INSURANCE NEWS
Howden to Acquire French Broker OFRACAR
Howden, the London-based insurance intermediary group, announced it has entered into an agreement to acquire OFRACAR, an independent brokerage group headquartered in Rouen, thereby expanding its geographical footprint and capabilities to clients in north-west France. Financial details of the transaction …
Generali Completes Acquisition of Conning and Affiliates From Cathay Life
Generali announced it has completed the acquisition of Conning Holdings Ltd. (CHL) and Conning affiliates from Cathay Life, a subsidiary of Taiwan’s Cathay Financial Holdings. The deal, which was first announced on July 6, 2023, has been structured as an …
Palm Beach Elite Are Raising Money to Lure Vanderbilt to Florida
Wealthy Florida residents and developers are looking to raise at least $300 million for Vanderbilt University to build a sprawling campus in West Palm Beach. Billionaire developer Steve Ross hosted a reception at his Palm Beach mansion on Monday for …
PCF Insurance Acquires Alabama’s MK Insurance Agency
PCF Insurance Services, a brokerage operating in 40 states, has acquired Hoover, Alabama-based MK Insurance Group, a family owned commercial and personal lines agency in business for six decades. MK Insurance has specialized in insurance coverage for high net-worth individuals, …
Markets/Coverages: Munich Re’s HSB Launches Cyber Insurance for Autos
With millions of connected vehicles on U.S. roads, personal cars and trucks will likely be the next big target for hackers and cyber thieves, according to specialty insurer HSB, which has launched a new cyber insurance product to help consumers …
Migrants Flown to Martha’s Vineyard by DeSantis Can Sue Charter Flight Company
BOSTON (AP) — Lawyers representing migrants flown to Martha’s Vineyard nearly two years ago by Florida Gov. Ron DeSantis can sue the charter flight company that transported them, according to a ruling Monday by a federal judge in Boston. The …
Murdaugh Sentenced to 40 Years for Stealing Insurance, Other Funds from Clients, Firm
CHARLESTON, S.C. (AP) — For maybe the last time, Alex Murdaugh, in a prison jumpsuit instead of the suit he used to wear, shuffled into a courtroom Monday in South Carolina and was sentenced to 40 years in federal prison. …
States Eye Requiring Fossil Fuel Companies to Pay for Some Climate Change Damage
The Vermont Legislature is advancing legislation requiring big fossil fuel companies pay a share of the damage caused by climate change after the state suffered catastrophic summer flooding and damage from other extreme weather. The state Senate is expected to …
Court Approves 3M Settlement Over ‘Forever Chemicals’ in Public Water Systems
Chemical manufacturer 3M will begin payments starting in the third quarter to many U.S. public drinking water systems as part of a multi-billion-dollar settlement over contamination with potentially harmful compounds used in firefighting foam and several consumer products, the company …
PE Firm Brera Partners Buys 70% of Shares in Italian Broker GBSAPRI Group
Brera Partners, a Zurich-based private equity firm specializing in investments in the asset-light financial services sector, announced it has acquired 70% of the shares in Italian insurance broker GBSAPRI Group, with the strategy to drive consolidation in Italy’s fragmented insurance …
Microsoft Faulted for ‘Inadequate’ Cyber Practices in US Report
A Chinese-state intrusion last year of Microsoft Corp. technology that enabled hackers to gather US officials’ emails “should never have occurred,” according to a report released Tuesday from a government cyber review board. The Cyber Safety Review Board, a White …
Viewpoint: Many Businesses May Be Exposed to Losses From Snow Melt Flooding
Executive summary: Snow melt flooding is an imminent threat in the U.S., but there are steps insurance professionals can take to mitigate their clients’ risk, says Richard Coyle, U.S. commercial director at FloodFlash. Catastrophic flooding is a major problem in …