Insurance Wiki How

More than 150 homeowners in a development outside Rapid City, South Dakota, are suing Meade County over risks to their properties after a sinkhole exposed an abandoned gypsum mine. The federal complaint filed Sept. 27 by Hideaway Hills residents in … from News – Insurance Journal https://ift.tt/2Ybqre8

Ida-Damage Keeps Tens of Thousands of Louisiana Students Out of School

About 70,000 students across southeast Louisiana remain out of school because of Hurricane Ida’s destruction to classroom buildings a month ago, state Superintendent of Education Cade Brumley told lawmakers on Sept. 28. That’s nearly 1 in 10 of Louisiana’s K-12 … from News – Insurance Journal https://ift.tt/3F62ju1

Ford Sued for Pregnancy Discrimination at Illinois Plant

Ford Motor Company has been charged in a federal lawsuit with violating the law when it made a conditional offer of hire to a pregnant applicant but failed to hire her even though she was qualified and passed a company … from News – Insurance Journal https://ift.tt/3kVZkfH

Arkansas Company Sued for Race Discrimination in Hiring

A federal agency has charged in a lawsuit that an Arkansas site preparation company steered Black applicants into lower-paying positions and paid Black applicants less money at hire. In its lawsuit the U.S. Equal Employment Opportunity Commission (EEOC) charged Texar … from News – Insurance Journal https://ift.tt/3ikbpJY

Bipartisan Michigan Bills Would Give Sex Abuse Victims More Time to Sue

State lawmakers are poised to consider bipartisan bills aimed at helping potentially thousands of sex abuse victims sue for damages, including those molested by a University of Michigan sports physician. It is the second time since 2018 that the Legislature … from News – Insurance Journal https://ift.tt/3D136ux

Arthur J. Gallagher Acquires Arkansas’ Alpha Surety & Insurance

Arthur J. Gallagher& Co. has acquired Little Rock, Ark.-based Alpha Surety & Insurance Brokerage LLC. Terms of the transaction were not disclosed. Founded in 2002, Alpha Surety focuses primarily on selling direct and wholesale commercial surety bonds in key industry … from News – Insurance Journal https://ift.tt/39TcIeo

People Moves: Lockton Hires WTW’s Danyluk as Head Int’l Property, Wholesale; HSB Promotes Prentice in Cyber; Apollo’s Ker Is Head of Performance at Castel

Lockton Names WTW’s Danyluk as Head Int’l Property in Wholesale P/C Lockton, the world’s largest privately owned independent insurance broker, has appointed Andrzej Danyluk as head of International Property within the Wholesale Property & Casualty (P/C) division. In his new … from News – Insurance Journal https://ift.tt/3kTzZTB

Longtime New York City Contractor Indicted for $1M Insurance Fraud

Manhattan District Attorney Cyrus R. Vance Jr. and New York City Department of Investigation (DOI) Commissioner Margaret Garnett announced the indictment of Dragonetti Brothers Landscaping, Nursery, & Florist (DBLNF) and D.B. Demolition Inc., as well as their respective presidents Nicholas … from News – Insurance Journal https://ift.tt/3F3PhgP

Connecticut Considers Drop in 2022 Workers’ Comp Rates, Seeks Public Comment

Connecticut Insurance Commissioner Andrew N. Mais issued a department notice on September 24 announcing a 30 day period of public comment on the National Council on Compensation Insurance’s (NCCI) voluntary loss cost and assigned risk rate filing. NCCI is proposing … from News – Insurance Journal https://ift.tt/3F6G6vR

Rhode Island Woman Is Awarded $1.3M After Botched Surgery

A jury has awarded $1.3 million to a Rhode Island woman who underwent gallstone surgery that resulted in months of complications because of negligence from Kent Hospital. The jury reached a verdict Thursday, finding both Dr. Brian Reed and Kent … from News – Insurance Journal https://ift.tt/3usOIrK

Allianz Transfers Legacy Life Portfolio to Resolution Re, Using Quota Share Reinsurance

Allianz Suisse Life has agreed to transfer to Resolution Re a legacy portfolio of individual life products, which have a reserve volume of around 4 billion Swiss francs (US$4.3 billion). Using quota share reinsurance, Resolution Re will assume 80% of … from News – Insurance Journal https://ift.tt/3ol6Jr7

Woman’s Washington Suit Claims Bus Drove Over Her Leg, Resulting in Amputation

A woman has filed a lawsuit against King County Metro in Washington claiming a bus driver ran over her leg while she was laying on a Renton sidewalk and then drove away. Jessica Chapel’s injuries were so severe that doctors … from News – Insurance Journal https://ift.tt/39OqAXk

Workers’ Compensation Underwriting Results Again Beat Other Lines in 2020

Workers’ compensation underwriters have been consistently generating better underwriting profits than other property/casualty lines of business, and did so again in 2020 amid the pandemic. According to an AM Best report, underwriting results of workers’ compensation insurers remained strong in … from News – Insurance Journal https://ift.tt/3F5w3ap

People Moves: Marsh’s Bauer to bolttec; Chubb’s Bryant to Resilience; Hartford’s Cromly to Insureon; Disney’s Singer to Acrisure

Marsh’s Bauer Moves to bolttech to Head MGA Effort Rob Bauer has joined bolttech’s executive leadership team as group chief managing general agent (MGA) officer, the insurtech announced. Based in the U.S., Rob will lead bolttech’s MGA strategy and capability … from News – Insurance Journal https://ift.tt/2Y5rTOL

Re/Insurance Cyber Rates Could Double Before 2023, as Attacks Skyrocket: S&P

The pandemic caused economic and insured losses from cyber attacks to skyrocket, which has heightened awareness of the risk and increased demand for cyber re/insurance, according to a report published by S&P Global Ratings. “The trend toward digitalization will inevitably … from News – Insurance Journal https://ift.tt/3intbvX

Amid Uncertainty Over Flood Insurance, Florida County Declares Emergency After Unprecedented Rainfall

In what may be a sign of the climate times, a Florida county has declared a local state of emergency after a weather event — even without hope of much assistance from the state or federal government. The declaration by … from News – Insurance Journal https://ift.tt/2WvjJ1Y

Construction Fintech Built Nabs $1.5B Valuation; Growth Plans Include Insurance

Built Technologies, a construction industry-focused financial-technology startup, has more than tripled its valuation to $1.5 billion after raising $125 million in an equity funding round led by TCV. Brookfield Technology Partners, 9Yards Capital, HighSage Ventures and XYZ Venture Capital participated … from News – Insurance Journal https://ift.tt/3ikEpS0

Boy Scouts Preparing for Abuse Victims’ Vote on $1.6 Billion Compensation Fund

The Boy Scouts of America are preparing to ask sex abuse victims to vote for a $1.6 billion trust fund to settle their claims in a key step toward ending its contentious bankruptcy. The proposal sets potential payments based on … from News – Insurance Journal https://ift.tt/3m9KG41

Amazon Reaches Private Settlement With Workers Who Criticized Warehouse Conditions

Amazon.com Inc. and the U.S. National Labor Relations Board (NLRB) said on Wednesday the company had reached a settlement with two former employees who alleged they were fired last year for criticizing the working conditions at the e-commerce giant’s warehouses. … from News – Insurance Journal https://ift.tt/2ZKdubP

Citigroup Asks Appeals Court to Let It Recoup $504M Lost in Revlon Loan Pre-Pay Error

Citigroup Inc. on Wednesday pressed a federal appeals court to let it recoup about $504 million of its own money that it accidentally wired Revlon Inc. lenders, saying its mistake did not entitle them to a huge windfall. The bank’s … from News – Insurance Journal https://ift.tt/2YaAOyQ

Willis Re Launches Flood Model for MENA Region

Willis Re has launched a new flood model for the Middle East and North Africa (MENA) region, which enables re/insurers to quantify their flood risk using a catastrophe model. Currently the model covers Morocco, the United Arab Emirates, and the … from News – Insurance Journal https://ift.tt/3ikugEI

