After Parking Garage Deadly Collapse, New York City Partly Shutters Four Others

After the deadly collapse of a parking structure in lower Manhattan, New York City building officials swept through dozens of parking garages and ordered four of them to immediately shutter because of structural defects that “deteriorated to the point where …

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J.D. Power: Rising Premiums Tighten Auto Insurance Market as Customers Shop Deals

State Farm Tops List of Large Insurers Providing Satisfying Shopping Experience, While The Hartford Ranked Highest Among Midsize Insurers Saving money is the primary focus of consumers searching for auto insurance, according to a new report released today. Now in …

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New York’s Yellow Cab Drivers Can’t Sue City Over Uber, Lyft Impact on License Values

New York’s top state court on Thursday threw out claims by yellow cab operators that New York City diminished the value of their taxi licenses by failing to rein in app-based competitors like Uber Technologies Inc and Lyft Inc. The …

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People Moves: Howden Appoints Marsh’s Howell for Multinational Client Practice; BMS Re Hires Soria as Head of New Business Solutions, Co-head of Casualty

This edition of International People Moves details appointments at Howden and BMS Re. A summary of these new hires follows here. Howden Appoints Marsh’s Howell for Multinational Client Practice Howden, the London-based international insurance broker, announced it has appointed Morwenna …

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Insured Losses for Southeast Australia Floods of October 2022 Rise to A$907M: PERILS

Insured losses for floods that hit Southeast Australia in October 2022 have risen to A$907 million (US$600.2 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This updated loss figure for the floods, which occurred …

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Markets/Coverages: Swiss Re, Insurtech Benekiva Partner to Offer L&H Claims Solution

Swiss Re Reinsurance Solutions has formed a strategic partnership with Benekiva to offer an end-to-end digital claims management solution. The solution combines Benekiva’s state-of-the-art claims administration system with Swiss Re’s Claims Automated Rules Engine and risk management expertise. The partnership …

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Mental Ill Health Drives Britain’s Crisis of Worker Sickness: Research

Mental ill-health is now the main cause of sickness absence from work in the UK, costing employers billions of pounds and holding back efforts to boost productivity, according to new research. In the final quarter of 2022, more than 85 …

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Family of Crash Victim Settles With Basketball Coach, Syracuse University

The family of a man who was fatally struck by a vehicle driven by former Syracuse University basketball coach Jim Boeheim in 2019 has agreed to settle a lawsuit against Boeheim and the university, according to court documents. Boeheim and …

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Hybrid-Work Environments Are Becoming More Inclusive for Women: Deloitte

After three years of trial and error, hybrid-work environments are finally becoming more inclusive. The number of women who reported feeling excluded from meetings and decisions is down more than 36% from last year, according to Deloitte’s third annual Women …

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A Record Start to the 2023 U.S. Tornado Season

The U.S. has experienced a record number of tornadoes in the first three months of 2023 according to preliminary data from the National Weather Service Storm Prediction Center (NWS SPC), delivering an active start to the U.S. severe convective storm …

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Cybersecurity Fail: Top 10 Passwords Used by the Insurance Industry

Despite cybersecurity experts’ repeated warnings, the insurance sector, along with other industries, is not doing a great job when it comes to creating secure passwords, says new research by password manager NordPass. Though employees are repeatedly warned to take better …

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45 Years Ago Today, the Deadliest Construction Accident in U.S. Killed 51

It was 45 years ago today that a huge scaffold system collapsed inside a cooling tower under construction at a West Virginia power plant, sending 51 workers tumbling to their deaths 170 feet below. Eleven members of one family were …

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Uber Eats Driver Slain, Dismembered in Florida After Making Delivery

A Florida man is charged with murder and other offenses in the slaying and dismemberment of an Uber Eats driver who had brought food to the assailant’s house, authorities said Tuesday. Oscar Solis Jr., 30, is charged with killing the …

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California Community Braces for Floods as Epic Snow Melts

Ron Caetano is packed and ready to go. His family photos and valuables are in the trailer and he’s put food in carry totes. He moved the rabbits and chickens and their automatic feeders to higher ground. He and his …

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New Mexicans Affected by Last Year’s Wildfire Get FEMA Aid

