R&Q’s Quilter Steps Down as CEO, Retires at Year-End; Spiegel Becomes New CEO

R&Q Insurance Holdings Ltd., the non-life global specialty insurance company that focuses on program management and legacy insurance businesses, announced that CEO Alan Quilter will retire at the end of 2023 and is stepping down immediately to run the company’s …

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People Moves: Everest Taps Chubb’s Chaves to Lead Mexico Operations; BMS Names Munich Re’s Tigleanu for Cyber Strategy; Miller Hires Dipati in Singapore Energy Team

This edition of International People Moves details appointments at Everest Insurance and two brokers BMS and Miller. A summary of these new hires follows here. Everest Insurance Taps Chubb’s Chaves to Lead Mexico Operations Everest Insurance, the insurance division of …

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Less Than Half of US Workers Use All Their Vacation Days

Spring break is here, and summer vacations are just around the bend. But while increasingly stressed-out US workers say having paid time off is critical, many still don’t even take all that they’re allowed. Only 48% of US workers say …

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Richemont Builds Digital Platform to Help Police Fight Watch, Jewelry Theft

Richemont is building a digital platform to help police forces worldwide fight theft of luxury watches and jewelry. The platform is open to the entire luxury industry and owners can register their collections using the brand and serial numbers, the …

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California’s Office of Administrative Law OKs Privacy Regulations

The California Privacy Protection Agency finalized its first substantive rulemaking package to further implement the California Consumer Privacy Act, which was approved by the California Office of Administrative Law. The approved regulations, which are effective immediately, update existing CCPA regulations …

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Driver Who Crashed Into Apple Store Faces Murder Charge, Civil Suits

A Massachusetts man whose SUV crashed through the glass storefront of an Apple store, killing one man and injuring nearly two dozen other people, has been charged with murder, prosecutors said. Bradley Rein, 53, was indicted by a grand jury …

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South Carolina Supreme Court Clarifies Law on Uninsured Motorists, Liquor Liability

The South Carolina Supreme Court on Wednesday handed down three opinions that resolve two questions about insurance law. One decision will probably disappoint auto insurers; another will please carriers in the liquor liability line. In two separate decisions, the high …

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Philips Expects to Reach Settlements This Year for Global Recall of Respiratory Devices

Dutch health technology company Philips expects to reach settlements this year relating to its global recall of respiratory devices, CEO Roy Jakobs said in an interview with Dutch financial daily FD published on Thursday. “I think we can at least …

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Typhoon-Prone Philippines to Launch Insurance Plan for Infrastructure Losses

The Philippines is readying an insurance plan that will protect the Southeast Asian nation from infrastructure losses caused by natural disasters, seeking to better respond to climate change risks. The government will put in place a national indemnity insurance program …

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At Trial, Minnesota Says Juul Targets Kids

MINNEAPOLIS (AP) – Minnesota Attorney General Keith Ellison personally opened his state’s case against Juul Labs on Tuesday, accusing the e-cigarette maker of using “slick products, clever ads and attractive flavors” to hook children on nicotine as the first of …

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BHP Group Seeks to Delay $44B Brazil Dam Court Case in London

Mining group BHP Group is seeking to delay a potential 36 billion pound ($44 billion) London lawsuit over Brazil’s worst environmental disaster as it needs more time to prepare, the company’s lawyers said on Wednesday. The world’s biggest miner by …

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Swiss Re Faces $6.3M Claim Over Sex Discrimination, Unfair Dismissal

A former Swiss Re underwriter, who last year won a sex and maternity discrimination and unfair dismissal case, is seeking 5.1 million pounds ($6.3 million) in compensation and told a London court she wants to retrain as a Baptist pastor. …

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Deadly Chocolate Factory Blast a Reminder of Combustion Risks

Last week’s fatal blast at a Pennsylvania chocolate factory highlighted the combustibility of food plants in general and chocolate making in particular. The powerful explosion at 75-year-old R.M. Palmer Co. – which makes chocolate eggs, bunnies, bars, coins and other …

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Southeast Beware: More Killer Tornadoes on the Way, Study Says

America will probably get more killer tornado- and hail-spawning supercells as the world warms, according to a new study that also warns the lethal storms will edge eastward to strike more frequently in the more populous Southern states, like Alabama, …

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NHTSA Opens Investigation Into Tesla Seat Belts Coming Loose

U.S. highway safety regulators have opened yet another investigation into problems with Teslas, this time tied to complaints that the seat belts may not hold people in a crash. The investigation by the National Highway Traffic Safety Administration covers an …

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Insurance That’s Out of This World, Literally

Battleface CEO Sasha Gainullin feels confident that as space tourism evolves, more data will exist to make insurers more comfortable entering this emerging market. In fact, his company already has a headstart. Battleface is a company launched in January of …

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Ermotti to Step Down as Swiss Re Chair to Take UBS Role; Interim Chair Named

Sergio P. Ermotti is stepping down as the chairman of Swiss Re, following his appointment as the new CEO of UBS. Swiss Re’s Board of Directors will immediately start the search to find a successor. In the interim, board member …