Funds Demand Science-Based Emissions Targets From 1,600 Most Polluting Firms

Funds managing nearly $30 trillion in assets called on Wednesday for 1,600 of the world’s most polluting companies to “urgently” set science-based emissions reduction targets. The 220 investors, including Fidelity International and Amundi, said they had written to CEOs of … from News – Insurance Journal https://ift.tt/3osF8UO

Reports: Explosion at Louisiana Chemical Plant Injures 5

Five people were injured in an explosion at a Louisiana chemical plant, news outlets reported. The explosion at the Westlake petrochemical plant near Lake Charles was reported late on Sept. 27, Louisiana State Police spokesman Derek Senegal said. He said … from News – Insurance Journal https://ift.tt/3CTF8Bm

Texas Senators Blast Regulator for Power Grid Winterization Loophole Lawmakers OK’d

In a committee hearing on Sept. 28, Texas state senators were furious that natural gas companies won’t have to better prepare their facilities for extreme weather before this winter and rebuked the Texas Railroad Commission, which regulates the state’s massive … from News – Insurance Journal https://ift.tt/3oiEGsh

Illinois Research Laboratory to Pay $100K in Retaliation Lawsuit Settlement

A federal agency charged in a lawsuit that an Illinois-based research organization denied promotion to female engineer after she complained about sex-based discrimination. Fermi Research Alliance LLC (Fermi), a particle physics and accelerator laboratory in Batavia, Illinois, will pay $100,000 … from News – Insurance Journal https://ift.tt/2Y1m5FX

New Electronic Verification System in Illinois IDs 27K Uninsured Vehicles

The new electronic automobile insurance verification system in Illinois has identified more than 2,700 vehicles that did not have the state mandated minimum insurance coverage as of September 2021, a national property/casualty insurer trade association reported. “The Illinois electronic insurance … from News – Insurance Journal https://ift.tt/3CYkf8g

Relation Acquires South Carolina-based Furman Insurance

Relation Insurance Services, Inc. (“Relation”) announced it acquired the assets of South Carolina-based The Furman Co. Insurance Agency (“Furman Insurance”). Terms of the transaction were not disclosed. Furman provides personal and commercial lines insurance solutions to clients throughout South Carolina … from News – Insurance Journal https://ift.tt/2Y1lVyl

Flow Insurance, Chaucer Group to Offer Residential Flood Insurance

Flow Insurance Services has partnered with Chaucer Group to allow for the digital distribution of Chaucer’s new residential flood insurance product. Flow’s retail agents will have the ability to quote, bind, and service Chaucer’s flood insurance product on the FlowRater. … from News – Insurance Journal https://ift.tt/2Y1lSTb

Senators From Gulf Coast States Seeking to Delay New Flood Insurance Rating System

U.S. senators from Florida, Louisiana, Mississippi and Texas have introduced legislation to delay the roll out of new risk rating methodology from the National Flood Insurance Program (NFIP) they say would result in flood insurance rate hikes for residents in … from News – Insurance Journal https://ift.tt/3F1ZxpN

Greyhound Settles Washington Suit Over Immigration Sweeps on Buses

Greyhound Lines Inc. will pay $2.2 million to settle a lawsuit over the bus line’s practice of allowing U.S. Customs and Border Protection agents to board its buses in Washington state to conduct warrantless immigration sweeps, the state attorney general … from News – Insurance Journal https://ift.tt/3F5LBLi

Jury Says Washington City Must Pay $3.26M to Men Shot by Police

A federal jury has awarded two men who live south of Tacoma, Wash., a total of $3.26 million for injuries suffered when they were shot by one of the town of Roy’s two police officers during a drunken joy ride … from News – Insurance Journal https://ift.tt/3oisTuf

Washington Collectibles Shop Owner Pleads Guilty to Setting Fire for Insurance

An Edmonds, Washington woman has pleaded guilty to wire fraud related to the 2018 fire at her business that prosecutors said she set in order to collect insurance money. Connie Bigelow, 53, admitted in the plea agreement that she set … from News – Insurance Journal https://ift.tt/3iknjDH

PG&E Charged in California Wildfire That Killed 4

Pacific Gas & Electric was charged Friday with involuntary manslaughter and other crimes after its equipment sparked a Northern California wildfire that killed four people and destroyed hundreds of homes last year, prosecutors said. It is the latest legal action … from News – Insurance Journal https://ift.tt/3unDncu

People Moves: New Hire at Risk Strategies; Promotions at Ames & Gough

Risk Strategies Hires Honig as Compliance Director for Employee Benefits Risk Strategies, a national specialty insurance brokerage and risk management firm, hired Erica Honig as the compliance director for its employee benefits division. In this new role, Honig will provide … from News – Insurance Journal https://ift.tt/3ikdaHf

New York City to Hire Forecaster, Beef Up Warnings After Ida Flooding

New York City is planning to hire a private weather forecaster, install more drainage features and issue earlier and more aggressive warnings to residents under a new plan to respond to heavy rainfall like the deadly deluge Hurricane Ida dropped … from News – Insurance Journal https://ift.tt/3B7r5YF

‘Once Traffic Goes Away, People Speed.’ Study Analyzes Pandemic’s Fatal Crashes.

With fewer people on the road during the early days of the pandemic, more drivers were speeding and driving recklessly, resulting in more crashes being deadly. Researchers at The Ohio State University conducted a detailed analysis of traffic in Franklin … from News – Insurance Journal https://ift.tt/3ikTMtx

Sotheby’s Must Face New York Claims It Helped Rich Collector Dodge Taxes

Sotheby’s must face a lawsuit by New York’s attorney general accusing the auction house of fraudulently helping a wealthy art collector dodge millions of dollars of sales taxes, a state judge has ruled. The case concerned purchases by a Sotheby’s … from News – Insurance Journal https://ift.tt/3kUaS3j

Why This Is Not a ‘Standard’ Hard Market and Other Views on Today’s Insurance Market

Interesting. Fluctuating. Moderating. Fun. Those are the words that Patrick M. Gallagher, chief executive officer of Gallagher Global Brokerage for the Americas, used to respond to a question about the state of the insurance marketplace during a virtual conference hosted … from News – Insurance Journal https://ift.tt/3oj2Umc

Employees May Not Be Working Inside Office Buildings, But Cyber Criminals Are

The normal bustle inside of many office buildings has come to a halt during the pandemic switch to remote work, but these empty buildings could be inviting a different kind of activity: cyber crime. “With any type of confusion, and … from News – Insurance Journal https://ift.tt/3m7ZtMr

3 Largest Opioid Distributors to Pay Native American Tribe $75m to Settle Claims

The three largest U.S. drug distributors will pay more than $75 million to resolve claims they fueled an opioid epidemic in the Cherokee Nation’s territory in Oklahoma, marking the first settlement with a tribal government in the litigation over the … from News – Insurance Journal https://ift.tt/39OVEWY

Cash-Strapped China Evergrande Sells Bank Stake to Repay Loan

Cash-strapped China Evergrande Group left its offshore bondholders guessing whether it would pay interest on a bond coupon due Wednesday, despite agreeing to settle debt with a Chinese bank in a $1.5 billion stake divestment deal. With liabilities of $305 … from News – Insurance Journal https://ift.tt/3zTrufw

Connected Motor Insurtech Ticker and Abacai Partner to Raise Capacity, Expand Offering

UK connected motor insurtech Ticker and Abacai Group have partnered to increase Ticker’s capacity and introduce new levels of pricing sophistication, bringing connected insurance to a much wider market. Founded in 2018 and launched in 2019 with the backing of … from News – Insurance Journal https://ift.tt/3mc4x2o

ACORD Releases Re/Insurance Data Standards for Electronic Placing

ACORD, the standards-setting body for the global insurance industry, announced the expansion of its Global Reinsurance & Large Commercial (GRLC) Data Standards, to include new standards for electronic placing. Re/insurers will be able to leverage these newly developed standards in … from News – Insurance Journal https://ift.tt/3AST660

Company to Pay $15M in Fines in North Dakota Oil Spill Case

The company responsible for the largest oil field spill in North Dakota pleaded guilty to criminal charges after reaching an agreement with the federal government to pay $15 million in fines. Summit Midstream Partners entered the pleas in federal court. … from News – Insurance Journal https://ift.tt/2WpH4Cc

