INSURANCE NEWS
People Moves: Fusion Specialty Appoints Harwood for APAC M&A Team; Specialty MGA Nirvana Hires García-Beltrán to Grow European Cyber SME Portfolio
This edition of International People Moves details appointments at the managing general agents Fusion Specialty and Nirvana. A summary of these new hires follows here. Fusion Specialty Appoints Harwood for M&A in Asia Pacific Fusion Specialty, a Sydney-based MGA platform …
Lemonade CEO Calls 2023 ‘The Year When the Plan Came Together’
Insurtech Lemonade reported a fourth quarter 2023 net loss of $42.4 million and a net loss of about $237 million for the full year but its chief executive said the company has seen “dramatic progress.” Results were in comparison to …
Insurance Agency Denies Liability for Misrepresentations Related to Shooting
A Pennsylvania insurance agency is denying allegations by owners of a Pittsburgh apartment building that it is liable for the denial of a 2023 fire insurance claim and cancellation of the property’s policy because of misrepresentations related to a shooting …
Miami Labor Supplier Charged with Underreporting Payroll to Travelers
Florida authorities charged a Miami contractor with vastly underreporting his payroll and skipping out on $253,000 in workers’ compensation insurance premiums to Travelers Property and Casualty Co. Gustavo Antonio Munguia, 48, owner of American Iron Group Corp., was arrested Thursday, …
AXIS Capital Names Becker as Chair-Elect of Board of Directors, Succeeding Smith
AXIS Capital Holdings Ltd., the Bermuda-based specialty re/insurer, announced that W. Marston (Marty) Becker will succeed Henry B. Smith as non-executive chair of its Board of Directors. Smith, who has served as chair since May of 2020, has decided to …
Florida Bills Moving: Surplus Lines to Get Second Homes; Cancels Barred After Storms
Florida legislation that has been called an “agents’ bill” because it could perhaps make life a little easier for insurance agents, passed a major hurdle this week, moving it closer to approval by the full Legislature. But all Florida agents …
Embedded Business Insurance Agency Coverdash Raises $13.5 Million
Coverdash, which offers embedded commercial insurance technology with products for startups and small-to-medium businesses, announced $13.5 million in Series A funding. This financing comes within one calendar year of Coverdash’s seed round, bringing the company’s total funding to $16 million …
Tesla Must Face Class Action Claims by 6,000 Workers in Race Bias Case
A California state judge has tentatively ruled that nearly 6,000 Black factory workers can sue Tesla as a group for the electric vehicle maker’s alleged failure to address rampant race discrimination and harassment at its Fremont plant. California Superior Court …
Profit Recovery Will Vary Among U.S. Personal Auto Carriers: Fitch
Fitch Ratings said it expects underwriting results for U.S. personal auto insurer to continue to improve this year but the pace to profitability will vary. Auto insurers Progressive and GEICO were the only two of 10 publicly traded carriers analyzed …
Horse Race Authority Says Equine Deaths Are Lower at Tracks Under its Watch
LEXINGTON, Ky. (AP) — Horse racing’s federal oversight body says racetracks under its jurisdiction experienced 1.23 racing-related equine fatalities per 1,000 starts in 2023, a much lower rate than at tracks outside its watch. The Horseracing Integrity and Safety Authority …
Disney Faces Wrongful Death Claim Over Pub Food ‘Guaranteed’ as Allergen Free
The husband of a New York doctor who died shortly after dining at a Disney Springs restaurant last year accused Walt Disney Parks and Resorts of negligence in a 19-page lawsuit filed in Florida. Jeffrey Piccolo is seeking in excess …
Lawsuit by Elon Musk’s X Against Hate Speech Watchdog Heads to Court
A U.S. judge on Thursday will consider whether to dismiss X Corp’s lawsuit against a nonprofit that has criticized a rise in hate speech on the social media platform once known as Twitter since Elon Musk took it over. X …