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People Moves: INSUREtrust Names Levy EVP; W. R. Berkley Hires President of Berkley Luxury Group

Levy Joins INSUREtrust as Executive Vice President INSUREtrust, a cyber insurance and risk management specialty broker within Starwind Specialty, has added Florence Levy as executive vice president. She will work out of Denver, Colorado. Before joining Norcross, Georgia-based INSUREtrust, Levy …

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$1.5M for California Homeowners Overcharged Under Wildfire Risk Score

Kemper Independence Insurance Co. has issued more than $1.5 million in refunds to thousands of California homeowners after the California Department of Insurance found the carrier overcharged policyholders for wildfire risk. Kemper and its affiliate insurance company, Unitrin Auto and …

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Insurer RSA Exits UK Personal Lines Motor Market to Focus on Core Businesses

UK insurer RSA announced it is exiting the UK personal lines motor market to focus on its core lines. The company explained the move by saying that the personal lines motor market in the UK remains extremely competitive and requires …

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InsureTrust Names Levy EVP

Atlanta-based InsureTrust, a cyber insurance specialty broker, has named Florence Levy executive vice president. InsureTrust, part of Starwind Specialty, said that Levy is well-known in the industry and was previously a director of cyber incident management with another global broker. …

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Alphabet Seeks Dismissal of Antitrust Lawsuit Over Google’s Online Ads

Google parent Alphabet asked a U.S. federal judge on Monday to dismiss a Justice Department lawsuit alleging that the search giant illegally abused its dominance of online advertising. The government, which filed the ad tech lawsuit in January along with …

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Climate Activists Tell Insurance CEOs to Stop Covering Carbon Projects ‘Immediately’

A group of climate activists has called on 30 insurance company CEOs to “immediately” stop underwriting new fossil fuel projects in the wake of a stark climate warning from U.N. scientists, a letter, seen by Reuters, showed. Insure our Future, …

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Philadelphia Residents Warned About Chemical Plant Spill in Delaware River

Philadelphia residents are being told that they may want to drink only bottled water following a chemical spill into the Delaware River in neighboring Bucks County. Bucks County health officials said Sunday that a leak late Friday evening at the …

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Casualties Mount in Pennsylvania Chocolate Factory Explosion

WEST READING, Pa. (AP) – A fifth body has been recovered from the site of a powerful explosion at a chocolate factory in a small town in eastern Pennsylvania and two remained unaccounted for Sunday. West Reading Mayor Samantha Kaag …

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Credit Suisse Bondholders Seek Legal Advice on Wipe-out of AT1 Bonds

Credit Suisse bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS. These higher-yielding junior bonds emerged from the …

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Aging Shadow Fleet, Shipping Russian Oil, Poses Disaster Risk

The oil tanker Turba normally should have been melted down by now. The 26-year-old vessel hasn’t had a full inspection since 2017, according to a database dedicated to promoting safe shipping. It also lacks industry standard insurance and sails under …

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D&O 2022: Prices Down; Loss Ratios Up; Top Carriers Ranked

Although analysts at Fitch Ratings estimate that combined ratios for the directors and officers liability line remained below breakeven in 2022, with competition fueling price declines and the economic conditions uncertain, the line is under pressure. Fitch delivered the conclusion …

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WCRI: Emergency Room Use by Injured Workers Varies Widely by State

PHOENIX — Nearly a third of injured workers in Massachusetts sought treatment for strains and sprains in a hospital emergency room, while in California and Nevada only 10% did, according to a study by the Workers’ Compensation Research Institute. That …

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Hyundai, Kia Warn 570,000 US Owners to Park Due to Fire Risk

Hyundai and Kia are recalling just over 570,000 U.S. vehicles over fire risks and urged owners to park outside and away until getting repairs. The automakers said some vehicles with a tow hitch harness could catch fire due to a …

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YouTube Videos of Intentional Collisions Led to Arrests of California Couple

A California couple was arrested on multiple felony counts of insurance fraud over allegedly staged collisions that were posted on YouTube. Christopher Phelps, 40, of Yucaipa, and his wife, Kimberly Phelps, 40, were arrested on multiple felony counts of insurance …

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California May Punish Oil Companies for High Gas Prices

A first-in-the-nation bill to punish oil companies for profiting from price spikes at the pump breezed through the California Senate on Thursday at the urging of Democratic Gov. Gavin Newsom, the first major vote in an effort to pass the …

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Yellen Says US Prepared for Additional Deposit Actions If Needed

Treasury Secretary Janet Yellen told US lawmakers that regulators would be prepared for further steps to protect the banking system if warranted, a day after her remarks on nationwide deposit insurance rattled markets. Her reassurance came at the top of …

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Lindsay Lohan, Other Celebs Settle With SEC Over Crypto Case

Actress Lindsay Lohan, rapper Akon and several other celebrities have agreed to pay tens of thousands of dollars to settle claims they promoted crypto investments to their millions of social media followers without disclosing they were being paid to do …