Anger at Utility Giant’s Ida Failures Has New Orleans Mulling Options

There was brinksmanship with a whiff of ransom. In the aftermath of a citywide blackout that lasted for days after Hurricane Ida hit on Aug. 29, dissatisfaction among residents and city leaders was growing with utility company Entergy New Orleans … from News – Insurance Journal https://ift.tt/3kLbZ54

California Workers’ Comp Written Premium for 2020 Was $1.9B Below 2019

Written premium for 2020 was $1.9 billion, or 12%, below that for 2019 and was the lowest since 2012, according to a new report out from the Workers’ Compensation Insurance Rating Bureau. Written premium for the first two quarters of … from News – Insurance Journal https://ift.tt/3ETXGU1

Apparent US Steel Plant Spill Closes Indiana Beaches

Indiana Dunes National Park closed its beaches and a northwest Indiana water utility shut down an intake facility after an orange substance apparently spilled from a U.S. Steel plant into a Lake Michigan tributary, a mayor said. Portage Mayor Sue … from News – Insurance Journal https://ift.tt/3kQ35n8

Worker Hurt at North Carolina Plant Where 2 Recently Died

A worker at a North Carolina plant was taken to a hospital over the weekend after a crane collapsed onto a truck, officials said. A Fayetteville fire department official said the crane fell on the cab of a truck while … from News – Insurance Journal https://ift.tt/3AOqV88

Pool Re's Julian Eniozi named president of the Insurance Institute of London

He succeeds AIG CEO Anthony Baldwin as Chris Lay, CEO of Marsh UK & Ireland, comes on board as deputy president. from Insurer - insuranceage.co.uk https://ift.tt/3ihOQWe

Louisiana Extends Hurricane Ida Insurance-Related Emergency Rule

Louisiana extended the emergency rule that allows suspension of insurance related statutes in the 25 parishes affected by Hurricane Ida, the insurance department said. The Louisiana Department of Insurance reported that Emergency Rule 47 is being reissued to extend the … from News – Insurance Journal https://ift.tt/39ZBb1P

COVID-Related Discrimination Lawsuits Filed Against 2 Texas Companies

Federal officials filed two lawsuits in Texas courts, alleging that a pharmacy in Fabens and a coffeehouse in Ft. Worth both discriminated against employees with disabilities that rendered them vulnerable to serious illness if they contracted COVID-19. The two employers … from News – Insurance Journal https://ift.tt/3CYmGYv

Brit CEO Wilson on Leave of Absence for Health Reasons; Thompson Named Interim CEO

Brit Ltd., the London-based insurer and subsidiary of Fairfax Financial Holdings, announced that Matthew Wilson, group CEO, will be taking an indefinite leave of absence due to health reasons. During this period, Martin Thompson will step in as interim group … from News – Insurance Journal https://ift.tt/3ma9XuG

Religious Partners Fear Boy Scouts’ Bankruptcy Plan Leaves Them Unprotected

Amid the Boy Scouts of America’s complex bankruptcy case, there is worsening friction between the BSA and the major religious groups that help it run thousands of scout units. At issue: the churches’ fears that an eventual settlement — while … from News – Insurance Journal https://ift.tt/2XT3H27

Omaha National Raises $45M, Will Transition to Being Direct Workers’ Compensation Writer

Technology-enabled workers’ compensation and payroll services provider Omaha National Group, Inc. announced a $45 million Series B round led by Accomplice. The company said it plans to use the funds to support its transition to operating as a direct insurance … from News – Insurance Journal https://ift.tt/3kNCVBd

Investigators Probing Cause of Deadly Montana Train Derailment

Federal investigators are seeking the cause of an Amtrak train derailment near a switch on tracks in the middle of vast farmland in far northern Montana that killed three people and left seven hospitalized over the weekend. The westbound Empire … from News – Insurance Journal https://ift.tt/3kNhkJ4

Annual Financial Crime Compliance Costs Rise to $49.9B for Financial Institutions

Financial crime compliance costs for the U.S. and Canada are at nearly $50 billion in 2021, a rise of almost 20% from the year before, according to a new LexisNexis study. Labor costs, more regulations and evolving crime threats are … from News – Insurance Journal https://ift.tt/3ibdKqr

Colonial Surety Launches Cyber and Fiduciary Package for Retirement Planning

Colonial Surety, a direct and digital insurer, expanded its fiduciary liability product offering for plan sponsors – businesses that offer retirement plans – with a new, two-part package that includes cyber liability coverage. The new package offers fiduciary liability insurance … from News – Insurance Journal https://ift.tt/3maEjgZ

Delaware Sues Monsanto Alleging Damage to Natural Resources

Delaware’s attorney general has filed a lawsuit against chemical company Monsanto and spinoffs Solutia and Pharmacia, alleging long-lasting damage to the state’s natural resources. The lawsuit filed Delaware Superior Court on Wednesday alleges Monsanto knew as early as 1937 that … from News – Insurance Journal https://ift.tt/3of8ndZ

Maine Attorney General Considers Suing Over PCB, PFAS Contamination

Maine’s attorney general is seeking proposals from law firms willing to assist with potential legal claims over chemical contamination in the state. The state is considering legal claims over so-called PCBs and a separate class known as PFAS. Both chemicals … from News – Insurance Journal https://ift.tt/2Y5gleV

Smaller Delaware Businesses Find Ways to Survive Pandemic

Small businesses have faced big-time problems throughout the COVID-19 pandemic. And for many, it was no longer just about trying to get by. It was a matter of survival. Local small-business owners Rous and Angie Robles of My Sister’s Fault … from News – Insurance Journal https://ift.tt/3ASmEAO

Cyber Insurer Coalition Raises $205M; Push Into Public Markets Among Future Plans

Coalition, a San Francisco-based cyber insurance and security company, has already been focused on rapid growth. Its new $205 million venture capital financing will help supercharge that strategy even further. “We are building a new kind of insurance with technology … from News – Insurance Journal https://ift.tt/3ibH0xC

Shell Plans Mid-October Post-Hurricane Restart or Louisiana Refinery

Royal Dutch Shell Plc tentatively plans the first restart of a production unit at its 230,611 barrel-per-day (bpd) Norco, Louisiana, refinery for mid-October, sources familiar with plant operations said on Monday. A Shell spokesman did not reply to a request … from News – Insurance Journal https://ift.tt/39HoHeL

FCA focus on fair value causes confusion for brokers

Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October. from Insurer - insuranceage.co.uk https://ift.tt/3odzupC

People Moves: Mosaic Builds Out International Cyber Team; Howden Appoints 19 for Construction Division Across EMEA

Bermuda-based Mosaic Insurance has expanded its cyber-security business line internationally, with the addition of new team members to its UK-based unit. The specialty insurer began underwriting global cyber coverage from Chicago April 1, just two months after launching with headquarters … from News – Insurance Journal https://ift.tt/3CPldUf

U.S. Court Upholds Ohio Hospital Employee COVID-19 Vaccine Rule

A federal judge on Sept. 24 ruled that a Cincinnati, Ohio-area healthcare provider could require its employees get vaccinated against COVID-19 or risk losing their job, in what appears to be the first ruling of its kind for a private … from News – Insurance Journal https://ift.tt/2XUMi9r

AgCenter: Ida Damage to Louisiana Agriculture at Least $584M

Hurricane Ida’s winds and floods did at least $584 million in damage to agriculture in Louisiana, experts at the LSU AgCenter estimate. More than half of that — $315.9 million — is timber damage, with another $207 million, or 35% … from News – Insurance Journal https://ift.tt/3CW1Mcx

Feds to Texas: Tougher Rules Needed to Protect Power Plants

Federal officials made more than two dozen recommendations aimed at further safeguarding power plants and natural gas supplies to prevent a repeat of the February blackouts that caused more than 200 deaths in Texas. Staff at the Federal Energy Regulatory … from News – Insurance Journal https://ift.tt/3ue7u6e

