Why Working Until 70 Is Not Simple Solution to Retirement Crisis: Viewpoint

It may seem a simple solution to the brewing U.S. retirement crisis: Get people to work until 70 before retiring and 85 percent will have the money they need for retirement. They will save more during additional years in jobs …

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Trump Plan to Curb Drug Prices Targets Rebates to Pharmacy Benefit Managers

The Trump administration proposed ending a complex system of drug rebates that influence tens of billions of dollars in U.S. pharmaceutical spending, a move that could upend the relationship between drugmakers and pharmacy benefits middlemen. The proposal, a long-awaited part …

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Copters, Cops, Canines Patrol Atlanta; NFL Reports No Super Bowl Threats

The National Football League is not aware of any security threats against Sunday’s Super Bowl, the league’s top security officer said Wednesday. “We have no credible or specific threats that have been brought to our attention,” NFL Chief Security Officer …

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Sinkhole Investigation Uncovers Tunnel Heading to Florida Bank Branch

The FBI and local police are investigating a Miami-area mystery: Who dug a narrow tunnel that burrowed beneath a road and pointed toward a quiet suburban bank branch office? FBI spokesman Mike Leverock said Wednesday that officials were notified after …

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Victims of Floor Collapse at Party Near Clemson Deal With Recovery, Lawsuits

For Nicole Dennis, Oct. 20 started out as a fun night. The Greenville resident and University of South Carolina junior was on fall break and visiting friends in Clemson. She decided to join them at a party for Clemson’s Homecoming …

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Nearly $4.2M Recovered for South Carolina Insurance Consumers in 2018

The South Carolina Department of Insurance (SCDOI) assisted insurance consumers in the state in receiving more than $4.18 million in insurance-related payments in 2018. The recovered funds are in addition to the original amounts offered to policyholders by insurance companies, …

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The Polar Vortex And Climate Change

A new report outlines the numerous risks insurers face from climate change. The report from Sustainalytics, a provider of ESG (Environmental, social and governance) and corporate governance products and services, shows that property/casualty insurers face two key points of exposure …

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Louisiana Diocese Will Name Clergy Accused of Abuse

The Roman Catholic Diocese of Baton Rouge, La., says it will publicly identify all of its clergy credibly accused of child abuse. Bishop Michael Gerard Duca says on the diocese website that releasing the list of names on Thursday will …

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Beazley Boosts Healthcare Management Team with Goetz in Chicago

Beazley has expanded its healthcare management liability team with the appointment of Greg Goetz as complex claims manager. Goetz will be based in Chicago, Ill. Goetz was previously a financial lines complex claims analyst at Allianz Global Corporate & Specialty. …

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Utah Ski Crash Lawsuit Names Gwyneth Paltrow

Actress Gwyneth Paltrow has been accused in a new lawsuit Tuesday of breaking a man’s ribs and leaving him with a concussion when she smashed into him from behind while skiing at a Utah ski resort in 2016. Retired optometrist …

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California Wants Faster Forestry Approvals in Wildfire Fight

California wildland managers said this week that they want to speed up logging and prescribed burns designed to slow wildfires that have devastated communities in recent years. After the deadliest and most destructive blazes in state history, officials are scrapping …

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W.R. Berkley’s Reinsurance Results Falter

W.R. Berkley Corp. ended 2018 with a decline in net income and worsening reinsurance combined ratio due to higher catastrophe loss expenses. At the same time, insurance premiums and investment income grew. The Connecticut-based insurer and reinsurer booked more than …

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California Bail Industry Keeps Premiums High, Lawsuit Alleges

A lawsuit filed on behalf of bail customers claims surety companies and agents in California conspire to keep premiums high. The Los Angeles Times reported public-interest groups filed the suit this week in Alameda County against more than 20 companies …

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Insurers with Best Service Win More Business from Independent Agents

It may be obvious to those in the industry that the more satisfied independent insurance agents are with a carrier, the more business they will conduct with that carrier. But the message may not be getting through to some carriers …

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Judge Says PG&E Has “Clear-Cut” Pattern of Starting Wildfires

A federal judge who has emerged as a vocal critic of PG&E Corp.’s safety record, said the California utility giant has a “clear-cut pattern” of starting wildfires and needs “strong medicine” put in place before this year’s season begins. U.S. …

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MMC Acquisition of JLT on Track to Close in Spring

Marsh & McLennan Cos.’ $5.6 billion acquisition of Jardine Lloyd Thompson Group is on track to close this spring. MMC CEO Dan Glaser, who described the deal as one of “strength on strength,” told analysts today that the transaction is …

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The MEMIC Group Promotes Greco to Business Segment Leader in Northeast

Workers’ compensation specialist The MEMIC Group has promoted Dustin Greco to business segment leader to support the company’s continued growth of the small business market in the Northeast. Greco’s territory covers New York, Vermont, New Hampshire, Massachusetts, Connecticut and Rhode …

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New Hampshire’s Optisure Risk Partners Hires Roy to Business Insurance Division

Optisure Risk Partners, a national insurance and risk management firm headquartered in Manchester, N.H., has hired Jackie Roy as an account executive in the business insurance division, providing professional and commercial insurance and risk management programs. During the past 30 …

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Insured Losses from Sydney Hailstorms Estimated at A$635M (US$457.5M): PERILS

Initial insured property losses for December’s hailstorms in Sydney are estimated at A$635 million (US$457.5 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. The hailstorms affected the greater Sydney region on Dec. 20, 2018, …

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Pennsylvania’s Largest Workers’ Comp Insurer Files Plan to Correct Charges

Pennsylvania’s State Workers Insurance Fund (SWIF), the largest writer of workers’ comp insurance in Pennsylvania, has filed a plan to retroactively correct charges to employers for their workers’ compensation policies written between April 1, 2018, and December 31, 2018. The …

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New Jersey’s Brooks Insurance Agency Hires McCluskey

Brooks Insurance Agency, a Manalapan, N.J.-based multi-line wholesaler, has hired Michael McCluskey as senior vice president and broker. McCluskey specializes in placing professional liability insurance for the financial services sector, including investment banks, M&A firms, security dealers, investment funds and …

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Specialist Re/Insurance Broker THB’s Completes Leadership Transition for Europe Division

THB, the London-based specialist insurance and reinsurance broker, confirms the completion of its THB Europe leadership transition. Joaquim Caria retires today as managing director of THB Europe, which was first announced in July 2018, when the company revealed he would …

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Pioneer Underwriters Creates Single Global Platform for Financial Institutions

Pioneer Underwriters announced it has unified its financial institutions (FI) businesses into one global underwriting operation. Richard Coello leads the global FI team which will be responsible for all FI business written by Pioneer, utilizing the same capital base to …

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Judge Nixes $50 Million Yahoo Email Breach Settlement

A U.S. judge rejected Yahoo’s proposed settlement with millions of people whose email addresses and other personal information were stolen in the largest data breach in history, faulting the Internet services provider for a lack of transparency. In a Monday …

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AXA Real Estate Unit Confident About Its London Skyscraper, Despite Brexit Uncertainty

It was a tricky time for the commercial real estate business in London. Within days, Britons would be voting on whether to remain in the European Union or leave. The French insurance giant AXA SA was trying to figure out …

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UK Financial Sector Wants Deeper EU Access After Brexit Than Non-EU Countries

Britain’s financial sector needs stability to secure its future, along with deeper access to the European Union market after Brexit than what non-EU countries normally get, a senior industry official said on Wednesday. Britain is due to leave the bloc …

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Global Atlantic Financial Invests in Iowa-based Insurtech Accelerator

Des Moines, Iowa-based The Global Insurance Accelerator announced a recent investment by Global Atlantic Financial Group Ltd. GIA is a business accelerator focused solely on innovation and technology for the insurance industry. Global Atlantic’s investment will help fund the GIA’s …

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FEMA Renews $1.3 Billion Reinsurance Program with 28 Carriers

The Federal Emergency Management Agency (FEMA) has renewed for the third year a reinsurance program that transfers future catastrophic flood insurance losses to the private sector The 2019 traditional reinsurance placement for the National Flood Insurance Program (NFIP) transferred $1.32 …

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Great American in Ohio Names Ringenwald Divisional Vice President

Cincinnati, Ohio-based Great American Insurance Group has named Rick Ringenwald divisional vice president of its environmental division. Ringenwald will serve as a member of the executive underwriting team where he will work with and support the overall strategic business of …

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Arch Insurance Names Boquist EVP in Retail Energy in Texas

Arch Insurance North America has named Eric Boquist executive vice president, retail energy. Boquist is based in Houston, Texas and will lead a newly created business unit focused on providing admitted middle market insurance solutions to energy companies in North …

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Georgia’s InsuranceHub Taps LeBaigue as VP of Technology

Metro Atlanta-based InsuranceHub’s Lee LeBaigue has transitioned from vice president of Sales to the role of vice president of Technology. LeBaigue originally joined InsuranceHub in 2011 with a background in SEO and business management. He began managing online lead acquisition …

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Everest Launches Not-For-Profit Management Liability Policy

Everest Insurance has launched Everest Expedition Not-For-Profit Management Liability policy. The new policy form provides protection for not-for-profit organizations across all industries including charitable foundations, healthcare organizations, and educational institutions. Coverage is offered in a modular form, with eight coverage …

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New Georgia Commissioner Beck Implements Insurer Rating, Complaint Systems

Georgia’s new Insurance Commissioner Jim Beck has issued several orders directed at insurers since he took office earlier this month as part of what he says is fulfilling his campaign promise to be a commissioner for consumers. The directives – …

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West Virginia City Reports Overdose Deaths Doubled in 2018

Drug overdose deaths doubled in one West Virginia community last year. The Intelligencer and Wheeling News-Register reports figures released Jan. 22 by Wheeling police show officers responded to 13 overdose deaths last year, compared with six in 2017 and three …

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Expert: Florida’s Hurricane-Hit Timber Industry Will Need Years to Recover

It could take a decade or more for Florida’s timber industry to recover from Hurricane Michael’s devastation, and the countless downed trees pose an immediate wildfire threat, Florida Forest Service Director Jim Karels told a Senate committee last week. Karels …

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Fitzgerald, Chief of Broking, Exits Aon After 27 Years

Global insurance broker Aon reported that Tom Fitzgerald is leaving the firm after 27 years of service. Fitzgerald most recently served as chief executive of Aon Broking, and before that he led the U.S. Commercial Risk and Health businesses. Aon …

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CIA Says China, Russia Pose Biggest Cyber Attack Threats to U.S.