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First Cap Launches Admitted Homeowners Program for California

First Cap Property Insurance Solutions has launched a new admitted homeowners program for California. The program includes Coverage A Limits up to: $1.5 million for HO3 $1 million for DP3 $300,000 for HO6 $250,000 for HO4 It includes urban or …

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Fox News, Dominion Argue Over Legal Standards to Prove Defamation

WILMINGTON, Del. – Lawyers for Fox News and a voting machine company tangled Wednesday over the high bar to prove defamation in a $1.6 billion lawsuit that has embarrassed the conservative network over its airing of false claims related to …

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Motorcycle Rally Organizers Lose Bid for Coverage for Auto Accident

A three-judge panel of the Second Circuit Court of Appeals has affirmed a district court ruling that Berkshire Hathaway’s Covington Specialty Insurance Co. had no duty to indemnify its insureds against personal injury claims stemming from an auto accident at …

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Alleged Bias Against Women Costs Maryland Staffing Agency $2.6M in Default Judgment

The Equal Employment Opportunity Commission (EEOC) reported it has obtained a default judgment in U.S. District Court in its sex discrimination lawsuit against Green JobWorks. The EEOC filed a lawsuit in 2021 against the staffing agency that is located in …

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AccuWeather: California Storms Added $6-8B in Damage and Economic Loss

AccuWeather issued preliminarily estimates on Thursday showing the total damage and economic loss from the series of recent intense storms to hit California to be an additional $6 billion to $8 billion. The recent storms caused deaths, widespread power outages, …

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These Southwestern Counties Were Ranked Safest from Natural Disasters

A city in New Mexico and five counties in Colorado ranked in the top 10 for lowest-risk areas for natural catastrophes. A study by global property information provider CoreLogic detailed the least risky places to live in the U.S. from …

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Long-Term Drought in Spain Expected to Bring More Heatwaves, Wildfires

MADRID (AP) – Spain has officially entered a period of long-term drought, owing to high temperatures and low rainfall over the past three years, and likely faces another year of heatwaves and forest fires. The country’s Aemet weather agency said …

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Lloyd’s of London Swings to 2022 Pre-Tax Loss on Investments but U/W Profits Up

Lloyd’s of London swung to a pre-tax loss in 2022 and took writedowns on its fixed-income investments, it said on Thursday. The pre-tax loss was 800 million pounds ($982.56 million), compared with a profit of 2.3 billion pounds a year …

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Oil Spills and Near Misses: Growing Numbers of Ghost Tankers Ship Sanctioned Fuel

An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out of control. These vessels were part of a “shadow” fleet …

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GM Must Face Class Actions Over Defective Transmissions

A federal judge in Detroit certified class actions for drivers in 26 U.S. states who accused General Motors Corp. of producing faulty transmissions for about 800,000 vehicles from the 2015 to 2019 model years. Monday’s decision by U.S. District Judge …

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OSHA Probe of Teen Worker’s Fall Uncovers Other Wage, Child Labor, Safety Issues

A federal investigation into why a 17-year-old worker – who fell 24 feet from the roof of a New Castle, Pennsylvania, home improvement store in October 2022 – was doing work that violated child labor laws led to a wider …

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Hershey Looks to ‘Eradicate’ Lead, Cadmium From Chocolate

HERSreplace, Pennsylvania ‚—-Hershey Co. is looking to reduce “trace” amounts of lead and cadmium in its chocolate, chief financial officer Steve Voskiul told Reuters on Wednesday, after Consumer Reports found that some dark chocolate bars had potentially harmful levels of …

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Report: Nearly 3,000 Buildings Affected by California Floods

An analysis released on Wednesday shows 2,933 properties were impacted by flooding across California, with an average inundation depth at building level of just over 1 foot. ICEYE’ss Flood Insights, a data utility for insurers and emergency management organizations, are …

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EU Proposes Clampdown on Companies Using Misleading ‘Green’ Labels

The European Commission proposed rules on Wednesday that would require companies in Europe to back up climate-friendly claims about their products with evidence, to stamp out misleading green labels for products from clothing to cosmetics and electronic goods. The proposed …

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Commerzbank Executive Wins £300,000 in Sex Discrimination Suit

A Commerzbank AG manager won more than £300,000 ($366,650) in a sex discrimination lawsuit following a long-standing legal battle with the bank. Jagruti Rajput, who was a senior compliance officer at the firm’s London office, won a sex and maternity …

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Australian Lender Latitude’s Shares Slump After Hack Details Emerge

Latitude Group Holdings Ltd. shares slumped as trading resumed for the Australian personal lender that disclosed details of a hack almost a week ago. The stock lost 16% as of 11:40 a.m. in Sydney trading. Hackers stole more than 103,000 …

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California City Paying $750K in Swastika Painting Case

The Southern California city of Torrance has paid a man $750,000 after two police officers were accused of spray-painting a swastika inside his car three years ago. The investigation into that incident led to the discovery of a trove of …

