Japan Insurers to Maintain Cover for LNG Vessels in Russian Waters

Japanese insurers are expected to maintain marine war insurance, which covers the sinking and requisition of ships due to war in Russian waters for at least three months for liquefied natural gas (LNG) vessels, industry sources said on Friday. Japan’s …

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Global Natural Catastrophe Insurance Losses Estimated at $112B in 2022: Carpenter

Global insurance losses for natural catastrophes are projected to reach $112 billion in 2022, reinsurance broker Guy Carpenter said on Friday, driven by the impact of Hurricane Ian which hit Florida earlier this year. Flood and hail in Europe, Australian …

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Insurance M&A Activity Slowed in 2022: S&P

Berkshire Hathaway’s $11.6 billion acquisition of Alleghany Corp. was the largest insurance transaction in 2022 but insurance M&A activity dropped this year, according to an S&P Global Market Intelligence analysis. As of the end of November, there were 685 deals …

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Ransomware Did Not Cause Direct Physical Loss, State High Court Says

A business owner’s insurance policy did not provide coverage for software damaged by a ransomware attack because there was no direct physical damage or loss, the Ohio Supreme Court ruled. “Computer software cannot experience ‘direct physical loss or physical damage’ …

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2022 Will Be UK’s Warmest Year on Record: Met Office

This year will be the warmest year on record for the UK, according to the Met Office. The annual average temperature across Britain exceeded the previous high set in 2014, when the average was 9.88C, provisional data from the national …

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How Will Japan Secure Shipping Insurance for Imports of Russian LNG?

Japan, the world’s top liquefied natural gas (LNG) importer, is facing its latest challenge in securing vital gas supplies from Russia after Western reinsurers said they would halt marine war insurance for ships traveling in Russian waters from Jan. 1. …

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Exxon Sues to Force EU to Scrap New Windfall Profits Tax on Oil Companies

U.S. oil major Exxon Mobil Corp. is suing the European Union in a bid to force it to scrap the bloc’s new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy. Record profits this …

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Top 10 International Insurance Journal Stories of 2022

As we reach the end of another eventful year, Insurance Journal takes a look back at some of the top International stories, which were, of course, dominated by the Russia-Ukraine war. Three of the top 10 articles in 2022 covered …

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Top 10 National Insurance Journal Stories of 2022

Auto insurers have had difficulties coming out of the pandemic – when streets were relatively unpopulated. The topic was the top national story published by Insurance Journal in 2022. If a word cloud was to be done on all national …

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Top 10 East Insurance Journal Stories of 2022

An auto repair shop owner becomes his own lawyer and beats a giant insurer. An insurer mishandles a claim involving a beer pong tournament. A violent gang is accused of trying to take over New York City’s fire mitigation industry. …

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Japan Urges Its Insurers to Retain Marine War Cover for LNG Shippers in Russian Waters

The Japanese government has asked insurers to take on additional risks to continue providing marine war insurance for liquefied natural gas (LNG) shippers in Russian waters, a senior official at the industry ministry said. The Financial Services Agency and Agency …

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U.S. Judge Bars 3M From Shifting Earplug Liability to Bankrupt Unit

A U.S. judge on Thursday [Dec. 22] barred 3M Co. from trying to avoid liability for injuries current and former U.S. military members sustained from its allegedly defective earplugs by shifting blame to a subsidiary. U.S. District Judge M. Casey …

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Government Funding Bill to Bolster U.S. Antitrust Regulators

A $1.7 trillion government funding bill approved by the U.S. Senate Thursday will bolster U.S. regulators and make it easier for states to bring antitrust lawsuits. The Federal Trade Commission (FTC), which has a number of major technology investigations underway, …

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Florida Claims Attorney Strems Disbarred, Public Adjuster’s License Could be Revoked

Florida officials have taken strong action against two of the insurance industry’s most-detested adversaries, disbarring a notorious plaintiffs’ attorney who filed thousands of frivolous claims lawsuits, and moving to revoke the license of a public adjuster that obstructed insurers in …

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Alex Jones Loses Bid to Have Sandy Hook Verdict Set Aaide

A Connecticut judge on Thursday denied Infowars host Alex Jones’ motion seeking a new trial and the overturning of a jury verdict requiring him to pay hundreds of millions of dollars to families of victims of the Sandy Hook Elementary …

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New Jersey Gov. Murphy Signs Gun Carry Bill

New Jersey Gov. Phil Murphy on Thursday signed an overhaul to the rules to get a firearm carry permit, legislation that was spurred by this summer’s U.S. Supreme Court ruling expanding gun rights. “While we are bound to follow the …

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Title Insurer Stewart Agrees to $2.5M ‘No-Poaching’ Settlement With New York

New York Attorney General Letitia James announced a settlement with one of the largest title insurance underwriters, Stewart Title Guaranty Corp., ending non-competitive no-poach agreements between Stewart and its competitors. As a result of this agreement, Stewart said it will …

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Baltimore Police Say Carjackers Targeting Rideshare Drivers

Police in Baltimore are investigating dozens of rideshare carjackings and robberies over the past month but have seen more cases despite several arrests, Police Commissioner Michael Harrison said Wednesday. In many cases, an active rideshare driver’s car and phone are …

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Lawsuits Alleging Maine Church Knew About Sex Abuse Now Number 14

Two more people have filed lawsuits alleging sexual abuse by a Roman Catholic clergy member and a nun — both deceased — raising the number to over a dozen since Maine loosened the statute of limitations last year. One of …

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Top Court Grants a Mulligan, Overturns $3.5M Penalty Against Club for Errant Golf Balls

The Massachusetts Supreme Judicial Court has granted a country club another shot at defending itself after a jury last year penalized it $3.5 million for golf balls veering onto a homeowner’s adjacent property. The state’s high court ordered a retrial …

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UK Insurers, Banks Hope for Substantive Financial Services Reforms in 2023

After a jarring six months marked by sweeping policy promises, U-turns and four Chancellors of the Exchequer, UK financiers head into 2023 uncertain that the coming year will finally usher in substantive reforms to the City of London. Current Chancellor …

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Top White House Cybersecurity Official Plans to Step Down

The US’s first national cyber director, Chris Inglis, is planning to step down in the coming months, according to a person familiar with the matter. Inglis has worked as one of President Joe Biden’s top cybersecurity advisers at a time …

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Navajo Company Sues BNSF Railway Over Coal Transportation

One of the largest coal producers in the United States has sued a major freight railroad, alleging it breached a contract to transport coal from Montana for use overseas. The Navajo Transitional Energy Co. alleges that major shortcomings in BNSF …

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People Moves: Powers Adds Goode in Colorado

Powers Insurance & Risk Management, headquartered in St. Louis, Missouri, has hired Keith Goode as a Colorado-based, remote commercial risk manager. Goode is responsible for generating leads, developing new business, and handling existing accounts in Colorado’s property and casualty marketplace. …

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Chubb Announces Plans for New Philadelphia Office

Chubb has announced plans for a new Philadelphia office that will occupy a state-of-the-art building to be constructed at 2000 Arch Street. Designed with the highest standards for sustainability, the new 18-floor, 438,000 rentable square foot structure is being developed …

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AXIS CEO Benchimol to Retire; Tizzio to Succeed

AXIS Capital Holdings announced that Albert A. Benchimol will step down from his role as president and chief executive officer on May 4, 2023. He will continue with AXIS as a strategic advisor and retire at the end of 2023. …

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Exxon Avoids Hiring Tankers That Previously Transported Russian Oil

Exxon Mobil Corp., is avoiding hiring oil tankers that previously carried cargoes from Russia, putting itself in the same camp as Shell Plc with a move that pressures owners to choose whether to serve Moscow’s interests or not. The largest …

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New Jersey Lawmakers Pass Gun Carry Bill With Insurance Mandate

New Jersey lawmakers gave final approval Monday to legislation overhauling rules to get a firearm carry permit after this summer’s U.S. Supreme Court ruling expanded gun rights. The Democrat-led Senate passed the measure in what is scheduled to be the …

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California Workers’ Comp Bureau Says Premium Fell Sharply Beginning in 2Q 2020

Written premium declined sharply beginning in the second quarter of 2020 due to the economic downturn resulting from the pandemic, according to a report out on Tuesday. The report from the Workers’ Compensation Insurance Rating Bureau of California shows a …

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11 Seriously Injured by Turbulence on Hawaii Flight

Severe turbulence rocked a flight from Phoenix to Honolulu Sunday, seriously injuring 11 people in what an Hawaiian Airlines official called an isolated and unusual event. Jon Snook, the airline’s chief operating officer, said the airline hasn’t experienced “an incident …

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Maryland Joins 10 State High Courts in Rejecting Coverage for COVID Losses

The Maryland Supreme Court joined high courts in 10 other states in ruling that coronavirus did not cause a direct physical loss or damage covered by an all-risk commercial property policy. The high court on Thursday released a unanimous decision …

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Sompo Int’l Completes Sale of Lloyd’s Run-off Business to Legacy Specialist RiverStone

Sompo International, the Bermuda-based provider of commercial and consumer property and casualty re/insurance, announced that it has completed the transfer of its Endurance at Lloyd’s (EAL) run-off business to RiverStone Holdings Ltd (RiverStone International), after receiving regulatory approval from the …

