INSURANCE NEWS
Baltimore Under State of Emergency. Videos Capture Bridge Collapse, Eyewitnesses, Rescue Operation.
Baltimore Mayor Brandon M. Scott has declared a state of emergency in Baltimore City in response to the Francis Scott Key Bridge collapse incident that took place this morning. The declaration mobilizes Baltimore’s emergency resources to protect the persons affected …
2023 Underwriting Losses Improve but Persist in U.S. P/C Industry
The U.S. property/casualty insurance industry recorded a slight underwriting improvement in 2023, but losses persisted, according to a new AM Best report. Preliminary data from the global credit rating agency shows that the industry posted a $21.2 billion net underwriting …
Carey Assumes Post of Maine Insurance Regulator
Robert L. Carey was sworn in as Maine superintendent of insurance on February 28 after being confirmed by the state Senate. Carey brings over two decades of experience advising state regulators and lawmakers on insurance policy, markets, and regulation. Before …
Hannover Re Combines Cyber, Digital Underwriting Expertise in New Reinsurance Unit
Hannover Re will combine its global business in the areas of cyber and digital, creating a new specialty reinsurance business unit, effective April 1, 2024. Hannover Re said the new business unit aims to enhance Hannover Re’s position as a …
FACTBOX— Baltimore Port: From Coal to Cars and Cruise Lines
A major bridge collapsed in the U.S. port of Baltimore in the early hours of Tuesday after being struck by a container ship, plunging cars into the river below. Traffic was suspended at the port until further notice, Maryland transportation …
Markets/Coverages: Marsh Launches Global Facility Providing Cover up to $825M for Digital Asset Custodians
Marsh, the insurance broker, risk adviser and a unit of Marsh McLennan, announced the launch of an insurance facility for custodians of digital assets, including financial institutions. The largest facility of its kind, it provides insurance capacity up to $825 …
Vital Baltimore Bridge Collapses After Being Struck by a Ship
A major commuter bridge in Baltimore collapsed after being rammed by a container ship, causing vehicles to plunge into the water and threatening chaos at one of the most important ports on the US East Coast. Baltimore Fire Chief James …
5th Circuit: Chubb Must Cover SXSW in Suit Over Cancelled 2020 Festival
The 5th Circuit Court of Appeals ruled last week that Chubb must cover restitution claims paid to ticket holders of the 2020 South by Southwest film festival cancelled due to COVID-19. A three-judge panel reversed a summary judgment in favor …
Chubb: Middle Market Companies Post Record Gains
Middle-market companies posted record economic growth and revenue gains in the second half of 2023, according to a recent indicator survey by Chubb. A record 77% of companies reported performance improvement in the last six months of 2023 — the …
Musk’s X Corp. Loses Lawsuit Against Hate Speech Watchdog
A U.S. judge on Monday threw out Elon Musk’s lawsuit against a nonprofit group that faulted him for allowing a rise in hate speech on his social media platform X, formerly Twitter. U.S. District Judge Charles Breyer in San Francisco …
Consumers Sue Apple, Taking Page From US Justice Department Lawsuit
Apple has been hit with a flurry of new consumer lawsuits accusing the iPhone maker of monopolizing the smartphone market, piggybacking on a sweeping antitrust case lodged by the U.S. Justice Department and 15 states last week. At least three …
Stacking Cracks: 30 Years of UIM Coverage Rules are Wrong, NC Supreme Court Says
North Carolinians can no longer stack underinsured motorist policies to compare to liability limits in order to boost the amount of coverage in an accident, the state Supreme Court said last week in a decision that overturns 30 years of …