Solution, a standalone policy that covers businesses against property damage and ensuing time element losses resulting from cyber-attacks or cyber terrorism. The broad-form policy is unique in the …

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BHSI Creates Global Network Across 170 Countries to Raise Multinational Capabilities

Berkshire Hathaway Specialty Insurance (BHSI) announced it has expanded its global network to encompass owned offices and network partners that can provide BHSI customers with locally admitted insurance policies in 170 countries worldwide. “We are very pleased to welcome so …

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Tokio Sues Warehouse; Says Pellets Improperly Stored, Causing Fire

Tokio Marine American Insurance has filed a lawsuit against the owners of a Georgia warehouse, where 50,000 tons of wood pellets caught fire in May and burned for days. Tokio had insured the biofuel pellets, and it alleges in the …

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3M Offers $98M to Settle Tennessee River ‘Forever’ Chemicals Claims

Industrial conglomerate 3M Co on Tuesday said it had agreed to pay about $98.4 million to settle claims that it contaminated the Tennessee River with toxic chemicals. 3M agreed to resolve a lawsuit by environmental group Tennessee Riverkeeper and a …

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Biden to Nominate Cliff to Head Auto Safety Agency

President Joe Biden plans to nominate the No. 2 auto safety official and a former California Air Resources Board official to head the National Highway Traffic Safety Administration (NHTSA), the White House confirmed on Tuesday. Steven Cliff, who has been …

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Unvaccinated Employees Risk Job Losses as Employer Mandates Take Effect

Thousands of unvaccinated workers across the United States are facing potential job losses as a growing number of states, cities and private companies start to enforce mandates for inoculation against COVID-19. In the latest high-profile example, Washington State University (WSU) …

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Supreme Court Upholds Police Qualified Immunity in Two Cases

The U.S. Supreme Court has ruled in favor of police officers accused of using excessive force in two cases involving the controversial doctrine of qualified immunity. The high court found that in both cases, appeals courts wrongly denied the officers …

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Houston Doc Found Guilty of Illegally Prescribing More Than 1.3M Doses of Opioids

A federal jury convicted a Houston-area physician for unlawfully prescribing more than 1.3 million doses of opioids, the U.S. Attorney’s Office for the Southern District of Texas reported. According to court documents and evidence presented at trial, Parvez Qureshi, 56, …

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Brown & Brown Acquires Wisconsin’s Remedy Analytics

Brown & Brown, Inc. has acquired all of the stock of Remedy Analytics. Founded in 2011 by current chief executive officer, Scott L. Martin, Remedy Analytics uses its proprietary PharmaLogic® data-based medication platform to offer pharmacy consulting services to employers …

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Treasury Report Offers Insight Into Surge in Ransomware Activity in 2021

There was $590 million in suspicious activity related to ransomware in the first six months of 2021, exceeding the entire amount in 2020, when $416 million was reported, according to a report released Friday by the U.S. Treasury Department’s Financial …

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People Moves: Crest in Arizona Names Pallesen Vice President; Bender in California Adds Pazar

Crest Insurance Group of Tucson, Ariz., named Russell Pallesen vice president of commercial sales. Russell has previously been a branch manager for Enterprise Rent a Car, and has worked in pharmaceutical sales. In 2017, he began selling property/casualty insurance. Crest …

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Pandemic Underscores Need to Diversify Tahoe’s Tourist Economy

The COVID-19 pandemic helped expose the growing vulnerability of Lake Tahoe’s increasingly tourism-dependent economy as housing costs balloon, year-round residency declines and more workers commute from afar or seek jobs elsewhere, a new report says. The Tahoe Prosperity Center says …

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Feds Release Report Aimed at Alaska Aviation Safety

A federal report aimed at improving aviation safety in Alaska recommends improvements in providing weather information to pilots and continued work to update maps with information on mountain passes, among other steps. The Federal Aviation Administration, which released the report …

