INSURANCE NEWS
Thick Fog Likely Caused 30-Vehicle Collision on Idaho Interstate, Police Say
A thick layer of fog is believed to have caused a roughly 30-vehicle collision on an Idaho interstate, state police said. The collision occurred Monday morning on eastbound Interstate 86, near milepost 56, west of Pocatello, near the Pocatello Regional …
Woman Sues Restaurant Claiming She Found Piece of Human Finger in Chopped Salad
When Alison Cozzi was eating the salad, she sensed something wasn’t right. It did not take long for her to realize that she was chewing on a portion of a human finger that had been mixed into the salad. It …
Okta Says Hackers Stole Data for All Customer Support Users
Okta Inc. has discovered that hackers who breached its network two months ago stole information on all users of its customer support system — a scope far greater than the 1% of customers the company had previously said were affected. …
Failed Wheel Bearing Caused Kentucky Derailment But Didn’t Trigger Alarms
LOUISVILLE, Ky. (AP) — A failed wheel bearing on a train car caused a derailment that sparked a chemical fire and forced residents of a small town in Kentucky out of their homes for just over a day, including most …
Alex Murdaugh Gets 27 Years Added to Prison Time for $12M Theft From Clients
For years, South Carolina attorney Alex Murdaugh looked his anguished clients in the eyes and promised to help them with their medical bills, their suffering or simply to survive. Then he stole most, if not all, of what he won …
Markel’s State National to Enter UK Market, Offering Program Services for MGAs
Markel, the insurance operations of Markel Group Inc., announced that its wholly owned subsidiary State National Companies is entering the UK market, effective Jan. 1, 2024. State National, the largest program services carrier in the U.S., is partnering with Markel …
People Moves: Falvey Group Names Nasso; Gibbons Joins Iroquois in New England; RCM&D Adds Dignan
Falvey Names Nasso as Chief Underwriting Officer Falvey Insurance Group, headquartered in North Kingstown, Rhode Island, hired Tom Nasso as chief underwriting officer. Before joining Falvey, Nasso most recently served as executive vice president, head of ocean marine at Ascot …
London’s Insurance, Finance Workers to See Biggest AI Impact: UK Report
Management consultants and City of London finance workers are among those most exposed to workplace changes ushered in by artificial intelligence, a new UK government report found, urging changes in schools and training programs to ease the impact. Jobs in …
AXIS Capital Sponsors First Cyber-Catastrophe Bond Issued in Public Debt Markets
For the first time, a cyber-catastrophe bond has made its way into public debt markets. Long Walk Reinsurance Ltd. issued a $75 million so-called cat bond, sponsored by AXIS Capital, to insure against “a cyber-catastrophe event” across its main underwriting …
LexisNexis: Auto Insurance Shopping Slows but Still Remains Elevated
For the first time in more than a year, overall U.S. auto insurance shopping growth registered as ‘cool’ on the LexisNexis Risk Solutions Insurance Demand Meter in the third quarter of 2023, continuing a downshifting trend that began in June. …
Chubb Survey of Middle-Market Brokers Finds Lack of Awareness of Flood Risk
Though the risk of flooding is undeniable, a survey by Chubb of brokers with middle-market commercial clients revealed just 16% of them say more than half their clients buy flood insurance. Furthermore, 65% of the more than 330 brokers surveyed …
Florida Appeals Court Says Pre-suit Notice Requirement Not Retroactive
When Florida lawmakers approved Senate Bill 76 in 2021, requiring a 10-day notice before suits are filed against insurers, it was seen as a big step in stemming what had become a flood of claims litigation. Since then, questions have …