People Moves: Batt Is Trium Cyber Head of Product; Tyng New Lead of HDI U.S. Captive Solutions; SiriusPoint Names Sigle Head of Claims; HUB Hires Chief HRO

Lloyd’s Trium Cyber Appoints Batt as Head of Product Trium Cyber, the first entity approved by Lloyd’s to launch a monoline cyber syndicate, has appointed Jeffrey Batt as head of product. As head of product, Batt will focus on underwriting …

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Home Heating Oil Leak Is Covered Due to Pollution Ambiguity, Rhode Island Court Rules

The Rhode Island Supreme Court for the first time has found the definition of pollution in a commercial policy ambiguous enough to justify vacating a lower court’s summary judgment in favor of the insurer. The insurer, Arbella Protection Insurance Co., …

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Maine AG Fines Moving Company Over Threatening Emails to Negative Reviewers

A moving and storage company in Maine has agreed to pay a $125,000 fine and refrain from using a misleading email address to threaten customers who leave negative reviews, according to the state attorney general’s office. The attorney general’s office …

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Q&A: Louisiana Commissioner Jim Donelon on Special Session to Address Insurance Crisis

In the aftermath of Hurricane Katrina, Louisiana lawmakers created a $29 million incentive fund to lure property insurance companies to write business in the state. The Insure Louisiana Incentive Program provided grants to five insurers, who were required to match …

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Investor Group Bans Carbon Removal Schemes From CO2 Reduction Plans

An investor group committed to climate change and controlling $11 trillion in assets has banned members from counting carbon removal schemes towards their emissions reduction targets before 2030, amid increasing scrutiny of the fast-growing market for carbon offsets. The Net …

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New Zealand Braces for More Flooding From Another Rain Deluge

Auckland is bracing for another rain deluge later Tuesday that threatens more surface flooding and land slips on ground already sodden after a record downpour. New Zealand’s MetService is forecasting that a new weather system will strike the nation’s largest …

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India’s Digit Insurance to Refile Papers for $440M IPO After Regulator Raises Concerns

Digit Insurance will refile papers for its $440 million initial public offering (IPO), the company told Reuters on Tuesday, after India’s market regulator raised certain compliance issues with employee stock plans in a private letter. It is the second such …

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Facebook Seeks to Block $3.7B UK Mass Action Over Market Dominance

Facebook on Monday asked a London tribunal to block a collective lawsuit valued at up to 3 billion pounds ($3.7 billion) over allegations the social media giant abused its dominant position to monetize users’ personal data. Meta Platforms Inc., the …

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Lawsuit: Las Vegas Strip Resorts Used Vendor to Fix Hotel Rates

A federal lawsuit in Nevada is seeking class-action damages for countless hotel patrons who booked rooms in Las Vegas since 2019, alleging that most hotel-casinos on the Las Vegas Strip have used a third-party vendor to illegally fix prices. The …

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Investigation Into Pittsburgh Bridge Collapse Focuses on Multiple Fractures

Investigators looking into the collapse of a Pittsburgh bridge nearly one year ago are looking closely at damage to the legs of the structure, the National Transportation Safety Board said Thursday. An agency update on the Jan, 28, 2022, failure …

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Intercontinental Exchange to Start Rival London Gas Market to Dodge EU Price Cap

Intercontinental Exchange Inc. will open a parallel natural gas market in London to help traders avoid potential disruptions from new European Union rules to cap energy prices. The new market will offer benchmark Dutch Title Transfer Facility futures and options …

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French (Yes, French) Executives Are the World’s Worst Workaholics: Survey

Americans have popularized “hustle culture,” but it’s French executives who binge work the most, according to a new survey. Nearly four in ten French business leaders admit to working intense, long hours without regular breaks, well above the 25% global …

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Filipino Workers Say Oil Company Abandoned Them in Hurricane Ida

NEW ORLEANS (AP) – As Hurricane Ida struck the Louisiana Gulf Coast in August 2021, Renato Decena and Rosel Hernandez watched the storm punch a hole in the roof of the bunkhouse where they were sheltered _ abandoned, they allege, …

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Ford Recalls 462,000 Vehicles for Rear Camera Display Failure

Ford Motor Co said Friday it is recalling 462,000 vehicles worldwide because video output may fail, preventing the rearview camera image from displaying. The U.S. automaker said the recall covers some 2020-2023 model year Explorer, Lincoln Aviator, and 2020-2022 Lincoln …

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Locals Unhappy Over State Settlement With Superfund Site Owner BASF