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EU Forms Landmark Deal to Bolster Carbon Market as Centerpiece of Green Deal

The European Union reached an agreement to strengthen and expand its flagship carbon market, endorsing the centerpiece of the Green Deal strategy that aims to make its economy climate-neutral by mid-century. Under a provisional deal announced by representatives of EU …

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Small 3.6 Earthquake Confirmed in Northern California

A small magnitude 3.6 earthquake struck the San Francisco Bay Area, jolting thousands of people awake and causing minor damage, the U.S. Geological Survey confirmed. The earthquake occurred at 3:39 a.m. Saturday and was centered in El Cerrito, according to …

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Judge Halting Provision Making California Gun Lawsuits Costlier

A federal judge said he will block a provision in a new California law to take effect next year that gun advocates argued was designed to hinder anyone from challenging the state’s famously restrictive gun laws. U.S. District Judge Roger …

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New York Jury Convicts Lawyer, Doctor in $31M Trip-and-Fall Insurance Fraud

A New York attorney and surgeon were convicted by a Manhattan jury of six counts of fraud for participation in an illegal scheme that included false insurance claims and unnecessary surgeries for alleged injuries from staged trips and falls, a …

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Massachusetts Adds Cannabis Risks Curriculum to Driver Education Program

Beginning next month, Massachusetts will adopt a curriculum designed to educate teens on the risks of driving while under the influence of cannabis. Under the program, as of Jan. 1, Massachusetts will become the first state that has legalized the …

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Texas Manufacturer Fined $298K for Ignoring Workers’ Concerns

A federal workplace safety investigation found that a Kyle vehicle parts manufacturer ignored repeated concerns raised by workers, and willfully exposed them to hazards related to unsafe machine operations, potential falls and a lack of personal protective equipment. An inspection …

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Congress Passes New Law on Tourist Boats After Missouri Tragedy

JEFFERSON CITY, Mo. (AP) – A bill requiring stricter safety rules in response to the 2018 deadly sinking of a tourist boat in Missouri is headed to President Joe Biden for his signature. The legislation, which passed the Senate on …

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South Carolina Grand Jury Adds Tax Evasion to Murdaugh Charges

COLUMBIA, S.C. (AP) — Alex Murdaugh, the disgraced attorney accused of killing his wife and son, was indicted Friday by a grand jury in South Carolina on nine counts of tax evasion, adding to the slew of charges he faces …

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Michigan Ex-Boy Scout Leader Sentenced on Sex Abuse Charges

MOUNT CLEMENS, Mich. (AP) —A former troop leader was sentenced to 12 to 20 years in prison Wednesday after pleading guilty to two counts of criminal sexual conduct stemming from Michigan’s review of child sexual abuse lawsuits against the Boy …

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Markets/Coverages: QBE Europe Launches Warranty & Indemnity Product; Miller Launches D&O Product for UK Construction Sector

QBE Europe Launches Warranty & Indemnity Product QBE announced the introduction of Warranty and Indemnity (W&I) insurance in Europe for the first time to further support customers. The new product reflects an increased need for capacity and technical expertise to …

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Ship Reinsurers to Cease Covering War-Related Risks Related to Conflict in Ukraine

Some of the biggest names in ship reinsurance are days away from ceasing to cover key war-related risks for vessels going to Russia and Ukraine, a potential source of alarm for shipping firms moving everything from oil to grains. Hannover …

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California School District Sued in Student’s Overdose Death

The mother of a 15-year-old girl who died of a suspected fentanyl overdose in a high school restroom has filed a negligence and wrongful-death lawsuit against the Los Angeles Unified School District. Elena Perez seeks damages, including “for the loss …

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1 Dead, 11 Hurt in Southern California Bus Rollover

A bus overturned on a Southern California freeway, killing one person and injuring 11 others, three of them critically, authorities said. The crash occurred on Interstate 15 in an unincorporated area south of Baker, about 155 miles northeast of Los …

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Courtroom Predictions for 2023 From Clyde & Co

Insurance law firm Clyde & Co. put together some predictions for 2023. The bad news for claims: nuclear verdicts aren’t going anywhere. Here is that prediction as well as some others. Nuclear Verdicts Show No Sign of Slowing Down The …

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Bridging the Insurtech Divide with Data in 2023

The magic word to bridge a widening gap between successful and underperforming insurtechs in 2023 is “data,” according to a group of insurtech experts who spoke with Carrier Management about their predictions for the new year. Although it has less …

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City of London Workers Pushing for Cross-Border Remote Working: Survey

Finance workers are pushing for simpler rules for cross-border remote working, the latest sign that the pandemic-fueled appetite for flexible work isn’t abating. The UK government, which launched a review into cross-border working rules earlier this year, should adopt common …

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Arthur J. Gallagher & Co. Acquires Aviation Insurance Australia

Arthur J. Gallagher & Co., the global insurance broker, announced the acquisition of Brisbane, Queensland-based Aviation Insurance Australia. Terms of the transaction were not disclosed. Founded in 1993, Aviation Insurance Australia is a specialist retail insurance broker serving aviation and …

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Rising Climate Costs to Challenge Companies, Countries in 2023

In a year marked by yet more climate-linked floods, hurricanes and droughts, governments and companies were forced to look more closely at the financial risks and their exposure to liability. Nowhere was this more apparent than at the U.N. climate …

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Florida House Approves Historic Insurance Reforms, Sending Bill to Governor

One day after the Florida Senate approved a landmark revision to Florida’s property insurance rules, the House followed suit, perhaps bringing to a close an era of surging claims litigation, insurer insolvencies and escalating premiums. Florida’s second special legislative session …

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Court Decides Insurance Broker’s Duty to Inform LLCs About Workers’ Compensation

What is the duty of an insurance broker in New Jersey to members of a limited liability corporation (LLC) when it comes to workers’ compensation coverage? The New Jersey Supreme Court this week ruled that a broker has a “non-waivable” …

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Climate Change Could Cost Pension Funds Billions of Euros: EU Watchdog

Pension funds across the European Union would lose billions of euros from their investments in polluting industries without action to mitigate the impact of climate change, the bloc’s first stress test of its kind showed on Tuesday. The European Insurance …

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Insurers and Turkey Reach Deal to Let Oil Tankers Sail Unhindered: Norway’s Gard

Norwegian ship insurer Gard said on Tuesday that an agreement had been reached between Turkey and insurers to enable vessels carrying oil to sail through Turkish waters unhindered. “Following significant engagement between the International Group of P&I Clubs (association of …

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Indian Tycoon Birla Weighs Selling Insurance Brokerage Unit: Sources

Aditya Birla Capital Ltd., controlled by billionaire Kumar Mangalam Birla, is considering selling its insurance brokerage unit as the group seeks to restructure its financial services business, people familiar with the matter said. The publicly traded company has held talks …

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FTX Founder Bankman-Fried Arrested in Bahamas at Behest of U.S. Prosecutors

FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of U.S. prosecutors on Monday, the day before he was due to testify before Congress about the abrupt failure last month of one of the world’s largest cryptocurrency …

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Russia Insurer Ingosstrakh Has No Plans to Fill Insurance Gap Caused by Sanctions

Russian insurer Ingosstrakh said on Monday it has no plans to offer policies to new clients who may lose coverage from international insurers after restrictions against Russian oil came into force on Dec. 5. The European Union banned all seaborne …

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Spyware Hacks of Federal Workers Could Run Into Hundreds, Lawmaker Says

A US government probe into how many mobile phones belonging to diplomats and government workers have been infected with spyware could “easily run to the hundreds,” according to a member of the House Intelligence Committee. Jim Himes, a Democrat representative …

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Students Sue University of Vermont Over Response to Sexual Assaults

Three women are suing the University of Vermont, saying the school failed to adequately respond after they reported they had been sexually assaulted while students on the Burlington campus. The civil suit, which is seeking unspecified damages, says that after …

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Proposed Class Action Alleges Liberty Mutual Website Violates Pennsylvania Law

Liberty Mutual Insurance is the target of a proposed class action alleging that the company uses spyware on its website that violates Pennsylvania’s electronic surveillance law. The suit claims the company uses “session replay” spyware, namely Clicktale and Datadog, to …

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People Moves: Lloyd’s Elects Aon’s Dudley as Council Member, Succeeding Christian; CNA Canada Promotes Detablan as VP, Specialty & Risk Managed Casualty

Lloyd’s Elects Aon’s Dudley as Council Member, Succeeding Christian Lloyd’s of London, the commercial insurance and reinsurance marketplace, has elected Richard Dudley to the Council of Lloyd’s, succeeding Dominic Christian, who will be stepping down on Jan. 31, 2023 after …

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Chubb to Launch Technology Hub in Thessaloniki, Greece

Property/casualty insurer Chubb announced it will launch a new technology services center in Thessaloniki, Greece, in early 2023, aiming to deliver innovative technologies that enhance the customer experience, increase efficiency and accelerate the company’s digital transformation. Technical engineers and developers …

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Insurance-Related Oil Tanker Backlog Starts to Clear in Turkey’s Vital Shipping Strait

