Insurance
UK’s First Coal Mine in 30 Years Faces Climate Court Test
Climate groups called a decision to open the UK’s first deep coal mine in more than three decades unlawful, claiming that approval was granted without taking into account all the harmful emissions that it would produce. Lawyers for Friends of …
Read More Allianz Makes $1.6 Billion Offer for 51% of Income Insurance
Allianz has made an offer to acquire at least 51% of Singapore’s Income Insurance Ltd. in a transaction valued at about S$2.2 billion ($1.6 billion). The planned acquisition will significantly strengthen Allianz’s presence in Singapore, Europe’s biggest insurer said in …
Read More Viewpoint: Deepfake Fraud Is On the Rise. Here’s How Insurers Can Respond
It is interesting—and telling—that one of the concerns around generative artificial intelligence has to this point largely revolved around copyright infringement. The most high-profile lawsuits around GenAI have so far centered on the idea that this technology will absorb the …
Read More Surplus Lines’ Commercial Growth; Fla. Litigation Costs Reached New High in 2023
Two recent reports reflect trends in Florida’s property insurance market, including the continued growth of surplus lines’ business and an uptick last year in litigation costs for carriers. The Florida Surplus Lines Service Office reported this week that the admitted …
Read More Insurers Tied to Apollo, KKR Buy Mortgages Outright in New Twist
Yield-hungry insurance firms are adopting an unconventional strategy: they’re skipping mortgage-backed bonds and buying the underlying whole loans outright. It’s a trend that’s picked up pace over the last few years. Last year alone, insurers increased their holdings of residential …
Read More Washington Adult Family Home Operator Facing Felony Charge in Alleged Workers’ Comp Scam
A Spokane, Washington woman who ran an adult family home while claiming she was too injured to work faces a felony charge in a $60,000 workers’ compensation fraud case. Serah Kamau, 52, reportedly operated her business, Brookhouse Adult Family Home, …
Read More Amazon Worker Injured Due to Repetitive Tasks Loses Workers’ Compensation Bid
An Amazon distribution center worker in Virginia whose job entailed repetitive lifting and stowing of items every day and who suffered rotator cuff tears has been denied workers’ compensation benefits because she failed to prove her injury resulted from an …
Read More New Jersey’s US Senator Menendez Convicted of Bribery, Foreign-Agent Charges
US Senator Bob Menendez, the once-powerful New Jersey Democrat, was found guilty of bribery, extortion and acting as a foreign agent of Egypt after a corruption trial focused on 13 gold bars, nearly $500,000 in cash and a Mercedes-Benz seized …
Read More World Insurance Acquires Rhode Island’s Affiliated Insurance Managers
Insurance broker World Insurance Associates announced that it recently acquired the business of Affiliated Insurance Managers (AIM) of Warwick, Rhode Island. AIM was founded in 1937. Today the agency is primarily focused on commercial lines, while also providing insurance to …
Read More People Moves: Aon Taps Thomas From Lloyd’s as Head of Lloyd’s Capital; McLarens Names 2 Leadership Appointments in Latin America
This edition of International People Moves details appointments at Aon and McLarens. A summary of these new hires follows here. Insurance broker Aon plc appointed Ed Thomas as head of Lloyd’s Capital within its Reinsurance Solutions Capital Advisory team. Thomas …
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