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11 Injured in Southern California Apartment Complex Fire

At least 11 people were injured when a fire erupted in a large Los Angeles apartment complex, authorities said. Five of the approximately 200 units in the four-story building were burned, the Fire Department said in a statement on Monday. …

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Louisiana Supreme Ct. Reverses, Rejects Coverage for COVID Shutdown

The Louisiana Supreme Court has joined state high courts across the nation in rejecting a policyholder’s business-interruption claim for income lost because of government restrictions imposed to slow the spread of COVID-19. The high court on Friday reversed the Louisiana …

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How Coconuts Protect East Coast and Other Eroding Shorelines

Coastal communities around the world are adding a tropical twist to shoreline protection, courtesy of the humble coconut. From the sands of the Jersey Shore to the islands of Indonesia, strands of coconut husk, known as coir, are being incorporated …

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Britain’s Financial Services Industry Plans Blueprint for Post-Brexit ‘Kickstart’

Top officials from Britain’s financial sector said on Tuesday they would set out a blueprint later this year to “kickstart” London’s role as a post-Brexit global financial center by 2030. The City of London, home to Britain’s historic financial district, …

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How Much Is a Picture Worth? Jury Can Decide in Personal Injury Claim, Says Court.

Photos of damaged vehicles are relevant to the likelihood and degree of personal injury in a car accident case and they are admissible at trial, even when no expert witnesses are around to testify about them, the Massachusetts Supreme Judicial …

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Dangers of Disposable Vapes: Lithium Battery Fires, Plastic Waste and Health

Three fires broke out at the Grundon waste disposal plant near London’s Heathrow Airport in the past six months. In each case, the chief suspects were disposable vaping devices containing lithium batteries. Owen George, who leads recycling for Grundon, said …

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Alabama Jury: Delivery Worker to Get $1.9M After Fall at Dollar General Store

An Alabama jury has decided that Dollar General stores must pay almost $2 million to a delivery worker who was injured when a ramp collapsed at a store. Driver Jason Agee in 2019 was pushing a rolling cart full of …

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Credit Suisse Rescue Fails to Quell Contagion Fears as Banking Stocks Plummet

Banking stocks and bonds plummeted on Monday as the hit to investors from UBS Group’s state-backed takeover of Credit Suisse fanned concerns about the health of the global banking sector. UBS shares fell by as much as 16% in early …

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NC Authorities Trying to See if Tesla was in Autopilot When Teen Hit at School Bus

A North Carolina teenager who was struck by a car this week while departing a school bus in Halifax County is now in good condition, a hospital spokesperson said Friday. Tillman Mitchell, a 17-year-old student at the Haliwa-Saponi Tribal School …

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Scratched EV Battery? Your Insurer May Be Forced to Junk the Whole Car

For many electric vehicles, there is no way to repair or assess even slightly damaged battery packs after accidents, forcing insurance companies to write off cars with few miles – leading to higher premiums and undercutting gains from going electric. …

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White House Approves Disaster Funding for New Hampshire’s December Storm

President Joe Biden approved a federal disaster declaration for New Hampshire following damage caused by a severe storm and flooding that happened around Christmas, the Federal Emergency Management Agency said. Funding is available to the state, eligible local governments and …

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Crypto Is Finally Getting Its First Supreme Court Appearance

A clash involving disgruntled Coinbase Global Inc. customers will give the US Supreme Court its first taste of the world of cryptocurrency, foreshadowing future cases that could help define the industry. The justices on Tuesday hear arguments stemming from Coinbase’s …

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Microsoft Warns Russian Hackers May Plan More Attacks, Inside and Outside of Ukraine

Microsoft Corp. warned an infamous hacking group that is tied to Russia’s military intelligence agency GRU could be gearing up for more ransomware attacks both inside and outside of Ukraine. Microsoft calls the group Iridium, but it is perhaps best …

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UK Bans Chinese-Owned TikTok on Government Phones on Security Concerns

Britain said on Thursday it would ban TikTok on government phones with immediate effect, a move that follows other Western countries in barring the Chinese-owned video app over security concerns. TikTok has come under increasing scrutiny due to fears that …

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Tesla Not Entitled to More Info About Race Bias Probe

A California civil rights agency suing Tesla Inc. over alleged widespread race bias at its flagship assembly plant on Tuesday asked a judge to narrow the scope of his tentative ruling requiring the agency to provide more details about the …

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FBI Returns 50 Artifacts Stolen From Museums

Federal authorities say dozens of artifacts stolen in the 1970s from museums in several states and dating back as far as the French and Indian War have been returned to the institutions. The FBI announced Monday at a ceremony at …

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Physical Abuse Must Involve ‘Imbalance or Misuse of Power’ for Exclusion: Court

An act of physical abuse is not excluded by an abuse and molestation exclusion in a homeowners insurance policy unless the act involves “an imbalance or misuse of power in addition to being physically harmful,” the Massachusetts Supreme Judicial Court …

