News Center
News Archives - Insurance Journal
California Commissioner Announces FAIR Plan Modernization Deal California Insurance Commissioner Ricardo Lara said on Friday that he and the California Fair Plan have agreed to establishing a new high value commercial coverage option with limits up to $20 million per building and other steps that he said …
POSTED JULY 26, 2024 6:32 PM |
Business Moves: NFP, Clear Group, and Strategic Risk Group Complete 4 Acquisitions Three brokers – NFP, Clear Group, and Strategic Risk Group – each announced acquisitions during July. In reverse chronological order, the acquisitions are listed as follows: NFP, the New York-based insurance broker and Aon subsidiary, announced on July 24 that …
POSTED JULY 26, 2024 4:27 PM |
Paris Trains Hit By Sabotage Hours Before Olympics Kick Off Trains to and from Paris, including the international Eurostar service, were hit by what authorities called a “massive attack aimed at paralyzing the network” of France’s super-fast trains just hours ahead of the inauguration ceremony of the 2024 Olympic Games. …
POSTED JULY 26, 2024 3:00 PM |
J&J Loses Latest Legal Bid to Revive Talc Bankruptcy Strategy Johnson & Johnson lost its bid in a federal appeals court to revive a plan to settle tens of thousands of talc cancer lawsuits by placing a subsidiary into bankruptcy. The ruling Thursday upheld a bankruptcy judge’s dismissal last year …
POSTED JULY 26, 2024 2:55 PM |
ALKEME Acquires Georgia’s Morris & Templeton Agency ALKEME, a national insurance broker, has acquired Morris & Templeton in Savannah, Georgia, expanding ALKEME’s footprint in the Southeast. Morris & Templeton was founded in 1981, offering commercial and personal insurance coverage, including high-end homeowners products. It has offices in …
POSTED JULY 26, 2024 2:52 PM |
Woman Dies in West Virginia’s Second Coal Mine Fatality This Year CHARLESTON, W.Va. (AP) — A West Virginia woman died Wednesday more than a week after an accident at a southern West Virginia coal mine, Gov. Jim Justice said. Ashley Cogar, 33, of Erbacon, was injured at the Wyco Surface Mine, …
POSTED JULY 26, 2024 2:35 PM |
MGU Private Client Select Teams With Ryan Specialty on High Net Worth Private Client Select Insurance Services (PCS) said it has entered into an agreement with Ryan Specialty on a distribution partnership. The independent managing general underwriter started by American Internal Group (AIG) and Stone Point Capital will use Ryan Specialty as …
POSTED JULY 26, 2024 2:09 PM |
Aon Reports 6% Drop in Q2 Net Income, Organic Revenues Grow 6% Aon reported net income attributable to shareholders of $524 million during the second quarter, a 6% decrease from $560 million reported in Q2 2023. Adjusted net income attributable to Aon shareholders increased 9% during Q2 2024 to $624 million, compared …
POSTED JULY 26, 2024 1:58 PM |
California Wildfire Continues to Spread Rapidly to 164K Acres A massive wildfire in Northern California has destroyed an undetermined number of buildings and is threatening thousands or properties, prompting thousands of evacuations orders, as it continued to rage on Friday morning. The Park fire, which became the state’s largest …
POSTED JULY 26, 2024 1:37 PM |
Rushed Railcar Inspections and ‘Stagnated’ Safety Record Reinforce Concerns Major freight railroads are rushing railcar inspections, reinforcing known safety concerns raised by unions for years, but at a House hearing Tuesday they’ll present new evidence from federal inspectors that railcar checks are routinely less than two minutes per car. …
POSTED JULY 26, 2024 12:44 PM |
Louisiana’s $3B Coastal Restoration Project Divides Residents NEW ORLEANS (AP) — Proponents of a nearly $3 billion project to restore part of southeast Louisiana’s rapidly vanishing coastline released a study Tuesday touting the expected economic benefits of its construction, even as the project faces pushback and litigation …
POSTED JULY 26, 2024 12:00 PM |
Niagara Falls Hopes Insurer Can Solve Mystery of Last Year’s Car Crash, Explosion A police investigation into the crash and explosion that killed two people in a high-powered luxury car at a Niagara Falls border crossing last year has concluded with the crash’s cause still a mystery, authorities said. The probe into the …
POSTED JULY 26, 2024 11:56 AM |
GE Vernova Blames Manufacturing Flaw for Vineyard Wind Offshore Blade Failure A manufacturing flaw led to a turbine blade failure at the Vineyard Wind offshore project off the coast of Massachusetts this month, the part’s producer, GE Vernova, said on Wednesday. The turbine blade broke on July 13 and left potentially …
POSTED JULY 26, 2024 11:37 AM |
Ryan Specialty Announces Unification of Ryan Financial Lines Ryan Specialty announced the unification of Ryan Financial Lines and the expansion of its product offerings. Ryan Financial Lines’ formation was announced in December 2023. The first phase was implemented in March 2024 with EmergIn Risk rebranding into RFL Cyber. …
