INSURANCE NEWS
Global Reinsurance Sector Outlook Revised to Positive on Robust Profits, Tighter T&Cs
The market segment outlook for the global reinsurance segment has been revised to positive from stable after the sector saw robust profit margins in 2023, according to AM Best, which attributed the sector’s improved performance to higher attachment points and …
Former Allianz Employee Pleads Guilty to Fraud Over $7-Billion Funds Collapse
A former Allianz fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the pandemic that caused an estimated $7 billion of investor losses. Gregoire Tournant, 57, of Basalt, Colorado, admitted to …
Person With Bird Flu Dies in Mexico: WHO
A person with prior health complications who had contracted bird flu died in Mexico in April and the source of exposure to the virus was unknown, the World Health Organization said on Wednesday. WHO said the current risk of bird …
Top Law Firms in US Opioid Lawsuits to Get Hundreds of Millions in Fees
A court-appointed panel on Friday recommended how to divvy up a pool of $2.13 billion in legal fees from nationwide drug industry settlements over the U.S. opioid crisis, with top firms set to receive hundreds of millions of dollars. The …
Catastrophe Bond Sales Soar as Markets Brace for Unusually Active Hurricane Season
Issuance of catastrophe bonds just hit a record high, as the market braces for a rough hurricane season with the potential to do substantial damage. Sales of so-called cat bonds are 38% higher this year through May than over the …
South Carolina DOI Sets Another Data Call on Liability Market Issues in the State
The South Carolina Department of Insurance is again requesting carrier data on the health of liability insurance markets in the state. “As you are aware, South Carolina and other states have seen liability markets harden significantly over the past several …
Disney to Invest $17B in Florida Parks Now That Fight with DeSantis Has Cooled
ORLANDO, Fla. (AP) — Months after Disney and Gov. Ron DeSantis’ appointees agreed to end a protracted legal fight, the two sides are set to approve an agreement that could result in the company investing up to $17 billion into …
Witness Testifies on Seeking Sen. Menendez’s Help on Insurance, Trucking Probes
A New Jersey businessman took his star turn on the witness stand in the bribery case against Sen. Bob Menendez on Friday, telling a jury he believed he had a $200,000-to-$250,000 deal in 2018 for the Democrat to pressure the …
Colorado Woman Handcuffed in Police Car Hit by Train Receives $8.5M Settlement
A Colorado woman who was seriously injured when a freight train hit the parked police vehicle in which she sat handcuffed has reached an $8.5 million settlement, a lawyer representing two of the involved police officers said. The city of …
US Auto Insurance Market on the Mend; Homeowners Line Volatile: Fitch
The U.S. personal insurance sector is positioned for improving underwriting performance in 2024. According to Fitch’s latest U.S. Personal Lines Market Update, the change is predicted amid signs that the previous surge in claims severity from higher inflation and supply …
Carolina Insurance Agent Charged With Forging Life Insurance Policies on 16 People
North Carolina authorities have charged a Battleboro insurance agent with 74 counts after they said he forged life insurance applications for 16 people. Jonathan Michael Vlasak, 35, a licensed producer qualified to sell property, casualty, life and accident insurance, took …
Louisiana’s Temple Meets With Insurers Ahead of Potentially Active Hurricane Season
Louisiana Insurance Commissioner Tim Temple recently met with 20 property and casualty insurers ahead of this year’s Atlantic Hurricane Season to make sure insurers are prepared to handle claims following a hurricane or other catastrophic event. “I thought this meeting …