Russia and China pose the biggest espionage and cyber attack threats to the United States and are more aligned than they have been in decades, the leader of the U.S. intelligence community told U.S. senators on Tuesday. While the two …

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Insurtech Geared to Autonomous Vehicle Coverage Grabs $5 Million in Funding

A startup focused on rewarding drivers and fleet owners that use autonomous vehicles and semi-autonomous car safety features has raised $5 million in seed funding. California-based Avinew’s technology uses artificial intelligence and telematics to gather driving data that can tell …

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Family Wants $20M for Police Shooting of Black Man in California City

The family of a 22-year-old unarmed black man killed by police last year have filed a wrongful death lawsuit seeking more than $20 million from the city of Sacramento and the two officers who opened fire. The federal lawsuit filed …

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A Look at PG&E’s Rapid Fall After California Wildfires

On an unusually warm day in northern California, hot and dry winds whipped through the Sierra Nevada foothills northeast of San Francisco. It was Thursday, Nov. 8, and a “red-flag warning” from the National Weather Service was already out, cautioning …

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Alliant Names Quinlan Vice President in California

Alliant Insurance Services Inc. has named Emily Quinlan vice president, Quinlan is based in San Francisco, and will provide risk management and insurance solutions to the firm’ West Coast client base. She was previously vice president with Equity Risk Partners. …

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Massachusetts Judge Says More Details in Purdue Pharma Case Must Be Released

A Massachusetts judge says more details contained in a lawsuit that accuses the maker of OxyContin of deceiving patients and doctors about the risks of opioids must be made public. Suffolk Superior Court Judge Janet Sanders sided Monday with Massachusetts …

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Judge Seeks to End Standoff Over NTSB Access to Crashed Limo in New York

Federal safety inspectors went to court to remove a roadblock in their investigation of a limousine crash that killed 20 people nearly four months ago. Schoharie County Judge George Bartlett heard arguments Tuesday over National Transportation Safety Board access to …

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Agency Network Exchange Appoints Melroy as Director of Accounting and Operations

ANE, Agency Network Exchange LLC, has appointed Lisa Melroy of Mount Laurel, N.J., as director of Accounting and Operations to consolidate accounting and finance functions and centralize the company’s business operations. In the last year, ANE added 17 new agencies …

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AM Best Removes MAPFRE NY from Under Review with Negative Implications

AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to a­- from a for MAPFRE Insurance Company of New York, based …

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Brazil Dam Disaster Could Delay Settlement for 2015’s Samarco Mine Disaster

Brazil’s deadly tailings dam collapse is likely to complicate a settlement for a similar disaster less than four years ago at the Samarco iron ore mine, owned jointly by Vale SA and BHP Group, investors said on Tuesday [Jan. 29]. …

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Lloyd’s Appoints Former U.S. Senator Sununu as Member of Council

Lloyd’s confirmed the appointment of former U.S. Senator John E. Sununu as a new member of its Council for a three-year term, beginning Feb. 6, 2019. During his tenure in the Senate, Sununu served on the Senate Banking Committee, where …

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China’s Ping An P&C Unveils Credit-Based Smart Auto Insurance Claim Solution

Ping An Property and Casualty Insurance Co. of China has launched a credit-based smart auto claim solution in China, to make it easier for car owners to make claims and encourage good driving habits. The credit-based system will go online …

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Octo Telematics to Provide Commercial Fleet Telematics to Mexico Auto Insurer

Octo Telematics, the Rome-based provider of telematics and data analytics solutions for the auto insurance industry, has partnered with Qualitas, Mexico’s largest auto insurer with operations throughout Mexico, Latin America and the United States. Qualitas, which has more than 4 …

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UK Parliament Asks Prime Minister to Reopen Brexit Divorce Negotiations

British lawmakers on Tuesday instructed Prime Minister Theresa May to reopen a Brexit treaty with the European Union to replace a controversial Irish border arrangement – and promptly received a flat rejection from Brussels. Two weeks after overwhelmingly rejecting May’s …

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Travelers Europe to Form Dublin Insurance Subsidiary Ahead of Brexit

Travelers Europe announced it has been granted a license by the Central Bank of Ireland to form a wholly owned insurance subsidiary in the Republic of Ireland. Based in Dublin, Travelers Insurance Designated Activity Co. (Travelers Insurance DAC) will provide …

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Thefts, Scams of Cryptocurrencies Surge 400% to $1.7B in 2018: Report

Cryptocurrencies stolen from exchanges and scammed from investors surged more than 400 percent in 2018 to around $1.7 billion, according to a report from U.S.-based cyber security firm CipherTrace released on Tuesday. Of the $1.7 billion, the report, which looks …

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French Insurer Covea Abandons Hostile Takeover of SCOR

SCOR SE slumped the most in more than a decade in Paris trading [on Tuesday, Jan. 28] after rival Covea abandoned efforts to buy the French reinsurer, ending one of the country’s most acrimonious takeover attempts in recent years. Covea …

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Arthur J. Gallagher Acquires The Chapman Group in Louisiana

Global insurance brokerage, risk management and consulting services firm ,Arthur J. Gallagher & Co., has acquired Baton Rouge, Louisiana-based The Chapman Group Inc. Terms of the transaction were not disclosed. Founded in 2003, The Chapman Group is an employee benefit …

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Missouri Insurance Dept.: Insurance Education Scholarships Available

Insurance education scholarships are once again being made available to Missouri high school seniors and college students, the Missouri Department of Insurance announced. The deadline to apply for the Missouri Insurance Education Foundation (MIEF) scholarships is March 31, 2019, Applicants …

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Employees of Michigan’s AF Group Raise Nearly $267K for Charities

Employees of Lansing, Michigan-based insurer, AF Group, have pledged $266,750 in support of numerous charitable organizations around the country as part of the company’s recent Caring and Sharing Community Campaign. Together with a dollar-for-dollar corporate match, AF Group and its …

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N.D. Insurance Commissioner Named to National Air Ambulance Panel

North Dakota Insurance Commissioner Jon Godfread has been nominated by the National Association of Insurance Commissioners (NAIC) to serve as the state insurance regulator on the national Air Ambulance and Patient Billing Advisory Committee, the state’s insurance department announced. This …

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Normandy Insurance Enters Oklahoma Workers’ Comp Market

Florida-based workers’ compensation carrier, Normandy Insurance Company, has expanded into Oklahoma and is now offering workers’ comp coverage to small, mid-size and large businesses in the state. Normandy’s entry into Oklahoma comes on the heels of its expansion into Texas, …

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Brashear to Lead Holmes Murphy’s Expansion in Texas

Iowa-based Holmes Murphy is expanding into the Houston and Central Texas markets and has added Travis Brashear to lead the initiative. Brashear, an attorney, will lead Holmes Murphy’s presently forming Houston team as vice president/market leader for South and Central …

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What to Know About Super Bowl’s Effects on Investments and Influenza

Perhaps you’ve heard. On Feb. 3, the New England Patriots will face off against the Los Angeles Rams in the Super Bowl in Mercedes-Benz Stadium in Atlanta. There has been a little bit about it on television and online. The …

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Housekeeper’s Lawsuit Alleges Marriott Failure to Protect Against Guests’ Sexual Misconduct

Leticia Vallejo, a housekeeper at a Marriott hotel in Irvine, California, said that back in the summer of 2017, a drunk male guest groped her while she was cleaning the hotel lobby bathroom. As he did so, he offered her …

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Lawyer Suit Against Says FaceTime Eavesdropped on Talks with Client

Apple Inc. was sued by a Houston lawyer who claims his iPhone inadvertently allowed an unknown person to eavesdrop on his private conversation with a client. Apple has come under fire for a bug in its iOS 12.1 iPhone software …

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How Forensic Meteorologists are Assisting with Florida First-Party Property Cases

Every day the impact technology has on our daily lives increases. The legal profession is not immune to the inundation of technological advances. A prime example of the collision of law and technology is how forensic meteorology impacts first-party property …

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Coroner: 2 Men Killed by Carbon Monoxide Poisoning in South Carolina Complex

A South Carolina coroner says two men who died at a public housing complex had both been killed by carbon monoxide poisoning. Richland County Coroner Gary Watts told news outlets Monday the cause of death for 61-year-old Calvin Witherspoon Jr. …

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Duke University Suspends 2 Fraternities, Limits 3rd Amid Hazing Probe

Duke University has suspended two fraternities and is limiting activities at a third pending a hazing investigation. Duke spokesman Keith Lawrence confirmed to The Herald-Sun on Saturday that Delta Tau Delta and Pi Kappa Phi were suspended, along with new …

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Atlanta Prepares for Super Bowl as Winter Storm Bears Down on South

Five years after cars, trucks and school buses became marooned on Atlanta freeways in what became known as “snow jam ,” another winter storm is threatening the city – just as thousands of fans begin pouring into town for Super …

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Irwin Siegel Agency Launches Active Assailant Insurance Program

Irwin Siegel Agency (ISA), a specialty market provider of property and casualty programs and loss control for human and social service organizations, has introduced an Active Assailant Program available to most industries across the United States. According to Howard Siegel, …

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I.I.I. Adds Ruiz, NAIC’s Holeman to Communications Team

The New York-based Insurance Information Institute (I.I.I.) has appointed two new full-time employees with experience in consumer education, media relations, public affairs and strategic communications to the organization. Janet Ruiz, an I.I.I. consultant for the past four years, is now …

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Last Chance: Participate in the 2019 Agency Salary Survey

ALL retail agency owners, principals, producers, CSRs — the entire agency — are invited to participate in Insurance Journal’s exclusive independent insurance agency salary survey. Results will be published in the February 18 edition of Insurance Journal Magazine. The deadline …

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Travel Insurer Allianz Predicts More New England Than Los Angeles Fans at Super Bowl

Even though the New England Patriots already have 10 Super Bowl appearances behind them, its fans will be showing up in droves to this year’s game, which pits them against the Los Angeles Rams on Sunday, February 3 in Atlanta. …

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Private Equity Again Drove Agency M&As in U.S., Canada in 2018: OPTIS

Mergers and acquisitions of insurance agents and brokers last year broke several records in 2018, with private equity/hybrid buyers accounting for 68 percent of the total. According to consultants at OPTIS Partners’ annual report, there were a record 626 deals …

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Expert Ponders California Wildfire Commission, Other Solutions to State’s Severe Seasons

Establishing a California Wildfire Commission is just one idea an expert is tossing out to help the state deal with worsening fire seasons. James Woods was formerly co-leader of Mayer Brown’s Global Insurance Industry Group and chair of the LeBoeuf, …

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PG&E in California Files for Bankruptcy in Wake of Wildfire Liabilities

Power provider PG&E Corp. filed for voluntary Chapter 11 bankruptcy protection on Tuesday, succumbing to liabilities stemming from wildfires in Northern California in 2017 and 2018. The owner of the biggest U.S. power utility has filed a motion seeking court …

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Tinder Settles California Discrimination Suit by Daters 28 And up

Tinder agreed to settle an age-discrimination lawsuit by users in California older than 28 who claimed they had to pay more for the dating app’s premium features than younger users. The settlement covers about 230,000 subscribers to Tinder Plus and …

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Delaware Contractor Breaks Both Legs in Trench Fall

The Delaware Department of Transportation says a contractor who fell through a trench on a construction site broke both his legs. The News Journal reports that the Carrow Construction crew was digging a trench Friday as they replaced drainage pipes …

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Eversource Seeks Rate Hike to Cover Storm Damage Costs in Connecticut

Connecticut’s largest electric utility has asked the state for permission to charge ratepayers for the more than $150 million it has spent to repair damage caused by five major storms over the past two years. Eversource spokesman Mitch Gross told …

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Four Wounded During New Jersey Candlelight Vigil Shooting

Police say four girls and women were wounded, one critically, in a shooting during a candlelight vigil in New Jersey for two males killed in the crash of a stolen vehicle. Police in Newark say the victims, who range in …

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Accenture Software Now Does What 40,000 Employees Used to Do

Accenture Plc, the global consulting firm, will begin selling automation software that has already eliminated about 40,000 internal roles. The new platform, that’s been five years in development, suggests ways to streamline and automate processes in areas such as finance …

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Judge Denies Monsanto Bid to Block Certain Evidence from Roundup Trials

A federal judge overseeing lawsuits alleging Bayer AG’s glyphosate-based Roundup weed killer causes cancer on Monday tentatively allowed pieces of controversial evidence that the company had hoped to exclude from upcoming trials. U.S. District Judge Vince Chhabria during a hearing …

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Correction: Johnson & Johnson Acquires Assets of Strickland General Agency of Louisiana

CORRECTION: Insurance Journal would like to clarify its original reporting on this transaction to make clear that Johnson & Johnson acquired only the assets of Strickland General Agency of LA, Inc., and not the stock of that company; Johnson & …

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Qatar Re CEO Saacke to Step Down with Interim Leader Named

Qatar Re said that CEO and Executive Director Gunther Saacke would be stepping down from both roles in March, at the company’s next board meeting. He’ll stay on for the transition and depart later in 2019, the Bermuda-based reinsurer said. …

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UK Financial Services Minister Confident Brexit Deal Will Be Agreed

Britain is working hard for a Brexit deal but it would still be prudent to put in place contingency measures in case no agreement is reached, UK financial services minister John Glen said on Monday. Parliament will vote on Tuesday …

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Singapore Data Leak of Records of 14,200 HIV Patients Blamed on U.S. Citizen

Records of as many as 14,200 people with HIV and their 2,400 contacts have been “illegally disclosed online”, Singapore’s health ministry said in a statement, marking the second cyber attack the city-state has suffered in a year. The HIV-registry data …

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Chubb Forms 15-Year Distribution Agreement with Chile’s Largest Bank

Chubb Ltd. is boosting its presence and digital capabilities in Latin America by way of a 15-year distribution agreement with Banco de Chile, the largest bank based in Chile. “This partnership will meaningfully increase Chubb’s already significant presence in Chile …

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Allianz Has Reinsurance Exposure to Vale Dam Disaster: Sources

German insurer Allianz may have to cover some of the costs of the dam collapse at Vale’s Corrego do Feijao mine in Brazil, two people familiar with the matter told Reuters. Allianz’s Global Corporate & Specialty division (AGCS) leads a …

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Brazil Weighs Management Overhaul at Vale After Mine Disaster; Death Toll Rises

Brazil’s government weighed pushing for a management overhaul at iron ore miner Vale SA on Monday as grief over the hundreds feared killed by a dam burst turned into anger, with prosecutors, politicians and victims’ families calling for punishment. By …

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Global Malware Attack Could Cost Businesses $193B in Damages: Lloyd’s/Aon Report

A coordinated global cyber attack, spread through malicious email, could cause economic damages anywhere between $85 billion and $193 billion, a hypothetical scenario developed as a stress test for risk management showed. Insurance claims after such an attack would range …

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Allianz Enters Formal Negotiations to Buy Malaysia Car Insurer: Sources

Allianz Malaysia Bhd. has been chosen to progress in talks to acquire Malaysia’s second-biggest car insurer after edging out Japanese rival Mitsui Sumitomo Insurance Co., people with knowledge of the matter said. AmGeneral Insurance Bhd.’s owners have decided to enter …

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Families File Civil Suit Against Parents of Kentucky School Shooting Suspect

The families of victims of a Kentucky school shooting have filed separate civil lawsuits blaming the suspect’s parents for failing to secure a handgun used in the attack. The lawsuits say the mother and stepfather of Gabriel Parker were negligent …

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Who Pays for Injuries Blamed on E-Scooters?