NTSB: Poor Communication Led to Fatal Towboat Crash in Louisiana

A fatal head-on crash between barges pushed by two towboats in Louisiana was caused by inadequate communication and failure to broadcast their total sizes, the National Transportation Safety Board says. The RC Creppel overturned and sank after the collision with … from News – Insurance Journal https://ift.tt/3i8PsO8

BNSF Railway Sued for Sexual Harassment at Nebraska Railyard

A federal lawsuit alleges women working at a Nebraska railyard were subjected to sexual harassment and managers failed to do anything about it, in violation of federal law. BNSF Railway Company (BNSF), a major North American freight transportation company, violated … from News – Insurance Journal https://ift.tt/2XV1rY3

Chicago Suburb to Pay Ex-Cop $275K in Discrimination Lawsuit

A Chicago suburb will pay $275,000 to a former police officer who says colleagues discriminated against him because of his Assyrian and Iraqi heritage. Anfiny J. Eshoo sued the village of Arlington Heights last year, saying he was subjected to … from News – Insurance Journal https://ift.tt/3idjEYb

Superscript partners with Amazon on business insurance

The insurtech start-up says Amazon Business Prime customers will have access to covers including public liability, employers’ liability, professional indemnity, cyber, directors and officers, and office contents & equipment insurance. from Insurer - insuranceage.co.uk https://ift.tt/2ZrFgJS

Mexican Insurtech Startup Offers Quick Claims Payments for Earthquake Damage

Mexican startup Super, which offers coverage for earthquake property damages, plans to expand into hurricane insurance and possibly raise a fresh funding round next year, according to chief executive officer and founder Sebastian Villarreal. The company, which launched in 2019, … from News – Insurance Journal https://ift.tt/3ALlI0N

New York Announces New Consumer Protections in Public Adjusters Regulation

New York State Department of Financial Services (DFS) Acting Superintendent Adrienne A. Harris announced new consumer protections in New York’s public adjusters regulation, which will become effective October 8. The protections help insureds by clearly defining the duties of insurers … from News – Insurance Journal https://ift.tt/3ogpSdJ

Connecticut Woman Charged with Workers’ Compensation Fraud, Larceny

A Wallingford, Connecticut, woman was arrested and charged with illegally collecting workers’ compensation benefits while being employed as a teacher for the City of Bristol Board of Education. Ann Marie Barros was arrested by inspectors from the Workers’ Compensation Fraud … from News – Insurance Journal https://ift.tt/3zJjLko

New Jersey Weighs Expanding Flood Buyback Program After Ida

Liz Sawyer called Manville, New Jersey, home for more than two decades when Ida became the latest storm to send flood waters crashing into her house. For her and her family it will – she hopes – be the last … from News – Insurance Journal https://ift.tt/3uij5kY

People Moves: Zurich’s Charles to SiriusPoint as Head of Americas P/C Insurance; Amwins Promotes Bernacki to New Role of Chief Underwriting Officer

People Moves: SiriusPoint Names Zurich’s Charles as Head of Americas P/C Insurance SiriusPoint Ltd., the Bermuda-based global specialty insurer and reinsurer, announced that Patrick Charles has joined the company as head of Americas Property and Casualty (P/C) Insurance. Charles will … from News – Insurance Journal https://ift.tt/3ocKSSS

Millions Risk Losing Homeowners Insurance in Fire-Ravaged California

A California moratorium guaranteeing insurance in wildfire-threatened areas lapsed Saturday, putting 347,000 homes in Pasadena and other Los Angeles foothills communities at the mercy of the market. As many as 2.4 million homes are at risk of losing protection in … from News – Insurance Journal https://ift.tt/3ueGCTH

Lawsuit Accuses United Airlines of Refusing Employee Exemptions to Vaccine Mandate

United Airlines Inc is facing claims that it unlawfully denied religious and medical exemptions from a requirement that employees receive COVID-19 vaccines after allegedly making it difficult for workers to apply for them. Six United employees filed a class action … from News – Insurance Journal https://ift.tt/3AZRJTf

AXA XL Launches Benchmarking Service for Subcontractor Default Risks

AXA XL’s Construction insurance team has launched a new schedule benchmarking service to strengthen their Subcontractor Default Insurance (SDI) clients’ risk management efforts. “The global pandemic has shined a light on the importance of strong project controls to effectively manage … from News – Insurance Journal https://ift.tt/3zJYdnM

MGU SageSure Secures $125M in Bank Financing to Support Continued Growth Plans

SageSure, a tech-driven managing general underwriter focused on costal residential property markets, raised $125 million in bank financing meant to enable its continued growth plans. “SageSure has always been focused on protecting homeowners in the most challenging and catastrophe-prone insurance … from News – Insurance Journal https://ift.tt/3oczoOU

Generali CEO Donnet Faces Key Test in Face of Opposition From 2 Leading Investors

Generali Chief Executive Philippe Donnet’s future at Italy’s biggest insurer faces a key test on Monday at a meeting of its board to discuss putting him forward for reappointment in the face of opposition by two leading investors. With Donnet … from News – Insurance Journal https://ift.tt/3CRkh1u

Blog: Modelling the risk of flood

FOIL’s Laurence Besemer explores the flood solutions designed to better model risk and help those in danger of this catastrophic peril. from Insurer - insuranceage.co.uk https://ift.tt/39G5GcJ

Middle Market Firms Miss Out on Agents as Risk Management Resource: Survey

Many middle market companies are failing to use a key risk management resource: their insurance agents and brokers. According to a survey sponsored by insurer Chubb, only 15% of middle market companies rely heavily on an insurance agent or broker … from News – Insurance Journal https://ift.tt/39LnOlm

Markel Offers Accelerated Return of Capital to Investors in 2 CATCo Funds in Runoff

Markel Corp. and Markel CATCo Investment Management Ltd. (MCIM) announced the terms of a buy-out transaction that provides an accelerated return of substantially all the net asset value in Markel CATCo Reinsurance Fund Ltd. (the Private Fund) and CATCo Reinsurance … from News – Insurance Journal https://ift.tt/3EXC0q7

Why China Evergrande’s Debt Problems Pose Systemic Risk

China Evergrande Group has missed a dollar bond interest payment deadline, moving closer to a potential default and fueling worries about a collapse that could send shockwaves through China’s economy and beyond. WHAT IS EVERGRANDE? Chairman Hui Ka Yan founded … from News – Insurance Journal https://ift.tt/3CM0wbN

Amazon to Offer Insurance to Small and Medium-Sized UK Businesses: Broker

Amazon.com Inc is to start offering insurance to small and medium-sized UK business customers, the technology giant’s first foray into business insurance in the country, broker Superscript said on Monday. Members of Amazon’s Business Prime program will be able to … from News – Insurance Journal https://ift.tt/3ud10oa

Debt-Laden China Evergrande Could Raise $600M by Selling Life Insurance Stake

Debt-laden China Evergrande Group may have another asset to sell in its scramble to raise cash: its fast-growing life insurance business. That’s according to Bloomberg Intelligence analyst Steven Lam, who says the developer’s 50% stake in Evergrande Life Assurance Co. … from News – Insurance Journal https://ift.tt/3kQl5xL

Russia’s Renaissance Insurance Plans to List Shares on Moscow Exchange

Renaissance Insurance Group said on Monday it plans to list its shares on the Moscow Exchange and raise up to $290 million in an initial public offering (IPO), riding Russia’s emerging IPO wave. Russian IPO activity, hit by the COVID-19 … from News – Insurance Journal https://ift.tt/2XRAwwe

Mississippi Legislative Negotiators Reach Medical Marijuana Proposal

Mississippi House and Senate negotiators said that they have agreed on a proposed medical marijuana program. Leaders are expected to ask Republican Gov. Tate Reeves to call the Legislature into session to put the plan into law. The step comes … from News – Insurance Journal https://ift.tt/3obCe6Q

People Moves: CMR in California Creates New Executive Team; IC International Names Shigemura Executive VP

September 26, 2021

CMR Risk and Insurance Services Inc. of San Diego, Calif., announced the creation of a new executive leadership team. The team was put together by the board of directors to help CMR make more timely decisions, operate in a more … from News – Insurance Journal https://ift.tt/3AMAdl0

