INSURANCE NEWS
People Moves: Stanford Named Interim CEO at Aspen UK; Canopius Appoints Crane as Head of UK Distribution; Miller Taps Carpenter’s Sinniah to Lead Reinsurance, Capital
This edition of International People Moves details appointments at Aspen UK, Canopius Group and London-based broker Miller. A summary of these new hires follows here. Aspen UK Names Stanford as Interim CEO, Succeeding Milner Aspen Insurance Holdings Ltd. announced the …
Michigan to Pay $1.75M to Man Wrongly Convicted for 35 Years in Sexual Assault Case
The state of Michigan has agreed to pay $1.75 million to an innocent man who spent 35 years in prison after being wrongly convicted of sexual assault. Louis Wright was released in November after authorities said DNA tests ruled him …
Texas Woman Sentenced for Workers’ Compensation Fraud
Texas Mutual Insurance Company recently reported that a Travis County district court sentenced Ruth Castilleja of Baytown, Texas, on workers’ compensation fraud-related charges. Castilleja reported an on-the-job injury while working as a phlebotomist for BestCare Laboratory Services LLC in Houston, …
Texas Appeals Court Rules Mark Zuckerberg Must Testify in Multibillion-Dollar Lawsuit Over Facial Recognition Technology
Mark Zuckerberg can’t avoid being called for a deposition in Texas’s multibillion-dollar lawsuit alleging that Meta Platforms Inc. profits from facial recognition technology without user consent, a state appeals court ruled. Tuesday’s decision left in place a lower-court order compelling …
Freelancers File First Lawsuit Challenging Independent Contractor Rule
A group of freelance writers and editors has sued the U.S. Department of Labor, claiming the Biden administration’s new rule making it more difficult for companies to treat some workers as independent contractors is illegal and should be struck down. …
Fla. Senate Panel Votes to Raise Citizens’ Policy Cap to $1M, End Glidepath for Some
The Florida Senate’s Banking and Insurance Committee on Tuesday approved a bill that would make the state-backed Citizens Property Insurance Corp. more like an insurer of last resort, unrestricted by premium caps – at least for some expensive homes in …
Bill Introduced to Keep CFPB Out of State Insurance Regulation
New bi-partisan legislation meant to keep the regulation of insurance companies with state regulators was introduced in the Senate on Jan. 16. The Business of Insurance Regulatory Reform Act of 2024 from senators Tim Scott, R-S.C., and Joe Manchin, D-W.V., …
Haute Cyber? Attackers Are Strutting Into 2024 with More Sophistication
Ransomware has been a hot topic in the cyber industry for several years, but cyber criminals are finding ways to keep it relevant. “Ransomware, I would say, is decreasing in [frequency] and going further into sophistication,” said Dr. Magda Chelly, …
Swiss Re Buys Cyber Market’s 1st Retrocession ILW, Brokered by Gallagher Re
Swiss Re has purchased the cyber market’s first retrocession industry loss warranty (ILW), brokered by Gallagher Re and supported by a number of specialist reinsurers. Swiss Re secured $50 million of catastrophic US cyber insurance event protection, including cover against …
Shell’s Appeal of Landmark Climate Ruling to Begin in April
Shell Plc’s appeal against a landmark ruling that ordered the oil and gas giant to cut its carbon emissions by 45% over the next decade will begin in April. The London-based oil and gas giant is seeking to reverse what …
Hezbollah, Russia-Linked Hackers Step Up Cyberattacks on Israel: Cybersecurity Firm
The Iran-backed Hezbollah militant group in Lebanon and Russia-linked hackers have stepped up cyberattacks against Israel since the war with Hamas began, according to the chief technology officer of Israel-founded cybersecurity company Check Point Software Technologies Ltd. “While a lot …
Insurers Seek to Exclude US, UK Ships From Red Sea Coverage
Some ship insurers are starting to avoid covering US and UK merchant ships against war risks when they navigate the southern Red Sea, another sign of blowback since the two nations’ airstrikes on Yemen last week. Houthi militants have stepped …