INSURANCE NEWS
Hacker Forum: UnitedHealth Paid $22M Ransom in Bid to Recover Data
A post on a hacker forum popular with cybercriminals has claimed UnitedHealth Group paid $22 million in a bid to recover access to data and systems encrypted by the “Blackcat” ransomware gang, according to two researchers. Neither UnitedHealth nor the …
JetBlue, Spirit Airlines Call Off $3.8B Merger on Antitrust Hurdle
Low-cost air carriers JetBlue Airways and Spirit Airlines canceled their $3.8-billion merger agreement on Monday, seeing no path forward after a U.S. judge blocked the deal in January on anti-competition concerns. A successful deal would have created the fifth-largest carrier …
People Moves: Aon Promotes Romeo to CEO of Bermuda Reinsurance Operations; Acrisure Re Taps Hodges From Howden Tiger as EVP
This edition of International People Moves details appointments at Aon’s Reinsurance Solutions Bermuda unit and Acrisure Re in London. A summary of these new hires follows here. Aon Promotes Romeo to CEO of Bermuda Reinsurance Operations Insurance broker Aon plc …
UK Insurer Aviva to Enter Lloyd’s Market via Acquisition of Probitas for £242M
Aviva plc announced it will acquire 100% of Probitas Holdings (Bermuda) Ltd., the parent company of the Probitas Group, for a minimum fixed consideration of £242 million (US$306.2 million). The transaction includes Probitas Managing Agency, which is the managing agent …
New Survey Reveals How Independent Agents Are Adapting to the Hard Market
The hard market has independent agents “going the extra mile” to prioritize client communication, retention, technology and team morale. Trusted Choice, the national consumer brand representing the members of the Independent Insurance Agents & Brokers of America (the Big I), …
Medical Incident Likely Led to SUV Crashing Into Michigan Walmart, Authorities Say
CANTON TOWNSHIP, Mich. (AP) — A driver who crashed her sport-utility vehicle into a Walmart store in suburban Detroit was likely having a health incident at the time, authorities said Saturday. The woman and four other people who were taken …
War Insurers Shrug Off Rubymar Sinking in Red Sea, Rates Stable
The cost of war risk insurance through the Red Sea remained stable on Monday despite the sinking of the Rubymar cargo ship as underwriters had already factored in the casualty after it was first hit by a missile last month, …
Skeptical AM Best Tags U.S. D&O Segment With Negative Outlook
Rating agency AM Best has assigned a negative outlook to the U.S. directors and officers liability insurance segment as more market entrants increase capacity and drive down pricing in the face of some troubling potential risk exposures. “The current pricing …
Marsh McLennan Agency Acquires Pair of Louisiana Agencies
Marsh McLennan Agency (MMA), a subsidiary of Marsh, announced that it has completed its previously announced acquisitions of two Louisiana-based middle-market agencies, Querbes & Nelson (Q&N) and Louisiana Companies. Terms of the transactions were not disclosed. With the closing of …
Family of Man Who Died After Being Punched by Detroit Police Sues for $50M
DETROIT (AP) — The family of a 70-year-old man who died after a Detroit police officer punched him in the face, causing him to fall to the ground, is suing the former officer and the city of Detroit, seeking $50 …
FTI Consulting Acquires Madison Group Actuarial Firm
A global risk advisory firm has beefed up its actuarial muscle with the acquisition of Madison Consulting Group, based in Madison, Georgia, and Newtown Square, Pennsylvania. FTI Consulting, which recently released its own annual report on mergers and acquisitions in …
Georgia’s Largest County Still Repairing Damage from January Cyberattack
Georgia’s largest county is still repairing damage inflicted on its government a month ago by hackers who shut down office phone lines, left clerks unable to issue vehicle registrations or marriage licenses and threatened to publicly release sensitive data they …