TOMS RIVER, N.J. (AP) — In hindsight, it’s clear that something was very wrong in this suburban town at the Jersey Shore, where many people worked at or lived near a chemical company that was flushing toxic waste into waterways …

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Dozens Injured as Snow Leads to Massive Pileup in Wisconsin

MADISON, Wis. (AP) – Dozens of people were injured in a massive traffic pileup amid snowy conditions in southern Wisconsin on Friday, which blocked Interstate 39/90 for hours, authorities said. Beloit Memorial Hospital said at least 27 people were treated …

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CFOs Now Occupy Hottest Seat in Boardroom and Most Acute Labor Shortage

It’s not just truck drivers and nurses. The most acute labor shortage for many companies right now is the chief financial officer. Assignments for CFO appointments across Europe, the Middle East and Africa are up almost a third on this …

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U.S. Says It ‘Hacked the Hackers’ to Bring Down Hive Ransomware Gang

The FBI on Thursday revealed it had secretly hacked and disrupted a prolific ransomware gang called Hive, a maneuver that allowed the bureau to thwart the group from collecting more than $130 million in ransomware demands from more than 300 …

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British Financial Services Damaged by Slow Supervisors, Report Warns

Britain’s regulators can be slow, inefficient and unpredictable, raising costs and slowly damaging the financial sector’s global competitiveness, industry body TheCityUK said in a report. Complex, opaque and slow authorizations, such as for a new chief executive or a new …

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Tesla, Insurers Address Expensive Repairs in Sharply Different Ways

Tesla Inc.’s electric vehicles are expensive to repair – so much so that the automaker and insurers are addressing the issue in sharply different ways. Chief Executive Elon Musk says Tesla is making design and software changes to its vehicles …

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Tesla Confirms Nevada Expansion to Make More Electric Trucks

Tesla confirmed it intends to invest $3.6 billion to expand its manufacturing capabilities in Nevada for “high-volume” production of electric semi-trucks and make enough cell batteries for 2 million light-duty vehicles annually. Nevada Gov. Joe Lombardo had said during his …

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Virginia Teacher Lawyer: Administrators Were Warned 3 Times Boy Had Gun

NEWPORT NEWS, Va. (AP) — Concerned staff warned administrators at a Virginia elementary school three times that a 6-year-old boy had a gun and was threatening other students in the hours before he shot and wounded a teacher, but the …

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Light Earthquake Confirmed in Southern California

A light earthquake centered offshore gave Southern California an early morning wake-up call Wednesday, the U.S. Geological Survey confirmed. There were no reports of damage. The 2 a.m. quake occurred beneath the ocean 10.6 miles south of Malibu, the USGS …

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Kentucky Officials Secure 2nd High-Ground Site for Flood Victim Relocation

State officials have secured another eastern Kentucky site with higher ground to build new homes for flooding victims. The 50-acre site is just a few miles from downtown Hazard, and the first-phase plan includes 150 new homes, Gov. Andy Beshear …

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Global Insured Losses From Natural Disasters Topped $130B in 2022 in 5th Costliest Year

Economic losses from natural disasters in 2022 were estimated at $313 billion, with an insurance price tag of approximately $132 billion, according to Aon. Roughly 42% of economic losses were covered by public and private insurance entities, which translates into …

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Miller Restructures Business Into 2 Divisions to Support UK and International Growth

Miller, the London-based independent specialist re/insurance broker, announced the strategic re-alignment of its business into two divisions, Miller UK and Miller International, as the firm continues to build out its presence both in the UK and internationally. Miller International will …

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Tornado Causes Damage East of Houston

PASADENA, Texas (AP) – A powerful storm system took aim at the Gulf Coast on Tuesday, spawning a tornado that downed utility poles and power lines, overturned vehicles and ripped roofs off homes and businesses in communities east of Houston. …

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Takeaways from Our Conversation on Cannabis Price Volatility in 2023

Volatile cannabis flower prices in states with developed cannabis programs will impact insurance buying, while capacity will still be a challenge in 2023. Those were among the forecasts for the year from three subject matter experts. For our latest podcast …

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A Class-Action Wave Is Coming for ESG Claims

Lawyers are bracing for an increase in ESG-related cases as corporate disclosure requirements stiffen around the world. A survey by the law firm Norton Rose Fulbright found that 28% of more than 430 general counsel and in-house litigation leaders said …

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Markets/Coverages: kWh Analytics, Aspen Partner on Property for Renewables; Hub Starts People & Tech Consulting; DUAL New Fine Art Program

kWh Analytics, Aspen Partner on Property Insurance for Renewables kWh Analytics, a leader in climate insurance, announced the launch of property insurance for renewable energy assets with capacity partner Aspen Insurance. This new product will provide coverage against physical damage …