POSTED JULY 26, 2024 10:00 AM |
People Moves: Vantage Promotes Bellitti as Chief Pricing & Portfolio Actuary, Names BHSI’s Valzania as CUO; AXA XL Promotes Bailey as Head of Professional, Bermuda This edition of International People Moves details appointments at Vantage Group Holdings and AXA XL. A summary of these new hires follows here. Vantage Promotes Bellitti as Chief Pricing & Portfolio Actuary, BHSI’s Valzania Named CUO Vantage Group Holdings Ltd. …
POSTED JULY 26, 2024 7:56 AM |
Illinois Legislature Clarifies Damages Under BIPA to Avoid ‘Annihilative Liability’ A bill (SB2979) amending Illinois’ Biometric Information and Privacy Act (“BIPA”), passed by both houses of the legislature on May 16 and now on Governor J.B. Pritzker’s desk, effectively overturns a recent Illinois Supreme Court ruling that could have had …
POSTED JULY 26, 2024 7:00 AM |
Employers Turn to New Technology to Safeguard Workers From Extreme Heat McKINNEY, Texas (AP) — At the start of every work day, construction worker Charles Smith puts on the essentials: hard hat. Safety glasses. A reflective vest. And a small, watch-like band for his wrist. But rather than track time, its …
POSTED JULY 26, 2024 7:00 AM |
Typhoon Gaemi Lashes Southeast China After Pounding Taiwan, Flooding Philippines Typhoon Gaemi lashed towns on China’s coastal Fujian province on Friday with heavy rains and strong winds as the most powerful storm to hit the country this year began its widely watched trek into the populous interior. The storm, which …
POSTED JULY 26, 2024 6:58 AM |
School Settles With Professor Fired for Showing Image of the Prophet Muhammad ST. PAUL, Minn. (AP) — A former adjunct professor on Monday settled a federal religious discrimination lawsuit against a private Minnesota school after she was pushed out for showing a depiction of the Prophet Muhammad in class. Details of the …
POSTED JULY 26, 2024 6:00 AM |
Devastating Wildfire Burns Down Almost 50% of Western Canadian Tourist Town A raging wildfire has devastated the western Canadian tourist town of Jasper, potentially destroying up to 50% of structures, and firefighters were trying Thursday to save as many buildings as possible, authorities said. Jasper is in the middle of mountainous …
POSTED JULY 26, 2024 5:25 AM |
How to Outperform: Don’t Outsource Underwriting to MGAs Executives of two property/casualty insurance organizations—Kinsale Insurance and the U.S. P/C operations of Arch Capital—shared their recipes for success with an analyst who crowned their companies as performance leaders during a recent industry webinar. The short takes: We don’t outsource …
POSTED JULY 26, 2024 5:16 AM |
People Moves: Liberty Mutual Names Haase CFO; Peirce to Retire Julie Haase has been named executive vice president and chief financial officer of Liberty Mutual Insurance, effective Jan. 1, 2025. Haase is currently executive vice president, executive managing director and chief operating officer of Liberty Mutual Investments. She joined Boston-based …
POSTED JULY 26, 2024 5:10 AM |
FTC Looking Into Targeted Pricing Based on Personal Data The U.S. Federal Trade Commission has launched a study of products that could allow companies to set different prices for consumers based on their locations, past purchases, and other personal data. The agency said on Tuesday it had ordered Mastercard, …
POSTED JULY 26, 2024 5:08 AM |
Russian Commodities Aren’t Safe in Red Sea as Houthis Attack Yemen’s Houthi militants have attacked more merchant ships hauling Russian commodities than products from anywhere else in the world, highlighting the limits of safe-passage assurances that the rebels gave Moscow earlier this year. Back in January and March, the Houthis …
POSTED JULY 26, 2024 5:03 AM |
Penn National Can’t Avoid Asbestos Coverage Payout, SC Supreme Court Says Pennsylvania National Mutual Casualty Insurance Co. cannot escape the long tail of asbestos, and must cover part of the litigation losses for an asbestos installation company that went out of business more than 30 years ago, the South Carolina Supreme …
POSTED JULY 26, 2024 5:01 AM |
Business Insurance
Proposed Maryland safety standard would mandate protections from heat Maryland occupational safety regulators are finalizing a proposed standard that would establish minimum requirements for employers to protect workers from heat.
POSTED JULY 26, 2024 1:20 PM |
Injured crane worker barred from suing cell tower owner A crane oiler seriously injured by an electric shock is barred from suing a cell tower owner because the company was his “statutory employer,” the 11th U.S. Circuit Court of Appeals ruled Wednesday.
POSTED JULY 26, 2024 12:25 PM |
Cowbell obtains $60M in funding from Zurich Cowbell, a Pleasanton, California-based provider of cyber insurance for small and mid-sized enterprises, said Friday that it closed a $60 million investment from Zurich Insurance Group Ltd.