Over the past few years, cities across America have experienced sudden downpours of shared electric scooters, piling up almost overnight on curbs, sidewalks and front-yards from Atlanta to Los Angeles. The phenomenon has quickly built billion-dollar startups, a new urban …

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Prime Property & Casualty Insurance Enters Kentucky Commercial Auto Market

Prime Property & Casualty Insurance Inc. (PPCI) has entered the Kentucky commercial auto market as an admitted carrier specializing in insurance products for distressed and substandard risks. PPCI offers the capacity to insure any commercial auto risk class with adverse …

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Southeast Officials Focus on Curbing Fraud, Rising Auto Rates, Flood Insurance, Distracted Driving

For the seventh year in a row, the Florida insurance industry, regulators, and consumer advocates will push for reforms to the state’s assignment of benefits issue that has now become an insurance crisis, according to a report from the Insurance …

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Michigan Highways Closed Due to Crash, Whiteout

Authorities in Michigan’s Upper Peninsula have closed a highway because of a large multi-vehicle crash and whiteout conditions. Michigan State Police said Sunday afternoon that M-28 in the central UP would be closed until further notice. It said the highway …

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Arlington/Roe Finalizes Acquisition of Wisconsin Surplus Lines Broker

Indianapolis-based managing general agent and wholesale insurance broker Arlington/Roe & Co. has completed the acquisition of Robert W. Schmidt & Company LLC, a special risk broker located in the Milwaukee suburb of Brookfield, Wisconsin. Robert W. Schmidt & Company was …

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Delta General Agency Adds Buchtler as Personal Lines Manager

Sean Buchtler has joined Houston-based Delta General Agency Corp. as manager of Personal Lines. Buchtler has many years of underwriting and sales experience with a career focus in personal lines. He brings knowledge and experience working in both the retail …

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Missouri’s Mulligan Insurance Joins Valley Insurance Agency Alliance

Mulligan Insurance in New Columbia, Missouri, has joined Valley Insurance Agency Alliance (VIAA), a cohesive family of over 120 independent insurance agencies in Missouri and Illinois. Mulligan Insurance was founded in 2019 by owner Lance Hall, who has more than …

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Texas Traffic Fatalities Dropped in Texas in 2018

After seven straight years of increases, the number of traffic fatalities in Texas fell in 2018, the Insurance Council of Texas (ICT) reported. Texas Department of Transportation data show that traffic fatalities dropped 4 percent from 3,720 in 2017 to …

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Insured Losses from Last Year’s California Wildfires up to $11.4B

California Insurance Commissioner Ricardo Lara on Monday announced that more than $11.4 billion in insured losses have been reported from the November 2018 fires. That is a 25 percent increase, or more than $2.3 billion, from losses the California Department …

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$13M Suit Filed Against Fitness Chain After Oregon Man Dies on Treadmill

A $13 million lawsuit has been filed against a fitness center chain after a 62-year-old Oregon man collapsed and died while running on a treadmill. The Oregonian/OregonLive reported the lawsuit filed last week in Oregon by the man’s wife, claims …

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Small Quake Struck Pacific Ocean off Oregon Coast

A magnitude 4.5 earthquake struck in the Pacific Ocean off the coast of Oregon. The U.S. Geological Survey confirmed. The agency reported the earthquake hit a spot 286.5 miles west of Yachats at 7:40 p.m. on Saturday. Yachats is a …

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Cavignac & Associates in California Names Hamilton Surety Department Manager

San Diego, Calif.-based Cavignac & Associates has promoted Jase Hamilton to surety department manager. Hamilton will oversee the department’s operations, set standard operating procedures, lead and manage all servicing and processing of department personnel, and maintain and continue to grow …

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PG&E Cleared of Liability in 2017 California Wildfire, Bankruptcy Still Seen

California fire investigators last week concluded that a major 2017 wildfire was caused by privately owned electrical equipment, prompting the state’s new governor to estimate that PG&E Corp’s potential wildfire liabilities could be almost cut in half. Investors in the …

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PG&E Erases Settlements with California Victims as Bankruptcy Looms

As PG&E Corp. prepares to file for bankruptcy, victims of wildfires are getting a preview of how they’re likely to be treated as the utility reorganizes — harshly. Ahead of an expected filing for Chapter 11 protection this week, the …

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Police Say New Hampshire Fatal Crashes Highest in More Than a Decade

State police say New Hampshire saw more fatal crashes last year than in any year since 2004. WMUR-TV reports New Hampshire State Police said in a report released Friday that there were 145 fatal crashes in 2018. That compares with …

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Delaware Officials Say Data Breach Affects Five Companies, 650 Consumers

Officials in Delaware say a data breach at a third-party administrator for health insurance companies has affected five companies and 650 consumers. The Department of Insurance announced Thursday that BenefitMall’s Oct. 11 breach has affected five companies in Delaware and …

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New York’s JenCap Holdings Promotes Maher, Hires Nielsen

JenCap Holdings LLC (JCH), a specialty insurance business, has promoted Mark P. Maher to chief operating officer and hired David Nielsen as corporate chief financial officer. In his new role, Maher will work with the JenCap management team in developing …

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Assessing Effects of Government Shutdown on Wildfires, Workforce, Research

The government may be reopening, but the consequences of the longest federal shutdown in U.S. history are likely to linger for national parks, forests, the federal workforce and cutting-edge scientific research. Some may even be permanent. Many fire crews missed …

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French Engineering Consultancy Altran Tech Hit by Cyber Attack

French engineering consultancy Altran Technologies was the target of a cyber attack last Thursday that hit operations in some European countries, it said on Monday. Altran said it had shut down its IT network and applications and a recovery plan …

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Irish Data Regulator Probes Twitter over Privacy Rules Breach

Twitter’s lead regulator in the European Union, the Irish Data Protection Commissioner (DPC), said on Friday it was investigating the company for a breach notification received from the social networking site. “The DPC has this week opened a new statutory …

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London’s Electronic Placing Platform PPL Announces Updates, Enhancements

The London market’s electronic placing platform, PPL Ltd., announced a platform update. The new release includes: An enhancement so the broker can now select multiple stamps for facilities. The underwriter response is identical to open market functionality; underwriters can select …

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Everest Re Estimates Q4 2018 Catastrophe Losses of $695 Million

Everest Re Group, Ltd. expects to incur in the fourth quarter 2018 catastrophe losses of $695 million, net of reinsurance, reinstatement premiums and taxes. The catastrophe losses were related to the fourth quarter 2018 events of Hurricane Michael which affected …

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Here Are Range of Brexit Options Being Proposed by U.K. Parliament

With U.K. Prime Minister Theresa May refusing to budge from her Brexit position, members of Parliament are proposing a range of amendments demanding a change of direction. Some overlap and some complement each other. The chances of passage depend on …

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PIMCO and Allianz Partner to Launch Insurance Linked Securities Business

PIMCO, the Newport Beach, Calif.-based fixed income investment manager, has hired Rick Pagnani from Mt. Logan Re as executive vice president, to lead the launch of the firm’s property and casualty insurance linked securities (ILS) business. The ILS market, which …

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Metals Financing Fraud Lawsuits Reveal Risks of Relying on Paper Receipts

When the man running one of London’s biggest metals brokerages found a new client who wanted to finance large volumes of nickel held in warehouses in Asia, he thought the deal promised major rewards. Less than a year later, he …

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Collapsed Brazil Mining Dam Kills at Least 58, in Echoes of 2015 Disaster

Brazilian rescuers searched into the night on Sunday for hundreds of people missing after a burst mining dam triggered a deadly mudslide, as the death toll rose to 58 and was expected to keep climbing more than two days after …

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718 Fraud Cases Referred to Nebraska Insurance Department in 2018

The Insurance Fraud Prevention Division (IFPD) at the Nebraska Department of Insurance received 718 case referrals of potential insurance fraud last year, according to the department’s Winter 2018 newsletter. Of those 718 referrals, 481 were submitted through the National Insurance …

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Texas DOT Creating Connected, Autonomous Vehicle Task Force

Texas Department of Transportation says its Connected and Autonomous Vehicle (CAV) Task Force will soon become a central point for CAV advancement in Texas. The task force is designed to be a one-stop resource for information and coordination on all …

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Missouri Insurance Dept. Helped Return More than $16M to Insureds Last year

The Consumer Affairs Division and Market Conduct Section at the Missouri Department of Insurance helped insurance consumers to receive an additional $16.2 million from their insurance companies in 2018, the department said. The monies were returned as a result of …

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Small Businesses Under Scrutiny Over Classifying Independent Contractors

Small business owners who want to use independent contractors need to be sure these workers really aren’t employees. Federal and state government agencies are on the lookout for businesses that use independent contractors, or freelancers, to evade Social Security, Medicare …

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How Cell Phone Use While Driving Is Changing

Manipulating a cellphone was a contributing factor in more than 800 crash deaths on U.S. roads during 2017 amid a marked increase in the percentage of drivers observed interacting with cellphones, new research by the insurance institute for highway safety …

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Report Warns of Robots Taking Restaurant, Trucking, Clerical Jobs

Robots aren’t replacing everyone, but a quarter of U.S. jobs will be severely disrupted as artificial intelligence accelerates the automation of existing work, according to a new Brookings Institution report. The report says roughly 36 million Americans hold jobs with …

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AmWINS Launches Social Engineering Crime Insurance Product

AmWINS Group, Inc., a global distributor of specialty insurance products and services, has launched a new product designed to protect insureds against social engineering losses while also providing education and risk mitigation services. Losses covered under the new product can …

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Tornado, High Winds Damage Florida Homes, Church, Zoo

Authorities say a possible tornado damaged several homes and downed trees and powerlines as a line of storms crossed central Florida. News outlets report winds tore much of the roof off of the parsonage at Tuscanooga Baptist Church near Orlando …

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INSUREtrust Adds Boyd as a Professional Lines Account Executive in Georgia

INSUREtrust has added Rachel Boyd as a Professional Lines account executive on Executive Vice President Christiaan Durdaller’s brokering team. Boyd has seven years of wholesale experience in management liability, allied healthcare, medical mal practice, cyber and miscellaneous professional liability. She …

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Trump Expands Federal Reimbursement for Florida’s Hurricane Michael Cleanup

Florida will get potentially hundreds of million dollars for Hurricane Michael recovery after President Donald Trump agreed to expand the number of days the federal government will reimburse state and local governments for cleanup efforts, the state’s governor announced Thursday. …