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People Moves: Everest Insurance Int’l Hires Powell to Lead Financial Lines; Swiss Re Corporate Solutions Names Arquint CEO EMEA, Succeeding Kleiterp

This edition of International People Moves details appointments at Everest Insurance International and Swiss Re Corporate Solutions. A summary of these new hires follows here. Everest Insurance Int’l Taps Zurich’s Powell to Lead Financial Lines Everest Insurance, the primary insurance …

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Qantas Mayday Alert, Flight Turnbacks Put Safety Reputation Under Spotlight

Qantas Airways Ltd., the airline whose stellar safety record was made famous by Hollywood, is back in the spotlight after a flurry of mechanical malfunctions. The Australian airline has been hit by a spate of in-flight issues since the middle …

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No Class of 2023: Why Capital Is Sitting on the Reinsurance Sidelines

Until investors can be convinced that property-catastrophe reinsurance pricing has caught up with recurring event losses, they’ll continue to sit on the market sidelines, a market executive said recently. During an AM Best Reinsurance Briefing, Aditya Dutt, president of Aeolus …

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Virginia Senate Committee Advances Gun Bills After School Shootings

A Democrat-led Virginia Senate panel voted Monday to advance a range of gun control bills, including legislation meant to address recent campus shootings at the University of Virginia and a Newport News elementary school. In an hours-long hearing, the Senate …

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DOJ Poised to Sue Google Over Digital Ad Market Dominance

The US Justice Department is poised to sue Alphabet Inc.’s Google as soon as Tuesday regarding the search giant’s dominance over the digital advertising market, according to people familiar with the matter. The case is expected to be filed in …

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Australia’s Health Care System Prime Target for Cyber Attackers: Minister

Australia’s hospitals and health care system are at a high risk from cyberattackers targeting citizens’ personal data, the home affairs minister said, adding the country needed to step up its efforts to combat hacking attempts. Speaking ahead of an international …

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People Moves: Marshall & Sterling New Senior Leadership; Rock Hired as Trium Cyber Claims Chief; Nexus Nabs Product Recall Specialist Darlea

Marshall & Sterling Names New Senior Leadership Team Marshall & Sterling Enterprises, Inc., has appointed Eric Diamond as chief executive officer. Prior to joining Marshall & Sterling in 2009, Diamond was president of JS Diamond Group, Inc., overseeing business development, …

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Judge Dismisses Whole Foods Workers’ Lawsuit Over ‘Black Lives Matter’ Masks

A federal judge on Monday dismissed a lawsuit by three former Whole Foods employees who said they were illegally fired for opposing the upscale grocery chain’s alleged discriminatory discipline of workers who wore “Black Lives Matter” masks. U.S. District Judge …

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Son Seeks $50M in California Suit for Dad’s Death From Stun Gun

Lawyers for the 5-year-old son of a man who died after repeatedly being shocked by Los Angeles police with a stun gun following a traffic collision filed a $50 million claim Friday for damages against the city. The legal claim …

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California Lawsuit Claims Woman’s Death Stemmed from Disneyland Fall

A lawsuit claims Disneyland employees snickered at a disabled woman struggling to get off a Jungle Cruise boat before she fell and broke a leg, leading to her death from an infection five months later. The lawsuit was filed in …

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NFP Acquires UK’s Direct Safety Solutions

NFP, the New York City-based property/casualty insurance broker and consultant, announced it has acquired Direct Safety Solutions Ltd., a UK-based health and safety consultancy. Financial details of the deal were not disclosed. Based in the West Midlands, England, Direct Safety …

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UK Insurers Fear That Promised Brexit Capital Reforms Will Be Derailed

Insurers loved the UK government’s long-awaited plans to free up billions of pounds of their capital. But after the celebrations have come fears that regulators could nudge the changes in a more cautious direction. Reforms to City of London rules, …

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Europe Braces for a Sharp, Abrupt Real Estate Reversal

Turmoil at trophy properties in London and Frankfurt offer a glimpse of the damage awaiting European real estate investors as they face the sharpest reversal on record. From a fraught refinancing process for an office building in the City of …

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People Moves: TrueNorth Announces Next Step of Leadership Succession Plan; Holmes Murphy Promotes 3

TrueNorth Announces Next Phase of Leadership Succession Plan Effective January 2023 TrueNorth Companies, L.C., a closely and privately held risk management and insurance brokerage firm headquartered in Cedar Rapids, Iowa, has announced a series of leadership changes. Several officer appointments …