POSTED JULY 26, 2024 11:26 AM |
Hartford profit up 35% in second quarter Hartford Financial Services Group Inc. Thursday reported second-quarter net income of $733 million, up 35% from the year-earlier period.
POSTED JULY 26, 2024 10:21 AM |
The BI Top 10: Week of July 22, 2024 The insurance implications from last week’s CrowdStrike outage generated significant reader interest. Also of note: a jury award for USI in a poaching dispute with Lockton.
POSTED JULY 26, 2024 10:00 AM |
WTW’s net income grows by 48%
POSTED JULY 26, 2024 9:59 AM |
Meta faces $13 billion fine for abusing dominant position
POSTED JULY 26, 2024 9:57 AM |
RenRe reports net income of $495 million
POSTED JULY 26, 2024 9:55 AM |
Insured losses from global IT outage could reach up to $1.5 billion
POSTED JULY 26, 2024 9:54 AM |
Twelve Capital reveals plan to merge with Securis
POSTED JULY 26, 2024 9:53 AM |
Drought causes over $3 billion in agricultural
POSTED JULY 26, 2024 9:51 AM |
Italy seizes $131 million from Amazon for tax, labor violations
POSTED JULY 26, 2024 9:49 AM |
Composite insurance rates in Pacific region slip 5%
POSTED JULY 26, 2024 9:48 AM |
Volcanic eruption forces airport to suspend flight operations
POSTED JULY 26, 2024 9:45 AM |
Aon reports revenue jump in wake of NFP deal Aon PLC Friday reported $3.76 billion in revenue for the second quarter, an 18.4% increase over the same period last year, as most of its main divisions benefited from the $13 billion purchase of NFP Corp., which was completed in late April.
POSTED JULY 26, 2024 9:26 AM |
Measure treating ride-share drivers as independent contractors upheld The California Supreme Court Thursday upheld a measure approved by voters allowing app-based services such as Uber and Lyft to consider drivers independent contractors rather than employees entitled to greater benefits.
POSTED JULY 26, 2024 8:49 AM |
CrowdStrike says over 97% of Windows sensors back online More than 97% of Windows sensors are back online, CrowdStrike CEO George Kurtz said Thursday, nearly a week after a software update by the cybersecurity firm triggered a global outage.
POSTED JULY 26, 2024 7:51 AM |
Commercial insurance rates seen rising further in 2024: Gallagher Commercial insurance rates continued to rise in the second quarter, and average increases have accelerated so far in the third quarter, senior executives at Arthur J. Gallagher & Co. said Thursday as the brokerage reported its financial results.
POSTED JULY 25, 2024 6:01 PM |
Axa XL adds cyber teams for mid-size, wholesale cyber clients Axa XL announced Thursday the creation of underwriting teams dedicated to middle-market and wholesale cyber clients.
POSTED JULY 25, 2024 1:15 PM |
Vantage makes pair of executive appointments Vantage Group Holdings Ltd. Thursday promoted Kelly Bellitti to chief pricing and portfolio actuary and named former Berkshire Hathaway Specialty Insurance executive David Valzania as chief underwriting officer.
POSTED JULY 25, 2024 12:12 PM |
FedEx worker loses bid for comp benefits for repetitive injuries A Federal Express Corp. employee who says she suffered cumulative trauma from years of physically demanding work is not entitled to medical and disability workers compensation benefits because she never gave proper notice of her injuries to her employer, the Tennessee Court of Workers’ Compensation Claims ruled Wednesday.
POSTED JULY 25, 2024 11:46 AM |
Liberty Mutual names Julie Haase CFO Liberty Mutual Insurance Co. said Thursday that Julie Haase will become the insurer’s chief financial officer on Jan. 1, 2025.
POSTED JULY 25, 2024 11:40 AM |
WTW posts higher revenue, profit Willis Towers Watson PLC Thursday reported second-quarter revenue of $2.27 billion, up 5% from the year-earlier period.
POSTED JULY 25, 2024 10:54 AM |
California indoor heat protections go into effect California employers are now required to adopt safety measures for when indoor workplace temperatures reach 82°F or higher to prevent the risk of heat illness to workers, the California Department of Industrial Relations announced Wednesday.
POSTED JULY 25, 2024 10:45 AM |
Insurance firms in Algeria eye new rail projects worth $3 billion
POSTED JULY 25, 2024 10:05 AM |
NOTICE: The links and articles found on or within this news center are simply for informational purposes that we believe may be of benefit to our clients and/or website visitors. By providing these links on our website, we are not recommending or endorsing the use of the particular products or services these third parties offer. Nor does Kelstar Inc. confirm, corroborate or agree to the statistics or opinions on these links and articles. We urge you to review each website’s Privacy Policy, Disclaimers, and develop an independent opinion of the service or product for any link pursued.
|