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People Moves: AEGIS London Hires AIG’s Johnson and Lambert for New Cyber Underwriting Team; Markel Promotes Gordge to Head of Terrorism in London This edition of International People Moves details appointments at Lloyd’s syndicate AEGIS London and Markel, the insurance operations within Markel Group. A summary of these new hires follows here. AEGIS London Hires AIG’s Johnson and Lambert for New Cyber Underwriting …
POSTED APRIL 19, 2024 4:07 PM |
Fleming Acquires James River’s Casualty Reinsurance Business, Ending Legal Dispute James River Group Holdings Ltd. announced that Fleming Intermediate Holdings has completed the $277 million acquisition of James River’s casualty reinsurance business – after a period of legal wrangling that had threatened to derail the deal. The transaction, which was …
POSTED APRIL 19, 2024 3:33 PM |
People Moves: Chubb Names Scheffler COO of Personal Risk Services; AXIS Appoints Morley Head of US E&O Chubb said it has promoted Melissa Scheffler to chief operating officer of Personal Risk Services (PRS). Currently, Scheffler serves as regional executive officer for the Mid-Atlantic region. In a corresponding move, Bryce Graham, who currently serves as the Philadelphia and …
POSTED APRIL 19, 2024 2:51 PM |
Severe Storms Cause Damage in Middle U.S. ST. LOUIS (AP) — Strong storms caused damage in parts of the middle U.S. this week and spawned tornadoes in Kansas and Iowa, including one that left two people hurt. An EF-1 tornado touched down shortly after 6 a.m. Tuesday …
POSTED APRIL 19, 2024 2:41 PM |
U of Kentucky ‘Distressed’ Over Alleged Misconduct by Former Swim Coach LEXINGTON, Ky. (AP) — A Kentucky spokeswoman says the school is “distressed to hear disturbing allegations” of sexual assault by former swimming and diving coach Lars Jorgensen outlined in a lawsuit by two former team members and will cooperate fully …
POSTED APRIL 19, 2024 2:34 PM |
Travis Scott’s Attorneys Argue for Dismissal of Astroworld Lawsuits HOUSTON (AP) — Attorneys for rap star Travis Scott argued in court this week that he should be dismissed from hundreds of lawsuits filed over the deadly 2021 Astroworld festival, saying he was not responsible for safety planning and watching …
POSTED APRIL 19, 2024 2:34 PM |
Kansas Roofing Contractor Fined $233K for Deadly Fall Hazards Federal workplace safety inspectors found a Kansas roofing contractor again putting its employees at risk of falls from elevation — the construction industry’s deadliest hazard — by not providing required protective equipment at two residential worksites in October 2023. U.S. …
POSTED APRIL 19, 2024 2:24 PM |
Inszone Acquires Texas’ Talerity Inszone Insurance Services announced the strategic acquisition of Talerity, LLC, a specialized insurance agency focusing on professional liability for medical providers. Founded in 2008 by Cary Smith, Talerity has carved a niche in the insurance landscape with its forward-thinking approach …
POSTED APRIL 19, 2024 2:19 PM |
Georgia Town Aims to Disrupt Student Beach Bash After Last Year’s Chaos TYBEE ISLAND, Ga. (AP) — Thousands of Black college students expected this weekend for an annual spring bash at Georgia’s largest public beach will be greeted by dozens of extra police officers and barricades closing off neighborhood streets. While the …
POSTED APRIL 19, 2024 2:19 PM |
Former Congressman Charged After Collision with State Trooper in Florida A former Congressman from North Carolina may soon be facing higher auto insurance premiums after he slammed into the back of a Florida state trooper’s patrol car on Interstate 75 near Naples. Madison Cawthorn, 28, who represented part of North …
POSTED APRIL 19, 2024 2:02 PM |
Tesla to Recall 3,878 Cybertrucks Over Faulty Accelerator Pedal, NHTSA Says Tesla is recalling 3,878 Cybertrucks to fix an accelerator pedal pad that could come loose and get lodged in the interior trim, the U.S. National Highway Traffic Safety Administration (NHTSA) said on Friday. A trapped accelerator pedal could cause the …