A backlog of tankers waiting to haul oil through Turkey’s vital shipping straits appeared to start clearing, offering hope that authorities in Ankara have resolved a spat with the insurance industry that arose following sanctions on Russia. A port agent …

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Appeals Court Allows New York to Keep Enforcing New Gun Law

A federal appeals court panel said New York can continue enforcing a new state law banning guns from “sensitive” places like parks and theaters while the judges consider a legal challenge. The temporary stay from the 2nd U.S. Circuit Court …

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Florida Bills Offer Broad Attack on Insurance Costs: Legal Fees, AOBs, Reinsurance

After years of what some insurers have labeled half-measures, Florida lawmakers appear to be on the cusp of delivering “historic” and “transformational” reforms that would end one-way attorney fees, banish assignments of benefits and offer state-backed reinsurance at a deep …

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G7 Price Cap on Russia Oil Not to Blame for Tanker Queues: EU Says

The Group of Seven countries’ price cap on Russian oil is not responsible for a queue of tankers waiting in the Black Sea to pass through Istanbul’s Bosphorus Strait on the way to the Mediterranean, the European Commission said. The …

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Sanctions, Insurance Standoff Escalates, With More Oil Tankers Stuck in Turkish Strait

A standoff over sanctions and insurance that has caused a jam of oil tankers at the key Bosphorus shipping strait escalated on Thursday, leaving millions of barrels of crude stuck. Late last month, Turkey insisted on proof that oil-carrying ships …

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Zurich Insurance Emerges as Front-Runner to Buy MetLife’s Malaysia Business

Zurich Insurance Group AG has emerged as the front-runner to buy a majority stake in the Malaysian insurance business of US insurer MetLife Inc. and Kuala Lumpur-listed AMMB Holdings Bhd., according to people with knowledge of the matter. A deal …

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Sunshine Insurance Declines in Hong Kong Trading Debut

China’s Sunshine Insurance Group Co. declined in its trading debut after Hong Kong’s fourth-largest deal this year, potentially the last big listing in the Asian hub before the end of 2022. Shares of the Beijing-based firm dropped as much as …

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Court Weighs Novel Issue of Crypto Ownership in Bankruptcy

A U.S. judge this week is considering for the first time the question of who owns bitcoin and other tokens in frozen accounts at a bankrupt digital asset exchange in a case that could shape customer protections in the cryptocurrency …

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Vermont to Offer Voluntary Paid Leave for State Workers Before Private Program

The state of Vermont is going to begin offering paid family and medical leave to its 8,000 employees next summer as part of a voluntary program that in following years will be expanded to private businesses and individuals, Gov. Phil …

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G7’s Price Ceiling on Russia Oil Isn’t Low Enough to Hit Putin’s War Budget: Economists

The Group of Seven’s price ceiling on Russian oil exports isn’t low enough to take a big bite out of the Kremlin’s revenues next year and economists say even if it does lead to a drop in crude production, Vladimir …

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Millions of Barrels of Oil Stuck Near Turkey on Sanctions-Related Insurance Glitch

A backlog of oil tankers at the Turkish straits continues to build up as negotiations failed to produce a solution to an insurance glitch caused by sanctions on Russian crude. Twenty-six tankers holding more than 23 million barrels of oil …

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People Moves: First Chief Insurance Officer at Next Insurance; New President, CUO at Tapco; Fine Art Team at Distinguished Programs

Next Insurance Names Rhodes as First Chief Insurance Officer Next Insurance has announced the appointment of Chris Rhodes as the company’s first chief insurance officer. Rhodes has 20 years of property and casualty insurance experience, including senior leadership roles at …

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BMS Acquires Spanish Specialty Broker Eisenar

BMS, London-based independent specialty insurance and reinsurance broker, announced it has signed a deal to acquire Eisenar, the Spanish specialty insurance broker. The terms of the acquisition were not disclosed. Eisenar was founded in 2001 by Eugenio Sanchez-Belda and is …

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AM Best Assigns Positive Segment Outlook to MGAs, Other DUAEs

Technology, talent and diverse sources of capital continue driving growth for managing general agencies and other delegated underwriting authority enterprises globally, according to AM Best, which assigned a positive outlook to the delegated underwriting authority enterprise (DUAE) sector Monday. The …

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Florida Chamber Summit Panelists Confident Lawmakers will Stem Attorney Fees

If Florida lawmakers had any doubts about what reforms they need to consider at next week’s special legislative session, the Florida Chamber of Commerce’s Insurance Summit on Tuesday provided plenty of ideas. And most of the panel members expressed optimism …

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What to Know About an Unlikely Vector for Cyber Threats: Household Pets

Pets can make a great addition to the family, bringing positivity and warmth to a household, but the digital devices associated with them could be a different story. While every fifth pet owner uses some type of digital device to …

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E-Cigarette Maker Juul Labs Reaches Settlements With Approximately 10,000 Plaintiffs

E-cigarette maker Juul Labs on Tuesday said it has reached settlements with about 10,000 plaintiffs covering more than 5,000 cases in California. Juul did not disclose the settlement amount as part of the settlement and court process in the federal …

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Oil Tanker Clears Turkish Shipping Logjam With Letter From Russian Insurer: Document

A letter provided by Russian insurer Ingosstrakh enabled the first oil tanker to sail through Turkish waters in recent days after tougher regulations were imposed by Turkish authorities, a document showed. This has led already at least 20 oil tankers …

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COVID Infections Boost Heart-Related Deaths, Top Africa Health Insurer Says

Africa’s biggest health insurer said the number of heart-related deaths rose more than sixfold during the COVID-19 pandemic among the clients of one of its units. Discovery Employee Benefits, a unit of Johannesburg-based Discovery Ltd. that has more than half …

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World Bank Seeks to Restart Cat Bond Issuance to Boost Emerging Nations’ Resilience

The World Bank is looking to restart the issuance of catastrophe bonds to help developing countries improve their preparedness for losses from natural disasters. The supranational lender has issued close to $2.6 billion of catastrophe bonds since 2014, including a …

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Massachusetts Settles With Walmart Over Workers’ Compensation Drug Prices

Retail pharmacy Walmart, Inc. has agreed to pay $500,000 to Massachusetts after allegedly failing to follow the state’s prescription pricing procedures designed to keep costs down in the workers’ compensation insurance system, Attorney General Maura Healey announced. As a result …

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Trial Begins Over Death of Woman Killed in Utah Park

Ludovic Michaud was driving around the scenic red rock landscapes of Utah’s Arches National Park on a windy spring day in 2020 when something unthinkable happened: A metal gate whipped around, sliced through the passenger door of his car and …

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Global P/C Insurance Outlook Now Negative: Moody’s

High claims inflation and rising reinsurance costs are among the factors that prompted analysts at Moody’s Investors Service to change their outlook for the global property/casualty sector from stable to negative, the rating agency said. In a report published on …

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Russia Oil Sanctions Fuel Boom for Old Tankers

The market for old oil tankers is booming, and it’s all down to efforts by Western nations to curb trade in Russian crude. As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of …

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China’s Sunshine Insurance Leans Toward Pricing HK IPO at Bottom of Marketed Range

Sunshine Insurance Group Co. is leaning toward pricing its Hong Kong initial public offering at the bottom of its marketed range, according to people familiar with the matter. The Beijing-based firm is weighing whether to sell 1.15 billion new shares …

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Turkey’s Proof-of-Insurance Rule Ensnares Russian Oil Shipments

Oil shipments from Russia and Kazakhstan are getting ensnared in a Turkish government rule to provide proof that tankers are insured when navigating the vital Bosphorus and Dardanelles shipping straits. The measure, which came into force on Friday, compels ships …

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Parents of Gunman in Deadly Pennsylvania State Trooper Shooting Settle Suit

The parents of a gunman who killed a Pennsylvania state trooper and permanently disabled another eight years ago in an ambush of a police barracks have settled a lawsuit that accused them of partial responsibility for the attack. Tiffany Dickson, …

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Massachusetts High Court to Weigh Fate of 27,000 Drunk Driving Cases

On Wednesday, December 7, the Massachusetts high court is scheduled to begin hearing a case that could result in the tossing of as many as 27,000 drunk driving cases. The case before the Massachusetts Supreme Judicial Court involves the state’s …

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MGA Pixel Re Launched for Global Property, Energy Risks of $500M and Above

Connect Underwriting Ltd., a London-based specialist reinsurance managing general agent, announced the availability of new capacity via Pixel Re, a new dedicated, monoline reinsurance vehicle for global property and downstream energy risks. With exclusive Lloyd’s and London-market sourced capacity, Pixel …

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Here’s What You Need to Know About Russia Oil Sanctions, Effective Today

After months of planning and negotiations, the biggest tranche of sanctions on Russian oil to date take effect on Monday. How big their impact will be remains uncertain. The Group of Seven clinched a last-minute deal to cap the price …

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Lapsus$ Hacking Group Will Be Focus of DHS Cyber Review Board

The Department of Homeland Security’s Cyber Safety Review Board said it will study the Lapsus$ hacking group, which has been accused of carrying out breaches at major US companies this year. The board, comprised of senior government cyber officials and …

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Gunmaker Sig Sauer Faces Suit from Officers, Others Claiming Gun Goes Off by Itself

