INSURANCE NEWS
Polo Managing Agency Assumes Management of Coverys Syndicate 1975
Polo Managing Agency Ltd., an independent Lloyd’s turnkey managing agent, has assumed management of Coverys Syndicate 1975. The specialist medical professional lines syndicate will novate to Polo on Oct. 2, 2023. In late 2021, Coverys Managing Agency Ltd. elected to …
Saltwater Intrusion Threatens Louisiana’s Citrus Industry, Farmers Seek Solutions
BATON ROUGE, La. (AP) – Commercial citrus growers have dwindled over the past few decades in south Louisiana, where farmers have had to battle hurricanes, flooding, invasive insects, freezes and drought to keep their groves alive. The latest hurdle comes …
Texas Investment Firm Settles Fraud Lawsuit for $2.51 Million Over Madoff Ponzi Scheme
A Texas investment firm agreed on Friday to pay $2.51 million to settle a U.S. government lawsuit accusing it of fraudulently obtaining payments from a fund meant to compensate victims of Bernard Madoff’s massive Ponzi scheme. The U.S. Department of …
US Supreme Court to Hear Warner Music Case on Limits to Copyright Damages
The U.S. Supreme Court on Friday agreed to clarify the time period for which plaintiffs can recover damages over copyright claims in a case involving a Miami music producer who sued Warner Music’s Atlantic Records label after hip-hop artist Flo …
Temporary Fix Keeps National Flood Insurance Operating But Only Until Nov. 17
Real estate interests and insurance companies that administer National Flood Insurance Program policies are heaving a sigh of relief after Congress approved a last-minute deal to temporarily fund the federal government, keeping the NFIP in business – but only until …
People Moves: Aspen Promotes Bianconi to Global Head of Cyber; WTW’s Corporate Risk & Broking Unit Taps Marsh’s Beldy Torborg for 2 Exec Roles
Aspen Promotes Bianconi to Global Head of Cyber Bermuda-based Aspen Insurance Holdings Ltd. has appointed Bobby Bianconi as global head of Cyber. Bianconi has been with Aspen since 2016 and brings over 1o years of dedicated underwriting experience, most recently …
Trump Trial on Business Fraud Charges to Begin Today in New York
An appeals court Thursday rejected Donald Trump’s bid to delay a civil trial in a lawsuit brought by New York’s attorney general, allowing the case to proceed days after a judge ruled the former president committed years of fraud and …
Cigna Announces Settlement With US on Claims it Overcharged Medicare Advantage
Health insurer Cigna Group says it has reached a settlement with the United States over claims it overcharged the government’s Medicare Advantage program by making it appear patients were more ill than they actually were. The settlement, reached on Friday, …
Freight Rates for Grain Exports via New Black Sea Corridor Fall Sharply, Ukraine Says
A new corridor allowing cargo vessels to carry Ukrainian grain and iron ore from Black Sea ports has significantly lowered freight rates and they are likely to fall further, Ukraine’s farm minister said on Monday. Kyiv launched what it calls …
Don’t Expect the Same Raise You Got Last Year: Surveys
Companies are trimming their budgets for merit raises next year, a sign of belt-tightening that could surprise some employees who had enjoyed two straight years of increases. US employers surveyed by Aon Plc, which compiles compensation data on more than …
Homeowners Unprepared for Non-Weather-Related Water Damage: Report
Homeowners lack preparedness for non-weather-related water damage, even though water damage ranks as the second most prevalent cause of insurance loss claims, according to The Hanover Insurance Group in a new report. Despite being a leading cause of homeowners’ claims, …
Many US Cities Vulnerable to Low Water Pressure Amid Wildfire Dangers
Hours before devastating fires scorched the historic town of Lahaina on Maui, Kyle Ellison labored to save his rental house in Kula, a rural mountain town 24 miles away, from a different blaze. As high winds whipped burning trees and …