The Federal Emergency Management Agency Hermits Peak/Calf Canyon Claims Office, charged with administering nearly $4 billion in emergency financial aid for survivors of last year’s record-breaking wildfire in New Mexico, is expected to open its three regional offices to the …

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$1.6M Settlement Reached in Nevada in Handcuffed Prisoner’s Death

The family of a handcuffed inmate who was shot and killed in 2014 by a prison guard trainee reached a $1.6 million settlement with Nevada prison officials, capping a nearly decadelong legal battle that raised questions about the use of …

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People Moves: Hiscox Re & ILS Hires Hamilton Re’s Shah as Dir. of U/W Risk; BHSI Names Claims Execs in Germany; Aon’s Reins. Solutions Taps AXA XL’s Grigg for Cyber

This edition of International People Moves details appointments at Hiscox Re & ILS, Berkshire Hathaway Specialty Insurance (BHSI), and Aon’s Reinsurance Solutions A summary of these new hires follows here. Hiscox Re & ILS Hires Hamilton Re’s Shah as Director …

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EU Lawmakers Back Human Rights, Environmental Checks for Big Companies

European Union lawmakers on Tuesday backed rules requiring thousands of large companies to identify and mitigate human rights abuses like child labor or slavery, and environmental damage by suppliers. The European Parliament’s legal affairs committee voted to approve the draft …

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North Sea Nations to Develop Critical Infrastructure Security Pact

Security advisers from the North Sea nations agreed to work out a pact to jointly protect critical sub-sea gas pipelines and power cables, telecoms connections and wind farms. Several nations attending the North Sea Summit in Belgium on Monday will …

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Russia’s Lavrov Blames West for Deadlock Over Future of Black Sea Grain Deal

Moscow has seen “practically no results” from a pact with the United Nations that aimed to help Russia’s grain and fertilizer exports and blamed Western countries for creating a deadlock, Foreign Minister Sergei Lavrov said on Tuesday. Russia has signaled …

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$50M Claim Filed Over Fatal Eviction Shooting in Arizona

The family of an Arizona property manager who was fatally shot during an attempted eviction in Tucson last year has filed a $50 million claim against Pima County and others. An attorney representing Angela Fox’s family alleges in the claim …

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Pennsylvania Hospital Wins Second Shot at Equitable Relief in Medical Malpractice Case

A federal appeals court is giving a Pennsylvania hospital another opportunity to have $1.75 million of its medical malpractice insurance coverage restored. The $1.75 million represents the difference between the final arbitrated settlement of $7.75 million and the plaintiff’s earlier …

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Animatronic Dragon Bursts into Flames During Show at Disneyland in California

Spectators at Disneyland’s popular “Fantasmic” show got a shock this weekend when the feature’s fire-breathing animatronic dragon suddenly burst into flames. No injuries were reported following the blaze Saturday night at the Southern California theme park, the Anaheim Fire Department …

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Embroker: Business Insurance Shoppers Concerned With Startup Leadership Post-SVB

Following the closure of Silicon Valley Bank (SVB), VC-backed startups were increasingly looking for stronger protection in case their assets were compromised — specifically liability policies covering company executives, according to digital business insurance platform Embroker. The company analyzed real-time …

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Tornado, Small Earthquake Hit Upstate New York

A minor magnitude 3.6 earthquake shook parts of upstate New York on Sunday afternoon. There were no immediate reports of significant damage. The U.S. Geological Survey reported that the earthquake struck at 2:10 p.m. with an epicenter about 10 miles …

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CBI President Says Business Group May Not Survive Sexual Assault Scandal

The Confederation of British Industry may not survive a scandal triggered by rape claims among staff, its president said, as he acknowledged that the business group had failed to dismiss “abhorrent” employees who’d harmed their colleagues. Brian McBride wrote an …

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Brazilian Reinsurer Resolves U.S. Probe Into Fake Berkshire Hathaway Story

A Brazilian reinsurer entered a non-prosecution agreement and will pay $5 million to resolve a U.S. probe into a false story that the company had received a significant investment from billionaire Warren Buffett’s Berkshire Hathaway Inc. The U.S. Department of …

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Supreme Court YouTube Decision Could Shape Protections for ChatGPT and AI

When the U.S. Supreme Court decides in the coming months whether to weaken a powerful shield protecting internet companies, the ruling also could have implications for rapidly developing technologies like artificial intelligence chatbot ChatGPT. The justices are due to rule …