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Report: Louisiana 4th in Nation for Pedestrian Danger, Deaths

Louisiana ranks among the most dangerous areas for pedestrians in a new national report. The state is listed as fourth in the nation for pedestrian fatalities in the report released by Smart Growth America. In Louisiana, 1,047 walkers were hit …

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Icy Blast in Midwest Recalls 2014 ‘Polar Vortex;’ Worst to Come

An arctic blast spread painful cold across the Midwest on Friday, closing schools, opening warming centers and even intimidating ice fishermen in a taste of the even more dangerous weather expected next week. Forecasters called it a replay of the …

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Louisiana Joins Oklahoma in Seeking Premium Payment Relief for Government Workers

Louisiana Insurance Commissioner James Donelon on Jan. 25 issued a bulletin to insurers operating in his state, asking that they help out policyholders affected by the federal government shutdown by “exercising leniency” in the case of late premium payments. Oklahoma …

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Shutdown Delays Disaster Relief for Some North Carolina Farmers

The federal government shutdown is delaying disaster relief for some North Carolina farmers. The Fayetteville Observer reported last week the shutdown has mostly closed the federal Farm Service Agency responsible for a document required in farmer applications for state disaster …

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Oklahoma Insurance Chief Asks Carriers to Aid Shutdown-Affected Policyholders

Oklahoma’s new insurance commissioner is encouraging insurance companies in his state to work with and assist policyholders affected by the partial federal government shutdown. In a bulletin to all insurance companies in Oklahoma, Commissioner Glen Mulready requested that carriers work …

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North Dakota Bill Exempts Intoxicated Bike, Horse Riders from DUI Laws

North Dakota’s House has endorsed legislation that exempts riders of horses and bicycles from drunken driving laws. The House voted 91-1 Wednesday to allow intoxicated people who either pedal or saddle up to ride without fear of criminal prosecution. The …

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Salmonella Concerns Prompt Recall of Some General Mills Flour

General Mills is voluntarily recalling some bags of its Gold Medal Unbleached Flour because of salmonella concerns. The 5-pound (2.26 kilograms) bags have a “better if used by” date of April 20, 2020 and the UPC code 000-16000-19610-0. Customers should …

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PG&E Cleared of Liability in Major 2017 Fire; Bankruptcy Still Likely

California fire investigators on Thursday concluded that a major 2017 wildfire was caused by privately owned electrical equipment, prompting the state’s new governor to estimate that PG&E Corp’s potential wildfire liabilities could be almost cut in half. Investors in the …

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Workers’ Compensation Insurtech Pie Insurance Enters 5 Additional States

Online seller Pie Insurance has started offering its workers compensation insurance in five more states, bringing the total to 14. The Washington, D.C.-based managing general agent disclosed it has begun marketing its policies to small businesses in New York, Michigan, …

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France’s Ban on Glyphosate Expected to Curb 80% of Use by 2021

France expects to have cut the use of weedkiller glyphosate by 80 percent by early 2021, its agriculture minister said on Friday, less than previously anticipated due to the number of farmers who will qualify for an exemption. In November …

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New Jersey’s Jimcor Agency Inc. Adds Three Sales Team Members

Jimcor Agency Inc., a Montvale, N.J.-based independent managing general agent and insurance wholesaler, has hired Michael Hogan, Kyle Lacertosa and Victoria Stern. These three new sales team members serve as brokerage specialists writing both brokerage and binding business. Hogan is …

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Bank Issues China’s First Perpetual Bonds as Investment Restrictions on Insurers Eased

China’s fourth-largest lender on Friday issued the first-ever perpetual bonds by a Chinese bank, with yields at the low end of market expectations after new policies to support their issuance boosted market interest. The bond issue by Bank of China …

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Why Many Americans Will Never Be Able to Retire: Viewpoint

Traditionally, Americans could look forward to a comfortable retirement. After four decades in an office or a factory, sometime in their 60s they would lay down their burdens and enjoy a final couple of decades with time to relax, spend …

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Boeing Sees Flying Cars Revolutionizing Urban Transportation, Package Delivery

Boeing Co said on Wednesday its flying car prototype hovered briefly in the air during an inaugural test flight, a small but significant step as the world’s largest planemaker bids to revolutionize urban transportation and parcel delivery services. Boeing is …

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Progressive Embarks on Hiring Binge: 10,000 People in 2019

Insurer Progressive said it expects to hire more than 10,000 people in the coming year to support its growth. Positions will include IT and analyst roles, corporate functions, customer care and claims roles. The Ohio-headquartered company has grown more than …

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‘Resilient’ Bermuda Reinsurance Market Copes with U.S. Tax Reform, Catastrophe Losses

Bermuda-based (re)insurers continue to be tested by challenging market conditions, including heightened catastrophic losses and diminishing competitive advantage resulting from U.S. tax reform. However, the Bermuda market “remains resilient given its strong global position, demonstrated underwriting expertise, robust and effective …

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Anbang Insurance Assets for Sale Include Manhattan Building, Health Insurer, Hotels

Anbang Insurance Group Co., which symbolized the era of mega-acquisitive Chinese companies that later had to reverse their buying binges, is continuing to whittle down its empire. The Beijing-based conglomerate is exploring the sale of the Manhattan office building that …

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Wilkinson Insurance Services Acquires Commercial Insurance Services of Virginia

Wilkinson Insurance Services Inc., an insurance premium audit services company based in Huntsville, Ala., is expanding to Virginia with its acquisition of Commercial Insurance Services of Virginia. The acquisition is expected to increase the company’s footprint in the Southeast and …

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Restoring Gas Heat in Rhode Island Could Take a Week or More

National Grid began the painstaking process Tuesday of going door-to-door to restore natural gas service to about 7,000 Rhode Island customers who were without heat on a day when temperatures weren’t expected to rise above freezing. The effort in Newport …

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Hartford Archdiocese Has Paid $50M to Settle Abuse Claims

The Roman Catholic Archdiocese of Hartford says it has paid $50.6 million to settle priest sexual abuse claims over the last several decades. The archdiocese said Tuesday that it has settled 142 claims involving 32 clergy members. The archdiocese paid …

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Ryan Specialty Group Reaches Agreement to Acquire Boston Insurance Specialists

Ryan Specialty Group LLC has reached a definitive agreement to acquire the assets and operations of Boston Insurance Specialists Inc. (BIS), an independently owned wholesale insurance brokerage with offices in Mansfield and Westfield, Mass. Terms of the transaction were not …

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Jones Named Anti-Fraud Director at Kansas Insurance Department

Insurance Commissioner Vicki Schmidt has appointed Dennis Jones as director of Anti-Fraud at the Kansas Insurance Department (KID). Jones brings over 30 years of legal experience having previously served as a city attorney, county attorney, special prosecutor and most recently …

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Ohio Insurtech, Root, Plans to Expand Further, Grow Workforce

Columbus, Ohio-based Root Insurance, says it plans to expand into additional states in 2019 and increase its workforce by 150 percent. The insurtech in 2018 added 12 states — Louisiana, Montana, New Mexico, Arkansas, Delaware, Missouri, Iowa, North Dakota, Maryland, …

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UFG Insurance Names Ruehle Chief Claims Officer

Cedar Rapids, Iowa-based UFG Insurance has appointed Corey Ruehle as chief claims officer, effective Feb.1. Ruehle will succeed current Chief Claims Officer Dave Conner, as he retires after a successful 20-year career with the company. Based in Cedar Rapids, Ruehle …

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Cavignac & Associates Promotes Hamilton to Surety Department Manager

Jase Hamilton has been promoted to Surety Department manager at Cavignac & Associates, a San Diego-based risk management and insurance brokerage firm specializing in the design and construction industry. Hamilton joined Cavignac & Associates in 2013 as surety account manager. …

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Texas State Senator Files Harvey-Inspired Disaster Relief Bills

Texas state Sen. Kelly Hancock (R-North Richland Hills) has filed a legislative package addressing two significant concerns raised in the wake of Hurricane Harvey. Senate Bill 442 would require all homeowner’s insurance policies that do not provide flood coverage to …

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Everest Insurance Adds Coverages to Life Sciences Product Offering

Everest Insurance has expanded its life sciences product offering to include property, commercial auto, and workers’ compensation products for the life sciences segment. These products join the unit’s established primary product liability offering, as well as a suite of available …

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Texas Senator Proposes Statewide Flood Control Plan

Before the next Hurricane Harvey strikes, and thousands of homes are damaged or destroyed, some Texas lawmakers want to make sure communities statewide are better prepared for future floods. On Jan. 22, state Sen. Charles Perry, R-Lubbock, filed legislation to …

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Martinez Joins Worldwide Facilities Marine as Broker in Los Angeles

Worldwide Facilities Marine, a division of Worldwide Facilities, national wholesale insurance broker, managing general agent and program underwriter, has added Kelly Martinez to the Los Angeles team as a broker. Martinez brings more than 30 years of marine underwriting and …

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Progressive Takes Aim at Multi-Line Insurers

With much of the property/casualty insurance industry’s attention focused on external threats from insurtechs and digital native companies, perhaps the greatest disruption is coming from within. Following the last decade of impressive growth driven by direct-to-consumer providers, Progressive heads into …

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Sometimes Bad Things Happen in Sports That Lawsuits Can’t Remedy: Viewpoint

Oh, but we live in sour times. Next month’s Super Bowl will feature the Most Hated Team in Football against an opponent who got there because of the Worst Call in Playoff History. Of the hatred I have nothing at …

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Jury Awards $7M to North Carolina Trooper, Wife in Greyhound Bus Accident Suit

A federal jury has awarded $7 million in damages to a North Carolina trooper and his wife for when a passenger bus plowed into the trooper’s sport-utility vehicle as he responded to an Interstate 40 accident. Court documents show jurors …

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AM Best Upgrades Credit Ratings of Greenville Casualty of South Carolina

AM Best has upgraded the Financial Strength Rating to B (Fair) from B- (Fair) and the Long-Term Issuer Credit Rating to “bb” from “bb-” of Greenville Casualty Insurance Co. of Greer, S.C. The outlook of these Credit Ratings (ratings) remains …

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Miami Beach Developer Dismisses Rising Sea Levels as ‘Paranoia’

A South Florida developer is questioning the well-established facts of climate change, and is putting his money where his mouth is, investing millions to build residential projects in highly exposed Miami Beach. Brazilian billionaire Jose Isaac Peres is hosting an …

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Iowa’s Holmes Murphy Creates Philanthropic Foundation

Waukee, Iowa-based insurance services firm, Holmes Murphy, has created the Holmes Murphy Foundation for its philanthropic and charitable-giving initiatives. This newly-formed foundation will oversee all philanthropic and community engagement efforts, company-wide. “Through this foundation, we are creating an investment strategy …

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Tougher Seat Belt Law Passes North Dakota Senate

Dakota’s Senate wants to change the state’s seat belt law. The Senate voted 24-23 on a proposal to allow police to pull over drivers if they see them not wearing seat belts. The fine would be $50. The measure now …

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Fans File Blown-Call Lawsuit Seeking Do-Over of Rams-Saints Game

In the legal equivalent of a Hail Mary pass, two New Orleans Saints season ticket holders asked a judge on Tuesday to order the NFL commissioner to reverse the results of the NFC championship game that sent the Los Angeles …

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Louisiana’s Insurance Commissioner Draws GOP Challenger

Louisiana’s insurance commissioner has drawn a challenger from within his own party. Republican Tim Temple announced he will run for the office on the Oct. 12 ballot, seeking to oust GOP incumbent Jim Donelon. Temple, who lives in Baton Rouge, …

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Shelton Retiring as Executive Director of Houston Insurance Agents Group

The Independent Insurance Agents of Houston announced that IIAH Executive Director Carole Shelton has decided to retire from her position effective March 15th. Shelton has played a major role in the organization for over three decades, serving as a guiding …

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Missouri Third-Worst State for Driver Safety Laws, Report Says

A new report ranks Missouri near the bottom of all states for driver safety laws, at a time when distracted driving is happening at a high rate. Advocates for Highway and Auto Safety, a national roadway safety coalition, has released …

