INSURANCE NEWS
Regulators Raid Toyota Offices Over Safety Scandal, Sending Stock Down
Toyota Motor Corp. and other carmakers embroiled in a fresh certification scandal halted shipments of a handful of models and saw their offices raided by government officials, but the impact on their customers and operations appears to be limited. Honda …
Increased NFIP Discounts Coming to East Baton Rouge
In Louisiana, East Baton Rouge Parish residents and business owners will be eligible for an increased discount on their flood insurance premiums this fall. According to a press release from the City of Baton Rouge, beginning Oct. 1, homeowners and …
Russian Oil Finds New Site for Controversial Cargo Switching
Under pressure from Greece’s navy, traders of Russian oil have found a new place to switch cargoes of crude in the Mediterranean sea, a sign of how hard it will be to clamp down on an activity that has alarmed …
Canadian Billionaire Prem Watsa to Step Down as Chairman of Fairfax India
Fairfax India Holdings Corp. on Monday said Prem Watsa, popularly known as “Canada’s Warren Buffett,” will step down as the investment firm’s chairman. He will be replaced by his son Benjamin Watsa, effective July 1, as chair but will continue …
AXA XL Realigns Operations in the Americas; Redundancies Caused by Moves
AXA XL said it streamlined its underwriting operations in the Americas, which will now be three segments—large commercial, middle-market and professional. The realignment is “resulting in redundancies,” confirmed a company spokesperson via email. “We’ll work closely with all impacted colleagues …
Judge Lets More Than 70,000 Zantac Lawsuits Go Forward
A Delaware judge has allowed more than 70,000 lawsuits over discontinued heartburn drug Zantac to go forward, ruling that expert witnesses can testify in court that the drug may cause cancer. The ruling on Friday by Judge Vivian Medinilla of …
US Cyber Chief Sees ‘Very Aggressive’ Chinese Hacking Strategy
A top US spy chief said China is increasingly using its companies to find vulnerabilities in their own computer networks and then tapping that knowledge to target foreign nations and industries. “We’re really seeing China be very aggressive,” General Timothy …
People Moves: InsureTrust Names Kozel Senior VP
InsureTrust, an Atlanta-based specialty broker specializing in cyber risk, has named Sonja Kozel as senior vice president. Kozel, with 10 years in the business, previously led sales for Cowbell, a cyber insurance company, and for Markel Specialty. She graduated from …
Tallahassee Mayor Says Tornado Costs Now Top $50 Million
TALLAHASSEE, Fla. (AP) — Recovery from a May 10 tornado outbreak has cost Florida’s capital city $50 million so far, Tallahassee Mayor John Dailey said Friday. Florida officials have requested that the Federal Emergency Management Agency declare a major disaster, …
AccuWeather: Year’s First Big Heatwave Raises Wildfire Risk in West
Severe heat will raise the risk of brush and grassfires from central and northern California, also bringing a moderate to and high risk of wildfires in parts of Arizona and New Mexico, a forecast out on Monday shows. The first …
Sentry Expands to Marine Cargo With Falvey Partnership
Sentry Insurance announced it has partnered with Falvey Insurance Group to offer admitted and non-admitted marine cargo capacity to Falvey’s broker partners. Falvey is a niche leading MGA offering several property and casualty solutions focused on the supply chain and …
Insurance Council of Texas Offers Tips for Hurricane Preparation
With June marking the start of 2024 Atlantic Hurricane Season, the Insurance Council of Texas (ICT) is reminding residents of steps to take to prepare for hurricanes. The National Oceanic and Atmosphere Administration (NOAA) has predicted an above-average hurricane season …