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Laid Off Tech Workers Are About to Get Help—From Allstate

Allstate Corp. plans to tap the pool of recently fired tech workers to help the insurer overhaul its business. The company—best known for auto and home policies—is investing in technology including artificial intelligence and telematics, which sets premiums based on …

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Fatal New York House Fire Latest in Series of Blazes Caused by Batteries

A Queens house fire that killed one person and injured 10 others was sparked by a lithium-ion battery, the fire department said Saturday. It adds to a series of battery blazes that have caused concern in the city. The latest …

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New Mexico DA Charging Baldwin, Armorer in Movie Set Death

New Mexico First Judicial District Attorney Mary Carmack-Altwies announced on Thursday that her office will file criminal charges in the “Rust” film-set shooting against actor and producer Alec Baldwin and armorer Hannah Gutierrez-Reed. Each will be charged with two counts …

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Are More Tiny Homes the Answer to Orlando Area’s Housing Crisis?

Orange County planners outlined a variety of strategies Tuesday for county commissioners to consider as the board searches for answers to boost lagging home construction, considered to be at the root of the region’s deepening housing crisis. One solution may …

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U.S. Appeals Court to Weigh NCAA Case Over Pay for Athletes

The NCAA will ask a federal appeals court next month to block a lawsuit that seeks to have athletes treated as employees who are paid for their time, the latest high-profile challenge to amateurism in college sports. The Division I …

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Texas Plane Crash Kills 4 Members of Tennessee Church

YOAKUM, Texas (AP) – A small plane crashed Tuesday while approaching a Texas airport, killing four members of a Tennessee church and leaving the lead pastor injured, authorities and the church said. The single-engine Piper PA-46 crashed in an open …

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Detroit Museum Seeks Dismissal of Lawsuit Over van Gogh Painting

DETROIT (AP) – A Detroit museum displaying a 1888 painting by Vincent van Gogh as part of a showing of 80 of his works said it shouldn’t be pulled into a dispute over ownership of the multimillion-dollar artwork. The Detroit …

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Wholesale Broker Socius Acquires New York’s Kelly Underwriting

San Francisco-based wholesale insurance brokerage Socius Insurance Services, Inc. has acquired the assets of Kelly Underwriting Services, a Farmingdale, New York based managing general underwriter. Led by Tom Nash, Kelly provides underwriting for professional liability risks and currently manages four …

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Germany to Drop Mask Mandate in Long-Distance Transport Next Month

Germany will soon drop a mask mandate on long-distance trains and buses, one of the country’s last remaining COVID-19 restrictions, the health minister said Friday. The mandate will be dropped on Feb. 2, Health Minister Karl Lauterbach announced in Berlin. …

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Cyber and Business Interruption Top 2023 Threats: Allianz Risk Barometer

According to Allianz’s Risk Barometer 2023, cyber incidents and business interruption rank as the biggest company concerns for the second year in a row. At the same time, macroeconomic developments such as inflation, financial market volatility and a looming recession, …

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Acrisure Acquires Affinity Brokers in Scotland

Acrisure, which operates a global insurance broker, has acquired Affinity Brokers Limited, a commercial insurance broker based in Glasgow, Scotland. Founded in 2010 by Scott Meechan and Yvonne McKnight, Affinity has a specialty in jewellery and jewellers block. The business …

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Minnesota Lawmakers Start Down Path to Legalizing Recreational Marijuana

ST. PAUL, Minn. (AP) – The Minnesota Legislature embarked on a path toward legalizing recreational marijuana for adults last Wednesday when a legislative committee held the first hearing of the year on a bill that backers say is designed to …

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Guns Are Focus of Virginia Annual Lobbying Day

Gun-control and gun-rights proponents rallied Monday at the Virginia Capitol during an annual day of advocacy, as lawmakers from both parties offered a tempered assessment about what’s possible on the issue during this year’s legislative session. Some Republicans and allied …

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BMS Acquires Australian Specialist Austbrokers Coast to Coast

Global specialty insurance and reinsurance broker BMS reports it has acquired Austbrokers Coast to Coast (C2C), a specialist Australian corporate, business, and retail broker, effective 17 January. BMS is acquiring C2C in full, with staff and infrastructure transferring into BMS’ …

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Alabama Survivors Hid in Tubs, Shipping Containers as Tornado Tore Through Homes

An Alabama engine mechanic took refuge in a shipping container as a tornado decimated his shop and killed two of his neighbors along its destructive path across Alabama and Georgia. The harrowing stories of David Hollon and other survivors of …

