INSURANCE NEWS
California Commissioner Announces Strategy to Improve Insurance Market Conditions
California Insurance Commissioner Ricardo Lara announced a package of executive actions to improve insurance choices and protect Californians from increasing climate threats. The California Department of Insurance is calling it the largest insurance reform since voters passed Proposition 103 nearly …
First Private US Passenger Rail Line in a Century Launches in Florida. Safety is a Concern
MIAMI (AP) — The first big test of whether privately owned high-speed passenger train service can prosper in the United States will launch Friday when Florida’s Brightline begins running trains between Miami and Orlando, reaching speeds of 125 mph (200 …
Murdaugh Pleads to Federal Charges for Skimming Settlement Funds from Clients
For the first time, Alex Murdaugh has admitted in federal court that he committed 22 counts of financial fraud and money laundering. Murdaugh, a well-known South Carolina attorney who said he was addicted to opioids, is already serving life without …
Viewpoint: Solving Systemic Risk Is the Cyber Market’s Number One Priority
The Grange Pub in Cardiff is a typical modern British tavern. A short stroll from the city centre, it’s busy most days of the week. Weekends are packed, especially for Sunday lunch. In March 2020 all that stopped. Government lockdown …
NC Family Sues Google After Man Drove off Collapsed Bridge Following Map Directions
RALEIGH, N.C. (AP) — The family of a North Carolina man who died after driving his car off a collapsed bridge while following Google Maps directions is suing the technology giant for negligence, claiming it had been informed of the …
Cisco to Buy Splunk for $28 Billion in Giant AI-Powered Data Bet
Cisco Systems Inc. agreed to buy Splunk Inc. in a deal valued at about $28 billion, representing its biggest acquisition yet and a massive push into software and artificial intelligence-powered data analysis. The networking giant will pay $157 a share …
T-Mobile Glitch Showed Customer Data to Wrong Account Holders
Some T-Mobile US Inc. customers logged into their accounts Wednesday to a surprise: Another subscriber’s billing and account information was being shown on their online dashboards. Subscriber data including credit card information, home addresses, phone numbers and account balance were …
Next Insurance Offering Allows Agents to Customize Small Business Quotes
Digital small business insurer Next Insurance announced a new offering it says will enable agents to fully customize coverage quotes to better meet the needs of their small business clients. Next’s Coverage Builder allows agents to micro-tailor small business quotes …
People Moves: Aon Taps Carpenter’s Fraccalvieri to Lead EMEA Facultative, Reinsurance Solutions; Miller Launches APAC Treaty Team
This edition of International People Moves details appointments at Aon and Miller. A summary of these new hires follows here. Aon Taps Carpenter’s Fraccalvieri to Lead EMEA Facultative for Reinsurance Solutions Insurance broker Aon plc named Nicola Fraccalvieri as leader …
Lloyd’s Cyber Specialist Trium Cyber Opens London Office, Led by Aspen’s Watson
Trium Cyber, a Lloyd’s cyber specialist, announced that the US-based company has opened a London office to write coverage for clients based outside of the US. “Our advanced technical underwriting, outstanding claims management and Lloyd’s A+ rated security have resulted …
‘Hard But More Manageable’ Jan. 1 Renewals; Little Relief on Retentions
The hard reinsurance market in property-catastrophe reinsurance isn’t coming to an end at Jan. 1, 2024, but reinsurers are likely to deploy more of their capacity next year, broker executives said recently. Dorothée Mélis-Moutafis, North American brokering executive at Guy …
Copper Producer Aurubis Says Metal Scam Cost It €185 Million
Europe’s top copper producer Aurubis AG said a massive scam involving shipments of scrap metal cost it €185 million. Aurubis said last month that it had discovered a significant metal shortfall, adding that it believed some of its suppliers had …