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Carolina Town to Phase Out Golf Carts on Streets; Florida Lawmakers Want Age Limit

A beach town in North Carolina is cracking down on golf carts on city streets, after the number of carts, unlicensed drivers and accidents has grown in recent years. The Port City Daily newspaper reported that the town council of …

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Dutch Court Finds Facebook Misused Data in Class Action Lawsuit

A Dutch court hearing a class action lawsuit on Wednesday found that a European subsidiary of Meta, Facebook Ireland, improperly used personal data of Dutch citizens between 2010 and 2020, saying the company had “violated the law.” “Personal information was …

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Georgia Firefighter Charged with Arson of His Own Home After Filing $700,000 Claim

One year after Georgia volunteer firefighter Todd Anthony said a kitchen fire burned down his house and he filed a $700,000 insurance claim, authorities have charged the man with arson. Anthony, 56, of Greensboro, was arrested and charged with insurance …

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Credit Suisse Secures $54 Billion Lifeline to Shore Up Liquidity, Investor Confidence

Credit Suisse shares soared by over 35% in premarket trading on Thursday, while the value of its bonds soared after the company secured a $54 billion lifeline from the Swiss National Bank to shore up liquidity and investor confidence. JPMorgan …

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People Moves: PCF in Utah Names Two New Senior Vice Presidents

PCF Insurance Services in Lehi, Utah, has announced two new senior vice presidents. Peter Nettesheim was named to the newly created role of senior vice president of data and technology. Nettesheim has 25 years of experience and oversees data, business …

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To the Moon and Back: Space Tourism and Insurance

Space tourism, or human space travel for recreational purposes, is in its early days. For insurers, this means it’s an emerging business that most aren’t ready to tackle yet. Neil Stevens, senior vice president of aviation and space at Marsh, …

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Ship With No Permit Causes Philippine Oil Spill; Cleanup Is ‘Logistical Nightmare’

The Philippines is grappling with the fallout of an oil spill south of Manila, with a contractor describing the cleanup as a “logistical nightmare” amid questions on why the ship carrying industrial fuel was able to sail without a permit. …

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What’s Happening at Fukushima Nuclear Plant 12 Years After Meltdown?

Twelve years after the triple reactor meltdowns at the Fukushima Daiichi nuclear power plant, Japan is preparing to release a massive amount of treated radioactive wastewater into the sea. Japanese officials say the release is unavoidable and should start soon. …

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Texas High Court: No Immunity for City that Closed Flood Gate During Downpour

Eleven property owners whose homes were flooded after a city of Brownsville official closed a flood gate may proceed with their claims against the city because of a statute that waives governmental immunity for damages caused by motor-driven equipment, the …

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Ohio Sues Norfolk Southern Over Train Derailment

The state of Ohio sued Norfolk Southern NSC.N Tuesday over the Feb. 3 derailment of a freight train that released over a million gallons of hazardous materials and pollutants into the environment around the town of East Palestine. “This derailment …

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Wife of Man Killed by Oregon Police Gets $1.6M Settlement

A lawsuit over the death of a man who was killed by Oregon State Police outside his home in southern Oregon in 2015 has been settled for $1.6 million after a lengthy legal odyssey, the Grants Pass Daily Courier reported. …

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Ukraine Rebuffs Russia’s Offer of 60-Day Extension on Grain Deal

Ukraine pushed back on Russia’s apparent offer to extend the landmark grain-export deal by just 60 days when it comes up for renewal later this week. Russian and United Nations officials held discussions in Geneva on Monday as crop traders …

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Zuckerberg Was Warned on Social Media Addiction, Filing Says

Employees at Meta Platforms Inc. and ByteDance Inc. were aware of the harmful effects of their platforms on young children and teenagers but disregarded the information or in some cases sought to undermine it, according to claims in a court …

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Silicon Valley Bank Parent SVB Financial Group Faces First Securities Class Action

Silicon Valley Bank (SVB) on Monday was hit with what appears to be the first federal securities class-action lawsuit against it, carrying allegations that the bank make false or misleading statements pertaining to the potential impact rising interest rates could …

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State Seeks $2.7M in Alleged Back Wages Plus Damages From Highway Shops Operator

Connecticut is suing the operator of the state’s 23 highway rest stops, alleging the company is refusing to pay more than $2.7 million in back wages owed to food service workers for Subway, Dunkin’ and other restaurant chains, state Attorney …

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Finance Firms Managing $136T in Assets Urge Boards for More Environmental Data

Financial institutions managing $136 trillion in assets will this week call on companies to share more data on their environmental impact, the chair of disclosure platform CDP told Reuters. In a letter to the boards of over 15,000 companies, 746 …

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Hong Kong’s FWD to File Again for IPO Application: Sources

FWD Group Holdings Ltd., the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, is planning to file for a third time for an initial public offering in the financial hub, according to people familiar with the matter. The …

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U.S. Chamber of Commerce Calls for AI Regulation

