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News Archives - Insurance Journal
Extreme Weather Is Driving More US Power Outages, Studies Show For decades, residents of eastern Queens in New York City have complained that they’re more likely to lose power when extreme weather hits, even as lights in other parts of the city stay on. A new study that looks at …
POSTED MAY 03, 2024 3:50 PM |
Cracks in O’Hare Columns Aren’t Insured Property Damage, Just Bad Product – Court Cracked steel columns are not “property damage,” but are building products that are not covered by a contractor’s general liability policy, the U.S. 7th Circuit Court of Appeals decided in an opinion that lets St. Paul and other insurers off …
POSTED MAY 03, 2024 3:11 PM |
Yemen’s Houthis Threaten Ships in Mediterranean Sea That Are Sailing to Israeli Ports Yemen’s Houthis will target ships heading to Israeli ports in any area that is within their range, military spokesman Yahya Sarea said in a televised speech on Friday. “We will target any ships heading to Israeli ports in the Mediterranean …
POSTED MAY 03, 2024 1:49 PM |
Binance Crypto Founder Zhao Sentenced to Four Months in Prison Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating U.S. laws against money laundering at the world’s largest cryptocurrency exchange. Once considered the most powerful crypto industry …
POSTED MAY 03, 2024 1:45 PM |
Pennsylvania High Court to Decide If Workers’ Compensation Covers CBD Oil A veteran Pennsylvania workers’ compensation attorney will soon have a chance to argue before the Pennsylvania Supreme Court that his own use of cannabinoid oil (CBD oil) is covered by workers’ compensation. It’s an argument he won last November with …
POSTED MAY 03, 2024 1:35 PM |
Tech Update: Marsh McLennan Launches AI Solution to Manage Supply Chain Risks Marsh McLennan, the insurance and reinsurance broker, has launched Sentrisk, an artificial intelligence-powered platform, which aims to help businesses manage global supply chain risk. Created through the combined capabilities of Marsh McLennan businesses Marsh and Oliver Wyman, Sentrisk uses advanced …
POSTED MAY 03, 2024 1:32 PM |
Kansas City Women’s Soccer Plans $800 Million Stadium District After a failed vote to build a downtown Kansas City Royals stadium, another of the city’s professional sports teams is planning to expand with a mixed-used entertainment district. The Kansas City Current, the city’s National Women’s Soccer League team, will …
POSTED MAY 03, 2024 1:28 PM |
Class Action Settlements Flooded With Fraudulent Claims by Scammers Artsana, a maker of child car booster seats, last year agreed to settle claims that it had misled customers about how to use its products, offering $50 to people who had bought Chicco-brand seats. The company, which did not admit …
POSTED MAY 03, 2024 1:05 PM |
Death of 4 Officers in Charlotte Shows Risks Police Face When Serving Warrants (AP) Arrest warrants must be served to alleged criminals if society is going to function. But there is no guarantee of safety for police officers knocking on their doors. The grim risks came into stark relief Monday when four law …
POSTED MAY 03, 2024 12:54 PM |
Israeli Cyber Security Startup Apex Gets Initial Investment From OpenAI’s Altman Israeli cyber security startup Apex, which focuses on protecting the rapid use of artificial intelligence (AI) tools, said on Thursday it received an undisclosed investment from OpenAI Chief Executive Sam Altman. In all, Apex raised $7 million in a seed …
POSTED MAY 03, 2024 12:14 PM |
AXA’s Q1 Revenues Rise 6%, Led by P/C Business Growth AXA, Europe’s second-largest insurer, reported a 6% increase in total revenue during the first quarter to €34 billion ($36.4 billion), compared with €31.8 billion ($34.1 billion) in Q1 2023. The increase in Q1 gross written premiums (GWP) and other revenues …
POSTED MAY 03, 2024 11:24 AM |
Uber Hit With £250 Million Suit From London’s Black Cab Drivers Uber Technologies Inc. was sued by thousands of London’s black cab drivers in a suit seeking hundreds of million pounds accusing it of unlawfully operating in the capital city. The claim alleges Uber improperly obtained a license to operate in …
POSTED MAY 03, 2024 6:41 AM |
AXA, Apollo’s Athora Scrap Life-Insurance Deal in Germany Athora Holding Ltd., an insurance affiliate of Apollo Global Management Inc., and AXA SA have terminated a deal to transfer life insurance policies in Germany almost two years after announcing it. The deal was meant to shift €19 billion ($20.3 …
POSTED MAY 03, 2024 5:54 AM |
Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance Increased premiums combined with lackluster customer satisfaction scores are driving record numbers of auto insurance customers into the market for a new policy, according to the J.D. Power 2024 U.S. Insurance Shopping Study. Nearly half (49%) of U.S. auto insurance …
POSTED MAY 03, 2024 5:39 AM |
An Origin Story: The History of the Professional Liability Underwriting Society The Professional Liability Underwriting Society (PLUS), as it exists today, does not have a written narrative or any acknowledgment on its website about how the organization was created, the timeline, the individuals primarily involved, or all the events that had …
POSTED MAY 03, 2024 5:13 AM |
Miami Retirement Fund Class Action Alleges Globe Life Officers Concealed Fraud After an investment research firm dropped a bombshell last month and sent shares of Globe Life Inc. plunging by 53%, the insurance company denied the allegations that officers had concealed fraud and sexual harassment issues. But this week, the City …
POSTED MAY 03, 2024 5:01 AM |