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Southern California Wildfire Almost Fully Contained, Residents Go Home

Residents who fled the Alisal Fire west of Santa Barbara have been allowed to return home. All evacuation orders and warnings were canceled Sunday afternoon. The fire was 87% contained Monday morning and its size was holding at about 27 …

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People Moves: New Hires at Maryland Insurance Administration, Mosaic, New Dawn Risk

Floyd Named Director of Fiscal Services for Maryland Insurance Administration Maryland Insurance Commissioner Kathleen A. Birrane named Linwood Floyd as director of fiscal services for the Maryland Insurance Administration (MIA). Floyd comes to the MIA after more than 13 years …

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The Hilb Group Acquires Connecticut’s Gerardi Insurance Services

The Hilb Group acquired Connecticut-based Gerardi Insurance Services Inc., increasing its New England footprint. The transaction became effective October 1, 2021. Based in Putnam, Connecticut, Gerardi Insurance offers property/casualty and employee benefits products and services for clients throughout the region. …

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New York Directs Two Cryptocurrency Lending Platforms to Cease Activity

Two cryptocurrency lending platforms were asked to cease activities in New York by the state’s attorney general on Monday and three other platforms were directed to provide information about their business. The move comes weeks after New York Attorney General …

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Higher Investment Returns Help Offset Catastrophe, Auto Losses for Travelers in Q3

Third quarter profit fell 20% at The Travelers Companies due to higher catastrophe and auto losses but the insurer also reported a 15% boost in investment returns. Net income of $662 million for the third quarter compared to $827 million …

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Insurance Agency M&As Up 13% Thus Far in 2021: Optis

There were 553 announced insurance agency mergers and acquisitions during the first three quarters of 2021, up from 490 in 2020, According to an OPTIS Partners’ M&A report, that was the highest recorded total for this period. “Multiple factors that …

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Cyber Defense Specialist, Lodestone Security, Opens London Office

Lodestone Security, a Beazley subsidiary and leader in cyber defense and incident response in the U.S., is expanding its global reach by opening an office in London. Adam Harrison joins the group as managing director of Lodestone Security UK. The …

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People Moves: D&O MGA Tegron Names Tokio Marine’s Shergill Sr U/W; AXIS Financial Institutions Hires 3 for London Team; Aon Re’s Russell Is Casualty Treaty U/W at Atrium

D&O Insurer Tegron Names Tokio Marine’s Shergill as Senior U/W Tegron Specialty, the Beat Capital backed D&O underwriting specialist, announced the appointment of Kiran Shergill as senior underwriter. Shergill will report to Ray Pallett, CUO, and assumes her role with …

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Beazley Launches First ESG Syndicate at Lloyd’s

Specialist insurer Beazley has received in-principle approval from Lloyd’s to launch Syndicate 4321 from Jan. 1, 2022. Once fully approved, the syndicate will focus exclusively on offering additional capacity to businesses that perform well against environmental, social and governance (ESG) …

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Amazon Appeals Record $865M Fine for Violation of EU Data Protection Rules

Amazon.com Inc. appealed a record 746 million-euro ($865 million) penalty for allegedly violating the European Union’s tough data-protection rules. The appeal was filed at the Luxembourg Administrative Tribunal on Friday [Oct. 15], according to Luxembourg court spokesman Henri Eippers. The …

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Arthur J. Gallagher & Co. Buys New Zealand’s Matt Jensen Insurance Brokers

Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based broker, announced the acquisition of Taupo, New Zealand-based Matt Jensen Insurance Brokers Ltd. Terms of the transaction were not disclosed. Founded in 2005, Matt Jensen Insurance Brokers provides a comprehensive range …

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Herman Named Alabama’s Insurance Fraud Bureau Director

A veteran police officer and fire investigator has been named director of the state’s Insurance Fraud Bureau and assistant state fire marshal. Bill Herman began his career at the Montgomery County Police Department, then became a deputy state fire marshal, …