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Cancer Victims Urge Judge to Dismiss J&J Talc Unit’s Second Bankruptcy

Cancer victims on Monday urged a U.S. judge to dismiss a Johnson & Johnson subsidiary’s second bankruptcy filing, saying that the company is abusing the bankruptcy system in its renewed attempt to resolve tens of thousands of lawsuits alleging that …

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Evacuations Ordered After Flooding in Small Arizona Town

Navajo Nation officials ordered evacuations for some residents of Chinle after floodwaters filled washes and overflowed berms and dirt dams. They said many residents are refusing to leave, however, because they want to protect their property and livestock. Tribal officials …

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Florida Family Files Suit, Says Body of Man Who Died on Cruise Was Kept in Cooler

A widow and her family are suing Celebrity Cruises for allegedly mishandling her husband’s body after he died while they were on a ship last year, saying it was left to decompose and they suffered extreme emotional trauma. After Marilyn …

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Russia’s Medvedev Says G-7 Export Ban Could Trigger Black Sea Grain Deal Exit

Moscow may retaliate if Group of Seven countries proceed with a total ban on most exports to Russia by withdrawing from the safe-transit deal that allows Ukraine to ship grains from Black Sea ports, said Dmitry Medvedev, deputy chair of …

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EU Regulators Set Out Ideas to Help Plug Climate ‘Insurance Gap’

Issuing “catastrophe bonds” and setting up public-private partnerships could help plug the “insurance gap” to better cover damage from climate change, a discussion paper from the European Central Bank and European Union insurance regulators said on Monday. Only a quarter …

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Thefts Prompt 17 States to Urge Recall of Kia, Hyundai Cars

Attorneys general in 17 states on Thursday urged the federal government to recall millions of Kia and Hyundai cars because they are too easy to steal, a response to a sharp increase in thefts fueled by a viral social media …

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Delaware Legalizes Recreational Marijuana Despite Governor’s Disapproval

Delaware Gov. John Carney said Friday that he will allow bills legalizing recreational marijuana use by adults in the state and authorizing the establishment of a state-licensed and regulated cannabis industry to become law without his signature. The Democratic governor’s …

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Housing Market Downturn Among Top Risks to Canada’s Financial System: Regulator

A potential downturn in Canada’s housing market and adjusting to rapid increases in interest rates are among the biggest risks to Canada’s financial system this fiscal year, the country’s financial regulator said on Tuesday [April 18]. The Office of the …

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Aviva Quits CBI as UK Lobby Group Faces Second Rape Claim

Insurer Aviva Plc has canceled its membership of the Confederation of British Industry amid a widening scandal at the lobby group Aviva said the CBI was no longer able to represent corporate Britain “in light of the very serious allegations …

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Argo Group Shareholders Approve Merger With Brookfield Reinsurance

Argo Group International Holdings Ltd. announced that Argo shareholders voted to approve an agreement for Brookfield Reinsurance Ltd. to acquire Argo in an all-cash transaction valued at approximately $1.1 billion. The merger remains subject to other customary closing conditions, including …

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Record Heat and Drought Force Europe to Accelerate Climate Adaptation

The record heat and drought hurting European farmers, power utilities and insurers foreshadows even faster change to the continent’s climate, with scientists warning that feedback loops from a drying Earth likely will lead to dangerously high temperatures again this year. …

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Tanker Company Shipping Russian Oil Loses Insurance on G-7 Price Cap

An oil tanker company heavily involved in moving Russian oil lost industry standard insurance for its fleet after falling foul of a Group of Seven price cap relating to the transportation of the nation’s barrels. Gatik Ship Management lost so-called …

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Sin or Crime? Inquiry Targets Jehovah’s Witnesses’ Handling of Child Sex Abuse

A Pennsylvania grand jury in recent months accused nine men with connections to the Jehovah’s Witnesses of child sexual abuse in what some consider the nation’s most comprehensive investigation yet into abuse within the faith. The sets of charges filed …

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Parents and Schools Face Increase Scrutiny After Shootings

In many school shootings, the person who pulled the trigger – often a current or former student – is the only one blamed for the crime. But the arrest last week of a mother, whose 6-year-old son shot his teacher, …

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Insurance Veteran Motamed, 74, Dies

