INSURANCE NEWS
Markets/Coverages: CFC Launches Admitted Offerings for Professional Liability, Tech E&O
CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, recently announced the expansion of its admitted product suite with the addition of professional liability and technology E&O. The company has been trading its admitted solution …
ConocoPhillips Details Gas Leak Cause, Remedies at Alaska Hearing
ConocoPhillips, which last week received U.S. government approval for the massive Willow oil drilling project in Alaska, detailed reasons for a natural gas leak at another North Slope field that prompted the evacuation of 300 employees last year. Officials with …
Hackers Breached UK Pension Protection Fund, Stole Employee Data
Hackers obtained data on some employees of the UK’s Pension Protection Fund after exploiting a third-party data transfer service, according to a fund spokesperson. The Pension Protection Fund manages £39 billion of assets for its 295,000 members, according to its …
New York Surgeon Gets 36 Months in Jail for Role in $30M Trip-and-Fall Scam
A New York-licensed pain management doctor has been sentenced to 36 months in prison for his participation in a scheme to obtain fraudulent insurance reimbursements and other compensation from fraudulent trip-and-fall accidents. Damian Williams, U.S. Attorney for the Southern District …
People Moves: Acrisure Re Hires Ed Broking’s D’Arcy for Fac Team; MS Amlin Names Carpenter’s Turner to Lead Risk Analytics; Tysers Taps Primassure’s Moore for Energy
This edition of International People Moves details appointments at Acrisure Re, MS Amlin and Tysers Broking. A summary of these new hires follows here. Acrisure Re Hires Ed Broking’s D’Arcy for Facultative Team Acrisure Re, the re/insurance division of top-10 …
Georgia Lawmakers Flip the Script on Use-and-File for Auto Rate Increases
Georgia lawmakers have approved a bill that, if signed into law, would end the longstanding “use-and-file” mechanism on auto insurance rate filings in the state. The state Senate last week voted 49-2 in favor of House Bill 221, a measure …
Arkansas Governor Passes School Bathroom Bill
LITTLE ROCK, Ark. (AP) – Arkansas Gov. Sarah Huckabee Sanders last Tuesday signed a law prohibiting transgender people at public schools from using the restroom that matches their gender identity, the first of several states expected to enact such bans …
Wisconsin Farm Reaches $215K Pollution Settlement
MADISON, Wis. (AP) – A factory farm has agreed to pay the Wisconsin Department of Justice $215,000 to settle pollution allegations. The Legislature’s finance committee is slated to approve the deal during a meeting last Tuesday. According to an analysis …
Tesla Faces New Race Bias Trial From Employee Who Had $137M Verdict Cut
A trial kicks off in San Francisco federal court on Monday to determine how much money Tesla Inc. must pay to a Black elevator operator who a jury determined was subjected to severe racial harassment while working at the electric …
Skyrisks Prepares to Launch as MGA for Advanced Air Mobility Sector
Skyrisks Ltd. is set to launch as a managing general agent, partnering with capacity provider Convex Group Ltd., aiming to address the fast-growing insurance needs of the advanced air mobility (AAM) sector. The AAM sector embodies the future of aviation, …
Credit Suisse Bondholders Seek Legal Advice on Wipe-out of AT1 Bonds
Credit Suisse bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS. These higher-yielding junior bonds emerged from the …
Ransomware Attack to Hit Revenue at India’s Top Drugmaker
Sun Pharmaceutical Industries Ltd. expects revenue to fall as measures taken by India’s top drugmaker to contain an information technology security breach in early March impacted operations. A ransomware group has claimed responsibility for the incident, which included a breach …