Takeaways from Our Conversation on Crime at Cannabis Operations

September 26, 2021

One big national insurance cannabis firm sifted through some of its claims data to tell us that many thefts at cannabis operations are occurring overnight, but more interestingly, based on security footage and other available evidence, it appears criminals are … from News – Insurance Journal https://ift.tt/3ucPjxU

McVey Named Next West Virginia Insurance Commissioner

September 26, 2021

Allan L. McVey has been appointed as West Virginia’s insurance commissioner. Gov. Jim Justice announced McVey’s appointment Wednesday. McVey fills the vacancy created by the resignation of Jim Dodrill. McVey served as insurance commissioner from March 2017 until his appointment … from News – Insurance Journal https://ift.tt/3m4Xngk

Beazley hires CUO from Axis Capital

Bob Quane will take on the role in October after previous chief underwriting officer Adrian Cox moved to become CEO of the provider earlier this year. from Insurer - insuranceage.co.uk https://ift.tt/3CFES8Y

Report: More than 456.5K Claims Filed in Texas After Winter Storm

A recently released report from the state’s insurance department shows more claims and higher average claim costs resulting from the severe and prolonged winter storm that enveloped Texas in mid-February than were previously reported. In the report released Sept. 1, … from News – Insurance Journal https://ift.tt/3o3mKSi

Judge Clears Kansas City COVID Business Interruption Claim for Trial

A federal judge in Kansas City has cleared a restaurant group’s COVID-related business interruption claim for jury trial, finding that an 8th Circuit Court decision that found no coverage was owed in a separate case does not apply to a … from News – Insurance Journal https://ift.tt/3lUXHyc

Feds Analyzing Fractured Gas Pipeline in Arizona Explosion

The National Transportation Safety Board released its preliminary report on last month’s gas line explosion in Coolidge, Ariz., that destroyed a home and killed a man and his 14-year-old daughter. NTSB investigators said a natural gas pipeline ruptured around 5:30 … from News – Insurance Journal https://ift.tt/3kExc0y

Bill Would Change Maritime Liability Rules After California Boat Fire

Federal lawmakers introduced legislation this week that would change 19th century maritime liability rules in response to the 2019 boat fire off the coast of Southern California that killed 34 people. The bill would update the Limitation of Liability Act … from News – Insurance Journal https://ift.tt/3u7hka9

Former New York Insurance Broker Sentenced to Prison for $1M Fraud Scheme

A former insurance broker is going to prison for defrauding insurance companies and individual investors out of more than $1 million. U.S. Attorney James P. Kennedy, Jr. announced that Brian Bartz of Rochester, New York, who was convicted of wire … from News – Insurance Journal https://ift.tt/3zBtitt

Projections on Drought-Stricken Colorado River More Dire

The U.S. government released projections Wednesday that indicate an even more troubling outlook for a river that serves 40 million people in the American West. The Bureau of Reclamation recently declared the first-ever shortage on the Colorado River, which means … from News – Insurance Journal https://ift.tt/3kBseS7

New York’s Bolton Street Programs Rebrands, Implements New Technologies

Bolton Street Programs, a new Woodbury, New York-based program administrator that creates and administers affinity programs, is working to integrate insurtech, resinsurance, E&S options and loss control throughout its suite of programs. The announcement was made by Bolton Street Programs … from News – Insurance Journal https://ift.tt/3zGF4D3

After Northeast Flooding, Insurance Woes Swamp Residents

After being pummeled by two tropical storms that submerged basements, cracked home foundations and destroyed belongings, Northeastern U.S. residents still in the throes of recovery are being hit with another unexpected blow: Thousands of families are now swamped with financial … from News – Insurance Journal https://ift.tt/2XHNe0E

Hong Kong Tycoon Richard Li’s Insurer FWD Makes U.S. IPO Filing Public

Insurance company FWD Group Holdings Ltd., owned by Hong Kong billionaire Richard Li, made its filing for a stock market listing in the United States public on Thursday, revealing a jump in revenue last year. The insurer, which will list … from News – Insurance Journal https://ift.tt/3zKdk0w

Biden Cybersecurity Officials Support Breach Incident Reporting Mandate

The head of the U.S. cybersecurity enforcement agency “is a huge supporter” of bipartisan legislation to mandate that operators of critical infrastructure report data breaches to the government. Jen Easterly, director of the Cybersecurity and Infrastructure Security Agency, said she … from News – Insurance Journal https://ift.tt/3o4fTs3

Insured Price Tag for Canada’s Summer Storms and Wildfires Nears C$200M

Two storms that raged across Alberta and Saskatchewan in Canada in July and August caused C$120 million (US$94.5 million) in insured damage, while the August wildfire in White Rock Lake, British Columbia is now estimated to have caused damages of … from News – Insurance Journal https://ift.tt/3u6H6LE

$480M Gift From Insurance Leader Ryan, Wife Is Northwestern University’s Largest Ever

Northwestern University has received the largest gift in its history, $480 million, from Patrick G. Ryan, founder and former long-time CEO of Aon Corp, and now chair of Ryan Specialty Group, and his wife, Shirley W. Ryan, co-founder and long-time … from News – Insurance Journal https://ift.tt/3CMQlUr

Q&A: New Director Criswell Prepares FEMA for a Hot, Chaotic Future

Deanne Criswell, the first woman to lead the Federal Emergency Management Agency, in April took over a 20,000-person operation exhausted by managing responses to disasters linked to global warming: wildfires and the 2020 hurricane season, the most active on record. … from News – Insurance Journal https://ift.tt/3kB6h5F

JPMorgan to Pay $15.7M to Settle Spoofing Class Action

JPMorgan Chase & Co. agreed to pay $15.7 million in cash to settle a class action lawsuit by investors who accused the largest U.S. bank of intentionally manipulating prices of U.S. Treasury futures and options. The settlement disclosed late Wednesday … from News – Insurance Journal https://ift.tt/2Zt1Lyd

California Enacts Nation’s First Law Regulating Warehouse Labor Quotas

California Governor Gavin Newsom on Wednesday signed a bill that limits warehouse employers like Amazon.com Inc. from setting productivity quotas, the first legislation of its kind in the United States. The new provisions require all companies using warehouse labor to … from News – Insurance Journal https://ift.tt/3zB0hy3

Prestige Valuations unveils jewellery pricing tool for brokers

The firm says the software can provide instant valuations for brokers to help them determine whether items are underinsured. from Insurer - insuranceage.co.uk https://ift.tt/2XXXpib

Flood Modeler JBA Collaborates With South African Broker, Reinsurance Solutions

JBA Risk Management Ltd. announced its collaboration with Reinsurance Solutions Intermediary Services (RSIS), an African-based reinsurance broker that will use the JBA global flood modeling capability to provide flood risk analytics and catastrophe modeling services for its insurance clients across … from News – Insurance Journal https://ift.tt/3CG6c74

Open GI, Plum Underwriting and Verisk team up on home offering

The organisations will initially collaborate to develop a home flood proposition for the broker market. from Insurer - insuranceage.co.uk https://ift.tt/3lO9pdO

Evergrande’s Problems Prompt China’s Banks, Insurers to Pull Back on New Credit for Property Developers

SHANGHAI/BEIJING – As fears of contagion from any default by China Evergrande Group mounted this month, some Chinese banks, insurers, and shadow banks stopped offering new credit to property developers, and ran urgent checks on their exposure to the troubled … from News – Insurance Journal https://ift.tt/3u6Rmn9

Mediobanca Boosts Stake in Generali as Battle Over Leadership Heats Up

Italy’s Mediobanca SpA strengthened its grip over insurer Assicurazioni Generali SpA, boosting its stake to more than 17% just days before a board meeting that could decide the future of embattled Chief Executive Officer Philippe Donnet. The investment bank, already … from News – Insurance Journal https://ift.tt/3kAf87S