Thomas F. Motamed, an industry veteran who started his career as a claims trainee and eventually led some of the largest insurers in the world, died of brain cancer on Tuesday. He was 74 years old. Motamed was most recently …

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Gallagher Launches Brokerage in Japan, Led by 2 Former Marsh Execs

Gallagher has launched an insurance brokerage in Japan, which specializes in insurance solutions to both commercial clients and wholesale facultative insurance to other brokers. The Japanese unit is led by two former Marsh executives: Takuya Aibe and Tetsuro Nakazawa. Previously …

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Cyber Firm Group-IB Finalizes Exit From Russia to Spur Global Expansion Ambitions

Cybersecurity company Group-IB has finalized its exit from Russia, the group said on Thursday, cutting ties with its original market in an effort to spur its global expansion ambitions. Punitive Western sanctions against Moscow since it sent tens of thousands …

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British Officials Sound Alarm on Spyware, Mercenary Hacking Market

British officials are sounding the alarm over the widespread abuse of surveillance software and hackers-for-hire, saying that thousands of people were being targeted each year by an industry they described as posing an increasingly unpredictable threat. Britain’s National Cybersecurity Centre …

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California Department of Insurance Orders Refunds over Bogus Mailers

An insurance company offering home warranties must refund Californians who were reportedly deceived by a misleading mailer sent to hundreds of thousands of consumers. According to an investigation by the California Department of Insurance, Response Indemnity Company of California worked …

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Hannover Re Latest Company to Leave Net-Zero Insurance Alliance

German reinsurer Hannover Re on Wednesday became the third major company to leave a global climate alliance focused on reducing emissions that has faced growing political pressure in the United States. Hannover said in an emailed statement that it was …

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Viewpoint: D&O Market Conundrum — Softening Rates With Rising Claims Severity

Executive Summary: An uncertain economic landscape leading to a rise in claims, decreasing rates, and proposed US Securities and Exchange Commission regulations on environmental, social and governance disclosures (ESG) are just some of the challenges facing directors and officers liability …

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Small Town Debates Students’ Pastry Mural. Is It Art or Zoning Violation?

CONWAY, N.H. (AP) – Bakery owner Sean Young was thrilled when high school art students covered the big blank wall over his doorway last spring with a painting of the sun shining over a mountain range made of sprinkle-covered chocolate …

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J&J Talc Unit Asks Judge to Halt Cancer Lawsuits as it Pursues $8.9B Settlement

A Johnson & Johnson subsidiary is again asking a U.S. judge to pause tens of thousands of lawsuits alleging the company’s baby powder and other talc products cause cancer, as it seeks to resolve the litigation in bankruptcy after a …

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Fox to Pay $787 Million to Settle Election Suit, Dominion Says

Fox News agreed to pay $787.5 million to settle a voting machine maker’s lawsuit alleging the network defamed it by airing bogus claims that it rigged the 2020 presidential election against Donald Trump, Dominion Voting Systems Inc. said. The network, …

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Russian Hackers Target Western Critical Infrastructure, UK Warns

The UK government’s cyber defense agency warned on Wednesday of an emerging threat to Western critical national infrastructure posed by hackers sympathetic to Russia and its war on Ukraine. Russia-aligned “hacktivists” have carried out largely harmless online campaigns that have …

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Japanese Banks (and Insurers) Face Spotlight for ‘Gender Washing’ Women Managers

Some Japanese banks may soon come under the spotlight for potential “gender washing” over the way they count the number of women in management positions. Japan’s Financial Services Agency found a big discrepancy in responses from a regional bank survey …

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Families Displaced from California Neighborhood Seeking $2B

As a child, Lawrance W. McFarland lived on a small piece of land on a Native American reservation in Palm Springs he described as a “little world of its own,” surrounded by the parts of the city that were tourist …

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Markets/Coverages: Resolute Global Partners Launches New Type of Reinsurance Contract

Resolute Global Partners, an investment adviser specializing in insurance and reinsurance, announced the launch of “Footprint,” a new type of reinsurance contract, which the firm created in collaboration with global reinsurance broker Gallagher Re and catastrophe modeling firm Karen Clark …

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China Expected to Cut Fine on Ant Group to About $700M: Sources