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Fund Groups Warn Against EU Idea of Legally Defining ‘Greenwashing’

LONDON, Jan 16 (Reuters) – European Union regulators should not define greenwashing in law, fund industry groups have told the bloc’s markets watchdog, citing concerns this would complicate a sector in “constant flux.” Trillions of dollars have flowed into investments …

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More Radioactive Tests Sought at Missouri School District

WASHINGTON, Mo. (AP) _ In an unusual show of bipartisanship, Republican U.S. Sen. Josh Hawley and Democratic U.S. Rep. Cori Bush of Missouri asked the federal government to perform more testing for radioactive contamination on properties owned by the Hazelwood …

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Minnesota Health Care Provider to Settle $180K Disability Discrimination Suit

MINNEAPOLIS – North Memorial Health, a health care provider that operates two hospitals and 26 specialty and primary care clinics, urgent and emergency care facilities and medical transportation services throughout the Twin Cities metropolitan area, will pay $180,000 and provide …

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Japan Indicates Delay of Fukushima Plant Water Release

Japan has revised the timing of a planned release to the sea of treated but still radioactive wastewater at the Fukushima nuclear power plant to “around spring or summer,” indicating a delay from the initial target of this spring, after …

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Nepal Locates Black Boxes of Aircraft After Deadliest Crash in 30 Years

KATHMANDU, Jan 16 (Reuters) – Searchers found the cockpit voice recorder and flight data recorder on Monday from a passenger flight that crashed, killing at least 70 people in Nepal’s worst plane accident for 30 years, officials said. The data …

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Exclusive Remedy Bars Uninsured Motorist Coverage for Crash — S. Carolina High Court

If Stephany Connelly had not been working, she may have been entitled to collect up to $350,000 in uninsured motorist benefits because of the injuries she suffered from a 2015 car crash. But she was working at the time of …

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Cyber Attack Shuts Down Iowa’s Largest School District

DES MOINES, Iowa (AP) – Iowa’s largest school district cancelled classes for Tuesday after determining there was a cyber attack on its technology network. Des Moines Public Schools announced Monday that classes would be cancelled for its 33,000 students after …

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Texas DWC Taking Comments on Change to Administrative Code

The Texas Department of Insurance, Division of Workers’ Compensation (DWC) announced that is is accepting public comments on a proposed rule to amend 28 Texas Administrative Code Section 165.1. The changes would add Texas Mutual’s physical address, update Insurance Code …

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New York Corporations Face Fines for Criminal Liability for Construction Deaths, Injuries

Corporations in New York’s construction industry will face increased fines of up to $500,000 if they are found criminally liable for worker deaths or serious injuries. Gov. Kathy Hochul signed into law what has been named Carlos’ Law. The legislation …

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Nebraska’s Barney Joins Highstreet

Highstreet Insurance Partners (“HSIP”) announced that it has partnered with Kearney, Nebraska-based Barney Insurance Group (Barney). Barney adds 25 employees and additional office locations in Lexington and Lincoln to HSIP’s footprint in Nebraska. “We are delighted to have Dave Chally …

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Britain’s Royal Mail Faces Severe Disruption to Export Services After ‘Cyber Incident’

Britain’s Royal Mail said on Wednesday it was facing severe disruption to its international export services following what it described as “a cyber incident.” “We are temporarily unable to despatch items to overseas destinations,” Royal Mail, one of the world’s …

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Closed Illinois Plant’s Ex-Operator Settling Suits For $408M

WILLOWBROOK, Ill. (AP) – The former operator of a suburban Chicago medical equipment cleaning plant has agreed to pay $408 million to settle hundreds of lawsuits alleging that the now-shuttered facility exposed residents to a toxic industrial gas and caused …

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People Moves: TDI Announces New Executive Leadership; Cadence Hires Bryant as Cyber Practice Leadership

TDI Announces New Executive Leadership The Texas Department of Insurance (TDI) has announced its chief deputy commissioner and new leadership for its Administrative Operations, Life and Health, and General Counsel divisions. Jessica Barta is TDI’s new general counsel. Since 2014, …

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Indianapolis Fire Sends 5 Into Cardiac Arrest

INDIANAPOLIS (AP) – An Indianapolis apartment fire left a 28-year-old man and four children ages 1, 3, 12 and 14 unconscious, in cardiac arrest and hospitalized in critical condition, authorities said Tuesday. Indianapolis firefighters performed CPR on the five victims …

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Safety Agency Says Trailer Truck Striking Back of Party Bus Caused Fatal Virginia Crash

