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‘Car Wreck Clyde’ Attorney in Texas Charged with Skimming $2.4M from Settlements A Houston plaintiffs’ attorney known as “Car Wreck Clyde” is awaiting court proceedings after being charged with skimming as much as $2.4 million in client settlement proceeds over the past decade, federal prosecutors said. Clyde J. Moore, 62, and his …
POSTED MAY 02, 2024 4:13 PM |
Texas Lawmakers Fault Xcel Power Pole in State’s Largest Fire The worst wildfire in Texas history was sparked by a power pole and lines owned by Xcel Energy Inc. that hadn’t been effectively maintained or replaced, according to a state legislative committee report. The pole identified as the cause of …
POSTED MAY 02, 2024 3:13 PM |
Missouri Supreme Court Strikes Down 2022 Vote on KC Police Funding The Missouri Supreme Court on Tuesday took the unusual step of striking down a 2022 voter-approved constitutional amendment that required Kansas City to spend a larger percentage of its money on the police department, and ordered that the issue go …
POSTED MAY 02, 2024 2:39 PM |
1 Person Killed, Homes Destroyed After Tornado Rips NE Kansas WESTMORELAND, Kan. (AP) — One person died Tuesday when a tornado ripped through the small city of Westmoreland in northeastern Kansas, destroying houses, RVs and outbuildings, authorities said. Pottawatomie County officials said on Facebook that a tornado struck the city …
POSTED MAY 02, 2024 2:25 PM |
Climate Change Concern About to Removed from Florida Energy Law TALLAHASSEE, Fla. (AP) — Florida, perhaps the most vulnerable state to sea-level rise and extreme weather, is on the verge of repealing what’s left of a 16-year-old law that lists climate change as a priority when making energy policy decisions. …
POSTED MAY 02, 2024 2:01 PM |
Insurer Chubb Readies $350M Payout Tied to Baltimore Bridge Collapse Chubb, which had insured Baltimore’s Francis Scott Key Bridge, is getting ready to pay $350 million to the state of Maryland, in what could be the first major payout tied to the collapsing of the bridge in March. The payment …
POSTED MAY 02, 2024 1:31 PM |
Markets/Coverages: Resilience Announces New Cyber Loss Prevention Tools; Amwins Forms New Transportation Entity; Aon Launches Suite of Risk Analyzer Tools Resilience announced new integrated capabilities that enable enterprises to continuously monitor and prioritize their mitigation and transfer of cyber risk. Following the launch of Technology Errors and Omissions (E&O) coverage earlier this year, the Resilience security team is expanding its …
POSTED MAY 02, 2024 1:21 PM |
Newark Wants Cargo Ship Firefighters’ Deaths Handled Under Workers’ Compensation The city of Newark is asking a federal court to dismiss negligence and wrongful death claims against it by the families of two firefighters who died last July while battling a fire on a cargo ship, The city maintains that …
POSTED MAY 02, 2024 12:40 PM |
Lloyd’s Insurers Don’t Expect Large Claims From Baltimore Bridge Collapse Lloyd’s of London insurers Hiscox and Lancashire do not expect large insurance claims from the collapse of Baltimore’s Francis Scott Key Bridge in March that caused widespread disruption, they said on Thursday. Some estimates for the total insured losses from …
POSTED MAY 02, 2024 12:40 PM |
People Moves: Canopius Hires CUO and CFO in Bermuda From Validus and AXA XL; MS Amlin Taps HDI’s Healy as Head of Property & Crisis Management Claims This edition of International People Moves details appointments at global specialty re/insurers Canopius and MS Amlin. A summary of these new hires follows here. Canopius Hires CUO and CFO in Bermuda From Validus and AXA XL Canopius, the global specialty …
POSTED MAY 02, 2024 12:28 PM |
MS Reinsurance Gets Ratings Upgrades From AM Best and S&P MS Reinsurance, the reinsurance subsidiary of MS&AD Insurance Group Holdings, has received rating upgrades from AM Best and S&P Global Ratings. On April 26, 2024, AM Best announced it had upgraded the company’s financial strength rating to “A+” (Superior) from …
POSTED MAY 02, 2024 11:39 AM |
Acrisure Acquires Scottish Broker WH&R McCartney Acrisure, the Grand Rapids, Michigan-based insurance broker and fintech specialist, announced it has acquired Scottish insurance broker, WH&R McCartney. Based in Motherwell and led by Graeme Robb and Alan Kirkwood, WH&R McCartney is a general commercial SME insurance broker operating …
POSTED MAY 02, 2024 10:46 AM |
Yemen’s Houthis Rebels Attack Portuguese-Flagged Ship in First Deep-Sea Assault A Portuguese-flagged container ship came under attack by a drone in the far reaches of the Arabian Sea, corresponding with a claim by Yemen’s Houthi rebels that they assaulted the ship there, authorities said Tuesday. The attack on the MSC …
POSTED MAY 02, 2024 9:55 AM |
Verisk’s First-Quarter Profit Beats on Insurance-Focused Analytics Demand Data analytics firm Verisk beat estimates for first-quarter profit on Wednesday, driven by strong demand for its products used by property and casualty (P&C) insurers to assess underwriting risks. WHY IT’S IMPORTANT P&C insurers’ earnings have been hit by higher …