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Citizens Insurance Property Inspections To Soar in Next 4 Years

As part of its effort to reduce its ballooning exposure level and trim the number of policyholders, Florida’s insurer of last resort will increase its property inspections by almost 70-fold over the next four years — with plans to spend …

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Alabama Ups Fees for Captives, Adopts New Valuation Manual

The Alabama Department of Insurance has set new fees for captive insurers and has adopted a new valuation manual. The department announced last week that starting Jan. 1, the application fee for captive insurers will climb from $200 to $240. …

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U.S. Auto Safety Agency Faces Backlog of Rules and Missed Deadlines

After their 16-year-old daughter died in a car crash, David and Wendy Mills wondered whether she would be alive if federal rules on rear seat belt warnings had been issued on time. Four years later, with no rule and traffic …

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Up in the Air, Out-of-Practice Airline Pilots Are Looking Error-Prone

Back in the cockpit after time off recovering from Covid-19, an airline pilot forgot to start his plane’s second engine for takeoff, a mistake that could have ended in disaster if he hadn’t aborted the flight. Another pilot, fresh from …

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County in Washington Settles Shooting Lawsuit for $3.5M

A western Washington county has agreed to pay $3.5 million to settle a lawsuit filed by the family of a man shot in the head in 2017 by a sheriff’s deputy and who died about a year later in 2018. …

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New York Mandates Continuing Education for Insurers in Flood Insurance, Diversity

The New York State Department of Financial Services (DFS) is mandating continuing education in flood insurance for property/casualty insurance producers in response to the increasing risk of flooding due to climate change. In addition, DFS is the first state regulator …

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Mobility Sector Will Need New Insurance Products to Continue to Grow: Marsh

For the sharing economy and mobility sectors to continue to grow, they will need new forms of insurance, including programs to support gig-workers at scale, advises a report from insurance broker Marsh. According to the report, the COVID-19 pandemic is …

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Attorney Says New Jersey Complex Evacuated Due to Rockslide Will Be Razed

A New Jersey apartment complex from which 45 families were abruptly evacuated due to a rockslide stemming from the remnants of Hurricane Ida will be demolished, according to the lawyer representing the property owner. Attorney Steven Eisenstein handed evacuees checks …

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Massachusetts Bakery Agrees to Settle Race Discrimination Lawsuit

A Massachusetts bakery has agreed to pay up to $95,000 in penalties and restitution, require anti-bias training for employees, and revise its anti-discrimination policies to settle allegations that an employee was repeatedly exposed to racial slurs in the workplace, the …

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U.S. Insurers’ Face ‘Minimal Exposure’ in China’s Evergrande Property Crisis

The U.S. insurance industry faces only minimal exposure to land development companies in China as one of that country’s largest property developers, Evergrande, appears on the brink of collapse. According to analysts with the National Association of Insurance Commissioners (NAIC) …

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Guy Carpenter Launches European Wildfire Risk Score as Exposure Management Tool

Guy Carpenter & Co., the reinsurance business of Marsh McLennan has announced the launch of a Wildfire Risk Score designed to help clients manage their exposure to the evolving risk of wildfire across Europe. The solution builds on the approach …

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Hub International Acquires Canadian Employee Benefits Broker Rogersworks Inc.

Hub International Ltd., the Chicago-based global insurance brokerage and financial services firm, announced it has acquired the assets of Rogersworks Inc. Financial details of the transaction were not disclosed. Located in Vancouver, British Columbia, Canada, Rogersworks is an independent benefits …

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Lawmakers Introduce Liability, Competition Bills Targeting Giant Internet Firms

The biggest U.S. tech companies would face new constraints under two bills announced Thursday after a month of revelations from a Facebook Inc. whistle-blower sparked fresh calls to rein in an industry that has largely escaped regulation so far. A …

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China Provides Assurances that Evergrande Crisis Is Being Contained

