INSURANCE NEWS
Markets/Coverages: Mosaic Launches Primary Tech E&O Cover With Capacity of $15M
Mosaic Insurance’s cyber division has launched primary technology errors and omissions (E&O) coverage to protect tech companies from increasing liability risks. The launch builds on Mosaic’s primary cyber offering initiated last spring and activates primary Tech E&O as a blended …
US Commercial Lines Survey Shows Aggregate Increase of 6.7% in Q4: WTW
U.S. commercial insurance prices increased 6.7% in the fourth quarter 2023, with “intriguing shifts” in some coverage areas, according to a survey from broker WTW. According to the latest results from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS), carriers in …
Houthi Red Sea Attack Kills 3 Seafarers in 1st Civilian Fatalities
India’s navy evacuated all 20 crew from a stricken vessel in the Red Sea on Thursday, after a Houthi attack killed three seafarers in the first civilian fatalities from the Yemeni group’s campaign against the key shipping route. The Iran-aligned …
Florida Condo Mitigation Bill Passes but Other Insurance Bills Uncertain After Changes
A Florida pilot program to fortify coastal-area condominiums is on its way to the governor but other property insurance bills may have hit a snag after last-minute changes – with just two days left in the legislative session. The state …
Handcuffed Colorado Man Stunned by Taser Settles Lawsuit for $1.5M
A man who was stunned with a Taser while handcuffed, including on his lip, has settled a federal lawsuit with a Colorado sheriff’s department for $1.5 million, his lawyers said. Kenneth Espinoza was arrested after he stopped to wait for …
Republican-Led States Sue SEC Over Climate Risk Disclosure Rules
Ten Republican-led states have sued to challenge new federal rules that require U.S.-listed companies to report climate-related risks, a spokesperson for the West Virginia Attorney General’s Office said on Wednesday, hours after the U.S. Securities and Exchange Commission approved the …
Controllers Cleared Runway But Pilot Couldn’t Make it in Fatal Tennessee Crash
NASHVILLE, Tenn. (AP) — The pilot of a single-engine plane that crashed near downtown Nashville told air traffic controllers he could see the runway they were clearing for an emergency landing. But he said he couldn’t reach it. “I’m going …
Group That Sued Pfizer Over Diversity Program Loses Appeal
A U.S. appeals court on Wednesday upheld the dismissal of a lawsuit by a conservative group opposed to diversity initiatives in medicine that challenged a Pfizer fellowship program designed to boost the pipeline of Black, Latino and Native American people …
US P/C Industry Underwriting Loss Reaches 10-Year High: AM Best
Industry rating agency AM Best said the U.S. property/casualty industry’s underwriting loss for 2023 reached a 10-year high of $38 billion, attributable to severe weather-related losses, stubborn inflation, and upward reinsurance pricing. Analysts in the report published yesterday found that …
Hub Int’l Acquires Canada Employee Benefits Specialist Zavitz Insurance and Wealth
Hub International Ltd., the Chicago-based insurance brokerage and financial services firm, announced it has acquired Zavitz Insurance and Wealth Inc. Terms of the transaction were not disclosed. Located in London, Ontario, Canada, Zavitz Insurance and Wealth provides group employee benefits, …
Houthi-Sunk Ship Seen as Likely Cause of Severed Red Sea Cables
The anchor of a cargo ship that was attacked by Houthi militants was the most likely cause of damage to three telecommunications cables in the Red Sea in late February, according to a subsea cable trade group that includes companies …
Generali CEO’s Strategic Wishlist Includes €10 Billion Deals
Assicurazioni Generali SpA is analyzing a range of potential takeover candidates as part of the insurer’s growth plans, with some of them worth more than €10 billion ($10.9 billion), according to people familiar with the matter. The Italian insurer would …