INSURANCE NEWS
KKR Invests Additional $1 Billion in USI to Become Largest Shareholder
USI Insurance Services said Monday that KKR is making a new equity investment of more than $1 billion to become USI’s largest shareholder. Private equity firm KKR and Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) in …
Most Of West Maui Will Welcome Back Visitors Next Month
Most of West Maui will officially reopen to travelers Oct. 8 under a new wildfire emergency proclamation signed last week by Hawaii Gov. Josh Green. Nonessential travel to much of the island`s western coastline has been strongly discouraged since devastating …
Wynn Resorts in Nevada to Settle Sexual Harassment Inaction Claim From Female Salon Workers
Wynn Resorts and nine unnamed women are settling a lawsuit alleging the casino company failed to investigate allegations that female employees were sexually harassed by former company CEO Steve Wynn, according to a court document. Attorneys for Wynn Resorts and …
Kaiser to Pay $49M in California for Dumping Private Medical Records, Medical Waste
Kaiser Permanente has agreed to pay $49 million as part of a settlement with California prosecutors who say the health care giant illegally disposed of thousands of private medical records, hazardous materials and medical waste, including blood and body parts, …
Insurance Industry Should Expect $100 Billion in Catastrophe Losses Every Year: Verisk
Total global insured losses from natural catastrophes of more than $100 billion a year may be less newsworthy than in the past. In fact, the industry should expect loss totals of at least $100 billion every year, according to models …
Death Toll for Idalia Rises to Four as Disaster Declaration Added for Georgia Counties
CROSS CITY, Fla. (AP) — An elderly man who was cleaning debris from Hurricane Idalia in north Florida when a tree fell on him has been declared the state`s third death from the Category 3 storm, officials said Thursday. The …
Wetlands Permit Dispute Pauses Construction on $2B Scout Motors EV Plant in SC
BLYTHEWOOD, S.C. (AP) — Construction work has been temporarily stopped on a $2 billion new electric vehicle plant in South Carolina being built by a Volkswagen Group-backed group trying to revive a brand that was a forerunner to today’s SUVs. …
Markets/Coverages: Reinsurance MGA Envelop Risk Launches Program to Aid Cedents’ Entry Into Cyber
Envelop Risk, the UK-based cyber re/insurance and analytics specialist, announced the launch of a program for cedents that want to enter the cyber risk market or expand their existing participation. The initiative, called Cyber Partnership Platforms, is designed to enable …
Ground Zero Employers Must Notify Workers of 9/11 Benefits Under New Law
New York Gov. Kathy Hochul is expected to sign legislation today to assure that people who returned to work in close proximity to Ground Zero during the critical period following the 9/11 terrorist attacks are informed that they could be …
Morocco Survivors Seek Aid as Earthquake Death Toll Passes 2,100
Survivors of Morocco’s deadliest earthquake in more than six decades struggled to find food, water and shelter on Sunday as the search for the missing continued in remote villages and the death toll of more than 2,100 seemed likely to …
Legacy Acquisition Specialist RiverStone Int’l Acquires Catalina Insurance Ireland
RiverStone International, the London-based provider of legacy solutions in the Lloyd’s market, has signed an agreement with members of the Catalina Group to acquire Catalina Insurance Ireland, an Irish insurance company regulated by the Central Bank of Ireland. Financial details …
Reinsurers Hope Profitability Party Will Last – But All Good Things Must End
Executive summary: Fitch Ratings is projecting reinsurer returns on equity of 14% in 2023 and 2024, results that reflect a reinsurance environment that has effectively returned to the pre-soft market state of providing capital protection rather than earnings protection for …