POSTED MAY 02, 2024 6:32 AM |
Neptune Flood Acquires Data Science Firm to Enhance Its AI-Driven Flood Insurance Private flood insurer Neptune Flood reported it has acquired Charles River Data, a Boston-based data science consulting group. According to Neptune, the strategic move will bolster its underwriting system through advanced data science, machine learning, and artificial intelligence capabilities. Charles …
POSTED MAY 02, 2024 5:56 AM |
Geopolitical Risks: Why Underwriters Are Watching Aggregations Executive Summary: With instances of violent unrest rising across the globe in recent years, property all-risk insurance programs bore significant losses. One reason is that sublimits for strikes, riots and civil commotion included on the programs were occurrence sublimits. The …
POSTED MAY 02, 2024 5:52 AM |
Allstate Tops Profit Estimates on Higher Premiums, Investment Returns Insurer Allstate posted an upbeat first-quarter profit on Wednesday, helped by higher premiums and stronger investment returns. Insurers usually see stable product demand irrespective of economic conditions, mainly due to the widespread adoption of employer-sponsored and government-mandated policies. Allstate’s adjusted …
POSTED MAY 02, 2024 5:41 AM |
AIG Profit Exceeds Expectations on Lower Catastrophe Losses American International Group Inc. (AIG) reported profit above analysts’ estimates in the first quarter as lower-than-expected catastrophe losses contributed to strong underwriting results. Adjusted earnings for the quarter were $1.2 billion, or $1.77 a share, up from $1.63 a share …
POSTED MAY 02, 2024 5:25 AM |
Southeast Seas Rising Faster than Other Regions, ‘Turbocharging’ Floods, Report Finds From the Rio Grande to the Outer Banks, sea levels are rising faster than most other parts of the world, blocking the outflow of rivers and streams and causing inland flooding that would not have been seen just a few …
POSTED MAY 02, 2024 5:01 AM |
Pennsylvania Court: No Coverage for Mother’s Distress Over Son’s Overdose Death The Pennsylvania Supreme Court has ruled that Nationwide Property and Casualty is not obligated to defend its homeowner insureds against a wrongful death claim for emotional and mental distress brought by a mother whose son died from a drug overdose …
POSTED MAY 02, 2024 5:00 AM |
Police: Athletic Director Used AI to Frame Principal With Racist Remarks in Fake Audio A high school athletic director in Maryland has been accused of using artificial intelligence to impersonate a principal on an audio recording that included racist and antisemitic comments, authorities said. Authorities said the case appears to be among the first …
POSTED MAY 02, 2024 5:00 AM |
California Contractor Pleads Guilty to Insurance Fraud After Underreporting Nearly $1M in Payroll Kent Bo Fridolfsson, 67, of Benicia, California, pleaded guilty to six charges of insurance fraud and grand theft after a joint investigation with the California Department of Insurance, Solano County District Attorney’s Office and the Employment Development Department reportedly revealed …
POSTED MAY 02, 2024 5:00 AM |
New Mexico Restaurant Settles Wage-Theft Complaint After Prolonged Legal Battle New Mexico labor announced a legal settlement that resolves longstanding accusations of unpaid wages against a restaurant business in northwestern New Mexico. The Workforce Solutions Department said in a news release that 505 Burgers Farmington LLC has agreed to pay …
POSTED MAY 02, 2024 5:00 AM |
$24.5M Settlement in New Mexico over Natural Gas Flaring in Permian Basin New Mexico has reached a record settlement with a company over air pollution violations at natural gas gathering sites in the Permian Basin. The $24.5 million agreement with Ameredev announced this week is the largest settlement the state Environment Department …
POSTED MAY 02, 2024 5:00 AM |
Travelers to Open Technology Office in Atlanta Just as companies worldwide struggle with the office-versus-remote work question, Travelers has decided to open a 2,800-square-foot office site in Atlanta to house its artificial intelligence, data science and other technology operations. Travelers, a global property and casualty insurer, plans …
POSTED MAY 01, 2024 4:05 PM |
Business Insurance
HDI hires chief strategy officer from Zurich, names CUO HDI Global Insurance Co., the U.S. unit of HDI Global SE, said Thursday it has hired Santiago Treviño, formerly with Zurich North America, as chief strategy officer, a newly created role.
POSTED MAY 02, 2024 10:48 AM |
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 |
Companies cited over fatal workplace falls The U.S. Occupational Safety and Health Administration said Wednesday that it cited two companies following fatal workplace falls.
POSTED MAY 02, 2024 10:37 AM |
Insured property losses from UAE floods could reach $850 million
POSTED MAY 02, 2024 10:02 AM |
South Korean insurers’ overseas branches post losses
POSTED MAY 02, 2024 10:01 AM |
Black cab drivers sue Uber for over $312 million in UK
POSTED MAY 02, 2024 9:58 AM |
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