INSURANCE NEWS
Africa Specialty Risks Gets ‘In Principle’ Approval to Launch Syndicate in 2024
Africa Specialty Risks (ASR), the pan-African focused re/insurance group, has received “in-principle” approval to launch a Lloyd’s syndicate in 2024. The syndicate will be launched in partnership with insurance group Apollo Syndicate Management, which provides third party managing agency services. …
Consumer Agency Warns about Danger of Small Magnetic Balls in Toys
The U.S. Consumer Product Safety Commission is warning about the danger of high-powered, pea-sized magnets found in toys, announcing one company`s recall of a set containing them and saying it was aware of seven deaths linked to their ingestion. The …
Maury, Donnelly & Parr Acquires Maryland Agency
Baltimore-based insurance agency Maury, Donnelly & Parr, Inc. has acquired another Maryland agency, Wetzel & Lanzi, Inc. Wetzel & Lanzi is a family-owned, independent insurance agency located in Lutherville-Timonium. Since 1974, W&L has offered personal insurance coverage as well as …
West Virginia Appeals Court Reverses $7M Jury Award in Ford Fatality Lawsuit
An appeals court in West Virginia on Friday reversed a $7 million award in a product liability lawsuit against the Ford Motor Co. to the family of a woman who died when her Ford Mustang was involved in a fiery …
Trump Allies Attack Corporate ‘Bigotry’ Against White Men
One complaint accuses Macy’s Inc. of discriminating against White men. Another levels that allegation against BlackRock Inc. A third points a finger at, of all things, NASCAR – a largely White sport where Confederate flags were prevalent until they were …
New York Fines Dental Insurer $400K Over Data Breach
New York Attorney General Letitia James today secured $400,000 from dental insurance provider Healthplex, Inc. for failing to properly protect the personal and medical information of New Yorkers. Healthplex, a Long Island-based company, had inadequate data security practices that made …
Six Killed, Businesses Destroyed as Severe Storms Hit Central Tennessee
NASHVILLE, Tenn. (AP) — Severe storms that tore through central Tennessee killed six people Saturday and sent about two dozen to the hospital as homes and businesses were damaged in multiple cities. Three people, including a child, were killed after …
ACLU Backs NRA in Case Against New York Financial Regulator Before Supreme Court
In a case of politics making strange bedfellows, the National Rifle Association will be represented by frequent nemesis the American Civil Liberties Union in an appeal before the U.S. Supreme Court. The New York-based civil liberties group confirmed Saturday that …
Korea Sees Risks to Financial Services Firms From Overseas Property Bets
Some South Korean financial institutions may be at risk if bets on overseas property sour, the regulator warned, emphasizing that the likelihood of systemic stress is low. “For companies with large overseas real estate exposures, prudential concerns may emerge individually,” …
European Union Agrees Landmark Deal Governing Use of Artificial Intelligence
Europe on Friday reached a provisional deal on landmark European Union rules governing the use of artificial intelligence including governments’ use of AI in biometric surveillance and how to regulate AI systems such as ChatGPT. With the political agreement, the …
GIC Reaches Agreement to Buy Cinven’s Shares in UK Broker Miller
Miller, the London-based independent specialist re/insurance broker, announced that GIC, a global institutional investor, and Cinven, the international private equity firm, have reached an agreement for GIC to acquire Cinven’s shares in Miller. GIC and Cinven acquired Miller in 2021. …
Tropical Cyclone Jasper Barrels Towards Australian Tourism Hotspot
Australia’s far north coast is bracing for a cyclone that’s expected to bring damaging winds, heavy rainfall and potential flooding to an important tourism region. Tropical Cyclone Jasper, currently a category 1 storm, is forecast to intensify as it approaches …