50 Companies Worldwide Are Highly Exposed to Physical Climate Risks, Say Investors

European energy firms Centrica and Galp, food group Nestle and watchmaker Swatch are among 50 companies worldwide that are highly exposed to physical climate risks, investors with $10 trillion in assets said on Thursday. The companies, which are involved in … from News – Insurance Journal https://ift.tt/3zHiPge

People Moves: Insurer Aviva Names Montague, Cummings to Exec Committee; Wood to Launch Captive Operation for Price Forbes Bermuda; Wagstaff Is CEO of LMG

This edition of International People Moves details appointments at UK insurer Aviva, broker Price Forbes Bermuda and the London Market Group. A summary of these new hires follows. Aviva Strengthens Exec Committee with Chief Risk Officer Montague and CIO Cummings … from News – Insurance Journal https://ift.tt/3o3eulj

Ex-Official Sent to Prison for Stealing $2M From Illinois City

A man who stole $2 million from Kankakee, Illinois, and a regional wastewater agency was sentenced to nine months in federal prison and two years of home confinement. Richard Simms, 74, acknowledged diverting money through a fraudulent software invoicing scheme. … from News – Insurance Journal https://ift.tt/3kBMXp0

Fort Worth Masonry Company Cited Again for Fall Hazards: Fined $216K

Federal workplace safety officials cited a Fort Worth, Texas-based masonry company for continuing to put its workers at risk for falls and fined the firm more than $216,000. OSHA said a March 2021 inspection revealed RM Masonry and Stucco Inc. … from News – Insurance Journal https://ift.tt/3EIuqPU

Lawsuit: Ida Power Outages in Louisiana Due to ‘Gum and Super Glue’ at Utility

A lawsuit alleges that Louisiana’s largest electric utility used a “bubble gum and super glue” approach to maintenance and construction that left customers sweltering in the dark without adequate sewage treatment after Hurricane Ida. The suit was filed against Entergy … from News – Insurance Journal https://ift.tt/39vczxB

People Moves: HDI Global USA Adds Sapia; AAU Hires Dettmann; Malkin Joins Alliant in Chicago

HDI Global USA Appoints Sapia Director of Liability Underwriting Chicago-based HDI Global Insurance Co. (HDI Global USA) appointed David Sapia director of liability underwriting. In this new role, Sapia will be responsible for the profitability, growth and overall strategic direction … from News – Insurance Journal https://ift.tt/3udNv7J

People Moves: Biggs Joins Oklahoma Workers’ Comp Commission; Alliant Adds Soto, Hargrave in Texas; ICT Hires Johnson

Biggs Joins Oklahoma Workers’ Comp Commission The Oklahoma Workers’ Compensation Commission (WCC) added Scott Biggs as its newest commissioner. The WCC and its three commissioners are tasked with carrying out the adjudicative, administrative, and regulatory functions of the Administrative Workers’ … from News – Insurance Journal https://ift.tt/3i3cQfH

People Moves: Howden Names Swiss Re’s Cochrane for Energy Transformation; Apollo Hires Sandi for Casualty Treaty; AXA XL’s MacColl to Atrium to Lead Hull & War

This edition of International People Moves details appointments at the broker Howden and two Lloyd’s insurers: Apollo Syndicate Management and Atrium Underwriting. A summary of these new hires follows here. Howden Appoints Swiss Re’s Cochrane as Head of Energy Transformation … from News – Insurance Journal https://ift.tt/39vKC8C

Citizens Warns of Exposure Risk as Policy Count Grows

Citizens Property Insurance Corp. president Barry Gilway said at a Wednesday board of governors meeting that the organization is considering “all ideas to reduce exposure” as policies mount by the thousands. Gilway said Citizens is accepting policies at a rate … from News – Insurance Journal https://ift.tt/3o6HIjv

Relation Acquires South Carolina-Based Perry

Relation Insurance Services, Inc. (“Relation”) has acquired the assets of South Carolina-based Perry Insurance Group, Inc. (“Perry”). Terms of the transaction were not disclosed. Perry provides personal and commercial lines insurance solutions to clients throughout South Carolina and is headquartered … from News – Insurance Journal https://ift.tt/3lQVoft

California University Paying $1.6M To Students Assaulted by Employee

San Jose State University has agreed to pay $1.6 million to 13 female student-athletes whose complaints about being sexually assaulted by an athletic trainer were mishandled by the university, federal prosecutors said Tuesday. The payment is part of a settlement … from News – Insurance Journal https://ift.tt/3o1SveM

Private Flood Insurance Market Small But May Grow With New NFIP Rating: AM Best

The country’s flood insurance market is slowly transitioning toward private insurers providing additional options to the federal government’s program for those seeking coverage, according to a new AM Best report. But private sector carriers are being selective, tending to avoid … from News – Insurance Journal https://ift.tt/3ACPzbJ

Insurance M&A Activity Slowed in P/C Sector in First Half of 2021

Merger and acquisition activity increased in the first half of 2021 in most insurance sectors but not in the property/casualty sector. According to Deloitte’s Midyear Insurance M&A Outlook, the number of M&A deals is up 18 percent year-to-date and aggregate … from News – Insurance Journal https://ift.tt/3EKhvgw

‘Attribution Science’ May Help Plaintiffs Push Climate Suits Ahead

Although a U.S. Supreme Court decision put an end to climate lawsuits alleging violations of the federal common law of public nuisance, a second round of state actions may get further, researchers said recently. There are two major categories of … from News – Insurance Journal https://ift.tt/2XGSeCG

Is Climate Litigation Covered by Insurance?

Federal or state court? How will attribution science impact climate litigation? The questions aren’t the only ones of interest to insurers and reinsurers wanting to understand the potential for mass climate liability claims in the years ahead. Another key question: … from News – Insurance Journal https://ift.tt/3kBzlu6

Social Inflation or Science: What Is Fueling Climate Litigation?

A rising amount of litigation tied to the environmental and health impacts of greenhouse gas emissions prompted a question from the leader of a liability risk analytics company recently: “Is it about climate liability or the liability climate?” Robert Reville, … from News – Insurance Journal https://ift.tt/3u3d7nP

Volante Receives ‘In-Principle’ Nod From Lloyd’s to Launch Asta-Managed Syndicate

Volante Capital Holdings (Bermuda) Ltd., the international multi-class managing general agency platform, has received “in-principle” approval from Lloyd’s to launch Syndicate 1699 for the 2022 year of account, with initial stamp capacity of £130 million ($177.4 million). The syndicate will … from News – Insurance Journal https://ift.tt/3kwKlZs

Fortegra Europe Opens Branch in Czech Republic

Fortegra Europe Insurance Co., a leading international specialty insurer and subsidiary of Tiptree Inc., announced the registration of a branch office in Prague, Czech Republic. Aiming to further strengthen Fortegra’s European presence, the Czech branch has all the regulatory approvals … from News – Insurance Journal https://ift.tt/3lVyJij

Interview: Paul Harvey, Adiona

New motor provider Adiona's founder and CEO tells Insurance Age about his plans for the business and why it will be looking to work with brokers in the future. from Insurer - insuranceage.co.uk https://ift.tt/2XSP0ML

‘Things Are Dire’: $16B Bay Flood Plan for Worst New Jersey Storms

Federal officials on Tuesday warned of a “dire” situation that is likely to get worse as they explained details of a $16 billion plan to lessen back bay flooding, one of the major sources of storm damage at the Jersey … from News – Insurance Journal https://ift.tt/2Ze6svx

People Moves: Promotions at IAT Insurance Group, RT Specialty

IAT Insurance Group Promotes Rudd within Excess and Surplus Business Unit IAT Insurance Group, a provider of specialty property/casualty and surety products, promoted Coy Rudd to lead the insurer’s excess and surplus business unit as executive vice president. IAT’s E&S … from News – Insurance Journal https://ift.tt/3CFLnJ2

Two Men Hurt in Fall from Balcony at Maryland Home

Two men were hospitalized with life-threatening injuries after a fall from a second-story balcony at a Maryland home, authorities said. Montgomery County Fire and Rescue spokesperson Jason Blake said the men fell at a Clarksburg home on Monday morning, taking … from News – Insurance Journal https://ift.tt/2WaUpy8

