Insurance
GlaxoSmithKline Sues Moderna for Patent Infringement Over COVID Vaccines
British drugmaker GlaxoSmithKline sued Moderna in federal court in Delaware on Tuesday, accusing its American rival of violating GSK’s patent rights in messenger RNA (mRNA) technology with its blockbuster COVID-19 vaccine Spikevax. According to the two lawsuits, Moderna’s lipid nanoparticles …
Read More Markets/Coverages: QBE to Launch US Inland Marine With 3 Hires From AIG; Next Now Offers Standalone Pro Liability for Consultants
QBE International Markets will launch a new U.S. inland marine offering by 2025 across all 50 states as it expands its specialty product suite. The team and product will be added to QBE International Market’s growing ocean marine and energy …
Read More Progressive More Than Doubles Q3 Net Income Despite Helene Losses
Progressive Corp. said it’s third quarter 2024 net income more than doubled compared to last year, to about $2.3 billion. Progressive said it took a hit of $563 million in catastrophe losses in September from Hurricane Helene. Breaking down the …
Read More Floridians Cleaning up From Milton Hampered by Widespread Fuel Shortage
CORTEZ, Fla. (AP) — Floridians recovering from Hurricane Milton, many of whom were journeying home after fleeing hundreds of miles to escape the storm, spent much of Saturday searching for gas as a fuel shortage gripped the state. In St. …
Read More Volunteers Bring Solar Power to Hurricane Helene Disaster Zone
Nearly two weeks after Hurricane Helene downed power lines and washed out roads all over North Carolina’s mountains, the constant din of a gas-powered generator is getting to be too much for Bobby Renfro. It’s difficult to hear the nurses, …
Read More Ardonagh Completes A$2.3B Acquisition of Australia’s PSC Insurance Group
The Ardonagh Group, the London-based independent insurance distribution platform, announced it has completed the A$2.3 billion (US$1.6 billion) acquisition of PSC Insurance Group Ltd. The completion of the acquisition in the APAC region sees PSC’s operations in Australia and New …
Read More Milton’s 123,000 Claims So Far to Mean New Pressure on Reinsurance, Rate Hikes
Property Insurance claims from Hurricane Milton had topped more than 123,000 by Sunday, with some $1.5 billion in estimated insured losses. That’s already more than the claims and losses reported for Helene, which made landfall in Florida two weeks earlier, …
Read More Vermont Approves Union Mutual Affiliation With N&D Group
Vermont’s insurance regulator has approved an affiliation of Union Mutual Fire Insurance Co. with the Massachusetts-based mutual insurer Norfolk & Dedham Group. Under the now-approved “acquisition of control” transaction that was proposed in April, Union Mutual and its wholly owned …
Read More KCC Expects Private Insured Losses of $36B From Hurricane Milton
Florida’s Hurricane Milton caused private insured losses of about $36 billion, estimated catastrophe modeler Karen Clark & Co. The estimate includes losses from wind, storms surge, and inland flooding to personal, commercial and industrial properties and vehicles, as well as …
Read More Russian Missile Hits Fourth Cargo Ship in Ukraine This Month
A Russian missile hit a fourth cargo ship in Ukraine this month, as the Kremlin ramps up its attacks on Kyiv’s trade infrastructure. A grain storage facility at Odesa port was attacked on Monday, killing one person and injuring two …
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