Chinese regulators are expected to fine Ant Group about a quarter less than the more than $1 billion initially planned and downgrade their charges against it, sources said, as they seek to end a years-long crackdown on marquee technology firms. …

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Pro MGA Global Solutions Announces Incubation Partnership With MGA Nirvana

Pro MGA Global Solutions, the independent managing general agent (MGA) incubator, announced its incubation partnership with specialty MGA Nirvana. Nirvana is led by CEO Kabir Chanrai and Executive Chairman Rob Jones, along with Thomas Mannsdorfer, head of Europe, and Glenn …

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Drought Dwindles to Less Than 9% of California

Only remnants of California’s three-year drought remain after winter’s epic storms. The U.S. Drought Monitor reported last week that areas of drought cover less than 9% of the state, down from more than 99% at the Oct. 1 start of …

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Mississippi City Faces Tough Road Rebuilding After Tornado

The scent of the Mississippi Delta’s soil took hold of Charlie Weissinger’s psyche at an early age, and he has chased it ever since. Weissinger, 37, works at a bank to support his farming addiction in Rolling Fork, where his …

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U.S. P/C Underwriting Profit in 2023? Not Yet, Fitch Predicts

Analysts at Fitch Ratings predict a better underwriting result for U.S. property/casualty insurers in 2023 than 2022, but the combined ratio is still going to hover above breakeven, according to their forecast. Fitch forecasts a 100.4 industry combined ratio for …

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Western Australia Assesses Damage From Cyclone Ilsa’s ‘Path of Destruction’

Emergency authorities in Western Australia were assessing damage on Saturday from a tropical cyclone that hit the state’s northwest, sparing heavily populated areas but affecting several remote communities. Ilsa, downgraded to a severe weather system, made landfall in the sparsely …

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G-7 Ministers Set Big New Targets for Solar Power and Offshore Wind Capacity

SAPPORO, Japan — The Group of Seven rich nations on Sunday set big new collective targets for solar power and offshore wind capacity, agreeing to speed up renewable energy development and move toward a quicker phase-out of fossil fuels. But …

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Police Say No Known Threats to Boston Marathon on 10th Anniversary of Bombing

There are no known threats to this year’s Boston Marathon, but on the 10-year anniversary of the terrorist attack that killed three spectators, federal, state and city law enforcement leaders said Thursday that they are prepared for anything. “At this …

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Labor Recruiter Gets Life for Killing of Georgia Man Who Blew Whistle on Wage Skimming

A Mexican citizen was sentenced Monday to life in a U.S. prison for killing a man who reported him and his brother to authorities for cheating migrant workers out of millions of dollars. A U.S. District Court judge in Brunswick, …

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Torrential Rain Floods Parts of South Florida, Closing Schools, Airport, Rail Service

Nearly a foot of rain fell in a matter of hours in Fort Lauderdale – causing widespread flooding, the closure of the city’s airport, schools and the suspension of high-speed commuter rail service for the Broward County region. “Police and …

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Thieves Blow Up German ATMs Every Day, With Attacks Rising 40%-Plus Since 2019

In the German town of Ratingen, exploding cash machines are a hot-button topic. Two got blown up early on the same morning last month, at branches of Santander and Deutsche Bank across the street from each other close to the …

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Western Australia’s Iron Ore Export Hub Reopens as Cyclone Moves Inland

The key iron ore export hub of Port Hedland reopened after the biggest cyclone to hit Western Australia in at least a decade made landfall, with a major gold mine facing destructive winds as the storm moves inland. Port Hedland …

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Howden Launches Marine & Energy Business in Norway, Led by Lund From WTW

Howden has launched a marine and energy business in Norway, led by Frode Lund from Willis Towers Watson, who will drive growth of the new initiative across the Nordic region. Frode will join Howden on Aug. 1, 2023, once he …

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Robot Dog. Stolen Car Tracker. Security Cone. New York Police Go High-Tech

New York City officials unveiled three new high-tech policing devices Tuesday, including a robotic dog that critics called creepy when it first joined the police pack 2 1/2 years ago. The new devices, which also include a GPS tracker for …

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Generali Prepares to Sell Pensionskasse Unit to Fosun International’s German Unit

Assicurazioni Generali SpA is close to selling its Deutschland Pensionskasse AG unit to a German firm controlled by Chinese conglomerate Fosun International Ltd, as the Italian insurer reviews its life operations in a bid to improve profitability. Generali is preparing …

