Insurance
Oil Majors Should Pay $12B to Repair Damage in Nigeria: Report
Oil companies including Shell Plc and Eni SpA should pay $12 billion to repair environmental devastation in Nigeria’s crude-rich Niger Delta, a new report said. More than six decades of pumping oil has left Bayelsa state “in the grip of …
Read More More States Adopting Professional Standards for Public Adjusters
A movement to establish professional standards for public adjusters gained ground this year, with lawmakers in five states passing bills that impose new controls over a trade that already requires a license in 46 states. Brian S. Goodman, general counsel …
Read More AM Best: Only Two Impaired Insurers in ’22, Down From 10 in ’21
Despite the reversal seen in the U.S. equity market and rising inflation and interest rates, P/C insurers performed well in 2022, according to the latest report on the long-term impairment rates of AM Best-rated, U.S.-domiciled insurance companies. The report, Best’s …
Read More Supreme Court Rejects Teva Challenge to $235 Million GSK Award in Patent Dispute
The U.S. Supreme Court on Monday declined to hear Teva Pharmaceuticals USA Inc’s challenge to a $235 million award to GlaxoSmithKline LLC in a patent dispute over generic drugs involving a heart medication. The justices turned away Israel-based Teva’s appeal …
Read More Cyclone Mocha Is One of Strongest Storms Recorded in North Indian Ocean
The remnants of Tropical Cyclone Mocha have moved further inland over Myanmar after coming ashore Sunday with winds of 155 miles per hour on the US wind scale. At its peak the winds reached 175 mph, tying it with 2019’s …
Read More Elon Musk Loses Bid to End SEC ‘Muzzle’ Over Tweets
A federal appeals court on Monday rejected Elon Musk’s bid to modify or end his 2018 securities fraud settlement with the U.S. Securities and Exchange Commission that required a Tesla Inc lawyer to approve some of his tweets in advance. …
Read More New Zealand Pledges $720M for Cyclone and Flood Recovery
The New Zealand government said on Sunday it was allocating NZ$1.1 billion ($720 million) to help communities recover from a cyclone and floods that lashed the country this year. The funds from the 2023 budget are to cover “basics” of …
Read More Texas Windstorm Insurance Group Getting Update on Cat Funding for 2023 Season
The Texas Windstorm Insurance Association Board of Directors will meet at the Austin Marriott South on May 23 at 9 a.m. In addition to the TWIA board’s consideration of routine association updates, the board will receive an update on reinsurance …
Read More New Hampshire High Court Rejects Cat Urine Analogy in Overturning Hotels’ COVID Insurance Win
The New Hampshire Supreme Court has overturned a trial court that had found for a group of 23 hotels claiming they were entitled to insurance payments for business interruption losses caused by contamination of their properties by COVID-19. Agreeing with …
Read More People Moves: Gallagher Re Names Kerton as CEO for UK Region, Succeeding Wakefield; Swiss Re Corporate Solutions Promotes Hall for UK, Ireland, S. Africa, EMEA Wholesale
This edition of International People Moves details appointments at Gallagher Re and Swiss Re Corporate Solutions. A summary of these two promotions follows here. Gallagher Re announced the appointment of Ian Kerton to the role of CEO of the reinsurance …
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