INSURANCE NEWS
Texas Construction Company Fined $266K For Failure to Correct Fall Protection Systems Hazards
Despite an extensive history of serious and repeat violations dating back more than a decade, a Houston, Texas steel erection company again failed to correct fall protection systems hazards, a federal workplace safety investigation has found. Investigators with the U.S. …
Texas Court Rejects ‘Fishing Expedition’ Discovery Request to Home Depot
A Texas appellate court threw out a trial court order that approved a plaintiff’s overly broad discovery request in an employee’s personal injury lawsuit against Home Depot. A panel of the 9th Court of Appeals in Beaumont vacated a judge’s …
NY Lawmakers Vow to Block Property Insurers from Asking About Subsidized Tenants
Three New York legislators said they plan on pushing bills next year that would bar property insurers from requesting information about subsidized housing, a practice that discriminates, an NYC news outlet reported. The Gothamist, a non-profit news organization affiliated with …
Banking Industry Starts to Pick Its Battles Against New Capital Rules
Now that regulators in Washington have unfurled a hefty reform package of post-financial crisis capital regulations, banking industry advisers are honing in on what they consider most disruptive, including risk management requirements that could affect real estate lending, consumer credit …
Britain to Create New Regime to Deal With Big Insurance Company Failures
Britain said on Wednesday [Aug. 2] it would start work on setting up new rules specially designed to prevent a big insurance company collapse from crashing the financial system. Regulators have already introduced rules to deal with ailing banks after …
Hospitals, Clinics in Several States Begin Recovery After Cyberattacks
Hospitals and clinics in several states on Friday began the time-consuming process of recovering from a cyberattack that disrupted their computer systems, forcing some emergency rooms to shut down and ambulances to be diverted. Many primary care services at facilities …
Compensation for New Mexico Wildfire Victims Tops $14M and is Climbing
More victims of a devastating wildfire sparked last year by the U.S. Forest Service in northern New Mexico are getting compensated, with payouts to landowners totaling more than $14 million as of early next week, federal emergency managers said. Congress …
Howden’s DUAL Acquires Equestrian Specialist MGA David Ashby Underwriting
DUAL, the London-based managing general agent, announced the acquisition of David Ashby Underwriting Ltd. (DAU), an MGA that specializes in bloodstock and high value sports horse insurance. Financial details of the deal were not disclosed. DUAL said, the acquisition cements …
Berkshire Operating Earnings Jump on Insurance Strength
Warren Buffett’s Berkshire Hathaway Inc. posted gains in operating profit as strength in its insurance businesses helped counter inflationary pressures that have weighed on the sprawling conglomerate in the last year. The firm reported $10.04 billion of operating profit for …
Investors Double-Down on Resilience With $100M Series D Round
Investors in cyber risk solution company Resilience have contributed yet again – $100 million in a series D equity financing round – a testament to the company’s business model and results, its leaders said. With reports of a decline in …
Allianz Ex-Manager Must Face US Fraud Charges On $7B Investor Loss
A U.S. judge has rejected former Allianz fund manager Gregoire Tournant’s bid to dismiss a criminal fraud case over his role in causing more than $7 billion of investor losses. In an order made public on Friday, U.S. District Judge …
SiriusPoint Announces Partnership with P/C MGA Eaton Gate
SiriusPoint Ltd., the Bermuda-based specialty insurer and reinsurer, and Eaton Gate, a London-based managing general underwriter (MGU), announced a new partnership. Eaton Gate writes in excess of £100 million GWP through its group of managing general agents (MGA) and is …