POSTED APRIL 19, 2024 1:45 PM |
Gun Makers Urge Supreme Court to Hear Appeal in Mexico’s Lawsuit U.S. gun manufacturers on Thursday asked the U.S. Supreme Court to hear their challenge to Mexico’s $10 billion lawsuit seeking to hold them responsible for facilitating the trafficking of firearms to violent drug cartels across the U.S.-Mexico border. Eight companies …
POSTED APRIL 19, 2024 1:27 PM |
People Moves: Sears Joins USQRisk; Grindle Retires from Maine Agency USQRisk, headquartered in New York City, hired Ashleigh Sears as the company’s Head of Casualty. She is tasked with growing distribution networks, scaling in-force structured casualty portfolio and building the casualty underwriting team. Before joining the USQRisk team, Sears held …
POSTED APRIL 19, 2024 1:02 PM |
Vermont Farms Still Recovering From Flooding As Growing Season Begins Hundreds of Vermont farms are still recovering from last July’s catastrophic flooding and other extreme weather as they head into this year’s growing season. Dog River Farm, in Berlin, Vermont, lost nearly all its produce crops in the July flooding. …
POSTED APRIL 19, 2024 12:38 PM |
FBI Says Chinese Hackers Preparing to Attack US Infrastructure Chinese government-linked hackers have burrowed into U.S. critical infrastructure and are waiting “for just the right moment to deal a devastating blow,” FBI Director Christopher Wray said on Thursday. An ongoing Chinese hacking campaign known as Volt Typhoon has successfully …
POSTED APRIL 19, 2024 12:35 PM |
Allstate Reports $731M in Q1 Pretax Catastrophe Losses Allstate Corporation estimated pretax catastrophe losses of $731 million, with $328 million from the month of March. Six events contributed to the $343 million total for March — before favorable reserve re-estimates brought down the total. One hail event accounted …
POSTED APRIL 19, 2024 12:29 PM |
Liberty Mutual Insurance Continues Restructuring of Global Risk Solutions Unit Liberty Mutual Insurance announced strategic updates in its ongoing restructuring of Global Risk Solutions (GRS), the company’s global commercial and specialty re/insurer and international insurance operations. The restructuring includes the creation of a new international insurance business division, the unification …
POSTED APRIL 19, 2024 11:24 AM |
UK Finance Watchdog Plans on Diversity Targets a ‘Bad Idea,’ Minister Says Plans by Britain’s financial regulator to require firms to set targets for improving diversity could be counterproductive, UK business and women minister Kemi Badenoch said on Thursday. The Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority …
POSTED APRIL 19, 2024 9:36 AM |
Time-Tested Loss Reserving Methods Challenged: AM Best Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said in a new report. As companies “finished reporting their …
POSTED APRIL 19, 2024 6:15 AM |
Uncertainty Keeps Prices Up; No Prior-Year Loss Development: Travelers With its personal lines business benefiting from the impact of rate increases earning into the book, and the commercial lines insurance premium changes staying in double-digits, Travelers reported $1.1 billion in net income for the first quarter. Still, it was …
POSTED APRIL 19, 2024 5:06 AM |
People Moves: Slide Names Powell Sales VP; Garner Moves to Alliant SE Tampa-based Slide Insurance has named former Farmers Insurance vice president Charles “Chas” Powell to be senior vice president of sales. Powell has more than 20 years in the industry and began his career at his family’s insurance agency in Florida. …
POSTED APRIL 19, 2024 5:01 AM |
Auto Insurer’s $10M Fraud Claims Against Doctors Are Subject to Arbitration, Court Rules A federal appeals court has sided with three chiropractors in ruling that claims under New Jersey’s personal injury protection statute concerning insurance fraud are subject to arbitration. GEICO has lost its bid to pursue litigation alleging fraud against the chiropractors. …
POSTED APRIL 19, 2024 5:00 AM |
