INSURANCE NEWS
AXIS Capital Sponsors First Cyber-Catastrophe Bond Issued in Public Debt Markets
For the first time, a cyber-catastrophe bond has made its way into public debt markets. Long Walk Reinsurance Ltd. issued a $75 million so-called cat bond, sponsored by AXIS Capital, to insure against “a cyber-catastrophe event” across its main underwriting …
LexisNexis: Auto Insurance Shopping Slows but Still Remains Elevated
For the first time in more than a year, overall U.S. auto insurance shopping growth registered as ‘cool’ on the LexisNexis Risk Solutions Insurance Demand Meter in the third quarter of 2023, continuing a downshifting trend that began in June. …
Chubb Survey of Middle-Market Brokers Finds Lack of Awareness of Flood Risk
Though the risk of flooding is undeniable, a survey by Chubb of brokers with middle-market commercial clients revealed just 16% of them say more than half their clients buy flood insurance. Furthermore, 65% of the more than 330 brokers surveyed …
Florida Appeals Court Says Pre-suit Notice Requirement Not Retroactive
When Florida lawmakers approved Senate Bill 76 in 2021, requiring a 10-day notice before suits are filed against insurers, it was seen as a big step in stemming what had become a flood of claims litigation. Since then, questions have …
Lawsuit Blames Negligence by Plant Owner, HVAC Contractors for Cannabis Worker’s Asthma Death
A lawsuit has been filed over what has been identified as the cannabis industry’s first asthma workplace death. The mother of a worker who died from an asthma attack at a Massachusetts cannabis processing plant in 2022 has brought wrongful …
Sandy Hook Families Offer to Settle Alex Jones’ $1.5 Billion Debt for $85 Million
Sandy Hook families who won nearly $1.5 billion in legal judgments against conspiracy theorist Alex Jones for calling the 2012 Connecticut school shooting a hoax have offered to settle that debt for only pennies on the dollar — at least …
Buffett Gave Tribute to Partner and Friend Munger in Latest Annual Report
Warren Buffett’s Berkshire Hathaway released a brief statement late Tuesday announcing the death of Vice Chair Charlie Munger but the CEO paid tribute to his long-time partner months ago in the company’s most recent annual report. Under the heading, “Nothing …
Jewish Groups Sue UC Berkeley Over ‘Unchecked’ Antisemitism
The University of California, Berkeley was sued on Tuesday by Jewish groups who said it has become a hotbed of “unchecked” antisemitism, including at its elite law school. According to a complaint by the nonprofit Louis D. Brandeis Center, UC …
Charlie Munger, Who Helped Buffett Build Berkshire, Dies at 99
Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99. He died on Tuesday at a …
P/C Insurers Face Challenging Claims Dynamics as Frequency, Severity Rise: Swiss Re
The property/casualty insurance industry is confronting challenging claims dynamics, with rising frequency and severity of claims despite decreases in economic inflation, according to Swiss Re. The pace of claims growth in the liability line of business challenges the insurability of …
Authorities Estimate Up to 1.1 million Gallons of Oil Discharged Into Gulf of Mexico From Louisiana Pipeline
NEW ORLEANS (AP) – As much as 1.1 million gallons of oil may have been discharged into the Gulf of Mexico from a pipeline system off Louisiana`s southeast coast, the U.S. Coast Guard said last week. The affected pipeline has …
Texas Judge Orders Houston Attorney to Reimburse Insurer $137,000 for “Frivolous” Lawsuit
A Texas judge has ordered a Houston plaintiffs’ attorney to reimburse an insurer $137,000 for the legal fees it expended to defend itself against a “frivolous” and “groundless” lawsuit that was filed “solely for the purpose of harassment.” Harris County …