INSURANCE NEWS
North Carolina Medical Marijuana Bill Likely Dead for This Year
Legislation that would legalize marijuana use for medicinal purposes in North Carolina is probably dead for the rest of this year`s General Assembly session, House Speaker Tim Moore said Tuesday, citing opposition by many fellow Republicans in his chamber. A …
World Insurance Acquires New Jersey Transportation Agency, Shield Insurance
Insurance broker World Insurance Associates said it acquired the business of Shield Insurance Services of Freehold, New Jersey on June 1, 2023. Shield specializes in commercial insurance to the transportation sector, with a particular focus in the moving and storage …
Penske Truck Leasing to Pay $3.5M to Settle Fraudulent Inspection Allegations
Penske Truck Leasing Co. will pay up to a $3.5 million civil penalty for alleged fraudulent safety and emissions inspections on fleet trucks and trucks it rented for commercial use. According to Massachusetts Attorney General Andrea Joy Campbell, the settlement …
Vermont Residents, Businesses Turn to Recovery From Flooding Amid Mud, Debris
Floodwaters receded in Vermont cities and towns pummeled by a storm that delivered two months of rain in two days, allowing officials to focus on recovering from a disaster that trapped residents in homes, closed roadways and choked streets and …
People Moves: Canopius Taps Former AXA XL Exec Cooper as Head of Reinsurance & Bermuda CEO; AXIS Re International Appoints Chubb’s Kent as President
This edition of International People Moves details appointments at Canopius and AXIS Capital Holdings. A summary of these new hires follows here. Canopius Taps Former AXA XL Exec Cooper as Head of Reinsurance & Bermuda CEO Canopius Group, a leading …
Mining Giants BHP, Vale Face Off in London Court Over Brazil Dam Damages
Mining giants BHP Group and Vale faced off in a London court on Wednesday over who should accept legal and financial responsibility in a potential 36 billion pound ($47 billion) lawsuit stemming from Brazil’s worst environmental disaster. Around 720,000 Brazilians …
Barclays Wins UK Supreme Court Appeal Over Push Payment Fraud
Barclays on Wednesday won a UK Supreme Court appeal that turned on the extent of banks’ duties to protect customers from fraudsters, in a closely watched decision lawyers say could stem a flood of litigation. Fiona Philipp, a music teacher …
Japan’s Top Court Rules Government Restrictions on Transgender Employee’s Use of Restrooms Illegal
Japan’s Supreme Court ruled Tuesday that restrictions imposed by a government ministry on a transgender female employee’s use of restrooms at her workplace are illegal, in a landmark decision that could promote the rights of LGBTQ+ people in a country …
Russia’s Flagship Crude Oil Surpasses G-7 Price Cap in Blow to Western Sanctions
Russia’s flagship Urals crude oil breached a price cap set by the Group of Seven, a blow to western sanctions efforts and arguably an economic win for Moscow. According to price reporting agency Argus Media, Urals crude topped $60 a …
Viewpoint: The ‘Must-Have’ Features of an Insurance Agency Website
There are several must-have elements that go into creating a strong, easy-to-use insurance agency website that communicates your brand’s identity and value. Your insurance agency’s website serves as the public “face” of your business. With this in mind, to instill …
Twitter Owes Ex-Employees $500M in Severance, Lawsuit Claims
Twitter Inc on Wednesday was hit with a lawsuit accusing it of refusing to pay at least $500 million in promised severance to thousands of employees who were laid off after Elon Musk acquired the company. Courtney McMillian, who oversaw …
Severe Weather Causes First-Half 2023 Losses of at Least $1B in Seven States: Report
Seven states experienced at least $1 billion in total insured severe weather loss for the first half of 2023, according to an update from BMS Group. Texas led all states with insured severe weather loss of $7.2 billion while Illinois, …