INSURANCE NEWS
Specialty MGA UK Approved as Lloyd’s Coverholder
Specialty MGA UK, a recently formed MGA that is focused on providing additional capacity for specialty lines of business, has been approved as a Lloyd’s coverholder. Coverholder status will allow Specialty MGA UK to be given binding authority by Lloyd’s …
Spanish Authorities Seek Damages From Swedish Mining Firm for Toxic Spill in 1998
Spanish authorities are seeking 90 million euros ($98 million) in damages from a Swedish mining company for a major toxic spill near the famed Doñana National Park in 1998. The civil trial that opened Tuesday is hearing the case against …
Gallagher’s Pen Underwriting Acquires Norwegian MGA Fender Marine AS
Arthur J. Gallagher & Co. announced that its UK-based specialist underwriting subsidiary Pen Underwriting has acquired Norwegian managing general agent (MGA) Fender Marine AS. Terms of the transaction were not disclosed. Based in Bergen and Oslo, Fender specializes in providing …
Panama Expects to Be Removed From Financial Crime Watch List in October
Panama expects international financial-crime watchdog FATF to remove it this October from a watch list for nations deemed to be doing too little to fight money laundering, the country’s deputy finance minister said, adding that other intergovernmental groups might follow …
UK Cybersecurity Officials Investigate Data Breach Affecting London Hospitals
British cybersecurity officials are investigating an alleged cyberattack on a group of hospitals in London that has led to the disclosure of confidential documents online. A gang of Russian-speaking cybercriminals known as ALPHV, or BlackCat, claimed on its website last …
UN Climate Alliance Scraps Emissions Rules for Insurers After Exodus
The Net-Zero Insurance Alliance (NZIA) has ditched all requirements for members to set or publish greenhouse gas emission-reduction targets, the U.N. said on Wednesday, a major rewrite of its rules after U.S. political pressure led to a member exodus. The …
Association of British Insurers Pushes Members to Act on Biodiversity Loss
A British insurance group is pushing its members, which include Allianz SE, Aviva Plc and Chubb Ltd., to step up their efforts to fight biodiversity loss as part of their broader climate-related goals. In a guide published Tuesday, the Association …
Mondelez Voluntarily Recalls Two Varieties of belVita Biscuits
Mondelez International’s subsidiary has voluntarily recalled two varieties of belVita Breakfast Sandwich biscuits in the U.S. over possible undeclared peanut in the products. Mondelez Global LLC said on Monday that these products sold at retail stores nationwide may contain undeclared …
Liberty Mutual, Auto-Owners See DPW Jump in Q1
Though the U.S. commercial auto insurance industry’s 2022 combined ratio came in above 100 for the fourth time in five years, Liberty Mutual and Auto-Owners started 2023 with double-digit growth in direct premiums, according to S&P Global Market Intelligence. Compared …
Analytics Company Says Law Firms Using Google Searches to Drive Litigation
National law firms are investing $10 million to $12 million annually each to direct Google searches to websites that they control in an effort to find new clients to file lawsuits against insurance companies, according to 4Warn, a New Hampshire-based …
Washington Insurance Commissioner Issues $40K in Fines For Violations
Washington Insurance Commissioner Mike Kreidler issued $40,863 in fines in June against insurance companies and insurance producers for violations of state insurance laws and regulations. Following are the parties fined and their reported violations: Unauthorized insurers Drico Insurance Co., Salt …
11 People Charged in Alleged $8M Delaware Valley Catalytic Converter Theft Ring
A Philadelphia towing firm and 10 adults one juvenile have been charged in what prosecutors say is a multi-million dollar theft ring that targeted catalytic converters in the Delaware Valley region. The Bucks County District Attorney’s office identified TDI Towing …