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PG&E: Judge’s Aggressive Fire Prevention Plan Would Cost $150B

PG&E Corp. estimates it would cost as much as $150 billion this year alone to comply with a federal judge’s proposal to prevent wildfires. California’s largest investor-owned utility said U.S. District Judge William Alsup’s plan for it to trim branches …

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Allianz Adds Reyes to Aviation Underwriting Team in Colorado

Allianz Global Corporate & Specialty has named Hugo Reyes a senior underwriter in General Aviation for North America. Reyes is responsible for the underwriting of complex General Aviation risks and broker development and management. Reyes joins Allianz with nearly two …

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Delaware Licensed 46 Newly Formed Captive Insurers in 2018

In 2018, Delaware licensed 46 newly formed captive insurers despite a challenging environment, according to Delaware Insurance Commissioner Trinidad Navarro in a press release issued by the Delaware Insurance Department. “Captive insurance formations faced a number of challenges in 2018, …

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Amity Insurance Agency Forms Strategic Alliance with New Hampshire Bar Association

Amity Insurance Agency Inc., a Quincy, Mass.-based full service agency, has formed a strategic alliance with the New Hampshire Bar Association. The announcement was made by Roy Solomon, president and owner at Amity Insurance, and George Moore, executive director at …

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Washington D.C.’s Ensurise Merges with Maryland’s Reese, Yeatman & Associates

Independent insurance agency Ensurise LLC has merged with the property and casualty insurance brokerage operations of Reese, Yeatman & Associates Inc. Founded more than 40 years ago by Michael G. Reese Sr., Reese Yeatman is in its second generation of …

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Appeals Court Rules Federal Age Bias Law Protects Only Current Employees, Not Applicants

A divided U.S. appeals court on Wednesday dealt a setback to older job applicants, saying they cannot invoke a federal law against age bias in employment to challenge hiring policies they believe have a discriminatory impact. In an 8-4 decision, …

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U.S. Privacy Regulation Tested by Facebook Scandals

Facebook Inc.’s repeated privacy scandals have infuriated users, lawmakers and data-security advocates who are clamoring for a forceful government response. That job mainly falls to Joe Simons, who is under pressure to satisfy doubters or risk sidelining his agency as …

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Insurers Advised That Political Volatility, Economic Slowdown, Flood Insurance Among Top Risks

As insurers track both old and new risks heading into 2019, here’s one that carriers don’t typically consider: The White House. David Wessel, director of The Hutchins Center on Fiscal and Monetary Policy, cited the Trump White House and its …

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Anti-Fraud Specialist FRISS Expands into France

FRISS, the provider of fraud and risk solutions for the property/casualty insurance industry, announced the opening of its French office in Paris. At the same time FRISS is expanding their team, led by the country manager Nicolas Kaploun. The expansion …

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Allianz to Enter Vietnam Insurance Market via Joint Venture with IT Firm FPT Group

Allianz announces its intention to enter the general insurance sector in Vietnam through a digital joint venture (JV) to be set up with the FPT Group – driving long-term success in the market and expanding Allianz’s footprint in Asia. FPT …

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IGI Taps Garrity from Swiss Re as CEO in Malaysia to Lead Asia-Pacific Growth

International General Insurance Holdings Ltd. (IGI), the Dubai-based speciality re/insurer, has appointed Nick Garrity as chief executive officer of IGI’s Labuan Branch in Malaysia. Garrity will be based in the Kuala Lumpur office. In his new role, Garrity will help …

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Support Grows for Delaying UK’s Exit from EU, as Brexit Deadline Looms

The risk of a no-deal Brexit appears to be receding after calls for a delay to the U.K.’s exit from the European Union won powerful backing in London and other EU capitals. The pound rose. Senior figures in the French …

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Hurricane Florence Demonstrates Perils of Being Underinsured/Uninsured, Says RMS

Hurricane Florence caused extensive freshwater flood damage in the Carolinas and parts of Virginia in September—and about 70 percent of those flood losses will be uninsured, according to RMS. “The insured loss for Florence will be between $2.8 billion and …

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Private Flood Insurers Not Yet Ready to Fill Massive U.S. Protection Gap

The flood insurance protection gap in the United States is massive, but the take-up rate of private flood insurance continues to be low. The relative inability of private insurers to penetrate the flood insurance market has been blamed on the …

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Barrier Collapse at North Carolina Construction Site Kills 1

Authorities in North Carolina say one person is dead and two people are hurt after a barrier collapsed at a construction site. News outlets report the N.C. Department of Labor said the accident occurred Tuesday at a site where affordable …

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Lawsuit Filed Against School District Over Fatal Shooting at Kentucky High School

The estate of a girl killed and three other students wounded in a shooting at a Kentucky high school have filed suit against the school district and school officials, the teenage suspect and his mother and stepfather. The lawsuit filed …

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Businesses View Cyber, Business Interruption as Bigger Risks Than Catastrophes

Cyber incidents join business interruption as the top risks facing global businesses, according to a survey conducted by Allianz Global Corporate & Specialty (AGCS). The impact of business interruption (which includes supply chain disruption) is the major risk for companies …

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Insurance Industry Use of Drone, Aerial Imagery Soared After 2018 Southeast Disasters

The importance of drones and aerial imagery rose to a new level in the wake of 2018 natural catastrophes as insurers made them an integral part of their disaster recovery procedures, particularly following the hurricanes in the Southeast. From the …

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Houston Company to Pay $250K in Workers’ Comp Fraud Case

A Houston company has pleaded guilty to workers’ compensation premium fraud in a case that spanned four years, the Texas Department of Insurance, Division of Workers’ Compensation announced. According to the announcement, Alpha Mar entered the plea in a Travis …

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Winter Storm in Utah Leads to Avalanche, Crashes, Outages

A powerful winter storm has left a trail of traffic accidents, power outages and even an avalanche across Utah. Little Cottonwood Canyon reopened Tuesday morning, a day after an avalanche closed the canyon and State Route 210. Meanwhile, state troopers …

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PG&E in California Secures $5.5B in Credit and Loans to Operate During Bankruptcy

The nation’s largest utility has lined up $5.5 billion in credit and loans so it can continue operating as it prepares for bankruptcy. Pacific Gas & Electric said in a regulatory filing Tuesday it secured commitments from JPMorgan Chase, Bank …

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Travelers Partners with ASQ Underwriting on Transactional Risk Insurance

The Travelers Companies, Inc. has partnered with ASQ Underwriting, a managing general underwriter, to offer transactional risk insurance in the United States, as strategic and private equity investors increasingly turn to insurance to mitigate deal risk and compete for acquisition …

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Oklahoma School District Settles Sexual Abuse Case for $3.5M

A settlement has been reached in a federal lawsuit accusing an Oklahoma school district of shielding a sexual predator and calling children liars. Perry Public Schools admitted liability for the “unwanted and unlawful touching” of 14 girls by a former …

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Shofner Joins LP Risk in Texas as Director of Operations

Bryan Shofner has joined Houston-based wholesale insurance broker and managing general agency, LP Risk, as director of operations. Shofner’s previous roles include senior vice president of Marsh McLennan Agency LLC and president and CEO of Shofner & Associates Insurance Agency. …

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Cannasure Hires Dharia as Client Service Director in Ohio

Cannasure Insurance Services (Cannasure), an insurance managing general agent (MGA) and wholesale broker for the cannabis and hemp industries, has hired Jay Dharia as client service director in the group’s Cleveland, Ohio, corporate office. Dharia will be responsible for the …

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AIG’s Strong Joins Tokio Marine as Business Innovation Officer

Specialty insurer Tokio Marine HCC announced that Shilpa Strong has joined the company as Business Innovation Officer to pursue continued investment in operational efficiencies, customer experience and digital innovation. Strong has 20 years of insurance and reinsurance industry experience including …

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Former Iowa Insurance Agent Convicted of Insurance Fraud

A former Iowa insurance agent has been convicted of insurance fraud following an insurance fraud investigation by the Iowa Insurance Division’s Fraud Bureau. The division reported that Joy Marie Heldt, age 48, of Madrid, was convicted of Fraudulent Submissions to …

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France Fines Google $57M for Breaching EU’s Data Privacy Rules Under GDPR

France’s data protection watchdog fined Alphabet’s Google 50 million euros ($57 million) on Monday [Jan. 21] for breaching European Union online privacy rules, the biggest such penalty levied against a U.S. tech giant. The French regulator said the world’s biggest …

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AI-Driven MGA Clearcover Raises $43 Million; American Family Among Backers

American Family Insurance joined a new $43 million financing round for Clearcover, a managing general agent with an artificial intelligence-driven platform focused on car insurance. The Chicago-based insurtech startup said its Series B financing was led by Cox Enterprises. American …

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CopperPoint in Arizona Names Rachel Davis-Schultz SVP, Chief Human Resources Officer

Phoenix, Ariz.,-based CopperPoint Insurance Cos. has named Rachel Davis-Schultz senior vice president and chief human resources officer. Rachel has more than 21 years of experience. For the past 10 years, she has been with Express Scripts, a pharmacy benefit manager. …

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Bayer Wants California Judge to Limit Evidence in Another Roundup Cancer Trial

Bayer AG unit Monsanto has asked a California judge in the litigation over its glyphosate-based weed killer Roundup allegedly causing cancer to limit evidence by splitting an upcoming trial into two phases, a request previously successful with another judge. Monsanto …

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Maryland Family Sues for Up to $20M Over Man’s Death at Delaware Junk Yard

The family of a Maryland man crushed by a van in a Delaware junk yard is suing the business for up to $20 million for gross negligence, wrongful death and other claims. The News Journal of Wilmington reports the family …

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New York City’s Global Excess Partners Promotes Cook to VP, Managing Director

Global Excess Partners (GEP), a specialty insurance organization, has promoted Brendan Cook from vice president to vice president and managing director. He reports to Chris Zoidis, corporate executive vice president of H.W. Kaufman Group, the parent company of GEP. In …

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What to Watch for in Workers’ Compensation in 2019

Value-based care, political party changes in several states, and a more holistic view of patient injuries will impact the workers’ compensation industry this year, according to two experts hosting a workers’ compensation webinar series, Out Front Ideas. Mark Walls, vice …

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XPT Group Acquires New York City’s SVA Underwriting Services

XPT Group LLC has acquired SVA Underwriting Services Inc., a trucking and transportation MGA and Lloyd’s Coverholder. SVA Underwriting specializes in physical damage and cargo cover with the ability to underwrite, issue policies and endorsements and arrange for engineering and …

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Arrivals at Newark Were Temporarily Halted Due to Reported Drone Sightings

Reports of drone sightings in northern New Jersey temporarily halted arrivals at Newark Liberty International Airport on Tuesday, a spokesman from the Federal Aviation Administration (FAA) said. The spokesman said flights into Newark – the 11th busiest U.S. airport – …

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Robot Detects Spill on Aisle 3 But Humans Clean It Up

A wheeled robot named Marty is rolling into nearly 500 grocery stores to alert employees if it encounters spilled granola, squashed tomatoes or a broken jar of mayonnaise. But there could be a human watching from behind its cartoonish googly …

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Here Comes the New Generation of Very Rich Americans

The rich are getting richer, and younger. A survey of U.S. investors with $25 million or more finds their average age dropped by 11 years since 2014, to 47. These fabulously rich Americans, whose ranks have more than doubled since …

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Ship in Black Sea Fire Was Denied Port Entry over U.S. Sanctions Risk: Reuters

Two ships ablaze in the Black Sea region, leaving at least 10 crew dead, caught fire while transferring fuel mid-sea after one vessel was barred from using its usual port in southern Russia due to U.S. sanctions risk, two sources …

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Volvo Recalls 200,000 Cars to Fix Potential Fuel Leakage Problem

Volvo Cars, which is owned by China’s Zhejiang Geely Holding Group, is voluntarily recalling about 200,000 cars after it found an engineering issue that could potentially cause fuel leakage in the engine compartment over time. The group said its probe …

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Danske Money Laundering Scandal Damages Denmark’s Reputation: Regulator

Denmark’s status as one of the world’s least corrupt places has been undermined by the money laundering scandal engulfing its biggest bank, according to the country’s financial regulator. In a report examining risks facing Danish banks, the Financial Supervisory Authority …