For months in the runup to the 2008 financial crisis, banking heavyweights from Federal Reserve Chair Ben Bernanke on down said the turmoil in subprime mortgages would be “contained.” That phrase is now making a comeback in Beijing as regulators …

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Former Boy Scouts Official Tells Congress Group Still Protecting Secrets Over Kids

The former youth protection director for the Boy Scouts of America said Tuesday the organization is not doing enough to protect children from sexual abuse and is still trying to maintain a veil of secrecy over decades of past abuse. …

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Munich Re, Hannover Re Expect Rising Prices After Floods in Germany

German reinsurance companies Munich Re and Hannover Rueck said on Monday they expect rising prices for their business in Europe next year, citing mid-July floods in central Europe, inflation and the coronavirus pandemic. The floods in July alone caused damage …

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Twins Who Built $1.3B Marshmallow Car Insurance Startup as Industry Challenger

For three centuries, a handful of insurers have dominated the market from the City of London. The upstart intent on challenging them rents two floors just outside the district in an area known as Silicon Roundabout, where its employees work …

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Canary Islands’ Volcanic Eruption Reminds Insurers of Challenges of Non-Modeled Perils

The ongoing eruption of the Cumbre Vieja volcano, located on the La Palma Island in the Canary Islands archipelago of Spain, is a reminder to insurers of the challenges posed by non-modeled perils,” commented Michal Lörinc, senior catastrophe analyst for …

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Electric Scooter Providers Plan Selective Expansion, Seeking Scale to Survive

The era of breakneck growth for electric scooter firms is giving way to more selective expansion focused on profits as they face tougher regulations, more demanding customers and wary insurers. Hurt badly by global coronavirus lockdowns last year, companies offering …

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China Urges Development of Accident Insurance, Pension Products for Gig Workers

China’s top banking and insurance regulator said it would encourage insurers to accelerate the development of commercial pension products and accident insurance for gig-economy workers such as couriers and takeout deliverymen. China has in recent years experienced a delivery boom …

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Florida Law Officers Want Change to Workers’ Comp PTSD Law

Three years after first responders in Florida won a hard-fought victory to make mental stress a compensable condition, officers now hope lawmakers can tweak the law to correct some problems. The Florida Police Chiefs Association leaders and law officers from …

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14 Alleged Insurance Fraudsters Arrested in Florida

Fourteen alleged insurance fraudsters are awaiting court action after they were arrested last week in southwest Florida. In Manatee County, south of Tampa, 13 men were caught in a sting operation and charged with contracting without a license and failing …

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Benefits of Vaccine Mandates Outweigh Workers’ Comp Costs of Vaccine Injuries

Vaccinations have served to significantly reduce the spread of COVID-19 in populations with high take-up rates, according to the Centers for Disease Control and Prevention(CDC). In the past months, many businesses and public entities have begun to require their employees …

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People Moves: LP Adds DeHart, Pino and Warner in Nevada; Powers-Leavitt Names Woodruff Managing Partner

LP Insurance Services LLC added Deanna DeHart, Courtney Pino and Bryce Warner to the Reno, Nev., employee benefits insurance team. All three brokers will serve employee benefits clients in the northern Nevada community. DeHart is an 18-year industry veteran who …

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‘Lost’ Rolex Watch Turns Up at Washington Jeweler, Owner Faces Fraud Charge

Christopher Michalke, of Seattle, Wash., was charged in King County Superior Court with one felony count of filing a false insurance claim for a $14,753 Rolex watch after an investigation by Insurance Commissioner Mike Kreidler’s criminal investigations unit. Michalke is …

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Industry Groups Meet at White House on Vaccine Mandate Rule

Several influential industry groups including the U.S. Chamber of Commerce met White House officials on Friday and raised concerns about labor shortages and coronavirus testing requirements as the administration races to implement a plan to require private-sector workers to be …

