INSURANCE NEWS
Alabama High Court Declines to Lift Injunction Blocking Coastal Bridge
A divided Alabama Supreme Court on Friday declined to lift a preliminary injunction blocking construction of a new coastal bridge. Justices in a 5-3 decision declined the emergency request from the Alabama Department of Transportation to lift the injunction halting …
People Moves: Shepard to Lead FCCI New England Surety Business Expansion
FCCI Insurance Group has hired Phil Shepard to lead its surety line of business expansion into New England. FCCI is now writing contract and commercial surety bonds in the six New England states – Connecticut, New Hampshire, Maine, Massachusetts, Rhode …
Michigan Lawmakers Introduce Legislation to Give Sex Abuse Victims More Time to Sue
LANSING, Mich. (AP) – Michigan lawmakers introduced bipartisan legislation Tuesday that would give victims of sexual abuse more time to sue for damages as the state again looks to overhaul laws following multiple sexual abuse scandals. The legislation, which appeared …
NC Bill Banning Environmentally Conscious Investment Advances in Senate
North Carolina agencies and state pension plans would be prohibited from using socially and environmentally conscious criteria to make investment decisions or hire employees, under legislation that advanced Wednesday in the state Senate. The proposal, which passed the GOP-controlled House …
Russian President Putin Signs Law Creating Eurasian Reinsurance Company
The Kremlin announced that Russian President Vladimir Putin has signed a law to ratify the creation of the Eurasian Reinsurance Co. The Eurasian Economic Union (EAEU) agreed in October 2022 to form the company, which is intended to facilitate investment, …
Climate Change and Homeowners’ Insurance Are on a Collision Course
A summer that has already seen water crises and wildfire smoke is rapidly becoming an inflection point in the pitched battle between climate change and the price of homeowners’ insurance in the US. American International Group Inc., which has already …
Philippines Raises Alert Over Volcano, Villagers Urged to Leave Danger Zone
Philippine officials on Thursday raised the alert level for one of the country’s most active volcanoes after superheated streams of gas, debris and rocks cascaded down its upper slope in a condition they fear could lead to a hazardous eruption …
Former SCOR CEO Kessler, 71, Dies
Denis Kessler, 71, non-executive chairman of SCOR and the reinsurer’s former chief executive, died Friday, the company said. “Over the past two decades, Denis Kessler has been the architect behind SCOR’s success and reputation throughout the world,” said Thierry Léger, …
Survey: Younger Generations More Tolerant of Fraud
A significant number of Americans ages 44 and younger show a high level of tolerance for insurance fraud, according to a new survey of insurance consumers by Verisk and the Coalition Against Insurance Fraud. The accompanying study found that while …
Acrisure Acquires TEn, Will Go to Market as Eleven Network
Acrisure said it has acquired TEn Insurance Services Ltd. As part of the acquisition, TEn will go to market as Eleven Network. The deal is expected to close in the near term, pending FCA regulatory approvals. Terms were not disclosed. …
Supreme Court Limits Reach of Federal ID Theft Law
The U.S. Supreme Court yesterday narrowed when identity theft can be included as part of federal criminal charges. In the case (Dubin v. U.S.), the high court found that not every use of another’s identification means there has been an …
Insurer Not Liable for Botched Fracking Operation
A well servicing company that damaged 53 natural gas wells by using a defective chemical during a hydrofracking operation is not entitled to insurance coverage for a $13 million jury verdict because there was no accident, a panel of the …