INSURANCE NEWS
Alabama Lawsuit Shines a Light on Fee-Sharing Agreements for Storm Claims
Insurance defense attorneys say a pair of lawsuits filed by a law firm and a claims consulting business – against a national personal injury law firm – raises questions about the proper relationships between legal counsel and the professionals they …
New York Dairy Farm Workers Gain $150K in Unpaid Wages
A settlement in New York in a wage theft case has resulted in two dairy farm workers receiving nearly $150,000 in back wages. The New York State Department of Labor (NYSDOL) said its investigators found that Lewis County dairy farm …
World’s ‘Carbon Majors’ Face Biggest Share Price Hit From Climate Litigation: Study
The world’s ‘carbon majors’ in the energy, utilities and mining sectors face the biggest share price hit when climate-related lawsuits are filed against them and need to consider it a financial risk, a study on Tuesday showed. The paper by …
U.S. Seeks Labor Rights Probe at Goodyear Tire in Mexico
U.S. labor officials on Monday said they have asked Mexico to investigate alleged worker rights abuses at a Goodyear Tire & Rubber Co plant in Mexico in the latest “rapid response” probe under North American trade rules. The complaint from …
Marsh: Cyber Insurance Purchases Climb After Rocky Couple of Years
Stricter policy language, pricing increases and more scrutiny at policy inception made for a tumultuous couple of years in the cyber insurance market. Despite this, 36% of Marsh’s clients reported buying cyber insurance in 2022, up from the 33% that …
Over 30 Million Drivers at Risk of Dangerous Airbag Blast During Collision
More than 33 million people in the United States are driving vehicles that contain a potentially deadly threat: Airbag inflators that in rare cases can explode in a collision and spew shrapnel. Few of them know it. And because of …
Karen Clark Report Shows Just What Failed in Ian, Making it Florida’s Costliest Storm
A granular look at the most expensive hurricane in Florida’s history, written by respected catastrophe-modeling firm Karen Clark & Co., highlights building practices that had a major impact on the scale of insured losses: Contrary to what may seem like …
Fired New Mexico Archaeological Official Sues Governor, Others
The former director of the New Mexico Office of Archaeological Studies is suing state officials, saying his race and gender played a role in his firing. Eric Blinman filed a lawsuit in federal court late last week against Gov. Michelle …
AIG to Sell Validus Re to RenRe in $3B Deal
American International Group (AIG) said late Monday it has entered into an agreement to sell Validus Re to RenaissanceRe Holdings for about $3 billion, mostly cash. The deal, expected to close during the fourth quarter, includes AlphaCat and renewal rights …
Swiss Re Becomes Fourth Insurer to Leave Net Zero Group
Swiss Re is quitting the world’s main climate alliance for insurers, joining a growing exodus from the coalition of some of the industry’s biggest companies. The world’s second-largest reinsurer is now the fourth major company to walk away from the …
2 Killed When Plane Headed for Hawaii Crashes Northern California
Two people were killed when a small plane headed for Hawaii crashed in the Pacific Ocean shortly after takeoff from Northern California, federal officials said Sunday. The Viking Air DHC-6-400 Twin Otter crashed around 2:15 p.m. Saturday in the water …
People Moves: Aspen Appoints Boon Head of Singapore; Liberty Mutual Hires Patrick Thielen Global Head of Cyber; Guy Carpenter Makes Senior Moves in Europe
Aspen Appoints Boon as Head of Singapore; Morely Relocates to London Aspen Insurance Holdings Limited has appointed industry veteran Tay Boon Chuan as head of Singapore, effective June 1. Aspen is headquartered in Hamilton, Bermuda. Boon joins Aspen after 12 …