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People Moves: AIG Asia Pacific Appoints BHSI’s Colahan as Regional President; Gallagher Re Hires McMillan From Siemens as Renewable Energy Practice Leader

This edition of International People Moves details appointments at AIG Asia Pacific and Gallagher Re. A summary of these new hires follows here. AIG Appoints BHSI’s Colahan as Regional President, AIG Asia Pacific American International Group Inc. announced that Chris …

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Kremlin Warns Outlook for Extending Black Sea Grain Deal Is ‘Not so Great’

The Kremlin warned on Wednesday that the outlook for extending a deal beyond May 18 that allows the safe wartime export of grain and fertilizer from several Ukrainian Black Sea ports was not great as Russia’s own such exports still …

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SVB Failed From Mismanagement, Not Loose Regulations: FDIC

Management failures, not loose regulations, prompted Silicon Valley Bank’s sudden failure last month, a top Federal Deposit Insurance Corporation (FDIC) official said on Wednesday. “Mismanagement of interest rate risk was at the core of SVB’s problem,” FDIC Vice Chairman Travis …

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California Landscapers Arraigned in Workers’ Comp Premium Fraud Scheme

Five defendants were arraigned this week on multiple felony counts of insurance fraud after a California Department of Insurance investigation found a landscaping company some of the defendants owned allegedly underreported wages to their insurer to reduce their workers’ comp …

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Man Admits Role in Catalytic Converter Theft Ring in Connecticut

An East Hartford man has pleaded guilty to participating in a stolen catalytic converter trafficking ring. Bryant Bermudez pleaded guilty to one count of conspiracy to commit interstate transportation of stolen property and three counts of interstate transportation of stolen …

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How Insurers Can Harness the Power of AI

There is a lot of talk about the insurance industry being slower to adopt new technologies, such as artificial intelligence, but Counterpart CEO Tanner Hackett and Socotra CEO Dan Woods both agreed on the latest episode of The Insuring Cyber …

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French Building Collapse Kills at Least 6; Gas Explosion Suspected

French investigators are treating the deaths of at least six people who were killed when a building collapsed in the city of Marseille as a possible “involuntary homicide” case, a prosecutor said Tuesday. Prosecutor Dominique Laurens said an investigation was …

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NFP Acquires UK Broker Gravity Risk Services

NFP, a New York City-based property/casualty broker, announced it has acquired Gravity Risk Services Ltd., an insurance broker based in the West Midlands, England. Financial terms of the deal were not disclosed. NFP will integrate Gravity’s risk services into its …

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German Superyacht Maker Lürssen Hit by Ransomware Cyber Attack

German shipbuilder Lürssen, which makes military vessels as well as luxury yachts, has become the target of a ransomware cyberattack. The Bremen-based company was attacked over the Easter holiday period, company spokesman Oliver Grün said Tuesday. “In coordination with internal …

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Mother of 6-Year-Old Who Shot Teacher Indicted

A grand jury in Virginia has indicted the mother of a 6- year-old boy who shot his teacher on charges of child neglect and failing to secure her handgun in the family’s home, a prosecutor said Monday. A grand jury …

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Court Finds Insurer’s Evidence Insufficient to Support Subrogation Suit

Circumstantial evidence suggesting a fire that damaged four buildings in the Queens neighborhood of New York City was caused by improper use of extension cords was not enough to allow an insurer to proceed with a subrogation lawsuit, a federal …

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Driving School Owner Pleads Guilty to License Bribery Scheme

The owner of a Massachusetts driving school has pleaded guilty to bribing a road test examiner to issue driver’s licenses to individuals who did not pass, or even take road tests at the Registry of Motor Vehicles (RMV) in Brockton. …

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UK’s FCA Hires More Than 150 Staff for Data Unit to Ramp Up Tech Capabilities

The UK’s Financial Conduct Authority hired more than 150 people into its Data, Technology and Innovation division in the past year as the regulator looks to ramp up its tech capabilities. The hires are part of FCA’s attempts to use …

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Catastrophe Losses Drive 2021 U.S. P/C Insurer Impairments: AM Best

Seventeen U.S. property/casualty insurance companies became impaired in 2021, with seven of the impairments driven by catastrophe losses from hurricanes, primarily in Louisiana and Florida, according to an AM Best report. In addition to the five Louisiana-domiciled companies and two …