The U.S. Chamber of Commerce on Thursday called for regulation of artificial intelligence technology to ensure it does not hurt growth or become a national security risk, a departure from the business lobbying group’s typical anti-regulatory stance. While there is …

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A Major Bank Failed. Here’s Why It’s Not 2008 Again

The financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking – a bank run – which led to its failure on Friday. Its …

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People Moves: Venbrook in California Names Sherman EVP of Business Development

Venbrook Group, LLC, based in Woodland Hills, California, promoted Brenda Sherman to executive vice president of business development and strategic alliances. A Venbrook executive since 2015, Sherman has more than 30 years of industry experience across both the carrier and …

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Groups Say Fire Retardant Injunction Would Increase Western U.S. Risks ‘Dramatically’

Several groups of associations, cities and counties are attempting to challenge a case in Montana they say has the potential to take away an important tool from firefighting efforts at a time when Western U.S. wildfires are worsening. The groups, …

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ALKEME Acquires Texas’ NAPA Insurance Center

ALKEME announced the acquisition of the NAPA Insurance Center, an Austin, Texas- based insurance agency that provides health and P&C Insurance to NAPA’s independently owned Auto Part Stores and Auto Care Centers nationally. Founded over 30 years ago, the NAPA …

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Athletes File Class Action Against Ivy League Schools Over No-Scholarship Policy

A pair of basketball players from Brown University allege in a federal lawsuit that the Ivy League’s policy of not offering athletic scholarships amounts to a price-fixing agreement that denies athletes proper financial aid and payment for their services. The …

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China’s Financial Regulatory Revamp Raises Hope, but Some Concerns

A new Chinese financial watchdog will help bridge regulatory gaps but analysts and investors say the agency will consolidate power at the top and could introduce more state and party intervention. In a major shake-up, China will set up the …

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UK’s Largest Companies Fail to Comply With FCA’s New Gender-Diversity Quotas

Seven of the UK’s 10 largest listed companies have failed to comply with the FCA’s new gender-diversity quotas, a reminder of the scale of the challenge facing businesses as they look to improve diversity in their upper ranks. AstraZeneca Plc, …

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European Central Bank to Test Cyber Resilience of Banks

The European Central Bank plans to test the cyber resilience of the euro zone’s top banks after a sharp rise in cyberattacks, including after Russia’s invasion of Ukraine, ECB supervisory chief Andrea Enria told a Lithuanian newspaper. “Next year we …

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Demand for Transactional Risk Coverage Remained Strong in 2022: Marsh

Transactional risk insurance continued its rise in popularity in 2022 to become a global, mainstream feature on mergers and acquisitions (M&A). Despite macroeconomic and geopolitical challenges, demand for transactional insurance remained resilient in 2022, according to Marsh’s latest report on …

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Lloyd’s Expects 2022 Loss of $947.6M on Investments; Underwriting Results ‘Strong’

Lloyd’s reported an interim full-year 2022 loss before tax of £800 million ($947.6 million) as a result of investment losses of approximately £3 billion ($3.6 billion). This compares to a profit of £2.3 billion ($2.7 billion) and investment income of …

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Significant Hack Potentially Exposes US Lawmakers’ Personal Data

A serious breach at a healthcare administrator serving the U.S. House of Representatives has potentially exposed the personal data of hundreds of lawmakers and their staff, top representatives and a senior Congressional official said in letters circulated on Wednesday. One …

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Aviva CEO Says Demand for Private Healthcare Rising on NHS Woes

UK insurer Aviva Plc said it is seeing increased demand for private health insurance because of the strains the National Health Service has experienced since the pandemic. “Health insurance sales were up 15% and we expect that to continue as …

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Oklahoma Voters Reject Legalization of Recreational Marijuana

OKLAHOMA CITY (AP) – Oklahoma voters on Tuesday rejected the legalization of recreational marijuana, following a late blitz of opposition from faith leaders, law enforcement and prosecutors. Oklahoma would have become the 22nd state to legalize adult use of cannabis …

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People Moves: PCF Names New President; California Department of Insurance Appoints Members

PCF Insurance Services in Lehi, Utah, named Jenni Lee Crocker president. Crocker was PCF’s senior vice president, growth and operations for the past year. She will remain on the board of directors at PCF after completing her two-year tenure as …

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NHTSA Opens Tesla Probe Into Reports Steering Wheels Fell Off

The National Highway Traffic Safety Administration (NHTSA) said Wednesday it is opening a preliminary investigation into 120,000 2023 Tesla Model Y vehicles after two reports of steering wheels falling off while driving. The U.S. auto safety regulator said the steering …

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People Moves: Childs to Retire as Chair of Hiscox; Optio Taps Munich Re’s Kennett as UK Head of Political Risk & Terrorism; Conduit Re Names BMS Re’s Binetti to Lead Casualty

This edition of International People Moves details appointments at Hiscox, Optio Group and Conduit Re. A summary of these new hires follows here. Childs to Retire as Chair of Hiscox Board Hiscox Ltd., the international specialist insurer, announced that Robert …