Police and federal law enforcement officers are among 20 people from multiple states saying they were wounded by a popular type of Sig Sauer pistol, the latest lawsuit alleging that the gun is susceptible to going off without the trigger …

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Innocent Man Freed After 25 Years in Jail to Receive $18M for Wrongful Conviction

A man who was freed in 2015 after spending a quarter-century in prison for an infamous tourist killing will receive nearly $18 million in legal settlements from the city and state of New York, his attorneys confirmed Friday. Lawyers for …

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Baltimore Fire Chief Resigns as Fatal Fire Report Released

Baltimore’s fire chief resigned Friday, the same day as the release of a report that reviewed the department’s response to a January vacant rowhouse fire that left three firefighters dead. Mayor Brandon Scott announced that he decided to accept Chief …

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‘Droves’ of Global Re Market Entrants Unlikely; Outlook Stable: AM Best

Will 2023 reinsurance renewals mark a turning point to a “true hard market” that attracts “new capital in droves” and expands supply? Analysts from AM Best raised the question in a new Best’s Market Segment Report published Wednesday, titled “Market …

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After FTX Collapse, Pressure Builds for Tougher Rules for Cryptocurrencies

Regulators must step in to protect crypto investors after the collapse of FTX, financial industry executives and lawmakers said at the Reuters NEXT conference this week, the latest call for tougher oversight of a sector prone to meltdowns. Policymakers have …

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Record UK Bird Flu Outbreak Wipes Out Half of Free-Range Turkeys

A record bird flu outbreak in the UK has resulted in culling of almost half of the nation’s free-range turkeys for Christmas, according to the poultry industry group. About 600,000 free-range birds have been culled or died as a result …

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KKR Used Equity Rather Than Debt to Fund Acquisition of Broker April Group

KKR & Co.’s buyout of a French insurance broker is offering a window into the diminishing power of Wall Street’s vaunted leveraged finance machine. The buyout firm agreed to fund on its own the totality of the €2.3 billion ($2.4 …

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Facebook Accused by Female Truckers of Skewing Job Ads

Meta Platforms Inc. unlawfully steered dozens of hiring ads from trucking companies and other advertisers to mostly one gender or age group, an advocacy group for female truckers alleged in a U.S. complaint on Thursday, citing the social media giant’s …

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Oregon OSHA Fines Mattress Retailer for Exposing Workers to Vehicle Safety Hazards

Oregon OSHA fined Mattress Megastore in Hillsboro more than $66,000 for multiple workplace safety violations, including willfully exposing employees to serious injury or death from potential traffic accidents. The penalties followed an inspection launched by the division in response to …

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Motive Partners With Progressive Commercial

Motive, a fleet management company formerly known as KeepTruckin, has announced a partnership with Progressive Commercial to offer Motive’s market-leading AI-based safety solution to Progressive Commercial customers. The new partnership is aimed at helping customers increase safety and cut insurance …

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UK ‘Just Getting Started’ on Post-Brexit Boost to London’s Competitiveness: Minister

Britain is just at the beginning of post-Brexit efforts to keep London a top global financial center, but deregulation will be selective to ensure high standards are kept, financial services minister Andrew Griffith said on Thursday. Finance represents one in …

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People Moves: Convex Re Bermuda Names AXA XL’s Simons Deputy CEO, Promotes Slater to CUO; AGCS Promotes Zschech to Head of Industry Solutions & Client Mgmt

This edition of International People Moves details appointments at Convex Re Bermuda and Allianz Global Corporate & Specialty (AGCS). A summary of these new hires follows here. Convex Group Ltd., the London-based international specialty re/insurer, announced that Convex Re Bermuda …

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Dutch Court Denies RWE and Uniper Compensation for Closure of Coal-Fired Plants

The Dutch state does not have to compensate German energy suppliers RWE and Uniper for the decision to close coal-fired energy plants in the Netherlands by 2030, a Dutch court ruled on Wednesday. RWE owns two of the current four …

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Yale Discriminates Against Students With Mental Health Issues, Lawsuit Claims

Yale University was sued for allegedly violating the Americans with Disabilities Act by unfairly penalizing students who are dealing with mental-health issues. For decades, Yale has “treated unequally and failed to accommodate students with mental health disabilities, including by modifying …

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California Labor Commissioner Cites Car Wash $900K for Wage Theft

The California Labor Commissioner’s office cited Shine N Brite Car Wash $908,998 for wage theft violations affecting 15 workers. The Los Angeles-based employer was cited for minimum wage, overtime and rest break violations. An investigation reportedly showed that workers, who …

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FEMA COVID-19 Reimbursement Surpasses $4 Billion in Mid-Atlantic States

The Federal Emergency Management Agency has provided more than $4 billion to the Mid-Atlantic region for costs related to protecting the public from COVID-19. The federal funding reimbursed communities for costs associated with emergency protective measures taken in the immediate …

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Judges Appear Skeptical of Fired Amazon Organizer’s Race Bias Claims

A U.S. appeals court on Tuesday seemed unlikely to revive claims that Amazon.com Inc. fired New York warehouse worker Christian Smalls, a pivotal figure in a campaign to unionize the company’s workforce, because of his race. A three-judge 2nd U.S. …

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Western Governments Struggle to Set Russian Oil Price Cap Before Dec. 5

Western governments want to set a maximum purchase price for Russian oil on the world market to limit Moscow’s ability to raise money for its war on Ukraine. The plan is meant to punish Russia while at the same time …

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Walmart Sued by Employee Over Deadly Shooting

An employee at the Walmart in Chesapeake, Virginia, where a supervisor fatally shot six people last week, filed a lawsuit on Tuesday against the company, claiming she and others had warned management about the shooter’s behavior and that nothing was …

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Massachusetts Man Pleads Guilty in Physical Therapy Insurance Scam

A Boston man pleaded guilty in federal court in connection with a scheme to defraud an insurance company for physical therapy services that were not provided to patients, according to prosecutors. Officials said Slava Pride pleaded guilty to one count …

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Report: It Takes 7 Years to Close Most California Workers’ Comp Claims

It takes seven years to close the vast majority of workers’ compensation claims in California, more than double the time in the median state. The Workers’ Compensation Insurance Rating Bureau of California released a report detailing duration drivers for California …

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Google Play Fee Suit by Consumers Grows to 21 Million Users

Google now faces more than 21 million customers, instead of just a handful, in a lawsuit alleging its app store collects exorbitant fees. A federal judge exponentially increased the Alphabet Inc. unit’s damages exposure by granting class-action status Monday in …

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FTX Crash Injects Urgency Into Regulating Crypto Sector: Global Securities Watchdog

The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such ‘conglomerate’ platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview. Jean-Paul Servais said …

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Central Florida’s Insurance Land Joins Renaissance Alliance

Insurance Land, an independent agency with offices in Sanford and Deland, Florida, has joined the Renaissance Alliance network of agencies, the firm said in a news release. The agency, in business since 1984, offers commercial and personal lines and will …

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Fidelis Receives Regulatory Nod to Create New MGU, Split Business

Fidelis Insurance Holdings Ltd. announced it has received regulatory approval to create a new managing general underwriter (Fidelis MGU), which is separate from the existing balance sheet insurance companies – known as the Fidelis Insurance Group. Originally announced and agreed …

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Markel International Merges Professional and Financial Risks Division With Cyber Team

Markel International, a subsidiary of Markel Corp., announced it will merge its professional and financial risks (PFR) division with its recently expanded cyber team. The decision to merge the two divisions is part of the wholesale business’ efforts to simplify …

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Climate Activists’ Attacks on Paintings Add to Insurers’ Worries About Threats to Art

Climate activists’ attacks on some of the world’s most precious paintings have added to insurers’ worries about the threat to art from climate change itself, concerns seen as leading to higher art insurance premiums. In recent weeks, activists have drawn …

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Wildfire Mitigation Plan Would Cut 2.4 Million New Jersey Pinelands Trees

BASS RIVER TOWNSHIP, N.J. (AP) — Up to 2.4 million trees would be cut down as part of a project to prevent major wildfires in a federally protected New Jersey forest heralded as a unique environmental treasure. New Jersey environmental …

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Ardonagh Group to Buy Australian Insurance Investment, Distribution Firm Envest

The Ardonagh Group, the London-based independent insurance distribution platform, announced it has agreed to acquire Envest Pty Ltd., an Australian insurance investment and distribution business. Headquartered in Brisbane, Queensland, Envest operates with a diverse portfolio of brands and a national …

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FTX Collapse Ensnares Creditors Big and Small Across the Globe

From a German bank seeking a more than $2 million payment to a Chinese investor requesting $21,000 of lost savings. Claimants around the world who were caught up in the epic collapse of FTX Group are beginning to appear in …

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Insurance Journal Releases New Single from First Insurance-Themed Holiday Album

Insurance Journal, a Wells Media Company, is pleased to announce the release of its entertaining first single, “O Property O Casualty“, from the first ever album of Insurance-themed holiday carols – “Have A Claims Free New Year” – due to …

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Cyber Protection as Important as Missile Defense Systems: Retired NATO General

A cyber attack on the German ports of Bremerhaven or Hamburg would severely impede NATO efforts to send military reinforcements to allies, retired U.S. General Ben Hodges told Reuters. The European Commission proposed an action plan to bolster cyber defense …