Just Insure Raises $8M to Grow Pay-Per-Mile Telematics Auto Insurance Platform

Just Insure, a pay-per-mile insurance technology company that uses telematics to reward safe drivers and reduce insurer bias, announced it has raised $8 million, bringing its total funding amount to $15 million. The new funds will be used to scale … from News – Insurance Journal https://ift.tt/3EKoS7y

India Likely to Block Chinese Investment in IPO of Insurance Giant LIC: Reuters

New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations. State-owned … from News – Insurance Journal https://ift.tt/2ZftPF0

Russia’s Largest Online Insurer Weighs Acquisitions Ahead of Possible IPO

Renaissance Insurance, Russia’s largest online policy provider, is trawling the country’s traditional insurers for acquisition targets as it prepares for a possible initial public offering. RenIns — which hired banks earlier this month for an IPO — is exploring ways … from News – Insurance Journal https://ift.tt/3CBSW3k

Otso, Assurely, Accelerant Partner to Offer Insurance for Lease Security

Texas-based companies, Otso and Assurely, have partnered to create an insurance coverage option for lease security in the commercial real estate industry. The insurance coverage allows landlords to reduce the risks of leasing while saving tenants of commercial property essential … from News – Insurance Journal https://ift.tt/3u23Yfa

People Moves: Beazley Promotes Turk to Head of Strategy; Everest Hires Chubb’s McBride as Head of Claims; Pen Names Hiscox’s Dixon as Head of Tech

This edition of International People Moves details promotions and appointments at three insurers: Beazley, Everest Insurance and MGA Pen Underwriting. A summary of these new hires follows here. Beazley Promotes Turk as Group Head of Strategy Beazley, the London-based insurer, … from News – Insurance Journal https://ift.tt/3u0CPJH

Wisconsin District Settles Suit Over Student’s Harassment for $862.5K

A Wisconsin school district has settled a lawsuit brought by a former student who said the district ignored years of complaints by her and her mother about multiple sexual assaults and a pattern of racial discrimination. The Baraboo School District … from News – Insurance Journal https://ift.tt/3zy9TcQ

Contractor Killed at Alabama Steel Mill

A Texas man who was working for a contractor at an Alabama steel mill died after being struck by a forklift, authorities said. Don Burton died at Huntsville Hospital following the accident, which occurred Monday morning, news outlets reported. He … from News – Insurance Journal https://ift.tt/2XHO8L9

Oklahoma to See 9.4% Drop in Workers’ Comp Loss Costs in 2022

The Oklahoma Insurance Department approved a 9.4% decrease in workers’ compensation insurance loss costs for 2022, a reduction that will lead to lower premiums for many Oklahoma businesses, the department said. Loss costs are the average cost of lost wages … from News – Insurance Journal https://ift.tt/3zvvJ0L

Karen Clark & Co.: Insured Loss from Nicholas Likely Near $950M

Catastrophe risk modeling firm Karen Clark & Co. estimates that the insured loss from Hurricane Nicholas will come in at around $950 million. KCC said its estimate is based on its high-resolution KCC US Hurricane Reference Model and includes the … from News – Insurance Journal https://ift.tt/2XJckfO

Louisiana Lawmaker: Residents Sleeping in Tents After Ida Damaged Housing

About 13,000 homes in Louisiana’s Terrebonne and Lafourche parishes were destroyed by Hurricane Ida and displaced parish residents have been sleeping in tents and “using the rubble to build their own sort of makeshift structure,” Speaker Pro Tempore Tanner Magee … from News – Insurance Journal https://ift.tt/3hXMmfI

EU Plans to Ease Capital Rules for Insurers to Provide €120 Billion Economic Boost

The European Union proposed changing the bloc’s capital rules for insurers on Wednesday to release 120 billion euros ($141 billion) for repairing an economy hit by COVID and to meet climate goals without eroding policyholder protection. Britain, which is home … from News – Insurance Journal https://ift.tt/3CCXBSI

HSB Canada Introduces Cyber Coverage for Small Businesses

HSB Canada, part of Munich Re, has introduced HSB Cyber Suite, a comprehensive collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, and cyber extortion. HSB Cyber Suite is a … from News – Insurance Journal https://ift.tt/3CAT2bl

Broker/Fintech Provider Acrisure Buys New York-Based Tempo Title

Acrisure, the global insurance broker and fintech services provider, announced it has entered the real estate services business through its acquisition of Tempo Title, one of the largest private title insurance and settlement service providers in the United States. Financial … from News – Insurance Journal https://ift.tt/3kvrvly

Maryland Couple Indicted in $20M Insurance Fraud Scheme

A federal district court in Baltimore, Maryland, unsealed an indictment charging a Maryland couple with conspiracy to commit insurance fraud and related charges for money laundering, filing false tax returns and identity theft. The indictment charges that from 1996 to … from News – Insurance Journal https://ift.tt/3hSLCbC

In Changing Housing Market, Home Insurers Struggle with Customer Loyalty: Study

Home insurers have struggled to develop products and services designed to maximize customer lifetime value for the growing population of baby boomers migrating from home ownership to renting, a new study by J.D. Power, 2021 U.S. Home Insurance, reveals. About … from News – Insurance Journal https://ift.tt/3AzD68G

Questions on $16B Plan to Ease Back Bay Flooding at New Jersey Shore

A proposed $16 billion billion plan to address back bay flooding, one of the major sources of storm damage at the Jersey Shore, is raising concerns about where water would go during storms, whether barriers proposed as part of it … from News – Insurance Journal https://ift.tt/3lLgFra

New Hampshire Governor Asks for Second Disaster Declaration After More Storms

New Hampshire Governor Chris Sununu on Monday requested a federal disaster declaration for New Hampshire as a result of storms and flooding that happened July 29-Aug. 2, a week after he asked for one covering storms from mid-July. Sununu’s letter … from News – Insurance Journal https://ift.tt/3lMsGwu

Swiss Re Partners with Insurtech Claim Genius for Efficient Motor Claims Using AI

Swiss Re is partnering with Claim Genius, an insurtech that provides artificial intelligence (AI) insurance claims solutions, to enhance motor claims efficiencies with real-time damage assessment and estimation. “Swiss Re Solutions aims to deliver world leading claims management capabilities to … from News – Insurance Journal https://ift.tt/3CzwwQ5

Cyber Insurtech BOXX Raises US$10M From Zurich Insurance and 2 Other Investors

BOXX, the Toronto-based cyber insurer for small businesses, individuals and families, announced it has closed its oversubscribed US$10 million (C$12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor … from News – Insurance Journal https://ift.tt/3hWveah

Honeywell and Asbestos Trust Countersue Over Disputed Claims of $2.3 Billion

Honeywell International Inc. sued a trust for victims of asbestos poisoning, claiming the fund’s managers are wrongly paying people who say they were harmed by the toxic industrial substance. The lawsuit, filed in Pittsburgh, comes after years of acrimony between … from News – Insurance Journal https://ift.tt/3u3C82k

Das UK team raises £45,000 for dementia research

The ten person team of insurance professionals took on the Ride Across Britain challenge earlier this month. from Insurer - insuranceage.co.uk https://ift.tt/2XSiVVn

People moves: 20 - 24 September 2021

Keep up to date with the latest people moves. from Insurer - insuranceage.co.uk https://ift.tt/3ig1hCf

China Will Not Build Coal-Fired Power Plants Abroad, Says Xi, in Climate Pledge

UNITED NATIONS — Chinese leader Xi Jinping said on Tuesday that China would not build new coal-fired power projects abroad, using his address at the United Nations General Assembly to add to pledges to deal with climate change. Xi provided … from News – Insurance Journal https://ift.tt/3u2Xqgn

New Zealand Raises Fines for People and Companies that Break COVID-19 Rules

WELLINGTON – New Zealand on Friday [Sept. 17] announced higher fines of up to NZ$12,000 ($8,400) for individuals breaching coronavirus restrictions amid concerns that the current outbreak may spread beyond Auckland to other regions due to people breaking rules. “Our … from News – Insurance Journal https://ift.tt/2ZgbEPz

Allianz updates fleet products to include electric vehicles

Provider says cover includes third-party liability during charging, as well as damage cover for cables, connectors and electric wallboxes. from Insurer - insuranceage.co.uk https://ift.tt/3nWJTpB

Karen Clark & Co. Releases Version 1.0 of U.S. Wildfire Model

Karen Clark & Co. (KCC), the Boston-based catastrophe modeling company, announced it has released Version 1.0 of its high-resolution U.S. Wildfire Model. This advanced and fully probabilistic model provides exceedance probability (EP) curves, probable maximum losses (PMLs), and average annual … from News – Insurance Journal https://ift.tt/3nXHYBg

Aston Lark Buys 2 Brokers: Abbey Murphy Insurance and The Health Insurance Co.

