INSURANCE NEWS
Hub Acquires Wade Associates in North Carolina
Hub International Ltd., a global insurance brokerage and financial services firm, has acquired Wade Associates, an independent agency with offices in North Carolina. Wade has specialized in property/casualty insurance for construction, manufacturing, health care and technology sectors, Hub said in …
Oil Tanker Insurance Payouts at Risk After UK’s Russia Sanctions
Transfers of oil at sea that involve a recently sanctioned Russian insurer may prevent western firms from paying claims if something goes wrong, a key provider of cover said. Moscow-based Ingosstrakh PJSC has emerged of a major insurer to Russian …
Whole Foods Settles Ex-Worker’s Lawsuit Over Black Lives Matter Masks
Whole Foods has reached an agreement to settle a lawsuit accusing it of illegally firing a worker who refused to remove her Black Lives Matter facemask and complained about racism at the Amazon.com-owned upscale grocery chain. A lawyer for Whole …
Southern California Blaze Destroys Six Homes, Other Still Fires Burning in State
A Southern California fire destroyed six homes and damaged seven others in a blaze that was reportedly ignited by fireworks. The Hawarden Fire started over the weekend and at one point threatened nearly 1,500 homes. Evacuation orders were issued for …
People Moves: CRC Makes 3 Exec Leadership Moves; Mosaic Hires Smith as Americas CEO; HUB Names Davis Curtis Global Education Specialty Leader
CRC Group, headquartered in Birmingham, Alabama, named Brent Tredway as sole president of the brokerage division and Chris Carlson as chief operating officer of CRC’s Commercial Solutions Division. Since 2020, Tredway has led the brokerage division’s efforts in carrier engagement, …
MGU Carbon Underwriting Gets Initial Lloyd’s Approval to Launch New Syndicate
Carbon Underwriting Ltd., the London-based managing general underwriter and Lloyd’s syndicate CBN 4747, announce that Lloyd’s has granted in principle approval for the launch of Syndicate 5757, effective Jan. 1, 2025. This marks a significant milestone for the company as …
State Street Agrees to $4.2 Million Pay Equity Fund
The Department of Labor announced the signing of a conciliation agreement with State Street Corp. in which the financial services firm will allocate $4.2 million for future pay adjustments to resolve alleged compensation discrimination. The department’s Office of Federal Contract …
Wiz Rejects Google’s $23 Billion Offer, Seeks IPO Instead
Cybersecurity startup Wiz Inc. has turned down a takeover bid of as much as $23 billion from Alphabet Inc.’s Google, sticking instead with a plan for an initial public offering. The rejection will come as a blow to Google, which …
UK Water Companies Lambasted by Environment Agency for Sewage Releases
Britain’s Environment Agency on Tuesday lambasted the country’s water companies for spewing sewage into rivers and seas, saying the majority of them were failing to get the basics right, as it outlined plans for a tougher regulatory approach. Years of …
World Records Hottest Day While Wildfires Threaten Mediterranean
The world recorded its hottest ever day, as many parts of the Mediterranean face extreme wildfire risks. Sunday witnessed the highest average temperature on Earth, breaching a previous record set a year ago, according to provisional data from the European …
British Insurers Propose Green Infrastructure Funding Model
Britain’s insurers set out plans on Monday on how to channel billions of pounds freed up from their safety buffers into infrastructure such as EV charging stations to boost growth. The new Labour government in Britain has said that chunks …
Beef Between Wholesale and Retail Agents Should Go to Trial, Court Finds
A federal judge has ruled that a wholesale insurance agent’s claim against a retail agent for allegedly misrepresenting the exposure of an insured regarding violations of the federal telemarketing law should proceed to trial. In a case with origins back …