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As Louisiana Port Rebuilds After Hurricane Ida, Loss of Wetlands Seen as Threat

On Louisiana’s south coast, in a key port servicing the U.S. offshore oil industry, a huge shipyard sits idle and in tatters. Where parts of the nine-bay terminal’s roof once hung, only a tangle of twisted metal beams is now …

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Murdaugh Charged With Taking Dead Housekeeper’s Life Insurance Settlement

Prominent South Carolina lawyer Alex Murdaugh, already accused of swindling money from his law firm and for faking his own murder, has now been charged with stealing insurance settlements meant for the sons of his late housekeeper. Murdaugh was arrested …

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RIMS CEO Roth to Retire in 2022

After a 36-year career advancing the risk management profession, RIMS CEO Mary Roth has announced she plans to retire following the RIMS 2022 Annual Conference & Exhibition that is scheduled for next April. She has been chief executive officer of …

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Judge Dismisses Air Ambulance Attempt to Block Florida Reimbursement Law

Florida’s insurance commissioner is applauding a federal court’s decision to dismiss an air ambulance company’s challenge to a 2020 law that limits insurance reimbursements for pricey helicopter and fixed-wing medical transports. “The successful dismissal of this lawsuit will ensure consumers …

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Washington City Paying $515K Settlement in Police Shooting

The city of Seattle has agreed to pay $515,000 to settle a civil-rights lawsuit filed by the estate of Iosia Faletogo, who was shot and killed by police after a foot chase across Aurora Avenue North on New Year’s Eve …

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Wildfire Destroys School in Small Eastern Washington Town

A fire has destroyed a school in an eastern Washington town. Lincoln County Sheriff Wade Magers said the fire at Almira Elementary and Middle School started around 4:30 p.m. Tuesday. Classes and after school activities had been canceled because of …

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California Highway Reopens, Wildfire Still Threatens Homes

A key Southern California highway closed for days because of a wildfire was reopened Thursday evening but authorities warned that flames still posed a threat to remote properties in a coastal mountain range. The Alisal Fire has charred more than …

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Mosaic Insurance Opens First U.S.-Based Office Location in New York City

Mosaic Insurance has opened an office in New York City. This is its first U.S.-based physical address for a growing number of employees. The Midtown South office, which will accommodate members of Mosaic’s cyber and transactional liability lines, along with …

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Workers’ Compensation Insurers Find That as Opioid Cost Slows, Marijuana Grows

Workers’ compensation insurers have slashed spending on opioids, reducing the risk of addiction and delayed recovery, but now they are under increasing pressure to reimburse injured workers for a new kind of elixir. Six states now allow or require insurers …

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Safety Regulator Questions Tesla on No Recall With Autopilot Update

U.S. safety investigators want to know why Tesla didn’t file recall documents when it updated Autopilot software to better identify parked emergency vehicles, escalating a simmering clash between the automaker and regulators. In a letter to Tesla, the National Highway …

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Maine to Seek ‘Forever Chemical’ Contamination at Many Sites

Environmental regulators in Maine will soon undertake a statewide investigation to find concentrations of long-lasting environmental pollutants. The investigation stems from the state’s efforts to mitigate a class of chemicals known as PFAS, which are also called “forever chemicals.” The …

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Massachusetts Alleges Improper Asbestos Removal, Disposal in Salem

The former owners of a Salem property recklessly cut corners that probably led to the release of asbestos during demolition at the site, the state attorney general’s office said in a lawsuit. The office alleges in the suit, filed this …

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People Moves: Aon Names WTW’s Forsgård as CEO, Nordic Region; Marshmallow Hires Gillard as Chief People Officer; Sedgwick Appoints Norman for Biz Development

This edition of International People Moves details appointments at broker Aon, insurtech Marshmallow, and loss adjuster Sedgwick. A summary of these new hires follows here. Aon Appoints WTW’s Forsgård as CEO for Nordic Region Insurance broker Aon plc announced the …