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UK Insurtech Azur Group Sells Tech Services Unit to Senior Managers, Creating New Firm

Azur Group, the UK-based insurtech, has agreed to sell its technology services business to its senior managers, backed by prominent angel investors. The new company will be called Azur Technology and will focus on the development of digital systems for …

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Canada Financial Watchdog Sets Rules for Insurers, Banks on Climate Risk Disclosure

Canada’s financial industry regulator published a set of guidelines for banks, insurance companies and other regulated firms to assess and disclose climate risks. Financial firms will need to release climate-related financial disclosures at least once a year, the guidance from …

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People Moves: Ryan Hired to Lead AGCS North America; Goosehead Leadership Promotions; New Private Equity Head at LSM

Tracy Ryan will join the Allianz Global Corporate & Specialty SE Board of Management as Chief Regions and Markets Officer for North America. She succeeds William (Bill) Scaldaferri who has decided to leave Allianz after 23 years, 11 of which …

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Ukraine Holds Online Talks With Partners on Grain Export Deal Extension: Source

Ukraine has started online talks with partners on extending the Black Sea Grain Initiative aimed at ensuring Kyiv can keep shipping grain to global markets, a senior Ukrainian government source said on Tuesday. The source said Ukraine had not held …

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20 Cars of Norfolk Southern Cargo Train Derail in Ohio

SPRINGFIELD, Ohio (AP) – About 20 cars of a Norfolk Southern cargo train derailed near Springfield Saturday evening, the second derailment of the company’s trains in Ohio in a month, officials said. But unlike the Feb. 3 derailment in East …

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FTX’s Crash Exposes Insurance Black Hole That Risks Impeding Crypto Sector Recovery

A long road lies ahead to repair confidence in crypto after unprecedented bankruptcies and hacks, including the major challenge of giving investors a way of insuring against such events. Stock brokerage accounts often come with some cover against outcomes like …

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Will $4 Billion Be Enough for Everglades Restoration?

Massive and massively expensive, it’s been touted as the “crown jewel” of Everglades restoration, the key to unlocking every other project that will come after it. The $4 billion Everglades Agricultural Area reservoir – about half the size of the …

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Man Charged With Blowing up PG&E Transformers in California

A 36-year-old man has been charged with blowing up two Pacific Gas & Electric transformers, causing blasts that knocked out power to thousands of utility customers in the San Francisco Bay Area. Peter Karasev’s was arrested last week after investigators …

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Florida Man Paralyzed When Shot by Officer Who Mistook Gun for Taser Sues City, Police

A Florida man left paralyzed when a police officer shot him after mistaking his handgun for his stun gun filed a lawsuit last week against the city, the officer and others, saying, “my life got destroyed.” Michael Ortiz is seeking …

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Driver Killed, Homes Burned in Fiery Tanker Truck Crash in Maryland

A tanker truck hauling a flammable liquid crashed on a Maryland highway Saturday and caught fire, killing the driver and damaging several homes and vehicles, authorities said. The truck crashed around noon on U.S. 15 in Frederick, about an hour’s …

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West Virginia House Backs Cap on Workers’ Damages in Deliberate Intent Cases

Republicans in the West Virginia House passed a bill last week that would cap some of the damages workers and their families can receive if their employer deliberately puts them in harm’s way on the job. The 52-45 vote was …

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Before Fatal Quake Collapse, Turkish Building Skirted Code Thanks to Erdogan Policy

MALATYA, Turkey (Reuters) — The Trend Garden Residence, an upscale serviced apartment building in the Turkish city of Malatya, boasted a gym, freshly-furnished rooms and a roof-top cafeteria. But when a powerful earthquake jolted the city in the early hours …

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Indonesia to Relocate Residents or Move Fuel Facility After Fire Kills 16

Indonesia will relocate residents living near a fuel-storage fire that killed 16 people or remove the depot owned by state energy company Pertamina to a safer location, President Joko Widodo said on Sunday. The decision will rest with State-Owned Enterprise …

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Judge: Michigan School, Staff Immune From Shooting Lawsuits

PONTIAC, Mich. (AP) – A Michigan judge has ruled that staff and administrators at Oxford High School cannot be sued for a mass shooting that left four students dead and seven others wounded. Oakland County Circuit Judge Mary Ellen Brennan …

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Kentucky Bill Would Boost Disclosure of Teachers’ Misconduct

A Kentucky House committee advanced a bill Tuesday to bolster disclosure requirements meant to reveal past misconduct allegations when teachers seek jobs in other school districts. Republican Rep. James Tipton said his bill seeks to strike a balance between providing …

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Insurance Software on the Block as Private Equity Looks to Cash In

European buyout houses Montagu Private Equity and Astorg Partners are preparing to hang the “for sale” sign on their UK insurance software investments, hoping to woo insurers and fellow private capital funds with their technology. Montagu is exploring a sale …

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Turkey Issues Rebuilding Rules After Quake Leaves Millions Homeless, Kills Thousands

