INSURANCE NEWS
Demex Raises $5M to Bolster Its Stop-Loss Reinsurance Solutions for Secondary Perils
The Demex Group, the Washington, D.C.-based managing general agent (MGA) that offers stop-loss protection for secondary perils, announced it has raised $5 million from a syndicate of existing and new investors, led by Blue Bear Capital. Blue Bear Capital, a …
FedEx Faces Safety Issues as Driver Accidents, Insurance Costs Rise
FedEx Corp. is pressuring delivery contractors to improve safety after mounting accidents helped trigger a near-tripling of insurance costs over the decade. FedEx is requiring contractors that deliver packages on behalf of the company’s Ground unit to install vehicle cameras …
Florida DFS Provides Grants for Firefighters’ Cancer Decontamination Equipment
Florida firefighters are covered by a limited presumption if they are diagnosed with cancer, but some fire departments still need special cleaning systems to remove carcinogens from gear. To help with that, Florida’s chief financial officer and fire marshal announced …
Risk Strategies Acquires Bisnett Insurance in Oregon
Risk Strategies acquired Bisnett Insurance in West Linn, Oregon. Bisnett Insurance offers commercial lines, personal lines and employee benefits products. The firm has operations in the Pacific Northwest including Oregon, Arizona and Idaho. Bisnett’s serves a variety of industries, including …
New York City Pension Plans Seek to Dismiss Lawsuit Over Fossil Fuel Stakes
New York City pension funds filed a motion to dismiss a lawsuit filed in May that alleged the plans breached their fiduciary duties by selling billions of dollars of fossil fuel assets. The lawsuit was filed by plaintiffs including Americans …
German Cabinet Passes Landmark Bill Over Legal Cannabis Use
Germany’s cabinet passed a contentious bill on Wednesday to legalize recreational marijuana use and cultivation, one of the most liberal cannabis laws in Europe that could potentially provide further momentum for a similar worldwide trend. The legislation, which still has …
Six Former Mississippi Law Officers Plead Guilty in Torturing of Two Men
BRANDON, Miss. (AP) — Six white former Mississippi law officers pleaded guilty on Monday to state charges for torturing two Black men in a racist assault. All six had recently admitted their guilt in a connected federal civil rights case. …
Legacy Acquistion Specialist Monument Re Explores Strategic Options: Sources
Monument Re, a buyer of European life insurance portfolios, is exploring strategic options after reporting a drop in its capital ratios last year, people familiar with the matter told Reuters. Citigroup and Fenchurch Advisory are working with the company and …
People Moves: Fred C. Church Names Hart Personal Lines Manager; Ames & Gough Appoints Hilliard
Fred C. Church Insurance Names Hart Vice President, Personal Lines Manager Fred C. Church, headquartered in Lowell, Mass., promoted Kate Hart to vice president, personal lines manager. Hart began her insurance career in 2007 as a sales representative with Liberty …
What to Know About the Proposed U.S. Cyber Trust Mark
With cyber attacks continuing to grow and new risks emerging, The Biden-Harris Administration in July announced a cybersecurity certification and labeling program to help U.S. consumers more easily choose smart devices that are safer and less vulnerable to cyber attacks. …
Shipping Firm Fined $2.25M for Discharging Oily Bilge Off Rhode Island
The owner of a Greek oil tanker has been ordered by a U. S. judge to pay $2.25 million in fines and penalties after discharging oily bilge water into the ocean during a trans-Atlantic voyage and admitting to other environmental …
UK Insurer Aviva Eyes Lloyd’s of London Entry, Posts Above-Forecast H1 Profit
Aviva posted an above-forecast rise in first-half operating profit on Wednesday, helped by strong performance in general and health insurance, and its chief executive said the insurer was interested in entering the Lloyd’s insurance market. The life and general insurer, …