INSURANCE NEWS
Pennsylvania High Court Rejects Damages Cap in Insurance Agency Poaching Case
A jury’s $2.8 million punitive damage award against an insurance agency and broker that tried to poach a competitor’s staff and book of business was not excessive even though it was more than 10 times the amount of compensatory damages, …
Chubb ‘Record’ Q2 Sees Net Income Up 50.7%
Chubb second-quarter net income went up 50.7% to nearly $1.8 billion and its property/casualty combined ratio came in at 85.4. “We had another simply outstanding quarter – in fact, a record, which contributed to a record six months,” said Evan …
Report: California Workers’ Comp Premium Levels on the Rise
California workers’ compensation premium levels rose by 14% in 2022 due to the economic recovery from the pandemic-related downturn, according to the new Workers’ Compensation Insurance Rating Bureau of California’s 2023 State of the System Report. The WCIRB report forecasts …
Viewpoint: Washington’s Aggressive Approach to Preventing Intoxicating Hemp Cannabinoids May Be Good for Other States
Like other states across the country, Washington has been grappling with how to regulate intoxicating hemp-derived cannabinoid products that are being innovated faster than state lawmakers can respond. The state has decided on an extreme solution that prohibits products containing …
People Moves: Pinnacle Hires Chen as Senior Consulting Actuary; Attain Names Habel VP and Head of Excess Casualty
Pinnacle Actuarial Resources Hires Chen as Senior Consulting Actuary Pinnacle Actuarial Resources, Inc., based in Bloomington, Ill., hired Michael K. Chen as a senior consulting actuary. Chen has 20 years of actuarial experience and is returning to Pinnacle. His previous …
First Hazing Lawsuit Filed on Behalf of Female Northwestern University Athlete
CHICAGO (AP) – The hazing scandal at Northwestern University has widened to include a volleyball player who on Monday became the first female athlete to sue the university over allegations she was retaliated against by the coach for reporting her …
Arthur J. Gallagher & Co. Acquires South Dakota’s Hagan
Arthur J. Gallagher & Co. announced the acquisition of Sioux Falls, South Dakota-based Hagan Insurance Group. Terms of the transaction were not disclosed. Hagan Insurance Group provides insurance member benefits and financial management to professional associations and affinity groups. Brian …
San Antonio House Fire Kills 3
SAN ANTONIO (AP) – An early morning house fire in San Antonio killed three people and injured three others, the city`s fire chief said. One woman died at the scene and two others – an adult and a child – …
Russian Cyber-Extortion Gang’s Global Hack Exposes Louisiana Office of Motor Vehicles Records
BATON ROUGE, La. (AP) – Louisianans whose personal information was exposed in a massive data breach that affected the state`s Office of Motor Vehicles last month, will receive one year of free credit monitoring and identity theft protection, Gov. John …
Berkley on Industry’s Financial Results: ‘Cat Losses Count’
The fact is, catastrophe losses are a part of an insurers’ financial results and not a line item to be dismissed, said W. Robert Berkley Jr, president and chief executive of W.R. Berkley Corp during a recent conference call on …
Delaware Takes Fight Against IRS Over Captive Insurers’ Data to Supreme Court
The state of Delaware is going to the Supreme Court in its fight with the Internal Revenue Service (IRS) over the release of information on captive insurers. This fight has placed Delaware’s state regulation of insurance and its authority to …
Elon Musk to Appeal Loss in SEC Case to Supreme Court
Elon Musk plans to ask the U.S. Supreme Court to consider whether the Securities and Exchange Commission overstepped its authority in enforcing a consent decree that he has called a “muzzle” on his free speech. Musk would be appealing a …