INSURANCE NEWS
Meta Seeks Dismissal of Shareholder Suit Alleging Failure to Address Human Trafficking
Attorneys for Meta Platforms and several of its current and former leaders, including founder Mark Zuckerberg, are asking a Delaware judge to dismiss a shareholder lawsuit alleging the company has deliberately failed to protect users of its social media platforms …
US Treasury Drops Plan to Collect Insurer Data on Climate Risks
The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort …
Liberty Mutual Execs See Q4 Momentum as 2023 Income Falls
Although Liberty Mutual reported worse underwriting results and lower net income in 2023 compared to the prior year, executives pointed to the momentum of the final quarter as an indicator of what’s ahead. “We made solid progress toward our 95 …
Former AIG Execs Launch E&S Company Dellwood Group for Small/Middle Sized Risks
Two former executives with American International Group (AIG) have launched a nationwide excess and surplus lines (E&S) insurance holding company. Michael Price and Kean Driscoll announced the formation of Dellwood Insurance Group, which they said will be dedicated to property/casualty …
Justice Department to Offer More Rewards to Corporate Whistleblowers
The U.S. Justice Department is expanding its whistleblower program to coax more tipsters to disclose corporate misconduct by offering monetary rewards, Deputy Attorney General Lisa Monaco said on Thursday. The Justice Department is already authorized to dole out awards for …
Deadly Ship Attack Means Red Sea Voyages Need Re-Thinking, Union Says
A major transport union urged a full halt of merchant ships sailing through the Red Sea, adding to calls for vessels to reconsider the voyages after a Houthi militant attack killed three sailors. “We call on the industry to divert …
Insurer Ageas Recruits Extra Adviser as it Pursues Direct Line Bid
Belgian insurer Ageas has brought in an additional adviser as it presses ahead with a potential takeover offer for Britain’s Direct Line, three sources familiar with the matter told Reuters. Ageas has lined up Deutsche Bank to work alongside its …
Europe Faces 3C of Global Warming. Here’s How It Plans to Cope.
Europe will be 3C hotter even if the world succeeds in limiting global warming to 1.5C above pre-industrial levels, bringing with it the heightened peril of extreme weather and trillions of euros of damages to the economy. Such climactic hazards …
Missouri Man, Woman Sentenced in $1.1M Insurance Fraud Scheme
Two Columbia, Missouri residents were sentenced in federal court on March 6 for their roles in a $1.1 million insurance fraud scheme that involved false claims of injuries suffered in faked car accidents. Michael Lee Gene Stapleton, 37, and Latoya …
People Moves: Schauer Group Names Schauer Head of Employee Benefits Division
Schauer Group, headquartered in Canton, Ohio, named Vice President Alex Schauer head of its employee benefits division. Schauer, who is based out of the firm’s Cleveland office, has been with Schauer Group since 2014 and has worked with Schauer Group’s …
Financial Services Firms Should Be Banned From Misusing Gag Orders: UK Lawmakers
Finance firms in Britain should be banned from misusing non-disclosure agreements (NDAs) to silence victims of sexual harassment and abuse, lawmakers said on Friday, calling for an end to an era of impunity for predators and bullies. In a report …
Booming Stock Market Leads to Higher US Household Wealth
U.S. household wealth rose to a record of roughly $156.2 trillion at the end of 2023 thanks to a surging stock market that offset a drop in property market values, the Federal Reserve said on Thursday. Household net worth rose …