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Australia’s Extreme Weather Events to Worsen as Climate Warms: Report

Australia will experience an increase in extreme heat, intense rainfall and coral-bleaching events, as well as longer fire seasons and more rapidly rising sea levels, according to the government’s chief science and weather agencies. In a dire report released Wednesday …

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Indonesia Earthquake Kills 268 Amid Collapsed Homes, Landslides

A quake in Indonesia killed at least 268 people as the search continues for victims amid landslides and collapsed buildings. The 5.6-magnitude earthquake that struck West Java on Monday damaged more than 20,000 homes, leaving thousands injured and hundreds still …

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U.S. Supreme Court Rebuffs Dispute Over Nursing Home COVID Suits

The U.S. Supreme Court on Monday declined to hear California nursing home operator Glenhaven Healthcare’s bid to avoid a lawsuit filed in state court over the COVID-19 death of a resident, turning away the company’s effort to move the case …

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NBA Champion Golden State Warriors Are Sued Over FTX Collapse

The Golden State Warriors were sued on Monday by an FTX customer who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange. Elliott Lam, a Canadian citizen and Hong Kong resident, filed his proposed class-action …

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Russia Says It Won’t Sell Oil to Nations That Cap Prices

Russia doesn’t plan to supply crude or oil products to nations that implement a price cap, according to Deputy Prime Minister Alexander Novak. Instead, Russia will redirect its oil supply to “market-oriented partners” or will reduce production, Novak said in …

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People Moves: Renewable Energy Lead at Marsh Specialty; Regional D&O Team Hires at AXA XL; Chubb Names Chief Culture Officer

Marsh Specialty Appoints Kolodner Global Renewable Energy Leader Marsh has appointed Michael Kolodner as global renewable energy leader, Marsh Specialty. Kolodner rejoined Marsh in 2020 as U.S. power and renewable energy leader. In his new role, he will maintain his …

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Aircraft Lessors Sue Insurers for $6.5 Billion Over Planes Trapped in Russia

Aircraft leasing firms are suing dozens of insurers for around $6.5 billion in a string of lawsuits over the loss of hundreds of aircraft stuck in Russia since Moscow’s invasion of Ukraine. More than 400 leased planes worth around $10 …

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Washington Contractor Faces Felony Theft Charge in Reported Workers’ Comp Scam

An Everett, Washington, man reportedly caught remodeling homes while claiming he was too injured to work has been charged with felony theft in a workers’ compensation fraud case. Terry Lee Dawson, 62, is accused of stealing more than $55,000 in …

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Residents Await Fix for Pennsylvania Methane Leak

A vent at an underground natural gas storage well in Western Pennsylvania has been spewing massive amounts of planet-warming methane into the atmosphere for more than 11 days and attempts to plug the leak have thus far failed. Owner Equitrans …

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FTX Collapse Shows Need to Regulate Crypto World: Bank of England

The implosion of cryptocurrency exchange FTX shows the need to bring the crypto world within the regulatory framework, Bank of England Deputy Governor Jon Cunliffe said on Monday. FTX, which has filed for U.S. bankruptcy court protection, has said it …

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Tesla Safety Is Focus of South Korean Criminal Trial Over Fiery, Fatal Crash

In an upscale Seoul neighborhood two years ago, a white Tesla Model X smashed into a parking lot wall. The fiery crash killed a prominent lawyer – a close friend of South Korea’s president. Prosecutors have charged the driver with …

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Persistent ‘Underperformance’ at SCOR Prompts S&P Downgrade to ‘A+’

S&P Global Ratings announced that the rating agency is lowering the “AA-” financial strength and long-term issuer credit ratings for global reinsurer SCOR SE and its operating subsidiaries, highlighting persistent underperformance as the reason for the downgrades. “SCOR’s operating performance …

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Rodgers, NFL Players Urge League to Nix Turf, Go With Grass

Aaron Rodgers has hit the ground in every NFL stadium except one. And while the “frozen tundra” of Lambeau Field has delivered its share of bumps and bruises, the venues with artificial turf have been even rougher on Rodgers’ nearly …

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Report: 158 Priests Accused of Abuse, More Than 600 Victims in Baltimore Diocese

An investigation by Maryland’s attorney general identified 158 Roman Catholic priests in the Archdiocese of Baltimore who have been accused of sexually and physically abusing more than 600 victims over the past 80 years, according to court records filed Thursday. …

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Massive Snowfall Buries Western and Northern New York

BUFFALO, N.Y. (AP) — A dangerous lake-effect snowstorm paralyzed parts of western and northern New York on Friday, dumping over 5 feet in some spots with more expected to fall through the night into Saturday. The storm was blamed for …

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United Airlines to Pay Buddhist Pilot $305K to Settle Religious Discrimination Claim

United Airlines will pay $305,000 to a Buddhist pilot and will provide other relief to settle a religious discrimination lawsuit filed by the Equal Employment Opportunity Commission (EEOC), the federal agency’s New York office announced. According to the EEOC’s lawsuit, …

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Florida Judge Dismisses NFL Kicker Josh Lambo’s Lawsuit Against Jaguars, For Now

A judge has dismissed NFL kicker Josh Lambo’s lawsuit against the Jacksonville Jaguars in which Lambo sought back pay and damages for emotional distress caused by former head coach Urban Meyer. Judge Gilbert Feltel Jr., of the Duval County Circuit …

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Explosive Residue Found at Site of Nord Stream Leaks, Confirming Sabotage: Sweden

Investigators have found traces of explosives at the site of the damaged Nord Stream gas pipelines, confirming sabotage had taken place, a Swedish prosecutor said on Friday. Swedish and Danish authorities are investigating four holes in the Nord Stream 1 …

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Taiwan’s Financial Services Firms Cut China Exposure by 20% to Record Low

Taiwan’s financial institutions reduced their China exposure to a record low amid economic and political uncertainties, according to its top financial regulator. Total exposure to China at Taiwanese banks, insurers and securities firms have dropped by 20% from a year …

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China’s Sunshine Insurance Gets Approval for $1 Billion IPO: Sources

China’s Sunshine Insurance Group Co. has received approval from the Hong Kong stock exchange for an initial public offering that could raise about $1 billion, according to people familiar with the matter. The Beijing-based company may start taking investor orders …

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UK Government Pushes Forward With Long-Awaited Insurer Reforms

After years of fraught debate between regulators, insurers and the Treasury, Jeremy Hunt confirmed Thursday that the government would push forward with reforms to a corner of the City of London that’s intended to release billions of pounds of investment …

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Turkey to Demand Oil Tankers Have Proof of Insurance, Adding Teeth to Russia Sanctions

Turkey is to demand that oil tankers passing through its key Bosphorus shipping strait must provide proof that they have adequate insurance, a move that could have implications for Russia’s giant crude-exports program. Ships hauling oil through the waterway and …

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Trump Firm’s Longtime CFO, Still on Payroll, Testifies on Tax Scheme at Fraud Trial

Donald Trump’s jail-bound longtime finance chief is still a company man, collecting a hefty salary from the former president’s namesake Trump Organization even as he makes his long-awaited turn as the prosecution’s star witness in a criminal tax fraud trial …

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IRB Brasil Re’s CEO Carvalho Resigns; Board Elects Falcao as Successor

IRB Brasil Resseguros SA said on Thursday that chief executive Raphael de Carvalho had resigned after just over a year in the position, following a difficult few months at the Brazilian reinsurer. At an extraordinary meeting, IRB’s board of directors …

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NFP Acquires Dublin-Based Life & Health Adviser, Tailored Finance Ltd.

NFP, the New York City-based property/casualty insurance broker and consultant, announced the acquisition of Dublin-based health and life insurance adviser, Tailored Finance Ltd. This is NFP’s first healthcare-focused acquisition in the Irish market, which expand its portfolio of services and …

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Bank of England Chief Questions Government Plan for Post-Brexit Financial Rules

Bank of England Governor Andrew Bailey took the British government to task on Wednesday over its plan to give itself veto powers over post-Brexit financial rules written by independent regulators, including the central bank. Britain’s government has promised a deregulatory …

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Walmart Offers to Pay $3.1B to Settle Opioid Lawsuits

Walmart proposed a $3.1 billion legal settlement on Tuesday over the toll of powerful prescription opioids sold at its pharmacies, becoming the latest major drug industry player to promise major support to state, local and tribal governments still grappling with …

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California Workers’ Comp Benefits to Increase in 2023

California’s State Average Weekly Wage rose by more than 5% in the year ending March 31, 2022, which will result in an increase in California workers’ compensation temporary total disability and permanent total disability rates for 2023 work injury claims …

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One County in Florida Took the Brunt of Hurricane Nicole with $522M in Damage

Damages are estimated at more than $522 million in a central Florida coastal county where homes collapsed into the Atlantic Ocean following Hurricane Nicole last week. The damages from the category 1 storm in Volusia County, home to Daytona Beach, …

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Ryan Specialty Transactional Risks International Opens Office in Copenhagen

Ryan Specialty announced that Ryan Specialty Transactional Risks International has expanded their presence with an office in Copenhagen, Denmark, which is the business’ fourth office. Transactional Risks International is a part of Ryan Specialty’s Underwriting Managers platform and specializes on …

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Counting the Rising Cost of Climate Change With Top Most Costly Natural Disasters

Climate change has raised the cost of natural disasters, as rising sea levels and drought increase the frequency and severity of flooding and wildfires, insurers and risk modeling experts say. The list of the 10 most expensive events of the …

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UK Insurtech, Send Technology, Raises £9 Million to Expand in UK and U.S.