Aston Lark, the Goldman Sachs-based insurance broker, announced two acquisitions in one day: Deanspoint Insurance Brokers, which trades as Abbey Murphy Insurance in Ireland, and The Health Insurance Company, based in Bournemouth, England. Financial details of the deals were not … from News – Insurance Journal https://ift.tt/3hVvAxH

RIMS Adopts Full Vaccination Requirement for In-Person Events

RIMS, the global risk management society with a membership of 10,000 risk management professionals in more than 60 countries, has implemented new guidelines that will require attendees at RIMS’ in-person events to show that they are fully vaccinated for COVID-19. … from News – Insurance Journal https://ift.tt/3Cxri7t

People Moves: AXA XL’s Harth to Liberty Specialty in Germany; Amwins Global Hires Ed Broking’s Keenan for Construction & Engineering; Marsh’s Tigleanu to Lockton Re Cyber

This edition of International People Moves details appointments at Liberty Specialty Markets, Amwins Global Risks and Lockton Re. A summary of these new hires follows here. Liberty Specialty Markets Appoints AXA XL’s Harth as Germany’s Country Manager Liberty Specialty Markets … from News – Insurance Journal https://ift.tt/3hVFRdo

GI Partners Announces Recapitalization of Patriot Growth Insurance Services

GI Partners, a private investment firm, announced the recapitalization of Patriot Growth Insurance Services LLC, a national insurance agency. The move comes in partnership with Patriot Founder and CEO Matt Gardner. Summit Partners, which invested in Patriot in 2019, and … from News – Insurance Journal https://ift.tt/2XCt7kB

Washington Commissioner Fines Aetna for Discriminating Against Transgender Women

Washington Insurance Commissioner Mike Kreidler this month fined Aetna Life Insurance Co. $25,000 for discriminating against policyholders who sought gender-affirming medical treatment. In June 2019, a Washington consumer filed a complaint with Kreidler’s office that Aetna, a health insurer, denied … from News – Insurance Journal https://ift.tt/3EAEEBP

People Moves: New Hires at Gilbert Insurance Agency, IAT Insurance Group

Gilbert Insurance Agency Hires Bernazani as Account Executive Gilbert Insurance Agency hired Carmelina Bernazani as an account executive for personal and commercial lines. Bernazani will work out of Gilbert’s Reading, Massachusetts, office. With Carmelina’s addition to the team, Gilbert Insurance … from News – Insurance Journal https://ift.tt/3znVdNH

Idaho Man Pleads Guilty to Insurance Fraud

Christopher Katsikaris of Nampa, Idao, was sentenced to two years of supervised probation and a $500 fine after being convicted of one count of insurance fraud. Katsikaris plead guilty to the offense on June 21 after it was determined that … from News – Insurance Journal https://ift.tt/3nOh2Uq

H.W. Kaufman Group Acquires Chile-Based Prospect Brokers

U.S.-based specialty insurance corporation H.W. Kaufman Group announced its expansion into South America through the acquisition of Prospect Brokers Chile, based in Santiago, Chile. Financial details of the deal were not disclosed. As a result of the acquisition, Prospect Brokers … from News – Insurance Journal https://ift.tt/3zy723D

Racial Discrimination Alleged at ABM Janitorial Services’ Maryland, Virginia Offices

The U.S. Department of Labor has filed an administrative complaint against ABM Janitorial Services after a compliance evaluation by the department’s Office of Federal Contract Compliance Programs alleged systematic racial discrimination against Black and a smaller number of white applicants … from News – Insurance Journal https://ift.tt/3nTBK5h

National Transportation Safety Board Probes Deadly Tesla Crash in Florida

The National Transportation Safety Board has opened an investigation into a crash of a Tesla Inc. vehicle, the second probe by the agency of a fatal accident involving the electric carmaker’s models in less than six months. Two people were … from News – Insurance Journal https://ift.tt/3hS3fZh

Brit Launches Machine Learning Algorithm to Accelerate Catastrophe Claims Response

Brit Ltd., the London-based specialty insurer and reinsurer, announced the creation and successful proof-of-concept launch of a proprietary machine-learning algorithm, designed to accelerate the identification of post-catastrophe property damage, based on the use of ultra-high-resolution imagery. This proof of concept … from News – Insurance Journal https://ift.tt/3EDe2jH

Union Sues to Overturn Trump-Era Rule that Narrowed Definition of ‘Joint Employer’

The union behind the “Fight for $15” movement is suing to overturn a Trump-era rule that makes it harder to hold companies like McDonald’s Corp. and Amazon.com Inc. accountable for violations of franchised or sub-contracted workers’ rights. In a lawsuit … from News – Insurance Journal https://ift.tt/39ogLit

MS Amlin AG Appoints Swiss Re’s Wiest as CEO, Stepping Into Role Vacated by Beazley

Global reinsurer MS Amlin AG announced the appointment of Robert Wiest as chief executive officer. Wiest will take up the role on Jan. 3, 2022 and will be based in Zurich, Switzerland. He replaces Christopher Beazley who stepped down in … from News – Insurance Journal https://ift.tt/3krZZFx

Aviva appoints chief risk officer

The insurer has also promoted its GI chief information officer to group CIO. from Insurer - insuranceage.co.uk https://ift.tt/3tZy8Qf

Zurich replaces Axa as AIUA capacity provider

The five-year deal with the Ardonagh-owned specialist agricultural underwriter is valued at £105m. from Insurer - insuranceage.co.uk https://ift.tt/3ECZpwN

Dive In kicks off today with a focus on active allyship

The festival runs over three days with mental health, gender equality and racial inclusion highlighted as key issues to be tackled as a priority in the insurance sector. from Insurer - insuranceage.co.uk https://ift.tt/3zsu8ZE

David Williams to leave Axa UK after 41 years

WTW’s David Ovenden takes up the role of chief underwriting officer for commercial as Williams pursues non-exec career. from Insurer - insuranceage.co.uk https://ift.tt/3AvYSKq

SEC Must Increase Cryptocurrency Oversight, Investor Advocates Say

Many cryptocurrency projects are flouting investor-protection rules and deserve more scrutiny, a group of investor advocates told Securities and Exchange Commission Chair Gary Gensler in a Monday letter. The letter, signed by the Americans for Financial Reform Education Fund, the … from News – Insurance Journal https://ift.tt/3lIIujB

Russia-Linked Ransomware Group Hits Iowa Grain Cooperative, Violating Biden Warning

After a furious run of ransomware attacks in the first half of the year, President Joe Biden in July warned his Russian counterpart, Vladimir Putin, that Russia-based hacking groups should steer clear of 16 critical sectors of the U.S. economy. … from News – Insurance Journal https://ift.tt/3lMrXey

Insurtech bolttech Extends Funding Round to $210M, Adding 2 New Investors

Insurtech startup bolttech announced the extension of its recently announced US$180 million Series A funding round led by Activant Capital Group, bringing the series total to US$210 million. The funding round adds two new strategic investors: Singapore-based global investor EDBI … from News – Insurance Journal https://ift.tt/39n3WoD

Allianz launches transitioning at work policy

Provider says the move is part of an ongoing commitment to creating a diverse and inclusive culture and that the policy offers practical guidance, clarification and education. from Insurer - insuranceage.co.uk https://ift.tt/3AoOR1I

Webinar: Growth through training and talent retention