INSURANCE NEWS
Volkswagen Faces Pair of Lawsuits Over Claim Porsche EV Battery Sparked Ship Fire
Volkswagen AG faces a pair of lawsuits in Germany over claims it was the battery in a Porsche electric vehicle that triggered the 2022 fire onboard a massive cargo ship that eventually sank with thousands of cars on board. One …
Houthi Missile Damages MSC Container Ship in Gulf of Aden
Houthi militants attacked and damaged a Swiss-owned container vessel on Monday in the Gulf of Aden, as the Iran-backed group continues to roil shipping in the region. The MSC Sky II, managed by MSC Mediterranean Shipping Co., was about 91 …
AXIS Capital’s Syndicate 2050 Gets Full Lloyd’s Approval to Begin Underwriting
AXIS Capital Holdings announced it has received full approval from Lloyd’s to begin underwriting from April 1, 2024. AXIS first announced in December that it had secured in-principle approval from Lloyd’s to establish a new syndicate that will focus on …
Former Twitter Execs Sue Elon Musk for Over $128M in Severance
Four former top Twitter executives, including former CEO Parag Agrawal, have sued Elon Musk for over $128 million in combined unpaid severance, according to a lawsuit filed on Monday. The lawsuit, filed in federal court in San Francisco, is the …
NTSB: Engine Oil Warnings Sounded Just Before Jet Crashed on Florida Interstate
ST. PETERSBURG, Fla. (AP) — Moments before the deadly crash of a charter jet on a Florida highway, three warnings about oil pressure problems in its two engines sounded, the National Transportation Safety Board said in a preliminary report Tuesday. …
Insurer CEO Warns Limits on Cancellations Will Deter Carriers From Florida Market
The head of two property insurance companies set to enter the Florida market this year is warning state lawmakers that bills that would limit policy cancellations and nonrenewals after storm damage could do more harm than good. “It absolutely it …
Insurance Agent Pleads Guilty, Will Testify in Bribery Case Against Senator Menendez
A former New Jersey insurance agent has agreed to a deal with prosecutors under which he will testify in the federal corruption case against U.S. Senator Bob Menendez. In federal court in Manhattan last Friday, Jose Uribe pleaded guilty to …
New Jersey City That Limited Street Parking Hasn’t Had a Traffic Death in 7 Years
Street parking was already scarce in Hoboken, New Jersey, when the death of an elderly pedestrian spurred city leaders to remove even more spaces in a bid to end traffic fatalities. For seven years now, the city of nearly 60,000 …
Hacker Forum: UnitedHealth Paid $22M Ransom in Bid to Recover Data
A post on a hacker forum popular with cybercriminals has claimed UnitedHealth Group paid $22 million in a bid to recover access to data and systems encrypted by the “Blackcat” ransomware gang, according to two researchers. Neither UnitedHealth nor the …
JetBlue, Spirit Airlines Call Off $3.8B Merger on Antitrust Hurdle
Low-cost air carriers JetBlue Airways and Spirit Airlines canceled their $3.8-billion merger agreement on Monday, seeing no path forward after a U.S. judge blocked the deal in January on anti-competition concerns. A successful deal would have created the fifth-largest carrier …
People Moves: Aon Promotes Romeo to CEO of Bermuda Reinsurance Operations; Acrisure Re Taps Hodges From Howden Tiger as EVP
This edition of International People Moves details appointments at Aon’s Reinsurance Solutions Bermuda unit and Acrisure Re in London. A summary of these new hires follows here. Aon Promotes Romeo to CEO of Bermuda Reinsurance Operations Insurance broker Aon plc …
UK Insurer Aviva to Enter Lloyd’s Market via Acquisition of Probitas for £242M
Aviva plc announced it will acquire 100% of Probitas Holdings (Bermuda) Ltd., the parent company of the Probitas Group, for a minimum fixed consideration of £242 million (US$306.2 million). The transaction includes Probitas Managing Agency, which is the managing agent …