Florida’s Heritage Insurance Sees More Profits in Q1 This Year Heritage Insurance Holdings Inc. (HRTG) on Wednesday reported earnings of $14.2 million in its first quarter of this year, about the same as earnings for Q1 of 2023, but down from the $31 million in net income reported for the …
POSTED MAY 03, 2024 5:01 AM |
Abuse Probe Into New Orleans Catholic Clergy Expands NEW ORLEANS (AP) — Authorities have expanded an investigation of clergy sexual abuse in the Roman Catholic Church in New Orleans to include senior church officials suspected of shielding predatory priests for decades and failing to report their crimes to …
POSTED MAY 03, 2024 5:01 AM |
Probe Into Death of Nurse on Home Visit Alleges Employer Failed to Protect Workers A home health care company failed to protect a visiting nurse who was killed during an appointment with a convicted rapist at a Connecticut halfway house and should be fined about $161,000, federal workplace safety officials said Wednesday. The Occupational …
POSTED MAY 03, 2024 5:00 AM |
Marsh McLennan Agency Acquires Long Island Broker AC Risk Management Marsh McLennan Agency, a subsidiary of Marsh, reported it has acquired AC Risk Management (ACRM), an independent commercial lines brokerage based in Melville, New York. Terms of the acquisition were not disclosed. Founded in 2012, ACRM primarily offers property/casualty insurance …
POSTED MAY 03, 2024 5:00 AM |
Crews Expect to Refloat, Remove Ship That Crashed Baltimore Bridge Soon At the site of the Francis Scott Key Bridge collapse, crews plan to refloat and remove the grounded Dali container ship within roughly the next 10 days, allowing more maritime traffic to resume through Baltimore’s port. The ship, which lost …
POSTED MAY 03, 2024 5:00 AM |
California Business Owner Ordered to Pay $687K in Restitution for Workers’ Comp Fraud A California business owner convicted of felony workers’ compensation insurance fraud was ordered to pay $687,560 in restitution to the victims. An investigation by the California Department of Insurance determined that Jorge Maldonado, owner of Pro-Care Building Maintenance, under-reported the …
POSTED MAY 03, 2024 5:00 AM |
Organic Bulk Walnuts Sold in Natural Food Stores Tied to Dangerous E. Coli Outbreak At least a dozen people in California and Washington have been sickened with E. coli food poisoning linked to organic walnuts sold in bulk in 19 states, U.S. health officials said Tuesday. The nuts were sold in natural food and …
POSTED MAY 03, 2024 5:00 AM |
People Moves: Brown Joins Alliant Insurance Services’ Employee Benefits Team Alliant Insurance Services, headquartered in Irvine, California, hired Angie Brown as a First vice president and consultant for its employee benefits group, based in Alliant’s absence, disability and life insurance practice. Brown drives compliance with FMLA, ADAAA and continually emerging …
POSTED MAY 03, 2024 5:00 AM |
Patriot Expands In New York, Acquiring Long Island’s Lupton & Luce National insurance firm Patriot Growth Insurance Services has acquired Lupton & Luce, a property/casualty agency is based in Riverhead, New York. Established in 1939, the agency is led by Hallock Luce IV and deeply rooted in the greater Long Island …
POSTED MAY 03, 2024 5:00 AM |
Business Insurance
Hub sues former broker for allegedly violating nonsolicitation agreement A Hub International Ltd. unit said in a lawsuit filed Wednesday that a former broker who opened her own brokerage after her December 2023 resignation is soliciting its clients.
POSTED MAY 03, 2024 1:55 PM |
Accurate classification is foundational to underwriting efficiently Inaccurate or imprecise risk classification can cost insurers through poor risk selection or mispricing. See how to overcome these challenges.
POSTED MAY 02, 2024 6:18 AM |
Surety remains a trusted source of certainty amid global volatility With growth opportunities on one hand and lingering challenges on the other, risk management in construction has taken on even more importance.
POSTED MAY 01, 2024 11:14 AM |
A value-based solution to disrupt a fee-for-service system Too often, a routine shoulder, knee, or back injury becomes a large loss with delayed recovery. Learn how a value-based model is driving better outcomes for MSK injuries.
POSTED APRIL 30, 2024 11:44 PM |
Webinar: Spotlight on Cyber Is your business leading, or lagging? Join us for a discussion with experts in the field of cyber risk management about what challenges are on the horizon and what to consider in the wake of a breach.
POSTED APRIL 30, 2024 11:38 PM |
MedRisk acquires Conduent’s claims business King of Prussia, Pennsylvania-based MedRisk, which manages physical rehabilitation in workers compensation, plans to acquire Conduent Inc.’s Casualty Claims Solutions business.
POSTED MAY 03, 2024 1:03 PM |
Axa XL names client, distribution officer for Americas Axa XL, the property/casualty unit of France’s Axa SA, Friday said Matthew V. O’Malley has been named to the newly created role of chief client and distribution officer for the Americas.
POSTED MAY 03, 2024 12:11 PM |
Florida governor signs firefighter cancer benefits bill Florida Gov. Ron DeSantis on Thursday signed sweeping legislation that would, among other things, provide firefighters diagnosed with cancer with alternative benefits to workers compensation.
POSTED MAY 03, 2024 11:45 AM |
California restaurants will no longer serve up extra fees In recent years, California has been no stranger to those extra charges tacked onto restaurant bills: from “wellness fees” to “kitchen love,” consumers have been griping over the hidden charges often jammed between the tax and total on the tab, and described as fees to help restaurants manage rising health care and payroll costs.
POSTED MAY 03, 2024 11:19 AM |
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