INSURANCE NEWS
Driver Whose Car Vaulted 120 Feet Over Truck: ‘I Thought I Was Going to Die’
A woman whose car was captured on video vaulting into the air over a tow truck and crashing onto a Georgia highway says she’s recovering after spending two weeks in a hospital and undergoing several surgeries. “I don’t really remember …
Insurance Agent Group Has Issues with California Commissioner’s Briefing
A webinar briefing hosted by California Insurance Commissioner Ricardo Lara this week to ease concerns about deteriorating market conditions left insurance agents with more questions than answers, according to a group that represents agents. Agents are experiencing difficulty placing automobile …
Oregon Jury: PacifiCorp Must Pay Punitive Damages for Fires, Plus Award That Could Reach Billions
A jury on Wednesday ordered the electric utility PacifiCorp to pay punitive damages for causing devastating wildfires in Oregon in 2020 – on top of an earlier verdict already expected to amount to billions of dollars. The decision came two …
Study Blames Climate Change for Summer Wildfire Rise in California
A study out this week shows that nearly all of the observed increase in summer wildfires in California over the past half-century is attributable to man-made climate change. An international team of scientists looked at data from record-breaking summer forest …
People Moves: Howden Hires 3 for Casualty in London, Bermuda; Aon Names Fakkel CTO, Strategy & Tech Group; Everest Re Taps AIG’s Gallagher as Head of U.S. Facultative
This edition of International People Moves details appointments at Howden Broking, Aon and Everest Re. A summary of these new hires follows here. Howden Hires 3 for Casualty Team in London, Bermuda Howden, the international insurance broker, announced the appointment …
High Definition Vehicle Insurance Expands Commercial Trucking Product Into Oklahoma
High Definition Vehicle Insurance, a commercial auto insurance provider, launched its insurance products for commercial trucking fleets in Oklahoma, effective July 1. HDVI used approximately 3.5 billion miles of telematics data to build a proprietary risk model, the company said. …
People Moves: Atain Hires Trimble as Chief Underwriting Officer
Atain Hires Trimble as Chief Underwriting Officer Atain Insurance Companies has hired Linc Trimble as its chief underwriting officer. Trimble worked as a consultant with Atain leadership since February and started his new role on June 1. Attain is headquartered …
US P/C Records $8.2 Billion Underwriting Loss in Q1: AM Best
A rise in first quarter losses in the homeowners insurance line of business primarily put U.S. property/casualty underwriting results in the red, according to AM Best. The U.S. P/C industry booked a $8.2 billion underwriting loss during for the first …
‘Lockbit’ Digital Gang Named Top Ransomware Threat by US, 6 Other Nations
The United States and six other countries on Wednesday identified the digital extortion gang operating under the “Lockbit” banner as the world’s top ransomware threat. In a joint advisory, U.S., Canadian, British, French, German, Australian and New Zealand cyber authorities …
Tennessee Insurance Consumers Get Back $7.4 Million So Far in 2023
The Tennessee Department of Commerce & Insurance is reporting that it has helped return more than $7.4 million to consumers so far in 2023 through its mediation and restitution efforts. TDCI said it is on trend to pass last year’s …
Generali Agrees to Acquire Liberty Mutual’s European Units for $2.5 Billion
Assicurazioni Generali SpA has agreed to acquire a group of European businesses from US insurer Liberty Mutual Holding Co. for €2.3 billion ($2.5 billion). Liberty Mutual announced the sale of its Liberty Seguros subsidiary in a statement on Thursday that …
Judge Gives Erie Insurance, Maryland Regulator 60 Days to Resolve Rift Over Bias, Document Disclosure
A judge has given Erie Insurance and the Maryland insurance regulator 60 days to settle their differences related to allegations that the insurer unfairly discriminated against Black insurance agents in the Baltimore area and that the regulator acted arbitrarily and …