Send Technology Solutions Ltd., the London-based insurtech, announced it has closed a Series A funding investment of £9 million ($10.7 million). The round was led by Venture Capital firm Breega with participation from Mercia and will enable Send to accelerate …

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UK Government in Advanced Talks With Regulators on Insurance Capital Reforms

The UK government is close to an agreement with regulators over insurance capital reforms intended to release billions of pounds of investment into the economy. Jeremy Hunt, the Chancellor of the Exchequer, will announce the details as part of the …

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Goldman Sachs Paid Over $12M to Bury Partner’s Claim of Sexist Culture

Goldman Sachs Group Inc. paid out well over $12 million to a veteran executive who complained internally about a toxic workplace for women in the highest echelons of Wall Street’s most prestigious firm. The bank settled with the departing partner …

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Gallagher Acquires NC-based Intellectual Property Insurance Firm

The global insurance brokerage and consulting firm, Arthur J. Gallagher & Co., has acquired a North Carolina-based intellectual property insurance firm. PIUS, or Patent Insurance Underwriting Services, is considered a managing general agent. Its services allow clients to insure patented …

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16 Hurt When Semitrailer Strikes Bus Carrying Hockey Team in Indiana

Sixteen people have been injured, three critically, after a semitrailer collided with a bus carrying a youth hockey team from Chicago in northern Indiana, police said. Investigators believe alcohol was a factor in the collision and police arrested the semitrailer …

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Antares Bermuda Receives Approval From Lloyd’s to Write Business as Coverholder

Antares announced that Antares Global Management (Bermuda) Ltd. (AGML Bermuda) has received approval from Lloyd’s to operate as a Lloyd’s in-house coverholder. This will enable AGML Bermuda to write Lloyd’s business on behalf of Antares Syndicate 1274 from Bermuda, in …

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People Moves: Coppola New CUO at QBE; FlashFlood Names N.A. CEO; Liberty Mutual Hires in Energy, Construction

QBE North America Appoints Coppola Chief Underwriting Officer QBE North America has appointed Laura Coppola as chief underwriting officer. Coppola joins the company with more than 25 years of technical underwriting experience in property casualty insurance. Coppola is based in …

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Vintage Aircraft Collision at Dallas Air Show Kills 6

DALLAS (AP) – Two historic military planes collided and crashed to the ground in a ball of flames during a Dallas air show, leaving six people dead, officials said. National transportation officials were investigating the cause of Saturday’s collision, which …

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Aon Buys Mexico’s ERN, Expanding Its LatAm Catastrophe Modeling Capabilities

Aon plc, the global professional services firm, expands its catastrophe modeling and consultancy capabilities in Latin America with the acquisition of ERN (Evaluación de Riesgos Naturales), a Mexico-based leader in risk assessment modeling. Financial details of the deal were not …

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UK Government Rushes to Outline Proposed Power to Overrule Financial Regulators

The UK government is rushing to outline a proposed power to overrule the City of London’s financial regulators, as it tries to avoid accusations that the move is an attack on their independence. The power is due to be added …

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3 Australian Banks Settle Class Action Lawsuits Over Sale of Credit Insurance Products

Three of Australia’s “big four” banks settled separate class action lawsuits for A$126 million ($84.51 million) with Slater & Gordon, who took the banks to court two years ago over sale of credit insurance products, the companies said on Monday. …

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Half a Million UK Workers Drop Out of Workforce Citing Long-Term Illness, Mental Health Problems

The number of people who have dropped out of Britain’s job market since 2019 and who now cite a long-term illness or mental health problems has risen by half a million or about 25%, the Office for National Statistics (ONS) …

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Elizabeth Holmes Should Get 15 Years’ Prison for Fraud, US Says

Former Theranos Inc. Chief Executive Officer Elizabeth Holmes should spend 15 years in prison for committing one of the most serious white-collar crimes in Silicon Valley history, prosecutors told the judge who will sentence her. In a request filed late …

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Abortions, Drug Use Exposed in Cyber Attack on Australian Health Insurer Medibank

When the Australian health insurer Medibank Private Ltd. was hit with a ransomware attack last month, it provided regular updates to its customers, including the revelation that personal information from nearly 10 million of them was exposed. It also followed …

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Report: Insurance Industry Spent $3.1B with California Diverse Businesses

New data from the California Department of Insurance suggests some progress in the department’s push for California’s $409 billion insurance industry to partner more with the diverse small businesses. The latest results from the California Insurance Diversity Survey for 2021 …

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Reuters: Russian Oil Cap Spurs Insurer Fears of Oil-Laden Ships Being Left at Sea

Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters. The Group of Seven …

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Medibank Hack Could Cost A$700M for Damages and Fixes

The data breach at Medibank Private Ltd. could cost the Australian health insurer A$700 million ($450 million) if customers decide to sue for damages after personal medical details were posted to a forum on the dark web, according to Bloomberg …

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Global Securities Regulators Plan Closer Scrutiny of Carbon Trading

Global securities regulators proposed closer scrutiny of carbon trading on Wednesday to deepen liquidity and prevent greenwashing in markets used by companies to offset their emissions to drive the transition to a net-zero economy. The International Organization of Securities Commissions …

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Training the Next Generation of Cyber Ninjas with Continuing Education

As cyber attack methods are constantly evolving, guests on this episode of The Insuring Cyber Podcast offered their best advice for how to evolve with them. “This idea of being cyber resilient really involves planning for that worst day, ensuring …

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Incumbent King On Way to Winning Georgia Insurance Commissioner Election

With 97% of precincts and counties having reported, incumbent Republican John King was leading Democratic challenger Janice Laws Robinson in the Georgia insurance commissioner race as of Wednesday morning. King had 54% of the vote to 46% for Robinson. King …

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Ambac Acquires New Jersey Commercial Auto MGU and Marine Broker

Financial services holding company Ambac Financial Group, Inc. announced that it has acquired majority stakes in both All Trans Risk Solutions, LLC and Capacity Marine Corp, both of Mahwah, New Jersey. All Trans is a managing general underwriter (MGU) specializing …

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Data Stolen From Australian Health Insurer Medibank Posted on Dark Web

Data stolen from an Australian health insurer, including the names, addresses and birthdates of hundreds of customers, has been posted to a forum on the so-called dark web. The files appear to be a sample of the data that was …

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Insuring Cannabis Summit: Experts Answer Social Media’s Toughest Questions

“What are the hardest lines of insurance to write for cannabis businesses?” That question took Stephanie Bozzuto, co-founder of Cannabis Connect Insurance, down a long mental list. Bozzuto has been in the insuring cannabis business for years, so she knows …

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People Moves: Woodruff Sawyer Adds Schmidt in Washington; Pie Adds Three

Woodruff Sawyer Names Schmidt Producer for Pacific Northwest Region Woodruff Sawyer announced Tim Schmidt as the new vice president, producer, for the Seattle, Washington, office. Before joining Woodruff Sawyer, Schmidt served seven years at Parker, Smith and Feek, where he …

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Australian Corporate Watchdog Investigates Firms for ‘Greenwashing’

Australia’s corporate watchdog is investigating several companies and financial institutions for “greenwashing,” or exaggerated claims regarding environment-friendly investment and products, a senior official said on Tuesday. The Australian Securities and Investment Commission (ASIC) has been increasing its oversight of climate-related …

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Rochester Diocese $55M Sex Abuse Settlement Does Not Include Insurance Amount

The Roman Catholic Diocese of Rochester will pay $55 million to survivors of sexual abuse committed by clergy members under a settlement announced by Rochester Bishop Salvatore Matano last week. The $55 million from the upstate New York diocese, its …

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Grounded Oil Supertanker Could Take Month to Free: Indonesian Navy

Indonesian authorities said on Monday it could take up to a month to free a crude oil tanker stuck in its waters, while the United States slapped sanctions on the vessel for alleged links to Hezbollah and a branch of …

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Insuring Cannabis Summit: 2023 Bringing Lawsuits, Higher Property Rates, More Products

An increase in new markets, and better brand recognition and distribution from existing markets, has led to more competition in the insuring cannabis space. That’s a good for the insurance consumer, and that trend seemed to please a group of …

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Massachusetts AG Finds More Drug Overcharges in Workers’ Compensation

Pharmacy benefits manager Express Scripts, Inc. has agreed to pay $3.2 million after allegedly failing to follow prescription pricing procedures intended to keep costs down and prevent overcharges in the state’s workers’ compensation insurance system, according to Massachusetts Attorney General …

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Cause of Sickness Affecting 48 at Pennsylvania Charter School Still Unknown

Authorities say they still don’t know what caused several dozen children and adults to fall ill at an eastern Pennsylvania school last week, prompting an evacuation. Chief Scott Van Why of the Hanover Township Volunteer Fire Department told The (Allentown) …

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Insuring Cannabis Summit: Carriers Seeing Evolution of the Space