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Reinsurer Natural Disaster Losses to Exceed Budget Expectations for 5th Year: S&P

For the fifth consecutive year, insured losses from natural catastrophes are expected to be at or above global reinsurers’ budget expectations, but their very strong capital adequacy continues to provide a cushion, according to S&P Global Ratings. “The top 21 …

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Everest Re, AXIS Capital Estimate Costs of Q3 Natural Catastrophe Losses

Everest Re Group Ltd. and AXIS Capital announced their preliminary third quarter 2021 catastrophe losses. In advance of its full quarterly earnings to be released on Oct. 27, 2021, Everest is estimating total Q3 pre-tax net catastrophe losses of $635 …

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Australia’s Regulator Sues Unit of IAG for Failing to Honoring Promised Discounts

Australia’s corporate regulator commenced civil proceedings against a unit of Insurance Australia Group on Friday, for failing to pass on discounts worth A$60 million ($44.51 million) to nearly 600,000 customers. The Australian Securities and Investments Commission (ASIC) alleged that Insurance …

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Corporate Climate Risk Disclosures Still Falling Short, Regulators Say

Around half of companies assessed have begun to apply globally agreed climate-related disclosure standards for helping investors to pick firms committed to sustainability, regulators said on Thursday. A task force set up by the Financial Stability Board – which groups …

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MGAs Can Build Broker Relationships – Even in a Hard Market: Aston Lark’s CEO

How can managing general agents build broker relationships during a hardening market when insurers have much less incentive to provide capacity? After more than 25 years as a broker, Peter Blanc, CEO of the Goldman Sachs-owned consolidator broking group, Aston …

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France’s AXA to Invest €1.5B to Fight Deforestation, Preserve Biodiversity

French insurer AXA said on Thursday it will invest 1.5 billion euros ($1.74 billion) to support sustainable forest management as part of new commitments to fight deforestation and preserve biodiversity. The announcement comes a day after more than 100 countries …

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Illinois Construction Contractor Cited for Putting Workers at Risk of Serious Injury or Death

For the sixth time in seven years, a federal workplace inspection has found a Roselle, Illinois construction contractor putting workers at risk of serious injury or death by defying federal requirements to ensure the use of fall protection. On April …

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Johnson & Johnson Places Talcum Liabilities Into Bankruptcy

Johnson & Johnson on Thursday put into bankruptcy tens of thousands of legal claims alleging its Baby Powder and other talc-based products caused cancer, offloading the potential liabilities into a newly created subsidiary hived off from the rest of the …

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Lawsuit Seeks SEC Enforcement of Proxy Adviser Restrictions

The National Association of Manufacturers (NAM), a business group, sued the U.S. securities regulator on Wednesday for refusing to enforce a Trump-era rule reining-in companies that advise investors on how to vote in corporate elections. Last year, the Securities and …

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California FAIR Plan to Appeal of Court’s Ruling on Expanded Coverage

The California FAIR Plan Association (FAIR Plan) says it will appeal a ruling by the Los Angeles Superior Court the association believes will lead to unnecessary rate increases for all FAIR Plan policyholders and unnecessarily expand the role of the …

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Michigan Woman Pleads Guilty to $135K Insurance Fraud

A Portland, Michigan, woman has pleaded guilty to filing fraudulent insurance claims totaling more than $135,000, state insurance regulators say. According to Michigan Department of Insurance and Financial Services (DIFS) Director Anita Fox, following an investigation conducted by the DIFS …

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Toronto Cyber Insurtech Boxx Expands to U.S., Names Itriago as President

Right after closing its Series A financing round, Boxx Insurance Inc. announced its expansion to the U.S. and its appointment of Hilario Itriago as Boxx USA president. The digital managing general agency promises that its cyber insurance products make it …

from News – Insurance Journal https://ift.tt/3lFSDyG
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