INSURANCE NEWS
What’s Changed and What Hasn’t a Year After Mississippi Capital’s Water Crisis
JACKSON, Miss. (AP) — Water is flowing again to nearly all of Mississippi’s capital city. It’s a stark contrast from a year ago, when Jackson’s 150,000 residents could never be sure what, if anything, would flow from their taps when …
S&P: Struggles in Personal Auto Insurance to Subside Slower Than Expected
S&P Global Market Intelligence projects that personal auto results will improve from 2022’s worst-in-decades combined ratio of 112.2%, though not as rapidly as the organization’s experts previously expected. Continued pressure on claim severity across coverages has prolonged post-pandemic recovery for …
Autopsies Delayed as WV Pathologists Asked to Do Double the Industry Standard
CHARLESTON, W.Va. (AP) — Forensic pathologists in West Virginia are being asked to perform at least twice as many autopsies as the national best practice standard, resulting in significant delays, the state office of the chief examiner said Tuesday. West …
The Hanover Expects $196M in Q3 Catastrophe Losses
Ahead of its third quarter earnings announcement early next month, The Hanover Insurance Group released a preliminary estimate of catastrophe losses of nearly $196 million primarily from multiple convective storms in the Midwest. “Severe weather represented a formidable challenge in …
Startup Climeworks Battles Big Oil for the $1 Trillion Future of Carbon Capture
Most everyone who’s committed their career to solving the climate crisis comes to the field because they have something they want to save. It’s the mountains for Christoph Gebald, whose startup, Climeworks AG, is among the pioneers of sucking carbon …
Derisking Dilemma: How German Companies Are Tackling China Risk
Thomas Nuernberger is preparing for tougher times. For the past seven years, the 55-year-old has run the Chinese unit of fan and motor maker ebm-papst, and business has been good. But, as tensions simmer between Berlin and Beijing, ebm-papst is …
Markets/Coverages: Atlas General Announces Workers’ Comp Program With Sompo
National multi-line program administrator Atlas General Insurance Services, an RPS Company, announced the addition of a new workers’ compensation insurance program with Sompo International. This new platform includes the addition of over 400 workers’ compensation classes, including contractors, healthcare, hospitality, …
Risk Strategies, One80 Intermediaries Reorganize Under Accession Brand
Risk Strategies and One80 Intermediaries on Oct 18 announced an internal reorganization to operate under the newly introduced Accession Risk Management Group parent brand. Accession Risk Management Group, led by John Mina as global CEO, will represent the family of …
Appeals Court Upholds Nasdaq Board Diversity Rule
A U.S. appeals court upheld Nasdaq’s board diversity rule on Wednesday, requiring companies listed on the exchange to have women and minority directors on their boards or explain why they do not. In a lengthy opinion, the New Orleans-based 5th …
J&J Weighs Third Bankruptcy Try to Settle Baby Powder Suits
Johnson & Johnson said it is weighing a third attempt to use bankruptcy for an $8.9 billion settlement of tens of thousands of lawsuits that allege tainted talc in the company’s baby powder caused cancer. Erik Haas, J&J’s lawyer in …
Recalled Dehumidifiers Rich Ground for Subrogation Actions, the Latest in NC
American consumers may remember the news about certain Chinese-made dehumidifiers, more than 1.5 million of which were recalled due to their tendency to overheat and catch fire. The manufacturer, Gree USA, in 2021 agreed to pay $91 million in penalties, …
Labor Commissioner Cites California Hotel $4.7M for Violating COVID-19 Right to Recall Law
The California Labor Commissioner’s Office cited Hyatt Regency Long Beach $4.79 million for reportedly failing to timely offer job positions to 25 employees laid off during the COVID-19 pandemic once the hotel increased its business operations and began rehiring employees. …