INSURANCE NEWS

Markets/Coverages: Coalition Exec Risk Insurance Now on Surplus Paper; ISO Adds 160 New BOP Classifications; MGU Verita Launches

Coalition’s Executive Risks Insurance Now Available On Surplus Lines Paper Coalition announced its executive risks insurance products are now available on surplus lines paper, making comprehensive management liability coverage available to a wider range of businesses. Coalition offers executive risks …
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EV Industry Offers Challenges, Opportunities for Insurers

A new paper by the American Property Casualty Insurance Association (APCIA) finds that the insurance industry is responding to the needs of the transportation sector as the momentum for electric vehicles (EVs), plug-in hybrids (PHEVs) and other low- and zero-emission …
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Bankman-Fried Was ‘Math Nerd’ Who Overlooked Risk Management

Sam Bankman-Fried’s lawyer laid out his defense case at his fraud trial on Oct. 4, portraying the 31-former billionaire as a “math nerd” who overlooked risk management in building his FTX exchange, but did not steal customer money. Bankman-Fried has …
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National Security Agency Is Starting an Artificial Intelligence Security Center

The National Security Agency is starting an artificial intelligence security center – a crucial mission as AI capabilities are increasingly acquired, developed and integrated into U.S. defense and intelligence systems, the agency`s outgoing director announced Thursday. Army Gen. Paul Nakasone …
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Federal Judge Dismisses Lawsuit Alleging Discrimination in Texas A&M Faculty Fellowship Program

A federal judge has dismissed a lawsuit brought against Texas A&M University claiming a faculty fellowship program at the flagship in College Station discriminated against white and Asian male candidates. In a decision published Friday, U.S. District Judge Charles Eskridge …
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Iowa Farmers Eligible for $5 per Acre Discount on Spring Crop Insurance Premiums for Planting Fall Cover Crops

Iowa farmers and landowners who plant fall cover crops will soon have the opportunity to apply for a $5 per acre discount on their spring crop insurance premiums, Iowa Secretary of Agriculture Mike Naig announced. Farmers and landowners may start …
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As Criminal Trial Opens, FTX’s Bankman-Fried Battles Excess Insurer Over D&O Coverage

Just two days before his criminal trial started this week in federal court in New York, FTX Trading founder Sam Bankman-Fried filed suit in federal court in California against his excess insurance company seeking payment of legal costs. The suit …
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California Workers’ Comp Written Premium in 2022 Was Near Pre-Pandemic Level

Written premium in 2022 was 14% higher than 2021 and almost at the pre-pandemic level – an increase was driven by higher employee wage levels and the economic Recovery, according to a new report out on Wednesday from the Workers’ …
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Ex-Tesla Factory Worker Loses Bid in California for New Trial in Race Bias Case

A Black former factory worker for Tesla lost his bid on Wednesday for a third trial in his race discrimination lawsuit against the electric carmaker, after a California federal judge rejected his claims that the company’s lawyers had engaged in …
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Hawaii Electric’s Insurance is Fraction of Potential Fire Claims

Nearly two months after the deadly Maui wildfires, Hawaiian Electric Co. revealed the limited scope of insurance coverage it holds in the face of potentially billions of dollars in damage claims. Hawaiian Electric has $165 million in annual general liability …
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People Moves: DUAL Launches Marine Hub in Rotterdam, Hiring 2 Former MS Amlin Underwriters; Generali Taps Allianz’s Terzariol to Lead Newly Created Insurance Division

This edition of International People Moves details appointments at DUAL Europe and Generali. A summary of these new hires follows here. DUAL Launches Marine Hub in Rotterdam, Hiring 2 Former MS Amlin Underwriters DUAL Europe announced its continued expansion in …
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Farmers, USAA Lead Pack in Hiking Homeowners Insurance Rates in 2023: S&P

Farmers Insurance Group of Cos. and United Services Automobile Association (USAA) have increased homeowners insurance rates by nearly 15% each to lead all other insurers. According to S&P Global Market Intelligence‘s RateWatch application, Farmers’ year-to-date calculated effective rate change on …
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