WILLIAMSBURG, Va. (AP) — When a tractor trailer struck the rear of a bus last month carrying more than 20 people in Virginia, the passenger compartment of the bus was destroyed and several passengers were ejected, the National Transportation Safety …

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Hackers Hit Websites of Danish Central Bank and 7 Private Banks

Hackers have disrupted access to the websites of Denmark’s central bank and seven private banks in the country this week, according to the central bank and an IT firm that serves the industry. The websites of the central bank and …

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5th Circuit Rejects La. Restaurant’s COVID-19 Business-Interruption Claim

The 5th Circuit Court of Appeals ruled Monday against a New Orleans restaurant’s claim for business interruption losses after the restaurant could not prove direct and sole cause by an accidental contamination of food during the early days of the …

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Texas Fencing Contractor Fined $20K After 15-Year Old’s Death

A federal workplace safety investigation into how a 15-year-old worker tragically suffered fatal injuries while installing fencing in Guthrie has found the employer failed to follow required workplace safety standards. U.S. Department of Labor Occupational Safety and Health Administration inspectors …

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Trial Set for Black Army Officer Suing Police Over Violent Traffic Stop in Virginia

A U.S. Army lieutenant who was pepper sprayed, struck and handcuffed by police in rural Virginia, but never arrested, will argue to a jury that he was assaulted and falsely imprisoned and that his vehicle was illegally searched. Video of …

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Massachusetts Gov. Healey Names Cabinet-Level Climate Chief

Massachusetts Gov. Maura Healey marked her first full day on the job Friday by issuing an executive order creating what she says is the nation’s first cabinet-level state climate chief. Healey said the climate chief will be charged with working …

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Florida Rodeo Rider Dies After Being Thrown From Horse

A woman died after she was thrown from a horse at a rodeo in the Florida panhandle, authorities said Sunday. The 56-year-old woman had just finished competing in a barrel race at the Baker Rodeo on Saturday when she was …

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Ardonagh Specialty Joins Global Broking Network, Brokerslink

Brokerslink has added Ardonagh Specialty to its international network. Three businesses within Ardonagh Specialty – Ed Broking, Ed Bermuda and Piiq Risk Partners – are existing Brokerslink partners, and remain in the network. The new move brings in the entire …

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New Louisiana Laws Require Hurricane Mediation Program, Catastrophe Response Plan

Louisiana lawmakers passed several bills last legislative session in response to insurers’ handling of recent natural disasters, five of which went into effect Jan. 1, 2023. The legislation resulted from a shaken homeowners insurance market that experienced eight insurers leave …

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Insurance Pricing: True D&O Buyer’s Market; Stabilized Commercial Auto

Insurance brokerage USI is forecasting that half of 32 commercial insurance product lines analyzed will experience softer pricing in the first half of 2023—including a predicted “buyer’s market” for directors and officers liability with some caveats. Comparing USI’s forecasts for …

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Utility Finds No Gas Leaks Near Explosion That Destroyed 3 Philadelphia Homes

Utility officials say they found no natural gas leaks in the vicinity of an explosion that left three homes destroyed in a northeast Philadelphia neighborhood and sent five people to hospitals a few hours into the new year. Officials from …

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Hurricanes and Floods Bring $120B in 2022 Insurance Losses: Munich Re

Hurricane Ian in the United States and floods and Australia helped to make 2022 one of the costliest years on record for natural disasters, Munich Re said on Tuesday, warning that climate change was making storms more intense and frequent. …

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Strong Storms Put California Levees to The Test

With multiple powerful storms continuing to bear down on California, state officials have warned that rural areas are the most at risk of flooding because the levees that protect them aren’t built to the same standards as others that shield …

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Vista Equity Partners to Buy Duck Creek for $2.6B Cash

Insurance software provider Duck Creek Technologies said it has entered into an agreement to be bought by Vista Equity Partners in an all-cash deal of about $2.6 billion. Pending Duck Creek stockholder and regulatory approvals, the transaction is expected to …

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People Moves: AXA XL Promotes Coxall to Head of U/W Mgmt, UK & Lloyd’s; LSM Hires BNP’s Faulkner to Lead Digital Strategy in Europe; MS Amlin Beefs Up U/W Team

This edition of International People Moves details appointments at AXA XL, Liberty Specialty Markets (LSM) and MS Amlin. A summary of these new hires follows here. AXA XL Promotes Coxall to Head of Underwriting Mgmt, UK & Lloyd’s AXA XL …

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Ant Group Founder to Give Up Control in Major Overhaul of Chinese Fintech Giant