Michael Hall was an early insurance carrier entrant into the insuring cannabis space. Yet, even as it has grown and his competition increases, he doesn’t seem to worry about losing business to competitors or the potential of having to operate …

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Inflation, Debt Crisis, Cost of Living Pose Top Business Risks in G20 Nations: Survey

Runaway inflation, an unfolding debt crisis and cost-of-living problems pose the biggest threats to doing business for G20 countries in the next two years, data from the World Economic Forum showed on Monday. Inflation has surged to levels not seen …

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Online Startup Waada Buys Rival to Become Pakistan’s Largest Insurtech

Pakistani online insurance startup Waada acquired a local rival to create the South Asian nation’s largest player in the field, seeking to benefit from growth in the burgeoning market. The Karachi-based company took over MicroEnsure Pakistan, a unit of MIC …

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Ruling Exposes Gov’t to $1.6B In Damages Because of Hurricane Harvey Flooding

A federal court in late October found the US government liable for $455,000 in damages to six claimants whose homes were flooded by water backed up behind two dams near Houston during Hurricane Harvey — but that’s just for starters. …

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Deadly Tornadoes Hit Texas and Oklahoma, Flatten Buildings

Residents in southeastern Oklahoma and northeastern Texas began assessing weather damage Saturday, working to recover and thankful to have survived after a storm stretching from Dallas to northwest Arkansas spawned tornadoes and produced flash flooding, killing at least one, injuring …

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NBA’s Spurs Sued by Ex-Team Psychologist for Sexual Misconduct

Police have begun investigating allegations that former San Antonio Spurs guard Joshua Primo exposed himself on multiple occasions to a former team therapist during counseling sessions. Dr. Hillary Cauthen filed a lawsuit against the Spurs and Primo, claiming the 19-year-old …

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Oklahoma Work Comp Rates to Decrease 8.2% in 2023

Oklahoma Insurance Commissioner Glen Mulready announced that businesses should see another rate decrease in workers’ compensation insurance beginning on January 1, 2023. The Oklahoma Insurance Department has approved an annual filing with an 8.2 percent decrease in workers’ compensation insurance …

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Twitter Sued for Mass Layoffs by Musk Without Enough Notice

Twitter Inc. was sued over Elon Musk’s plan to eliminate about 3,700 jobs at the social-media platform, which workers say the company is doing without enough notice in violation of federal and California law. A class-action lawsuit was filed Thursday …

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Hurricane Ian Wrecked Man-Made Reefs, Brings Algae Bloom to Florida

Hurricane Ian not only ravaged southwest Florida on land but was destructive underwater as well. It destroyed man-made reefs and brought along red tide, the harmful algae blooms that kill fish and birds, according to marine researchers who returned last …

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Judge in New York Fraud Trial Orders Independent Monitoring of Trump Organization

A New York judge on Thursday ordered that an independent watchdog be appointed to oversee the Trump Organization before a civil fraud case by the state’s attorney general against Donald Trump’s company goes to trial. The decision by Justice Arthur …

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People Moves: Dale Enters Marine Re With 2 MS Amlin Hires; Chubb Taps AGCS’ Turberville as Head of Hull, Global Mkts.; Argenta Names Blackwell Head of Property

This edition of International People Moves details appointments at Dale Underwriting Partners, Chubb and Argenta. A summary of these new hires follows here. Dale Underwriting Offers Marine Reinsurance With 2 Hires From MS Amlin Dale Underwriting Partners (DUP), the trading …

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Gallagher Buys Irish Broker Doyle Mahon, Rebrands Innovu From Recent Acquisition

Gallagher announced it has acquired Doyle Mahon Insurances, bolstering its presence in Ireland and demonstrating its commitment to expand its customer and employee base in the country. This follows Gallagher’s acquisition of Innovu in June this year, which it has …

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Progressive Easing Up on Rate Hikes; Flo Coming Back to a State Near You

Progressive’s Flo won’t reappear on TV screens in every state, but the insurer she pitches for is comfortable pursuing business growth, company leaders said yesterday. That means potentially using more advertising to lure auto insurance shoppers who are looking to …

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Technology Update: Canopius to Launch Tech and Data Hub in UK

Canopius Group, the London-based global specialty re/insurer, announced the launch of the “Canopius Tech & Data Hub” in Manchester, UK. The Hub, which will begin operating early next year, will ensure that Canopius is developing the best possible solutions within …

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Insuring Cannabis Summit: Industry Deserves Lower Rates and More Capacity

Improved and more sophisticated risk management in the cannabis industry warrant reduced insurance costs and more capacity, says the head of risk management at one of the cannabis industry’s best-know publicly traded companies. Karl Long is senior director of risk …

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Everest Unveils Refreshed Brand, Reflecting Commitment to ‘Underwrite Opportunity’

Everest Re Group Ltd., the Bermuda-based re/insurer, has unveiled a refreshed brand, including a new logo and visual identity reflecting its positioning and commitment to “underwrite opportunity” for colleagues, customers, shareholders, and communities worldwide. “There has never been a more …

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Lisa Weakens to Tropical Storm After Leaving Belize’s Largest City in Darkness

Lisa weakened into a tropical storm as it moved across Belize Wednesday, leaving much of the country’s largest city in the dark, although there were no reports of deaths or major damage so far in the Caribbean nation famed for …

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Allianz Global Investors Aims to Raise $1B for Fund Focusing on Climate Resilience

Allianz Global Investors on Wednesday said it is looking to raise $1 billion for its third blended finance debt fund, a mix of concessional and institutional capital seen as a crucial route to scaling up private investment in emerging economies. …

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People Moves: Newfront in California Adds Kaplan; Woodruff Sawyer Names Dorsey Vice President

Newfront, the tech-driven insurance brokerage based in San Francisco, announced that former Microsoft leader Greg Kaplan, CFA, will serve as senior vice president over its award-winning retirement services team. Kaplan joins Newfront from Specialized Bicycle Components, an innovative bicycle manufacturer, …

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Road Accidents Jump 22% During Week After Clocks Go Back

Claims for road accidents in the UK jumped by over a fifth (22%) in the week after the clocks went back in 2021, according to analysis of internal data by Tesco Bank Motor Insurance. The findings are based on a …

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Initial Insured Loss for Typhoon Nanmadol Estimated ¥114B (US$768M)

Initial insurance industry losses from Typhoon No. 14, aka Nanmadol, which hit Japan in September 2022, are an estimated 114 billion Japanese yen (US$768 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. Based on …

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Jensten Group Completes Acquisition of UK Broker J Bennett & Son

The Jensten Group, the London-based independent insurance broking group, has completed the acquisiton of J Bennett & Son Insurance Brokers and its subsidiary, Mathews Comfort & Co., following final regulatory approval. Financial details of the transaction, which was first announced …

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Tropical Storm Lisa on Track to Strike Belize as 12th Atlantic Storm of 2022

Tropical Storm Lisa has spun up in the Caribbean Sea south of Jamaica, on track to strike Belize late Wednesday as the 12th storm of this year’s Atlantic hurricane season. Lisa’s top winds have reached 40 miles (64 kilometers) per …

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Carlyle Aviation Sues Insurers Over Seized Planes Leased to Russian Airlines

Carlyle Aviation Partners said it sued a group of insurance companies and re-insurers claiming they failed to pay for losses stemming from the seizure of planes leased to Russian airlines following the invasion of Ukraine. Carlyle Aviation leased 23 planes …

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Wells Fargo Says SEC Is Examining its Hiring Practices

Wells Fargo & Co said on Monday that the U.S. Securities and Exchange Commission has begun investigating its hiring practices, after the Department of Justice had opened a related probe. In its quarterly report filed with the SEC, the fourth-largest …

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Exclusion Wording Not Clear, Florida Appeals Court Says in Air Quality Case

Despite repeated references to “water damage,” the ambiguous wording of a policy exclusion by Southern-Owners Insurance Co. does not necessarily bar those types of claims, a Florida appeals court found in a win for a well-known mold testing firm. “While …

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State Inspector Cites Regulatory Lapses in Fatal New York Limo Crash

New York regulators failed to do all they could to sideline a poorly maintained stretch limousine that careened down a hill and crashed in 2018, killing 20 people, according to a state watchdog. State Inspector General Lucy Lang released a …

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Insured Losses for Australia’s October 2021 Storms Estimated at A$972M: PERILS

Insured losses for the severe storms, which hit Southern Australia on Oct. 28-30, 2021, are estimated at A$972 million (US$623.1 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This fourth and final estimate dropped …

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South Korea Begins Investigation Into Deadly Halloween Crush, as Death Toll Rises

South Korean investigators combed footage on Monday from more than 50 state and private closed-circuit TV cameras as well as from social media looking for answers to how a surge in Halloween party-goers trapped in narrow alleys killed so many. …

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Australia’s Hacking Frenzy Spurred by Understaffed Cybersecurity Workforce

A swathe of hacks on some of Australia’s biggest companies has made the country a target for copycat attacks just as a skills shortage leaves an understaffed, overworked cybersecurity workforce ill-equipped to stop it, technology experts said. As Monday saw …

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3 Maryland State Police Officers File Discrimination Lawsuit

