INSURANCE NEWS
Florida OIR Tells Citizens to Rethink Maximum Rate Increase on HO Policies
When Citizens Property Insurance Corp. in June filed for the maximum rate increases allowed by its statutory glidepath, many in the Florida insurance industry saw it as a good thing, needed to help steer policyholders back toward the beleagured primary …
Japan to Release Water Into Sea From Fukushima Nuclear Power Plant on Aug. 24
Japan said on Tuesday it will start releasing into the sea more than 1 million metric tons of treated radioactive water from the wrecked Fukushima nuclear power plant on Aug. 24, going ahead with a plan heavily criticized by China. …
FAA Holding Runway Safety Meetings After Close Call Incidents
The U.S. Federal Aviation Administration said on Tuesday it will hold runway safety meetings at 90 airports over the next few weeks after a series of troubling close-call aviation incidents. Earlier this month, the FAA and National Transportation Safety Board …
People Moves: AXA XL Names Hopkinson Canada Country Mgr; BHSI Promotes Leandri for Risk Control; Coalition Taps MS Amlin’s Wynne Davies as UK Special Projects Lead
This edition of International People Moves details appointments at AXA XL, Berkshire Hathaway Specialty Insurance (BHSI), and the cyber insurer Coalition. AXA XL Names Hopkinson as Canada Country Manager AXA XL announced the appointment of Glen Hopkinson as the new …
Third Child Dies Following House Fire in North Carolina
CONCORD, N.C. (AP) — A third child has died following a weekend house fire in North Carolina, officials said. Fire-fighting crews were dispatched to a one-story public housing duplex in Concord, northeast of Charlotte, shortly after 1:00 a.m. Sunday. Firefighters …
Russia’s Flagship Oil Rises Above G-7 Sanctions Cap, but Does Little to Impede Services
The price of Russia’s flagship oil may have jumped above a Group of Seven imposed cap but that has done little to impede the provision of western services for the trade. The number of ships calling at the nation’s ports …
Conditions Are Challenging, Claims Are Elevated, but Reinsurers’ Profits Return: Reports
Despite extremely challenging conditions, with persistent and elevated claims activity, the global reinsurance segment returned an underwriting profit in 2022, according to AM Best. “Reinsurers generally have realigned their risk profiles and are in a strong position to generate the …
New York Knicks Sue Toronto Raptors Alleging Stolen Scouting Reports
The New York Knicks sued the Toronto Raptors, claiming a former Knicks employee stole scouting reports and other proprietary information after getting a job offer at the rival National Basketball Association team. The Knicks filed suit Monday against the Raptors, …
Buesnel to Step Down as CEO of Tysers as 1st Phase of AUB Ownership Is Completed
Tysers, the London-based insurance broker and subsidiary of AUB Group, announced that CEO Clive Buesnel is stepping down at the end of August. As CEO since June 2020, Buesnel managed the company through its acquisition by AUB, a deal that …
Severe Weather Set to Boost US Disaster Funding Needs, FEMA Says
Growing extreme-weather risks mean President Joe Biden’s expected request for billions in extra disaster-relief funding might not be enough for the next fiscal year, FEMA head Deanne Criswell said. Biden’s roughly $12 billion request would cover the spending year ending …
Two Killed After Car is Struck by Train in South Dakota
ELKTON, S.D. (AP) – Two people died when a car was struck by train in South Dakota, an accident that caused the train to derail and crash into a grain elevator. The South Dakota Highway Patrol said the accident that …
Ukraine in Talks With Insurers to Start Program to Cover Ships Hauling Grain Exports
Ukraine’s government is in talks with insurers to start a new program to cover ships hauling grain through some of the riskiest parts of the Black Sea. The service could start as soon as early September, though a precise framework …