INSURANCE NEWS
Columbia University and Hospital Plan $100M Fund for Hadden Sex Abuse Survivors
New York City’s Columbia University and Columbia University Irving Medical Center (CUIMC) announced a plan that includes a $100 million fund for survivors to address the abuse and trauma inflicted by former gynecologist Robert Hadden. The $100 million survivors’ settlement …
Colorado Legislature Convening to Address Skyrocketing Property Costs
Colorado Gov. Jared Polis hoisted a red baseball bat and smashed emergency glass in a silly demonstration for a very real crisis, Colorado homeowners are looking down the barrel of a potential 40% jump in property tax bills. After a …
ICBC Flies Top Executives to US in Race to Contain Hack Fallout
Within days of a cyberattack at its US unit, members of Industrial & Commercial Bank of China Ltd.’s management were on a plane. Officials from the world’s largest lender arrived in the US over the weekend in a hastily arranged …
Economic Threats Top List of G20 Business Leaders’ Concerns: WEF Survey
Economic and societal threats – such as an economic downturn, inflation, and an erosion of social cohesion – rank among the biggest risks in G20 countries over the next two years, according to a global survey of business leaders conducted …
2 Arrested After Atlanta Apartment Fire Linked to Fireworks Displaces 100+
ATLANTA (AP) — Two people have been arrested in connection with a fire that damaged an Atlanta apartment complex and led to more than a hundred evacuations. Atlanta news outlets reported that the fire happened Friday night. Firefighters were still …
Arthur J. Gallagher & Co. Acquires Australia’s Edgar Insurance Brokers
Arthur J. Gallagher & Co. announced the acquisition of Cobram, Victoria-based Edgar Insurance Brokers. Terms of the transaction were not disclosed. Edgar Insurance Brokers provides commercial insurance products and services in Australia with a client focus of rural and farm, …
Markets/Coverages: WTW Launches Global D&O Excess Facility Called ‘A-Star’
Insurance broker WTW announced the launch of “A-Star,” an excess layer D&O insurance solution for directors and officers. The new facility provides access to up to £/$/€ 80,000,000 additional capacity for directors & officers liability insurance, ensuring comprehensive protection for …
Port Operator DP World Chips Away at Freight Backlog After Crippling Cyber Attack
DP World Plc is slowly working through a backlog of more than 20,000 freight containers piled up at Australian ports following a crippling cyberattack, as labor strikes impede a return to normal operations. DP World, one of the world’s largest …
Travelers Webinar Focuses on Connecting Gen Z, Independent Agents
Members of Generation Z who have worked with insurance agents believe they are knowledgeable and help them make better choices. Nevertheless, Gen Z is under-tapped in the independent agent channel and over-indexes on direct writers. During a recent Travelers Institute …
Banks, Insurers May Escape EU’s Toughest ESG Regulation So Far
Banks, asset managers and other financial firms have won a reprieve from Europe’s most consequential ESG regulation to date, as a wave of intense industry lobbying pays off. Spain, which holds the European Union’s rotating presidency, has proposed that financial …
Piercing Through Rain, Smoke and Fog: How Radar Satellites See Catastrophes
Executive Summary: The potential for satellite technology to revolutionize claims management has long been recognized but has only recently been realized with technological advancements. Satellite-based data can give the insurer a “head start” on the event, according to Stephen Lathrope …
Federal Court Splits North Carolina Hurricane Insurance Claims
A North Carolina investment firm and its property insurer have each won partial victories in a dispute over hurricane insurance claims that has been in court since 2019. A federal district court judge for Eastern North Carolina dismissed the insured’s …