Ant Group’s founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two …

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Vermont Seeks Federal Damage Assessment From December Storm

Vermont has requested a federal damage assessment to see if the state qualifies for a federal major disaster declaration from last month’s storm that caused tens of thousands of power outages and other damage. Vermont Emergency Management Director Erica Bornemann …

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Florida High Court Upholds Slashing of Punitive Damage Award in Tobacco Case

The Florida Supreme Court has struck down $16 million in punitive damages against R.J. Reynolds Tobacco Co. as “excessive,” a decision that could bode well for insurers and businesses relying on courts to interpret state law strictly as written. “Text …

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People Moves: BHSI Promotes 3 in UK Exec & Professional Lines Team; Chubb Global Markets Taps AIG’s Collins as Head of Airline; bolttech Names Schädler CEO, Europe

This edition of International People Moves details appointments at Berkshire Hathaway Specialty Insurance, Chubb Global Markets and the insurtech bolttech. A summary of these new hires follows here. BHSI Promotes 3 Senior Leaders for UK Executive & Professional Lines Berkshire …

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Insured Damages in Canada From Hurricane Fiona Now Top C$800M

Insured damages from Hurricane Fiona are now estimated at over C$800 million (US$591.2 million), according to the Insurance Bureau of Canada (IBC), quoting the Catastrophe Indices and Quantification Inc. (CatIQ). Hurricane Fiona remains the most costly extreme weather event ever …

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Duck Creek to Acquire Swiss Payments Platform, Imburse Payments

Duck Creek Technologies, the tech company that serves the property/casualty insurance market, announced a definitive agreement to acquire Imburse Payments, a Swiss-based modern payments platform. Financial details of the deal were not disclosed. Imburse’s cloud-native software-as-a-service (SaaS) payment solution is …

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Major International Investors Ask Glencore to Justify Thermal Coal Development

International investors with $2.2 trillion in assets will ask commodity giant Glencore Plc to show how its development of thermal coal mines meets the goals of the Paris climate accord to keep global warming to 1.5 degrees. Glencore is one …

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New Florida Law Makes Joint Settlement Offers ‘Legit’ But May Not Go Far Enough

In the celebration over the Florida Legislature’s sweeping insurance reforms approved last month, one statutory change has slipped under the radar a bit – one that insurance attorneys said will streamline the settlement process and could help reduce litigation. Among …

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Judge Reduces Punitive Damages in Deadly Charlottesville Rally

A federal judge has slashed millions of dollars from the damages a jury ordered white nationalist leaders and organizations to pay for their role in the violence that erupted during the deadly “Unite the Right” rally in Charlottesville in 2017. …

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Activists Say They’ll Continue to Call out Liberty Mutual for Fossil Fuels

Right after Tim Sweeney took the helm as Liberty Mutual’s CEO, a group of activists hosted a demonstration asking the him to “pick fossil fuels or Boston” by prioritizing climate policies to mitigate risk and protect the city of Boston …

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Thailand Mandates Covid Insurance for Visitors From Some Nations

Thailand is mandating Covid insurance for foreign visitors from countries that require negative RT-PCR test results before returning home, reinstating the entry rule ahead of the likely arrival of Chinese tourists in large numbers. The insurance rule will ensure that …

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Tory Peer-Linked Firm Supplied Unsafe Gowns During COVID, Health Department Alleges

The controversial firm linked to a Tory peer supplied 25 million protective gowns that were unusable and failed safety tests during the pandemic in 2020, the UK’s health department alleged in a lawsuit seeking to recover £133 million ($160 million). …

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JPMorgan Must Face Suit by Ray-Ban Maker Unit Over Cyber Theft

JPMorgan Chase Bank NA will have to face a lawsuit by a unit of the French maker of Ray-Ban glasses that claims the bank ignored suspicious transactions as cybercriminals drained $272 million from its New York bank account. Essilor Manufacturing …

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Trader Joe’s Sued Over Lead, Cadmium Levels in Dark Chocolate

Trader Joe’s was sued on Wednesday by a consumer who accused the grocery chain of misleading and endangering shoppers by selling dark chocolate that contains harmful levels of lead and cadmium. The proposed class action was filed in the federal …

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People Moves: Aon Hires Fulciniti as Head of Strategy Execution for Commercial Risk Solutions, EMEA; DARAG Names Mathis Wagner and Pearson to Lead M&A in Europe, UK

Aon Names Fulciniti as Head of Strategy Execution for Commercial Risk Solutions, EMEA Insurance broker Aon plc has named Agostino (Ago) Fulciniti as head of strategy execution for Commercial Risk Solutions in EMEA, effective Jan. 1, 2023. In this new …