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Lead Paint Testing Firm Executives Accused of Marketing Faulty Devices

Three former executives of a company that makes machines that test lead levels in humans deliberately concealed a problem with the devices that produced falsely low results for tens of thousands of children, federal prosecutors in Boston said last week. …

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AM Best Places Ratings of R&Q and Subsidiaries Under Review with Negative Implications

AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of R&Q Insurance Holdings’ three wholly owned program management subsidiaries: Accredited Surety and Casualty Co. …

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Toronto Office Vacancies Hit 28-Year High as Remote Work Persists

The office vacancy rate in downtown Toronto reached its highest point since 1995 as the persistence of remote work damps companies’ need for space in Canada’s most-populous city. The vacancy rate in the city core, home to the largest Canadian …

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Viewpoint: Optimizing Agency Relationships; A Data-Driven Approach to Premium Growth

Reported demise of the independent insurance agency as a sales and distribution channel have been greatly exaggerated. Over the course of a decade or more of predictions about the growth of the direct-to-consumer models, independent agents continue to thrive and …

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Connecticut Woman Shot by Officer Receives $1.1 Million Settlement

HAMDEN, Conn. (AP) – A Connecticut woman who was seriously injured when a police officer opened fire on her and her boyfriend as they sat in a car unarmed has settled a lawsuit over the shooting for about $1.1 million. …

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EU Vote on Human Rights ‘Due Diligence’ Looms for Financial Services Firms

Financial services companies would be required to take action if their clients were failing to protect human rights and the environment, a preliminary deal due to be voted on later this month by a panel of European Union lawmakers showed. …

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Paris to Ban Electric Scooters in September

Paris will ban electric scooters from September 1, the French capital’s mayor said, after the public voted to remove them from the streets, however e-scooter operators said on Monday [April 3] they hoped to stop the plan. The e-scooter ban …

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Amtrak Train Strikes Pickup Truck in North Dakota; 2 Teens Killed

SPRINGBROOK, N.D. (AP) – An Amtrak passenger train has struck a pickup truck in North Dakota, killing two teenage boys and injuring a third, authorities say. The North Dakota Highway Patrol said the crash happened around 8 p.m. Monday when …

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Hub Acquires Minnesota’s Horizon Agency

Hub International announced that it has acquired the assets of Horizon Agency, Inc. (Horizon Agency). Terms of the transaction were not disclosed. Located in Eden Prairie, Minnesota, Horizon Agency is an independently owned agency that provides commercial and personal insurance, …

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Germany’s Allianz Does Not Plan to Renew Policy for Nord Stream 1 Project

German insurance company Allianz said on Wednesday it does not intend to renew a policy for the Nord Stream 1 project when it expires in late 2023. Allianz said it was part of an insurance consortium that provided coverage for …

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Western Curbs on Russian Oil Products Redraw Global Energy Shipping Patterns

Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns. As a result of the European …

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New Antitrust Lawsuit Against NCAA Seeks Millions in Damages

The attorneys who beat the NCAA in the Supreme Court have filed a new class- action antitrust lawsuit against the association and the five wealthiest college sports conferences that seeks millions of dollars in damages for thousands of athletes. The …

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TikTok’s Chinese Ownership, Security Concerns Spark Bans Across Nations

The Biden administration has demanded that TikTok’s Chinese owners divest their stakes in the popular video app or face a possible U.S. ban, the company told Reuters this week. The move follows the introduction of a new U.S. legislation that …

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2 Killed in Construction Trench Accident at New York’s JFK Airport

Two workers were killed in a construction accident at New York’s John F. Kennedy International Airport on Monday, officials said. The Port Authority of New York and New Jersey, which runs the airport, said the two workers got trapped under …

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South Carolina Safety Inspections Discriminate Against Black Workers, Union Says

South Carolina’s workplace safety agency “engages in egregious discrimination,” by failing to inspect industries with high percentages of Black workers, a union alleged in a federal complaint. The South Carolina Occupational Safety and Health Administration has neglected fields with more …

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Markets/Coverages: Insurtech Parsyl Launches $20M Lloyd’s Consortium for Perishable Cargo

