INSURANCE NEWS
Shinwa Plans $114M Expansion at Alabama Auto Parts Plant
MONTGOMERY, Ala. (AP) — An auto parts supplier plans a $114 million investment to expand its facility in Alabama to support the production of electric vehicle parts, Gov. Kay Ivey`s office announced Tuesday. Shinhwa Auto USA Corp.`s expansion will create …
Company Asks Judge to Block Alabama Medical Marijuana Licenses
MONTGOMERY, Ala. (AP) — A company that failed to win a potentially lucrative medical marijuana license in Alabama asked a judge Tuesday to block the state from issuing the licenses to anyone, arguing a state commission improperly deliberated in private …
Attorney, Friend of Murdaugh Sentenced to 4 Years in Scheme to Steal Insurance Money
CHARLESTON, S.C. (AP) — A longtime friend of disgraced South Carolina attorney Alex Murdaugh was sentenced Tuesday to nearly four years in prison for scheming to steal millions of dollars in insurance settlements from the sons of Murdaugh`s dead housekeeper. …
Markets/Coverages: Skyrisks, Quotech Link Up to Insure Advanced Air Mobility Sector
Skyrisks Ltd., the newly incorporated, London-based managing general agent, has linked with Quotech, the underwriter-led developer of integrated technology platforms for underwriters and brokers, to deliver insurance coverage for the advanced air mobility (AAM) sector. AAM includes revolutionary aircraft such …
Specialist Risk Group Acquires UK’s Cheshire Insurance Brokers
Specialist Risk Group (SRG), the London-based insurance intermediary, has acquired Cheshire Insurance Brokers (CIB). Financial details of the transaction were not disclosed. Established in 2010 by Dominic Leach & Victoria Benito and based in Hale, England, CIB specializes in arranging …
Social Media Investigations Are a Winning Strategy for Insurers
If you’re a plaintiff in an injury lawsuit against your insurer, you might want to ask your wife not to post videos online of you frolicking in a swimming pool. An Instagram post by a woman that showed her husband, …
Cargo Thieves Target Electronics, Chemicals, Pharmaceuticals: German Insurance Study
German transport insurers report a significant increase in stolen goods – with thieves targeting electronic devices as well as chemical and pharmaceutical products. Every 20 minutes, goods are stolen from a truck, according to a study from the German Insurance …
Financial Services Firms ‘Largely Blind’ to Exposures From Nature-Related Risks: Report
Most financial firms aren’t assessing their portfolio exposure to nature-related risks with the same urgency they use to measure climate impacts, a shortcoming that could lead to higher costs, litigation and a hit to reputations, according to a new report. …
Swiss Tunnel to Partially Reopen for Freight Transport as Supply Chain Backs Up
Switzerland’s Gotthard tunnel will partially reopen for freight transport next week after a derailed train blocked one of its two tubes, though the critical route won’t return to full operability for several months. Passenger trains will continue to be diverted …
Latin Americans Fall Prey to More Online Scams, Cyber Attacks
Gabriella Batalha didn’t think much when she noticed she had been logged out of Instagram – until the next day when she found her account overrun with sensational posts touting high-yield cryptocurrency investments. To recover her account, the 27-year-old lawyer …
More Funding for U.S.-Based Provider of Retained Climate Risk Reinsurance
Demex Group raised $5 million from a syndicate of existing and new investors the company says will address accumulating losses caused by secondary perils. The managing general agent, which “operates at the intersection of climate, insurance, and technology,” last year …
Legal & General’s CEO Says UK Must Speed Up Reforms to Lure Investors
The UK needs to accelerate reforms to help attract more investments, according to Legal & General Group Plc Chief Executive Officer Nigel Wilson. The Mansion House speeches on policy reforms in July have been very positive, but the government needs …