Insurance
Initial Insured Loss for Typhoon Nanmadol Estimated ¥114B (US$768M)
Initial insurance industry losses from Typhoon No. 14, aka Nanmadol, which hit Japan in September 2022, are an estimated 114 billion Japanese yen (US$768 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. Based on …
Read More Jensten Group Completes Acquisition of UK Broker J Bennett & Son
The Jensten Group, the London-based independent insurance broking group, has completed the acquisiton of J Bennett & Son Insurance Brokers and its subsidiary, Mathews Comfort & Co., following final regulatory approval. Financial details of the transaction, which was first announced …
Read More Tropical Storm Lisa on Track to Strike Belize as 12th Atlantic Storm of 2022
Tropical Storm Lisa has spun up in the Caribbean Sea south of Jamaica, on track to strike Belize late Wednesday as the 12th storm of this year’s Atlantic hurricane season. Lisa’s top winds have reached 40 miles (64 kilometers) per …
Read More New York High Court: Insured’s ‘Mutual Mistake’ Argument Came Too Late
New York’s highest court reversed a $4.5 million judgment against an insurer that denied a fire damage claim by the owner of a vacant commercial building because the owner had not installed an automatic sprinkler system required by the policy. …
Read More Carlyle Aviation Sues Insurers Over Seized Planes Leased to Russian Airlines
Carlyle Aviation Partners said it sued a group of insurance companies and re-insurers claiming they failed to pay for losses stemming from the seizure of planes leased to Russian airlines following the invasion of Ukraine. Carlyle Aviation leased 23 planes …
Read More Aon: Business Leaders Say Recession Looms; What Sets Prepared Companies Apart?
Despite a majority of global business leaders expecting a recession within the next year, many still have a positive outlook on the economy. Some leaders even reported feeling very prepared heading into a recession. That’s according to Aon’s 2022 Executive …
Read More Wells Fargo Says SEC Is Examining its Hiring Practices
Wells Fargo & Co said on Monday that the U.S. Securities and Exchange Commission has begun investigating its hiring practices, after the Department of Justice had opened a related probe. In its quarterly report filed with the SEC, the fourth-largest …
Read More Exclusion Wording Not Clear, Florida Appeals Court Says in Air Quality Case
Despite repeated references to “water damage,” the ambiguous wording of a policy exclusion by Southern-Owners Insurance Co. does not necessarily bar those types of claims, a Florida appeals court found in a win for a well-known mold testing firm. “While …
Read More State Inspector Cites Regulatory Lapses in Fatal New York Limo Crash
New York regulators failed to do all they could to sideline a poorly maintained stretch limousine that careened down a hill and crashed in 2018, killing 20 people, according to a state watchdog. State Inspector General Lucy Lang released a …
Read More Arthur J. Gallagher & Co. Acquires Minnesota’s f3 Companies
Arthur J. Gallagher & Co. announced the acquisition of the f3 Companies. Terms of the transaction were not disclosed. Included in the acquisition are Burnsville, Minnesota-based f3Logic, LLC; Burnsville, Minnesota-based f3Investment Management, LLC; Richmond, Virginia-based Financial Consultants of America, Inc.; …
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