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Accounting Fraud Pushes UK’s Patisserie Valerie into Insolvency

U.K. entrepreneur Luke Johnson’s efforts to save Patisserie Valerie failed as an accounting scandal pushed the bakery chain’s parent into insolvency, threatening as many as 2,800 jobs on Britain’s beleaguered shopping streets. Patisserie Holdings Plc appointed KPMG as administrator after …

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Commodities Broker Files $284M Suit, Alleging Metals Fraud – in Echo of Natixis/Marex Case

Broker ED&F Man has filed a $284 million lawsuit against two Hong Kong companies, alleging that they knowingly provided fraudulent warehouse receipts for nickel stored in Asia, court documents show. The two Hong Kong firms, Come Harvest Holdings Ltd (CHH) …

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Texas Sunset Board: Legislature Needs to Decide Nature of Windstorm Insurer

To be the insurer of last resort for wind and hail insurance along the Texas coast, without state support and reliant on premium dollars and debt financing for funding, or to be a true insurance company that derives funding primarily …

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Indiana’s United Health Actuarial Services Acquired by Risk Strategies

Risk Strategies, a privately held, national insurance brokerage and risk management firm, has acquired United Health Actuarial Services Inc. (UHAS), a health actuarial, management, and underwriting consulting firm based just north of Indianapolis in Carmel, Indiana. Terms of the deal …

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Shutdown Affecting West Virginians Recovering From 2016 Flood

A program that helps people rebuild homes that were damaged or destroyed in West Virginia’s 2016 flood is being affected by the partial federal government shutdown. The Charleston Gazette-Mail reports a statement from the West Virginia National Guard, which oversees …

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Arrest Made in $1.4M Florida Comic Book Heist

A few comic books from a stolen Batman collection worth $1.4 million have been recovered after an arrest in Arizona. News station ABC-15 in Phoenix reports that police charged Phillip Weisbauer of Royal Palm Beach, Florida, with theft and trafficking …

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J&J to Pay States $120 Million to Settle Hip Implant Marketing Claims

Johnson & Johnson and its DePuy Orthopaedics unit have agreed to pay $120 million to resolve deceptive marketing claims by several U.S. states over the company’s metal-on-metal hip implants. Attorneys general of 46 U.S. states announced the settlement agreement in …

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Brightway Adds Staplin as In-House Counsel, Promotes Maddox, Pollard

Jacksonville, Fla.-based Brightway Insurance has added Max Staplin as its in-house counsel and member of its executive leadership team. In this new role, Staplin will oversee all legal and compliance matters for the company. According to Brightway Co-Founder and CEO …

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New Florida Gov Wants State Ban on Smokable Medical Marijuana Ended

Republican Florida Gov. Ron DeSantis criticized the Legislature’s implementation of a medical marijuana law and said last week that if they don’t fix it quickly, he’ll take matters into his own hands. DeSantis wants a new law by mid-March that …

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California’s Massive Wildfires Push Travelers to Seek Higher Premiums

California’s deadly wildfires are raising the specter of higher insurance premiums for homeowners in the state. After “two significant years in a row of losses, I think the discussion and the debate about the environment is pretty broad and pretty …

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California Lawmaker to Introduce Bill to Free up Funding for Retrofits

California state Sen. Majority Leader Bob Hertzberg, D-Van Nuys, on Tuesday announced a bill to allocate $1 billion in funding over the next 10 years to retrofit homes across California. The bill was timed to follow the 25th anniversary of …

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Travelers Grew Q4 Profit Despite California Wildfire, Hurricane Michael Losses

Travelers Cos. reported that despite catastrophe losses from the California wildfires and Hurricane Michael, it boosted its profit in the fourth quarter of 2018 thanks to growth in premiums and investment income. Net income rose to $621 million from $551 …

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Investigators Probe Gas Leaks at South Carolina Apartment Complex

New gas leaks have been found at a South Carolina apartment complex where two people were found dead in separate apartments. Columbia firefighters said they started the inspections Thursday night after residents reported smelling gas and crews finding additional gas …

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Marsh & McLennan Agency to Acquire Bouchard Insurance of Florida

Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, has reached agreement to acquire Clearwater, Fla.-based Bouchard Insurance, a full-service agency in Florida. Terms of the transaction, which is expected to close later this month, were …

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BLS Survey Shows Louisiana Workplaces Among the Safest in 2017

According to a recent Bureau of Labor Statistics (BLS) survey, Louisiana remained one of the safest states in which to work, the Louisiana Workforce Commission reported. The state’s rate of non-fatal accidents and injuries has continually decreased over the past …

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K2 Insurance Acquires Assets, Operations of Nebraska’s Mid-America Risk Managers

K2 Insurance Services LLC (K2) has completed its acquisition of the assets and operations of Mid-America Risk Managers Inc. (MARM). MARM, based in Omaha, Nebraska, is a farm and agricultural focused specialty general agency that distributes specialty insurance products through …

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3.6 Magnitude Quake Strikes Northwestern Oklahoma

The U.S. Geological Survey reports a moderate earthquake in northwestern Oklahoma. The U.S.G.S. recorded a magnitude 3.6 quake at 11:27 p.m. Sunday in Major County near the town of Meno, about 75 miles northwest of Oklahoma City. No injuries or …

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Alliant in California Forms Partnership with PSP Investments

Newport Beach, Calif.-based Alliant Insurance Services Inc. announced that a Canadian pension investment manager is making an investment in the firm. The investment by the Public Sector Pension Investment Board is joined by an additional investment from funds managed by …

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Driverless Shuttle Making Debut in Utah State Capitol

A driverless public shuttle is expected to make its Utah debut this year as state officials test the possibilities of autonomous vehicles. The Salt Lake Tribune reported the shuttle that holds about a dozen people is expected to begin operating …

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Utah Roadway Deaths Drop for Second Year in a Row

The number of people who died on Utah roads decreased for the second consecutive year, new state statistics show. The 264 deaths on Utah roads in 2018 were the lowest since 2014 and down from 273 the year before, the …

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Edison Trying to Shift Blame for California Mudslides

Edison International said much of the damage from the mudslides that swept through the coastal town of Montecito last year was the result of poorly designed and maintained debris basins for which local governments are responsible. The parent company and …

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Fund Manager LJM Sues to Find Those Behind Market Volatility Losses

LJM Partners Ltd. on Friday filed a lawsuit against unnamed parties it holds responsible for hundreds of millions of dollars it lost after last year’s jump in stock market volatility that effectively put the fund manager out of business. LJM …

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Warming Oceans Cause Krill to Shift Closer to Antarctica: Scientists

Krill are shifting south towards Antarctica as the oceans warm, disrupting stocks that are eaten by penguins and whales and caught by industrial trawlers, scientists said on Monday. Main populations of the shrimp-like crustaceans, which grow to 6.5 cm (2.5 …

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From Banks to Telecoms, Large Firms Disclose Risks, Opportunities of Climate Change

Bank of America Corp. worries flooded homeowners will default on their mortgages. The Walt Disney Co. is concerned its theme parks will get too hot for vacationers, while AT&T Inc. fears hurricanes and wildfires may knock out its cell towers. …

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Drone Travel Chaos at Gatwick Airport Cost EasyJet Nearly $20 Million

EasyJet lost 15 million pounds ($19 million) during 36 hours of travel chaos sparked by drones flying into London’s Gatwick Airport in December, the budget airline said on Tuesday, adding it should serve as a “wake-up call” to airports. The …

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N.J. Congressman Introduces Federal Bill That Would Require Rail Safety Probe Notification

A New Jersey congressman has introduced legislation to force federal regulators to notify Congress when a railroad or transit agency is being investigated for safety violations. The bill proposed by Democratic Rep. Albio Sires would require the Federal Railroad Administration …

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Connecticut Insurance Department Recoups Nearly $8M

The Connecticut Insurance Department says it recovered nearly $8 million for policyholders and taxpayers in 2018 by helping individuals, families and employers with their claims and complaints. Acting Commissioner Paul Lombardo says the agency’s consumer affairs staff each year helps …

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Starkweather & Shepley Selects Burns to Lead Newly Opened Virginia Beach Office

Starkweather & Shepley Insurance Brokerage Inc. (S&S) has opened a new Virginia Beach, Va., location led by Christopher Burns, senior vice president and National Marine Practice Group leader. In this role, Burns will focus on managing the marine insurance team …

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M&T Insurance Agency Hires Batt in Washington D.C.

M&T Insurance Agency (MTIA) has hired Jeffrey Batt to its Washington, D.C., office as the cyber insurance practice leader. In this role, he will manage client relationships by providing cyber insurance and risk consulting. In addition to insurance brokerage and …

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BHSI Offers Transactional Liability Cover in UK & Europe, Appoints Martin from Enstar

Berkshire Hathaway Specialty Insurance (BHSI) announced it is expanding its North American Transactional Liability Insurance business into the UK and Europe and has appointed Ed Martin as head of Transactional Liability, UK and Europe, based in London. “As the need …

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Legacy Acquirer DARAG Buys Italian Motor Business from DONAU Versicherung

Legacy Acquirer DARAG Group Ltd. announced it has agreed to purchase a portfolio of Italian non-life business, consisting primarily of motor third party liability from DONAU Versicherung AG. Financial details of the transaction, which is subject to approval by the …

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Natural Disasters in 2018 Had $90B in Insured Losses, 60% Protection Gap: Aon

The economic costs of last year’s 394 natural catastrophe events came to US$225 billion with insurance covering US$90 billion of the overall total, creating the fourth costliest year on record of insured losses, according to an Aon report titled “Weather, …

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Danske Bank Faces Shareholder Lawsuit over Money Laundering Scandal

Litigation funder IMF Bentham has teamed up with legal experts Quinn Emanuel and Njord Law Firm and plans to file a shareholder lawsuit against Danske Bank by July over a 200 billion euro ($230 billion) money laundering scandal. IMF’s European …

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PM May Refuses to Rule Out No-Deal Brexit, but Seeks Further EU Concessions

British Prime Minister Theresa May sought to break the parliamentary deadlock over Brexit on Monday by proposing to seek further concessions from the European Union on a plan to prevent customs checks on the Irish border. With little time left …

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With Shutdown, Oklahoma’s Rural Fire Departments Fear Funding Issues

Oklahoma officials anticipate problems with funding the state’s rural firefighting services if the partial federal government shutdown persists. The Oklahoma Department of Agriculture’s forestry division received communication from the U.S. Forest Service not to suspend any activities on some of …

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Ohio’s David Sichko Agency Joins Smith & Leavitt Insurance Services

Columbus, Ohio-based David Sichko Agency has affiliated with Smith & Leavitt Insurance Services and will now do business as Leavitt Group Midwest-Smith, Molino & Sichko, the companies said. The agency will continue to offer Nationwide insurance products. The affiliation will …

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South Dakota’s Leavitt Recreation & Hospitality Adds Williams, Jones

Vance Williams and Mike Jones have joined Leavitt Recreation & Hospitality Insurance (LRHI) in Sturgis, S.D., the company reported. Both Williams and Jones will focus on commercial insurance for the recreational industry, including RV parks, campgrounds, trailer parks, hunting preserves, …

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$1.4M Batman Comic Collection Stolen from Florida Storage Unit

A Florida man is reaching out to the comic-collecting community, hoping to reclaim nearly 450 valuable comic books that were recently stolen. The Sun Sentinel reports that Randy Lawrence posted on social media last week that his registered Batman and …

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2 Markel CATCo Execs Leave After Reserves Inquiry Unveils ‘Personal Relationship’

Markel Corp. has reported that Anthony Belisle, Markel CATCo chief executive officer, and Alissa Fredricks, Markel CATCo chief executive officer for Bermuda, are no longer with the company following the disclosure of a “personal relationship” that the insurer said violated …

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Tornadoes Cause Damage in Alabama, Florida Panhandle

Homes, businesses, government offices and churches were among the buildings badly damaged or demolished when tornadoes struck central Alabama over the weekend. The severe weather hit Saturday and another tornado was reported later that evening at an air base in …