Turkey issued rebuilding regulations on Friday for a region devastated by earthquakes this month to enable companies or charities to help in the urgent task of building new homes for the millions who need rehousing after the devastating tremors. More …

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Shell Wins Bid to Limit British Suit Over Nigeria Delta Oil Spill

Shell Plc won a bid to limit a British lawsuit over an oil spill off the coast of Nigeria after a judge ruled that a group of thousands of Nigerians couldn’t prove that the disaster continued to wreak devastation on …

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Aircraft Lessor AerCap Says Russian Airlines Proposing Settlements for Stranded Jets

Aircraft lessor AerCap said on Thursday it had been approached by Russian airlines and their insurance companies about possible settlements for planes stranded after the Ukraine invasion but that it was unclear if any deal could be reached. Western sanctions …

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Shipping Companies Reach $97M Settlement in California Oil Spill

Shipping companies will pay nearly $97 million to settle a lawsuit with a pipeline operator over a 2021 oil spill off the coast of Southern California, the pipeline company said Wednesday. Amplify Energy, the Houston-based company that operates the pipeline, …

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SoCal Storms, Back-to-Back Hurricanes in South Central Part of New Normal?

A new AM Best commentary on the latest winter storm to hit Southern California drives home the growing risk and the financial volatility that weather-related losses pose for the insurance industry. According to the commentary, titled “Changing Weather Patterns, Climate …

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Fidelis Insurance Holdings Submits Draft Registration With SEC for Proposed IPO

Fidelis Insurance Holdings Ltd. announced it has submitted a draft registration statement on with the Securities and Exchange Commission, relating to a proposed initial public offering of its common shares. The number of common shares to be offered and the …

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Russia Accuses West of ‘Shamelessly Burying’ Black Sea Grain Deal

Russian Foreign Minister Sergei Lavrov on Thursday accused the West of “shamelessly burying” the Black Sea grain initiative that facilitates the export of Ukraine’s agricultural products from its southern ports, the RIA Novosti news agency reported. While remaining in the …

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Thousands of Michigan Residents Without Power After Back-to-Back Ice Storms

The power in Leah Thomas’ Beverly Hills, Michigan, home went out about 9 p.m. last Wednesday. It was back on Sunday evening but was lost again the next day. And like thousands of Michigan residents left in the dark following …

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Financial Services Provider F88 Raises $47M Ahead of Planned Vietnam IPO

F88 Investment JSC, a financial services firm, has raised at least $47 million from Vietnam-Oman Investment Fund, or VOI, and Mekong Capital Fund IV, to fuel expansions of its distribution network and digital business ahead of a planned initial public …

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People Moves: Ashley Promoted to Division President of Chubb Tempest Re Int’l; Argenta Taps TMK’s Groves as Head of Cyber; Mosaic Hires Chief People Officer

This edition of International People Moves details appointments at Chubb Tempest Re, Argenta Syndicate Management Ltd., and Mosaic Insurance. A summary of these new hires follows here. Ashley Promoted to Division President of Chubb Tempest Re Int’l, Succeeding Roberts Chubb …

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Britain Will Seek to Reset Relations Between City of London and EU

Britain will seek to reset relations between the City of London and the European Union on Thursday, saying it will stick to high standards in finance and not do anything to undermine financial stability in the bloc in the wake …

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California Workers’ Comp Research Keys on State’s Massive Healthcare Industry

A report from the Workers’ Compensation Insurance Rating Bureau of California that examines the state’s healthcare system shows the industry also accounted for the highest share of indemnity COVID-19 claims among all industries. The WCIRB releases reports on industry sectors …

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Two Trains Collide in Greece, Killing at Least 36 People

At least 36 people were killed in a train crash in northeast Greece and 66 more were injured, the local fire department said. The crash, the country’s worst in decades, took place in the Tempe valley when a passenger train …

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Experts Urge Empathy, Thoughtfulness for Insurers in Challenging Cyber Landscape

While the continuously evolving cyber threat landscape is a growing problem for insurers, experts on this episode of The Insuring Cyber Podcast say it’s not an insurmountable one, and empathy and thoughtfulness will be key as insurers seek to tackle …

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Howden Acquires Specialist Entertainment Broker Franz Gossler in Germany

Howden, the international insurance broker, announced an agreement to acquire Franz Gossler Insurance Group, one of the leading insurance brokers focusing on film and entertainment insurance in Germany and beyond. The transaction has been executed by Howden Germany’s specialty broker …

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Insurers to Pay Bangladesh Shipping Corp. $22.48M for Vessel Hit by Missile in Ukraine

Insurers are about to pay state-owned Bangladesh Shipping Corp. (BSC) $22.48 million for its vessel that was hit by a missile during fighting in Ukraine, two officials involved said on Tuesday. The expected settlement is one of the first shipping …

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Drivers Killed One Pedestrian Every 75 Minutes in H1 2022

Drivers in the United States struck and killed 3,434 people in the first half of 2022 – up 5%, or 168 more deaths, from the same period the year before, according to a new analysis from the Governors Highway Safety …

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