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As Legal Pot Grows, More Kids Sickened By Edibles at Home

The number of young kids, especially toddlers, who accidentally ate marijuana-laced treats rose sharply over five years as pot became legal in more places in the U.S., according to a study published Tuesday. More than 7,000 confirmed cases of kids …

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California Workers’ Comp Study Tracks Inpatient Care Utilization Trends

A new study shows that after across-the-board declines in California inpatient hospitalizations during the COVID-19 crisis of 2020, the number of inpatient stays paid under Medicare, Medi-Cal, and private coverage began to rebound in 2021. However, the number of workers’ …

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Specialist Risk Group to Acquire UK’s Fleet and Commercial

Specialist Risk Group (SRG), the London-headquartered broker, announced the acquisition of Fleet and Commercial, subject to regulatory approval. The deal enhances SRG’s existing commercial motor capability and is a continuation of its growth strategy. Financial details of the deal were …

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Fidelis Completes MGU and Balance Sheet Split

Fidelis Insurance Holdings Ltd. (FIHL) announced the completion of the transaction creating a new managing general underwriter (Fidelis MGU), separate from FIHL and the existing insurance companies (the Fidelis Insurance Group). Originally announced in July 2022, the transaction became effective …

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January Renewals See Hardest Property Catastrophe Reinsurance Rates in Generation

A convergence of global events has led to the hardest property-catastrophe reinsurance market in a generation and a “complex,” “grueling” and “late” January renewal season, which went down to the wire, according to reports issued by brokers Gallagher and Howden …

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Starbucks Illegally Terminated Union Leader, US Officials Say

US labor board prosecutors have concluded that Starbucks Corp. illegally forced out a New York barista who has been a key architect of the union campaign that swept through hundreds of its cafes this year. The union leader, Jaz Brisack, …

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People Moves: Bailey Joins AIG as Global Head of Distribution and Field Operations

American International Group (AIG) named Don Bailey as global head of distribution and field operations. He joins AIG from Bristlecone Partners, a growth and human capital consultancy firm, where he had been a partner since 2017. Bailey has held several …

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Maine’s New Laws Address PFAS, Minimum Wage, Pay for Unused Vacation

Minimum wage earners will see a pay increase and employers will have to pay departing employees for unused vacation time under laws taking effect Jan. 1 in Maine. Maine’s minimum wage will increase from $12.75 to $13.80 based on a …

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M5.4 Earthquake in Northern California Confirmed in area Damaged in Earlier Quake

A moderate New Year’s Day earthquake rattled the region of Northern California where a stronger quake nearly two weeks ago killed two people and left widespread damage, authorities said. The earthquake with a preliminary magnitude of 5.4 struck at 10:35 …

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Alabama Airport Worker Killed After Being Caught in Jet Engine

An airport worker in Montgomery, Alabama, was killed Saturday when he was sucked into the engine of a plane. Local and state news reports said the ground crew worker, whose name has not been released, was ingested into the engine …

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Banks Seek to Quash Women’s Lawsuits in Jeffrey Epstein Case

Deutsche Bank and JPMorgan Chase are asking a federal court to throw out lawsuits that claim the big banks should have seen evidence of sex trafficking by Jeffrey Epstein, the high-flying financier who killed himself in jail while facing criminal …

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Another Woman Files Sex Abuse Suit Against Cosby, NBC Under New York Extension

A woman who alleges Bill Cosby drugged and sexually assaulted her in 1986 sued the comedian-actor, NBCUniversal and other companies Friday in New York, where five other women filed a similar lawsuit earlier this month. Stacey Pinkerton says she was …

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Boy Scouts, Catholic Dioceses Find Haven From Sex Abuse Suits in Bankruptcy

Lawmakers around the United States have tried to grant justice to victims of decades-old incidents of child sexual abuse by giving them extra time to file lawsuits. Now some of the defendants in these cases, including church and youth organizations, …

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Vermont Lawmaker Wants to Close Abuse Reporting Exemption for Clergy

The head of the Vermont Senate Judiciary Committee says he’s going to introduce a bill in the upcoming legislative session to close an exemption to the state’s child abuse and neglect reporting laws for members of the clergy. Democratic Sen. …

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Appeals Court Rules Against Transgender Man in Florida Bathroom Suit

A federal appeals court has ruled that a Florida school district’s policy of separating school bathrooms based on biological sex is constitutional. The 11th U.S. Circuit Court of Appeals announced its 7-4 decision on Friday, ruling that the St. Johns …

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