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Researchers Looking into How Drones Can Predict Wildfire Spread

A University of Missouri researcher is teaming up with scholars in Kansas and Georgia to develop drone technology to monitor and potentially predict the spread of wildfires. The $1.2 million research project that began last month aims to use unmanned …

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Corporate Culture, Cyber Risk Are Top of Mind for D&O Underwriters

Transparency and culture awareness were the key takeaways from a panel discussion on top directors and officers’ claims trends that took place at this year’s Professional Liability Underwriting Society (PLUS) annual conference in San Diego. An audience poll at the …

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Insurance Agents Assured of Trump Pass-Through Tax Break Under Final Treasury Rule

The U.S. Department of the Treasury today issued final regulations and other guidance on a provision of the Tax Cuts and Jobs Act that allows owners of sole proprietorships, partnerships, trusts, and S corporations to deduct up to 20 percent …

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Oklahoma Securities Agency’s Computer Files Breached, Firm Says

The Oklahoma agency that protects investors from fraud is investigating whether its data was breached after a cybersecurity research team discovered that a computer server had left millions of files unsecured and open to the public. Oklahoma Department of Securities …

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Former AIG Chief DeSantis Named President, CEO of The General

Nashville-based auto insurer The General has appointed Tony DeSantis to the new position of president and chief executive officer, joining Chief Operating Officer Steve Tjugum as the company’s top leaders. Elicia Azali has been named Marketing senior vice president. The …

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South Carolina Capitol City Bans Electric Scooters

South Carolina’s capitol city has banned electric scooters for a year while the city studies the operation of companies providing the service. News outlets reported Columbia City Council voted Tuesday to prohibit the use of electric scooters to protect the …

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Arthur J. Gallagher Acquires Interstate Insurance Underwriters in Louisiana

Arthur J. Gallagher & Co. has acquired Shreveport, Louisiana-based Interstate Insurance Underwriters LLC, the company announced. Terms of the transaction were not disclosed. Founded in 1963, Interstate Insurance Underwriters is a managing general agency (MGA) offering a variety of property/casualty …

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New Suits Filed Over Pain Meds Given to Near-Death Patients in Ohio

An Ohio man said on Jan. 16 he was stunned to learn of allegations that his wife’s hospital death last year was caused by a doctor’s order for a fatal dose of pain medication. David Austin said he called an …

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Ohio Hospital: Doc Gave Excessive Pain Meds to Near-Death Patients, Suit Filed

An intensive care doctor ordered “significantly excessive and potentially fatal” doses of pain medicine for at least 27 near-death patients in the past few years after families asked that lifesaving measures be stopped, an Ohio hospital system announced after being …

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California OK’s Pot Deliveries into Communities that Ban Sales

California has endorsed a rule that will allow home marijuana deliveries statewide, even into communities that have banned commercial pot sales. The regulation by the state Bureau of Cannabis Control was opposed by police chiefs and other critics who predict …

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California Insurance Commissioner Names Executive Team

California Insurance Commissioner Ricardo Lara announced new members of his executive team, including the first Latina chief deputy in the history of the California Department of Insurance. The new executive team members join an existing leadership team. “I am proud …

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PG&E Says It Won’t Commit to Paying Settlements With 2015 California Fire Victims

PG&E Corp. is so cash-starved that it won’t commit to paying settlements reached with people who lost their homes in a 2015 wildfire caused by a tree falling on a power line. The disclosure by a lawyer for the utility …

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AXA XL Completes Transfer of XL Insurance Co. from UK to Dublin

AXA XL has completed the transfer of its European Union insurance company, XL Insurance Co. SE (XLICSE), from the UK to Dublin, Ireland. XLICSE is a wholly owned subsidiary within the AXA XL division of AXA Group, providing insurance within …

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NAIC Names 34 Insurance Consumer Representatives for 2019

The National Association of Insurance Commissioners (NAIC) recently named 34 consumer liaison representatives for 2019. Established in 1992, the Consumer Liaison Program promotes consumer interaction with state insurance regulators at meetings and throughout the year. The 20 funded and 14 …

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Employers Reminded that Feb. 1 Is Injury Report Posting Deadline

The Occupational Safety and Health Administration is reminding employers they face a Feb. 1 deadline. That is the deadline for employers to post a copy of OSHA’s form 300A, which summarizes job-related injuries and illnesses logged during 2018. Each year, …

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P/C Insurers Achieved Underwriting Turnaround in First 9 Months Compared to Last Year

Private U.S. property/casualty insurers reported a $4.7 billion net underwriting gain in nine-months 2018, a sharp turnaround from a $21.0 billion net underwriting loss a year earlier. The results were helped by a rare decline in overall losses and loss …

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The Bright Side in a Graying U.S. Workforce: Viewpoint

Economists call it the “old-age dependency ratio” – a rough measure of the balance between people who work and retirees. The ratio compares the number of people over age 65 – classified as “old” – with those aged 15 to …

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Hiscox Stages Cyber Attack to Show Small Businesses What It’s Like to Be Hacked

Hiscox, a specialist in small business and cyber insurance, recently staged a “real world” hack to demonstrate what a cyber attack would look like in the real world. The insurer collaborated with UK bike manufacturer Brompton Bicycle, constructing overnight a …

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Vital Insurance Partners Names Kochman Senior VP of Program Placement

Vital Insurance Partners, an insurance consulting and program intermediary, has named Curtis Kochman senior vice president of Program Placement. Kochman, who will be based in Pittsburgh, Penn., will be responsible for the development and placement of programs within the specialty …

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Trager Reznitsky Insurance Opens Second Location in Connecticut

Trager Reznitsky Insurance, based in North Haven, Conn., is expanding south to the shoreline town of Branford, Conn. Agency principals Joshua Trager and Eugene Reznitsky officially opened the agency’s second location on January 2, 2019. The agency’s new location shares …

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N.Y. Workers’ Comp Board Launches First-In-Nation Virtual Hearings Initiative

The New York State Workers’ Compensation Board has launched a new tool that makes it easier for injured workers, attorneys and other participants to attend workers’ compensation hearings remotely. The Board’s virtual hearings, a first-in-the-nation initiative, give injured workers a …

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Boston Marks the 100th Anniversary of the Great Molasses Flood

Slow as molasses? This treacle didn’t trickle. It was a sticky, deadly tsunami that flattened an entire Boston neighborhood within seconds. On Tuesday, the city marks the 100th anniversary of its most peculiar disaster – the Great Molasses Flood. It …

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Climate Change, Shrinking Glaciers Threaten Rhine River Shipping Access

Kevin Kilps’s car ferry churns the waters of Germany’s Rhine river as he steers toward the bank opposite Kaub, a scenic village just south of the rocky outcropping named after the legendary siren Lorelei. It’s typically a busy stretch of …

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Argo Estimates Losses from Q4 Natural Catastrophes, Other Claims to Hit $44M

Argo Group International Holdings, Ltd., the Bermuda-based re/insurer, announced a preliminary pre-tax catastrophe loss estimate of $32 million for the fourth quarter of 2018, primarily related to Hurricane Michael and the California wildfires. Additionally, the company’s fourth quarter 2018 results …

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What’s Next for Brexit After UK Parliament Rejects May’s EU Divorce Deal?

Prime Minister Theresa May’s Brexit deal has been thrown out by Parliament. She’s now in talks with rival politicians to find a way forward before presenting a Plan B on Monday. If her plan isn’t convincing, then British lawmakers will …

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Marex Spectron Metals Financing Deal Triggers Fraud Lawsuit, Insurance Dispute

Commodities broker Marex Spectron was warned by one of its executives about the risk of fraud before it finalized a metals financing deal with French bank Natixis that triggered a $32 million lawsuit by the lender, court documents seen by …

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BHSI Expands into UK-Ireland Property Construction, Taps Scor’s Seamer to Lead Team

Berkshire Hathaway Specialty Insurance (BHSI) announced it is expanding into the property construction insurance market in the UK and Ireland and has appointed Simeon Seamer to lead the effort as head of Property Construction, UK and Ireland. “With the current …

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Germany, China Agree to Expand Market Access in Insurance, Banking, Finance

Germany and China on Friday signed agreements to strengthen coordination in banking, finance and capital markets, and pledged to further open market access and deepen cooperation to broaden economic ties. The agreements were reached after a two-day visit to Beijing …

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Missouri’s Lindley-Meyers to Chair NAIC’s Market Regulation Committee

Missouri Department of Insurance, Financial Institutions & Professional Registration (DIFP) Director Chlora Lindley-Myers has been appointed chair of the Market Regulation and Consumer Affairs (D) Committee for the National Association of Insurance Commissioners (NAIC). The mission of the committee is …

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ICT: Destructive Weather Took a Break in Texas Last Year

Between 2015 and 2017, Texas experienced a record number of tornadoes, hailstorms and a hurricane, but the state finally got a reprieve from all of the destructive weather in 2018, the Insurance Council of Texas (ICT) reported. Prior to last …

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German, U.S. Firms in Patent Feud Over Mandated Railroad Safety Technology

Two companies battling for a share of more than $14 billion in mandated safety upgrades on U.S. railroads are set to collide in federal court to resolve a dispute over technology that prevents train accidents. Germany’s Siemens AG accuses U.S. …

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Method Insurance Launches Workers’ Comp Program for High-Hazard Risks

Method Insurance Services has launched a specialty workers’ compensation program with Service American Indemnity Co. that focuses on an under-served market segment for challenging, high-hazard risks. The program will entertain middle market accounts with manual premiums between $10,000 – $250,000 …

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Florida Jury Awards Family $500M in Wrongful Death Suit Over Car Shooting

A Florida jury has awarded nearly $500 million to the family of a woman fatally shot during an argument in a car in 2011. The family of 20-year-old Kalil McCoy of Jacksonville filed a wrongful death lawsuit against the man …

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Unlicensed Adjuster Arrested for Stealing $14K from Homeowners After Irma

An unlicensed insurance adjuster has been arrested over unlicensed public adjusting activities and the filing of false and fraudulent liens on individuals’ homes following Hurricane Irma, according to a statement from the Florida Department of Financial Services. Chief Financial Officer …

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Enviro Risks, Climate Change Lead Concerns in World Economic Report

Environmental risks continue to dominate long-term concerns, a new report shows. World Economic Forum’s Global Risks Report 2019 released on Wednesday included as collaborators Marsh & McLennan Cos. and Zurich Insurance Group, as well as academic advisers at the Oxford …

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AIG’s Bernal Joins AXA XL’s Broker/Client Management Team in Texas

Roman E. Bernal has joined AXA XL’s broker and client management team in Houston as client distribution leader for the US South Central region, reporting to Wayne Speeg, US South Central regional leader. Bernal will be one of AXA XL’s …

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Normandy Insurance Expands Workers’ Comp Coverage to Texas

Florida-based workers’ compensation carrier Normandy Insurance Co. is now offering workers’ compensation insurance to small, mid-size, and large businesses in Texas. This marks the fourth major expansion by the multi-state insurer in the past two years. Normandy now offers workers’ …

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Michigan Senate GOP Priority: Cutting Car Insurance Rates

Michigan Senate Republicans have signaled their intent to make lowering high auto insurance premiums a top priority in the two-year session, proposing legislation that would make it optional for Michigan drivers to buy what is now mandatory unlimited medical coverage. …

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Rich Joins EPIC Insurance Brokers in Houston

EPIC Insurance Brokers and Consultants has added Brandon Rich in its property/casualty practice in Houston as a client advocate, reporting to EPIC’s Southwest Region Managing Principal and Director KJ Wagner. Rich will be responsible for new business development and the …

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AM Best: Credit Ratings of Brotherhood Mutual Insurance Downgraded

AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” from “a” of Brotherhood Mutual Insurance Co. (Brotherhood) in Fort Wayne, Indiana. The outlook for the ratings is …

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Brown & Brown Subsidiary Acquires Illinois’ Izzo Insurance Services

Hull & Company LLC, a subsidiary of Brown & Brown Inc., has acquired substantially all the assets of Izzo Insurance Services Inc., based in Bloomingdale, Illinois. Founded in 1980 by Karen Izzo, Izzo Insurance Services is a wholesale brokerage that …

