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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