People Moves: Risk Strategies Names Newman Private Client Services Leader for West Region Risk Strategies named Bryan Newman private client services leader for the West region. He will manage the region’s sales and service teams and key carrier and third-party relationships. Newman has more than 15 years of experie nce. Most recently, he …
POSTED APRIL 19, 2024 5:00 AM |
Massachusetts AG Warns AI Systems Subject to Consumer Protection, Anti-Bias Laws Developers, suppliers, and users of artificial intelligence must comply with existing state consumer protection, anti-discrimination, and data privacy laws, the Massachusetts attorney general cautioned Tuesday. In an advisory, Attorney General Andrea Campbell pointed to what she described as the widespread …
POSTED APRIL 19, 2024 5:00 AM |
Judge Orders Pennsylvania Utility Board to Produce Chocolate Factory Blast Records Pennsylvania utility regulators must turn over inspection records to the National Transportation Safety Board as part of the federal agency’s probe into a fatal explosion at a chocolate factory last year, a federal judge ruled this week. U.S. District Judge …
POSTED APRIL 19, 2024 5:00 AM |
Business Insurance
US designates PFAS chemicals as Superfund hazardous substances The U.S. Environmental Protection Agency on Friday designated a pair of widely used industrial chemicals as hazardous substances under the country’s Superfund program, accelerating a crackdown on toxic compounds known as “forever chemicals.”
POSTED APRIL 19, 2024 1:45 PM |
Comp claimants attorney improperly awarded legal fee ‘multiplier’: Court A trial judge improperly applied a contingency fee multiplier that resulted in increased attorneys fees awarded to a claimant’s lawyer in a workers compensation case, a Florida appellate court ruled Friday.
POSTED APRIL 19, 2024 1:14 PM |
Battle of the airport names takes off in Bay Area The city of San Francisco is suing the nearby city of Oakland over the latter’s plan to modify its airport name to include “San Francisco,” arguing that the proposed name infringes on its trademark and would “cause confusion and chaos,” according to ABC News.
POSTED APRIL 19, 2024 1:08 PM |
Zurich ordered to pay $80 million in suit over employee incentives Three former managers in a workers compensation department in Zurich North America’s Rancho Cordova, California, branch have been awarded a total of $80,252,412 in compensatory and punitive damages by a jury that found the company had wrongfully terminated them for taking unofficial paid time off, according to the firm that represented them.
POSTED APRIL 19, 2024 12:49 PM |
Zurich North America shuffles middle-market leadership Zurich North America this week reassigned responsibilities among three of its senior middle-market executives.
POSTED APRIL 19, 2024 12:44 PM |
Broker M&As slow in first quarter Mergers and acquisitions among insurance brokers and agents declined 18% in the first quarter, falling to the lowest level of deals since the beginning of the COVID-19 lockdowns in 2020, according to a report released Friday by Optis Partners LLC.
POSTED APRIL 19, 2024 11:23 AM |
Cal/OSHA cites construction company over fatal trench collapse The California Occupational Safety and Health Administration said Thursday it fined a construction company $371,100 following a worker’s death in a trench collapse at a San Francisco job site in September 2023.
POSTED APRIL 19, 2024 10:43 AM |
AI not a ‘substitute,’ but can benefit insurance industry: Experts The insurance industry is poised to benefit from the use of artificial intelligence, but adopters of the technology must stay vigilant against misuse and keep up to date on regulatory developments, experts said during a roundtable discussion on Thursday.
POSTED APRIL 19, 2024 10:29 AM |
The BI Top 10: Week of April 15, 2024 Executive moves and changes are much in the news this week. Also of note: Q1 earnings season is underway.
POSTED APRIL 19, 2024 10:00 AM |
UAE flash floods likely to be manageable for insurers
POSTED APRIL 19, 2024 9:42 AM |
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