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3-in-5 Californians Cite Housing Displacement Issues After Severe Weather Events: Poll

Nearly three-in-five Californians whose community was impacted by a natural disaster report that homeowners or renters in their community have been displaced after the disaster and subsequently left the area to reside elsewhere. A poll conducted by a Jumpstart Insurance …

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3.7M Earthquake Hits Northern California

The U.S. Geological Survey confirmed a 3.7 preliminary magnitude earthquake rattled the small city of Piedmont in northern California. The USGS says the tremor occurred on Wednesday at 4:42 a.m. The impacts of the earthquake were not immediately known. Earthquakes …

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Woodruff Sawyer in California Names Mckenna National Healthcare Practice Leader

San Francisco, Calif.-based Woodruff Sawyer has named Frank Mckenna senior vice president and national healthcare practice leader. Mckenna will be responsible for expanding and growing the current Healthcare practice. Mckenna was previously president of the healthcare practice for a large …

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Guy Carpenter Forms New Division, Makes Post-JLT Merger Leadership Appointments

Reinsurance broker Guy Carpenter & Co. announced the formation of a new Global Capital Solutions Group as well as a series of leadership appointments that will become effective upon the closing of the acquisition of Jardine Lloyd Thompson Group plc. …

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Deploying Drones, 3D Printing to Reduce Secondary Accidents at Crash Sites

Idling in a long highway line of slowed or stopped traffic on a busy highway can be more than an inconvenience for drivers and highway safety officers. It is one of the most vulnerable times for “secondary accidents,” which often …

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Cuomo Proposes Banning Stretch Limos from New York Roads

New York Governor Andrew Cuomo proposed banning stretch limousines from the state’s roads as part of a safety crackdown on large for-hire passenger vehicles following the deadliest U.S. transportation accident in nearly a decade. Twenty people were killed in October …

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New York, New Jersey Governors Set 2019 Goals to Legalize Recreational Marijuana

The Democratic governors of New York and New Jersey each set goals to legalize recreational marijuana as part of their 2019 agendas, declaring in separate State of the State speeches Tuesday that new laws should raise state revenue and redress …

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Kaplansky Insurance Acquires Massachusetts’ KW Insurance

Kaplansky Insurance, an independent locally owned agency in the Northeastern U.S., has acquired KW Insurance, a full-service agency with locations in Dedham and Cambridge, Mass. Following the acquisition, the KW Dedham location will be merging with Kaplanky’s corporate headquarters in …

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Mass. SJC Says Police Can Make Drugged Driving Arrest Based on Observations

The Massachusetts Supreme Court has ruled that a state police officer was justified in arresting a suspect for driving under the influence of marijuana based on the officer’s observations of the driver’s demeanor, physical appearance and behavior. The case – …

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Finchum Named Head of MetLife Auto & Home

MetLife has named Darla Finchum as head of the company’s U.S. property/casualty business, MetLife Auto & Home. Finchum has been serving in this role on an interim basis since August, 2018. She will be responsible for growth and management of …

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Severe Weather in Canada Cost Insurers C$1.9 Billion in 2018: IBC

Insured damage from severe weather events across Canada reached C$1.9 billion (US$1.4 billion) in 2018, according to the Insurance Bureau of Canada (IBC), quoting statistics from Catastrophe Indices and Quantification Inc. Severe weather across Canada continues to highlight the financial …

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Brexit Update: City of London Prepares for Worst, Hopes for Best

Dismay, confusion, relief — and hope. The City of London had a range of reactions to the U.K. Parliament’s overwhelming rejection Tuesday night of Prime Minister Theresa May’s blueprint for quitting the European Union, and her sprint to cobble together …

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Germany, China Discuss Ways to Improve Market Access for Insurers, Banks

Germany and China are working on ways to improve market access for each other’s banks and insurers, the German finance minister said on Thursday, and he welcomed plans by China and the United States to ease trade tensions through talks. …

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Final Insured Losses for Europe’s Storm Friederike/David Estimated at €1.7B: PERILS

The final loss estimate for Extratropical Cyclone Friederike, also known as David, reached €1.672 Billion ($1.906 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This compares to the previous PERILS loss report of €1.675 …

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Failure to Mitigate Climate Change, Cyber Risks at Top of Global Risks: WEF

The failure to tackle climate change and extreme weather events are the most threatening global risks this year, according to the World Economic Forum. Inability to mitigate or adapt to climate change leapfrogged several places on the list as the …

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New Zodiac Insurance D&O Policy Targets Small Global Financial Institutions

Lloyd’s broker AFL Insurance Brokers Ltd’s independent USA managing general agent subsidiary Zodiac Insurance Services has launched directors and officers (D&O) capacity for the small global financial institutions (Small FI) market. Partnering with underwriters at Lloyd’s, Zodiac has created a …

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North Carolina Businesses Without Workers’ Comp Coverage Fined $3.2M

The North Carolina Industrial Commission’s Compliance and Fraud Investigative Division collected more than $3.2 million in penalties and issued 289 criminal charges at the end of the first two quarters of Fiscal Year 2018-19 as it continues to identify businesses …

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South Carolina Lawmakers Try to Legalize Medical Marijuana, Again

South Carolina lawmakers are once again introducing legislation to legalize marijuana for treatment of critically ill patients in the state, making another go at a debate that has gradually made progress in this deeply red state in recent years. Sen. …

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RLI Promotes Kirk, Schick Within Surety Group

Peoria, Illinois-based RLI Corp. has promoted Bob Kirk and Brian Schick within its Surety group. Kirk, assistant vice president, Commercial Surety, has been promoted to vice president, Commercial Surety. Kirk succeeds Martha Weissbaum, who recently retired from RLI after 18 …

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Kentucky Distillery Employee Dies After Falling from Facility Walkway

Authorities say a distillery employee in Kentucky died after falling from a suspended walkway at the facility. The Daviess County coroner’s office said Tuesday that an autopsy revealed 44-year-old Dennis Layman of Owensboro died of blunt force trauma after falling …

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Trump EPA Chief Tells Senators Climate Change ‘Not the Greatest Crisis’

U.S. President Donald Trump’s new pick to run the Environmental Protection Agency told lawmakers on Wednesday he does not believe climate change is a major crisis, and would continue to undo Obama-era emission limits if confirmed. Trump nominated EPA Acting …

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Research Suggests Marijuana Users More Likely to Be Fired or Laid Off

As U.S. rates of marijuana use continue to rise, workers who use marijuana may be at higher risk of losing their jobs. Job loss may be an overlooked social cost of marijuana use, according to the new research by Cassandra …

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Markel Faces Investor Lawsuit Over CATCo Loss Reserves

Markel Corp. is facing is class action shareholder lawsuit over reserve statements by its investment management unit that are being investigated by U.S. and Bermuda authorities New York law firm Bragar Eagel & Squire said it filed the class action …

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Cabrillo Coastal Launches Flood Coverage for Dwelling Fire Policies in Florida

Cabrillo Coastal General Insurance Agency launched a flood endorsement for new or existing dwelling fire policies for its admitted program in Florida. The coverage follows Cabrillo Coastal’s launch of a flood endorsement for new or existing homeowners policies for their …

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Feds Fine North Carolina Restaurant Over Wage, Child Labor Law Violations

A North Carolina restaurant has been fined by federal officials who say it violated minimum wage and child labor laws. The U.S. Department of Labor announced in a news release that Max’s Pizza in Surf City was fined $14,287 for …

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Bhatia Joins California’s Preferred Employers Insurance as Sr. Underwriter

San Diego, California-based Preferred Employers Insurance, a Berkley Company, has added workers’ compensation underwriting expert, Minoo Bhatia, as a senior business development underwriter. Bhatia comes to Preferred with over 25 years of workers’ compensation experience having worked in claims, audit, …

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4.2 Magnitude Earthquake Hits Oklahoma

Officials say there are no reports of damage after a 4.2 magnitude earthquake struck northern Oklahoma on Tuesday morning. The U.S. Geological Survey says the quake was centered near Hayward, or about 50 miles north of Oklahoma City. It had …

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NetVU’s Ambers Named Chief Growth Officer at AVYST in Dallas

AVYST, a provider of sales and risk management produces and services for independent insurance agents and brokers and their carrier partners, announced that Kitty Ambers has joined the insuretech firm in Dallas as chief growth officer. Ambers will be responsible …

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Johnson & Johnson Acquires Louisiana’s Strickland General Agency

Charleston, South Carolina-based Johnson & Johnson is expanding its footprint into Louisiana by acquiring the assets of Strickland General Agency of LA Inc. (SGA LA), located in Harahan, Louisiana. Strickland General Agency was established in 1995 as a full service, …

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Mudslide, Traffic Snarls Accompany 1st of Expected SoCal Storms

The first in a series of Pacific storms brought heavy rain to Southern California and snow in the mountains on Jan. 14, closing some highways and snarling traffic. Fears were that the rain could unleash mud and debris flows from …

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Cyber Joins Business Interruption as Top Global Business Risks: Allianz Survey

Cyber incidents join business interruption as the top risks facing global businesses, according to a survey conducted by Allianz Global Corporate & Specialty (AGCS). The impact of business interruption (which includes supply chain disruption) is the major risk for companies …

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Cities Sue Companies over Sealant Pollution in Minnesota Ponds

Seven Minnesota cities are suing a group of companies that refine coal-tar sealants to help pay for cleanup after the product’s harmful chemicals ended up in stormwater ponds across the state. The cities filed separate federal lawsuits last month to …

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Criminalizing 1st-Time DUIs in Wisconsin Is a Tough Sell

With a new Democratic ally in the governor’s office, a handful of Republican lawmakers are pushing for Wisconsin to join the rest of the country and criminalize first-offense drunken driving. On paper it might look like a can’t-miss bipartisan initiative, …

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Fox Takes Over as Michigan Insurance Department Director

Anita Fox officially began her tenure as director of the Michigan Department of Insurance and Financial Services (DIFS) after being sworn in on Jan. 14. Director Fox was appointed by Gov. Gretchen Whitmer on Dec. 27, 2018. She brings more …

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ArgoGlobal and Italian Insurtech Firm Provide On-Demand Insurance for Gig Workers

ArgoGlobal Assicurazioni S.p.A, a subsidiary of specialty re/insurer Argo Group International Holdings Ltd., is working with insurtech startup Axieme to provide on-demand, pay-as-you-go insurance for temporary and short-term workers in Italy’s gig economy. How does the partnership work? Jobs first …

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New York’s The Iroquois Group Hires Venus in Virginia

The Iroquois Group, an Allegany, N.Y.-headquartered network of independent insurance agencies, has hired Charles Venus as its vice president of Middle Market & Specialty. Venus is based in Northern Virginia. The former commercial lines leader for Brown & Brown of …

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New Hampshire’s Optisure Risk Partners Hires Soden

Optisure Risk Partners, a Manchester, N.H.-based provider of risk management and insurance, has hired Greg Soden as vice president of revenue development. In this role, Soden will work as part of the executive leadership team to develop and implement strategies …

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Former CNA CEO Motamed Joins AIG Board

The board of directors of American International Group has elected Thomas Firouz Motamed, who retired as chairman and chief executive officer of CNA Financial Corp. in 2016, as a director. Motamed has also been appointed to the board’s Risk & …

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Cuomo Criticizes Predatory Lending Approach Involving New York Courts

New York Governor Andrew Cuomo is seeking to end his state’s role as the nation’s collections department for predatory loans to small businesses. Cuomo plans to submit legislation to curtail the use of confessions of judgment, he said Tuesday in …

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Family Behind Purdue Pharma Pushed Opioid Marketing, Massachusetts Says

Members of the wealthy Sackler family behind Purdue Pharma LP pushed it to boost sales of OxyContin and other opioids even as questions emerged about the extent its painkillers were being abused, Massachusetts’ attorney general alleged on Tuesday. Attorney General …

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Fired Moody’s Executive Gets Paris Job Back and $1.8 Million Payout

A Moody’s Corp. managing director fired for lashing out at a junior co-worker who criticized his team’s work won his Paris job back and a 1.6 million-euro ($1.8 million) payout. Moody’s France fired the managing director in March 2015 after …

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