Parsyl, the Denver-based insurer of essential supply chains, announced the launch of its new Essential Consortium at Lloyd’s of London. The multi-year arrangement initially will bring $20 million in new capacity to the perishable cargo market and will leverage Parsyl’s …

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UK Water Companies to Face Unlimited Fines for Polluting Rivers, Sea

Water companies will incur unlimited fines for polluting rivers and the sea under new UK legislation to protect the environment, according to the Department for Environment, Food and Rural Affairs. Therese Coffrey, the environment secretary, will announce plans [this week] …

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University Faces Class-Action by Students Over COVID Campus Lockdown

A lawsuit against the University of Delaware over its campus shutdown and halting of in-person classes because of coronavirus can proceed as a class action on behalf of thousands of students who were enrolled and paid tuition in spring 2020, …

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BMS Launches Middle East Operations With Acquisition of UAE’s Berns Brett Masaood

BMS, the London-based independent specialist re/insurance broker, announced it has entered into an agreement to acquire a majority share in Berns Brett Masaood (BBM), a leading UAE insurance broker established in 2007 and headquartered in Abu Dhabi and Dubai. Financial …

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Australia Regulator Questions Benefits of ANZ’s $3.3B Suncorp Buyout

Australia’s competition regulator said it was unconvinced a planned A$4.9 billion ($3.32 billion) buyout by Australia and New Zealand Banking Group Ltd. of a smaller rival would bring public benefits, in a blow to one of the year’s biggest deals. …

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German Insurers Renew Cover for Blast-Damaged Nord Stream 1 Gas Pipeline

German insurers Allianz and Munich Re have renewed cover for the damaged Russia-controlled Nord Stream 1 gas pipeline, five sources with knowledge of the matter said, indicating that its revival has not been ruled out after an alleged sabotage attack. …

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Kansas Lawmakers Move to Help Survivors Pursue Child Sex Abuse Claims

TOPEKA, Kan. (AP) – Abuse survivors and advocates who’ve pushed for legislation making it easier in Kansas to prosecute abusers and file lawsuits decades later have achieved a breakthrough in the Legislature, where the proposal is advancing quickly. The bill …

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Market Basket Owner Accuses Chubb of ‘Lowballing’ and Risking Further Liability

Insurer Chubb has been accused of “lowballing” offers in the settlement of an employee class action that the owner of a popular New England grocery chain was motivated to close out due to fears that further discovery might reveal damaging …

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About 25 Train Cars Derailed in Montana, No Injuries

About 25 train cars derailed Sunday in northwestern Montana, with no injuries or evacuations reported, authorities said. The cars, which were not believed to be carrying anything hazardous, derailed near the town of Paradise along the Clark Fork River, said …

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MS Amlin’s Long-Term Issuer Credit Rating Downgraded by AM Best

AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a+” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of MS Amlin AG (Switzerland). The outlook of the Long-Term ICR has been …

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Munich Re Exits Insurance Climate Group, Citing ‘Material’ Legal Risks

Munich Re is leaving an alliance of leading insurers that have committed to reduce emissions due to what it says are “material” legal risks, in a move that marks the latest blow to a coalition built by former Bank of …

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Elon Musk Sseeks to End $258B Dogecoin Lawsuit

Elon Musk asked a U.S. judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin. In an evening filing in Manhattan federal court, lawyers for Musk and …

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Nebraska District Sued Over Axing of Student Paper After LGBTQ Issue

LINCOLN, Neb. (AP) – A former high school journalist and the Nebraska High School Press Association sued Friday over a school district’s shutdown of the school newspaper after it published an LGBTQ-focused edition. The federal lawsuit claims Grand Island Northwest …

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Arkansas Tornado Survivors Recount Flying Debris, Destroyed Buildings

WYNNE, Ark. (AP) – With tornadoes hitting the Midwest and the South this weekend, some survivors said they emerged from their homes to find buildings ripped apart, vehicles tossed around like toys, shattered glass and felled trees. J.W. Spencer, 88, …

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People Moves: Buckner in Utah Adds Bakhshyan and Kinard to C-Suite

Buckner has appointed two new C-suite executives. Agnesa Bakhshyan is the firm’s new chief growth officer. Bakhshyan has more than 25 years of insurance industry experience, including as a Nationwide Insurance agency owner. Lianna Kinard is the Buckner’s new chief …

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