Three Maryland State Police officers have filed a proposed federal class-action lawsuit against the department, alleging widespread racial discrimination in the agency. The lawsuit, filed Monday in U.S. District Court in Greenbelt, alleges that the state police disciplines officers of …

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Post-Sandy Repairs Help But Not But Enough for Next Big Storm

After Superstorm Sandy struck the northeast U.S. in 2012, an unprecedented effort began to fortify the densely populated coastline against the next big storm. Thousands of homes were raised on pilings. Concrete and steel walls meant to help hold back …

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Hurricane Ian’s Lucrative Cleanup Deals Generating New Tempests

It has been a month since Hurricane Ian wiped out parts of southwest Florida. Now multimillion-dollar cleanup contracts are generating new tempests in the Category 4 storm’s wake. Contractors who remove debris and perform post-storm repairs are fighting over local …

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Harvard, UNC Race-Based Admissions Cases Put Supreme Court Justices on Collision Course

A showdown over college affirmative action at the US Supreme Court next week pits the court’s liberal wing against Chief Justice John Roberts and his dream of a constitutional ban on racial preferences. The court will hear arguments Monday on …

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Credit Suisse to Sell Most of Securitized Product Unit to Apollo, PIMCO

Credit Suisse Group AG has signed an exclusivity agreement with a group of investors led by Apollo Global Management Inc. to sell the bulk of its securitized products group business. If the deal happens, the group, which also includes Pacific …

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Swiss Re Posts Q3 Loss on Hit From Hurricane Ian, Signals Price Hikes

Swiss Re reported a third-quarter loss of $442 million driven by claims tied to the damage from hurricane Ian, and signaled that renewal prices would jump next year. The Zurich-based reinsurer’s key unit saw $2.5 billion in claims related to …

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Dubai Aerospace Sues 11 Insurers, Including Lloyd’s, AIG, Chubb, for Jets Stuck in Russia

Aircraft leasing firm Dubai Aerospace Enterprise (DAE) has filed a London lawsuit against 11 insurers, including Lloyd’s of London, AIG, Chubb and Swiss Re, two months after it wrote off almost $600 million for 19 aircraft stuck in Russia. The …

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Police Think Crash That Killed 4 Teens May Be Linked to TikTok Challenge

A car crash in Buffalo, N.Y. that left four teenagers dead may have been linked to a TikTok challenge, a police commissioner said. A total of six teenagers were in a speeding Kia that crashed about 6:30 a.m. Monday, Buffalo …

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Mechanical Issue May Have Caused Deadly Seaplane Crash Off Washington Island

SEATTLE (AP) – A mechanical issue may have caused the seaplane crash that killed 10 people off an island in Washington state last month, U.S. investigators said Monday. The National Transportation Safety Board, the agency investigating the Sept. 4 crash …

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No Reports of Damage From 5.1 Quake Strike in San Francisco Bay Area

SAN FRANCISCO (AP) – A magnitude 5.1 earthquake rattled the San Francisco Bay Area on Tuesday, causing delays of some commuter trains. There were no immediate reports of damage or injuries. The U.S. Geological Survey said the 11:42 a.m. quake …

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China’s Fosun Weighs Options for Hong Kong-Based Peak Re: Sources

Fosun International Ltd. is weighing strategic options for its Hong Kong-based Peak Reinsurance Co. as the Chinese conglomerate looks to pay down debt, according to people familiar with the matter. Fosun is working with a financial adviser as it considers …

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Indiana Man Pleads Guilty to Arson of Barn Fires

A man has pleaded guilty in connection with a series of barn fires set last year in several northern Indiana counties. An Elkhart County judge gave preliminary approval Monday to the plea agreement with Joseph Hershberger who was charged with …

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Buffalo Diocese Agrees to Clergy Oversight Plan as Part of Abuse Settlement With State

The Roman Catholic Diocese of Buffalo has agreed to strengthen its oversight of clergy accused of sexual misconduct to settle a lawsuit brought by New York’s attorney general alleging the church mishandled abuse claims and protected predatory priests, authorities said …

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Rhode Island Bus Service, Health Insurer Sued Over Data Breach Victims Sue

Two people whose personal information was compromised in a data breach at Rhode Island’s public bus service that affected about 22,000 people sued the agency and a health insurer this week seeking monetary damages and answers. The class-action suit filed …

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Moody’s Cuts Fosun International’s Credit Rating Amid Concerns Over Asset Sales

Global credit rating agency Moody’s downgraded Fosun International Ltd. by one notch on Tuesday and revised its outlook to “negative” from “ratings under review” amid concerns over the firm’s accelerated asset sales. The downgrade to B2 from B1 followed the …

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Flexsteel to Pay $9.8M For Contamination Cleanup at Indiana Site

Flexsteel Industries Inc. has agreed to a consent decree that requires it to pay $9.8 million for the cleanup of contamination at the Lane Street Ground Water Contamination Superfund Site (Lane Street Site) in Elkhart, Indiana, and to reimburse the …

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Britain’s Financial Services Execs Hope Sunak Can Steady the Ship After Market Chaos

After seven weeks in which Britain’s reputation for financial credibility has been rocked by political missteps, senior finance executives have given new prime minister Rishi Sunak a cautious welcome. Sunak is a known quantity to Britain’s banks, asset managers and …

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Berkley Cooling On Professional Lines, Firing Up Property Cat Re Engines

Property cat reinsurance: “More.” Professional liability insurance: Not so much. The president and chief executive officer of W.R. Berkley Corp., Robert Berkley, Jr., shared his company’s appetite for short-tail and long-tail coverages during an earnings conference call on Monday—flagging property …

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Fagan to Replace Koscielny at Florida Peninsula Insurance

The Florida Peninsula Insurance group of companies announced that Joe Fagan will replace Michael Koscielny as vice president of underwriting for Peninsula and its subsidiary, Edison Insurance Co. Fagan has spent 16 years in leadership positions with Travelers Insurance, including …

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New England Patriots Owner Alleges Insurer Fumbled Media Liability Claims

Kraft Sports and Entertainment, owner of the NFL’s New England Patriots, has sued Hiscox Insurance alleging the insurer has failed to respond under media liability insurance policies to multiple claims of copyright infringement brought against the sports company. Kraft Sports, …

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Bill Would Require Front-view Safety Cameras for New Vehicles

For several years now, new vehicles have been required to have rear-view cameras – a safety feature designed to help prevent autos and trucks from backing over children. But most vehicles on the road today do not have similar camera …

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People Moves: HDI Global Specialty UK Promotes Wilcox in DA; Howden RE Hires 3 From Aon for New Disability, L&H Reins. Unit; IQUW Taps Volante’s Waltier for Prof. Lines

This edition of International People Moves details appointments at HDI Global Specialty, Howden RE and HDI Global Specialty. A summary of these new hires follows here. HDI Global Specialty UK Promotes Wilcox as Director of Delegated Authority Specialty lines insurer …

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Companies Increasingly Keep Climate Pledges Secret as ‘Green Hushing’ Takes Off

Companies are increasingly trying to keep their climate pledges away from public scrutiny. The phenomenon, known as green hushing, has become pervasive even as businesses set more ambitious internal targets, according to a survey by South Pole, a climate consultancy …

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AmTrust Purchases DUAL North America’s Middle Market Management Liability Practice

AmTrust Financial Services Inc. announced it has acquired the middle market management liability business of DUAL North America, which includes its underwriting team and renewal rights to the portfolio. As part of the transaction, seven DUAL professionals will join AmTrust’s …

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Re/Insurers Grapple With How to Respond to Claims From Nord Stream Pipeline Blasts

With the mystery of the blasts that destroyed undersea gas pipelines between Russia and Germany unsolved, Nord Stream 1’s insurers and reinsurers are grappling with how to respond to hundreds of millions of dollars in potential claims. Munich Re and …

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Maryland to Audit 100 Deaths of People in Police Custody

Maryland will review about 100 autopsies of people who died in police custody involving physical restraint because of concerns about the state’s former medical examiner’s testimony in the death of George Floyd, the state’s attorney general said. A team of …

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Toymaker Mattel Agrees to Pay $3.5M to Settle SEC Charges

California-based Toymaker Mattel Inc has agreed to pay $3.5 million to settle U.S. Securities and Exchange Commission (SEC) charges over financial misstatements in 2017, the agency said on Friday. Mattel, which makes Barbie and Fisher-Price toys, incorrectly reported its losses …

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Everest Insurance Launches Branches in France and Germany

Everest Insurance, the insurance division of Everest Re Group Ltd., announced its further expansion into the European market with the opening of two new branches in Paris, France and Düsseldorf, Germany. Plans for a third European branch opening in Madrid, …

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Full Self-Driving Won’t Be Approved For Teslas This Year: Musk

Tesla Inc.’s advanced driver assistant software won’t gain regulatory approval in 2022, CEO Elon Musk said in remarks last week, which indicate the company is not yet able to satisfy authorities that its cars can be driven without someone behind …

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Biden ‘Social Cost of Carbon’ Climate Risk Measure Upheld by U.S. Appeals Court

A U.S. appeals court on Friday upheld the “social cost of carbon” calculation used by President Joe Biden’s administration, which sharply boosts the price tag policy makers will put on the environmental impact of greenhouse gas emissions from that used …

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