INSURANCE NEWS
Swiss Re, Others, Drop Call for Moscow Aviation Dispute Hearing
Swiss Re is among a growing list of reinsurers to drop its demand that a near $10 billion battle with aircraft leasing companies, seeking payouts for more than 200 jets stuck in Russia, should be heard in Moscow, court filings …
Florida Specialty Insurer Fortegra Shelves IPO Plans at the Last Hour
Jacksonville-based specialty insurer Fortegra Group has withdrawn its plans for an initial public offering in the United States, just hours before the IPO and nearly three years after the company scrapped its earlier listing plans. The move by Fortegra, a …
Chinese Ships Get Cheaper Insurance to Navigate Red Sea
Chinese-owned merchant ships are getting hefty discounts on their insurance when sailing through the Red Sea, another sign of how Houthi attacks in the area are punishing the commercial interests of vessels with ties to the west. The militants began …
Sweden Scraps Probe Into Nord Stream Gas Pipeline Blasts
The sabotage of two undersea gas pipelines in 2022 remains a mystery as Sweden ended a probe without reaching any clear conclusions on the identity of the perpetrators. The preliminary investigation was dropped given nothing indicates that the attack involved …
New York Proposes Pharmacy Benefit Manager Regulations
The New York State Department of Financial Services has proposed market conduct regulations to govern pharmacy benefit managers (PBMs) operating in the state. The regulations have been developed to implement a law passed in 2021 that requires licensing of PBMs …
NFL Diversity Policies Are Racist, Conservative Group Says
A conservative U.S. legal group has accused the National Football League (NFL) and its teams of engaging in discrimination through its influential “Rooney Rule,” which requires teams to interview at least one minority candidate for coaching and executive positions. America …
Category 6? As Warming Stokes Storms, Some Want a Bigger Hurricane Category
A handful of super powerful tropical storms in the last decade and the prospect of more to come has a couple of experts proposing a new category of whopper hurricanes: Category 6. Studies have shown that the strongest tropical storms …
Markets/Coverages: Upland Starts Pro Liability E&O, Excess Cyber
Upland Capital Group said it has introduced two new liability products to its portfolio: Professional Liability Errors and Omissions as well as Excess Cyber Liability. The professional liability team is led by Kate Walas, an industry veteran with over 20 …
Boeing 737 in Alaska Air Accident Was Missing Bolts, US Says
A dramatic accident on an Alaska Airlines flight last month was apparently triggered by a door plug that hadn’t been properly attached before the plane was delivered by Boeing Co., US investigators said Tuesday. Four bolts that acted as a …
Creators of Biden Audio Deepfake Face Potential Charges
An AI-generated cloned audio message of President Joe Biden that attempted to dissuade registered Democrats from voting in the New Hampshire primary election was traced to a Texas company and its owner. Attorney General John Formella said on Tuesday the …
‘My Safe Florida Condo,’ Pet Insurance Bills Passed by Senate Committee
First came the My Safe Florida Home program, providing matching grants to homeowners who fortify their homes against wind damage in exchange for premium discounts. Seeing the popularity and effectiveness of that program, Florida lawmakers last month introduced bills to …
Safepoint’s Florida Startup, Manatee Insurance Exchange, Gets COA, Financial Ratings
Florida regulators have approved another reciprocal property insurance company and it has received ratings from two financial rating firms. Manatee Insurance Exchange, a spinoff from Tampa-based Safepoint Insurance Co., was granted a certificate of authority Feb. 2 by the Florida …