Insurance

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced it will make a payout of US$70.8 million to the government of Jamaica to cover damages from Hurricane Melissa. This marks the largest single payout in the history of CCRIF, the Cayman …

Typhoon Kalmaegi killed 21 people and displaced nearly 400,000 more as it dumped heavy rains and caused widespread flooding in central Philippines, according to officials and local media. Many of the fatalities were in Cebu province where residents were trapped …

Li Auto Inc. is recalling 11,411 of its flagship Mega multi-purpose electric vehicles in China after one of its cars caught fire [on October 23], highlighting growing concerns about EV safety. The recall covers the 2024 model of the Mega …

More than five years after first announcing stricter controls on industrial farm pollution in Michigan, state environmental regulators will finally start enforcing them. Regulations issued Wednesday by the Michigan Department of Environment, Great Lakes and Energy require the state’s largest …

UBS Group AG’s chairman warned against looming risks in the US insurance industry, citing weak and complex regulations amid an unprecedented boom in private financing. “We’re beginning to see huge rating agency arbitrage in the insurance business,” Chairman Colm Kelleher …

McCrosson Joins AXA XL Reinsurance as Senior Underwriter, US Property Treaty AXA XL Reinsurance hired Dan McCrosson to the U.S. property treaty reinsurance team in Stamford, Connecticut, as a senior underwriter, U.S. Property Treaty. McCrosson’s career spans several years at …

CNA Financial Corp. recorded third quarter net income of $403 million compared with $283 million a year during the same period. Pretax catastrophe losses were $41 million for Q3, down more than $100 million from the prior year quarter. CNA’s …

Armed assailants attacked a commercial tanker off the coast of Mogadishu on Monday, firing at the vessel after attempting to board the ship in the first suspected Somali piracy incident of its kind since 2024, maritime sources said. If confirmed, …

Starkweather & Shepley Insurance Brokerage, Inc., headquartered in East Providence, Rhode Island, hired Dennis Leamy as a commercial risk advisor. Leamy joins the firm with nearly 20 years of experience in property, casualty, and life insurance, along with a record …

Costco, Ryder Last Mile Inc. and Mega Nice Trucking LLC $868,128 citation has been issued by the California Labor Commissioner’s Office for worker misclassifying and labor law violations affecting 58 delivery drivers. The LCO reports that Ryder Last Mile Inc. …