INSURANCE NEWS
Storm Breached California River’s Levee, Hundreds Evacuated
Authorities ordered more than 1,500 people to evacuate early Saturday from a Northern California agricultural community famous for its strawberry crop after the Pajaro River’s levee was breached by flooding from a new atmospheric river pummeling the state. Monterey County …
Florida Girl Killed When Straight-Line Winds Blow Tree Onto Car
A 16-year-old girl in the Florida Panhandle was killed when a tree fell on the vehicle she was in during a fierce storm that saw wind speeds reach 80 mph (129 km), authorities said. The girl was killed and the …
Insurers Try to Merge Lawsuits Brought by Lessors for Jets Confiscated in Russia
Insurers led by AIG are asking London’s High Court to merge various lawsuits brought by aircraft lessors against insurance companies refusing to pay out claims for jets effectively confiscated in Russia. AerCap Holdings NV, the world’s biggest jet lessor, is …
Family of NC Meteorologist Killed in Crash Files Suit Against Helicopter Companies
The family of a meteorologist who was killed last fall in a helicopter crash in North Carolina is suing a maintenance facility and the companies that owned and operated the aircraft. The lawsuit was filed the same week in which …
Mosaic Insurance Opens Singapore Office, Hiring 2 Specialty Underwriters
Mosaic Insurance has opened an office in Singapore and hired two specialty underwriters to build its transactional liability business across the Asia-Pacific region. Benn Wilson will serve as regional CEO, and head of Asia for Mosaic’s transactional liability division. Joining …
Markets/Coverages: Coalition Enters UK Excess Cyber Insurance Market
Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced it will enter the excess cyber insurance market in the United Kingdom to help protect businesses with enhanced coverage. By adding additional capacity to the market in this …
Swiss Financial Regulator Monitors Silicon Valley Bank Collapse for Signs of Contagion
Swiss financial regulator FINMA on Monday said it was monitoring the situation surrounding failed Silicon Valley Bank and looking for signs of contagion from the bank’s collapse. “FINMA takes note of the media reports on Silicon Valley Bank in the …
State Seeks $2.7M in Alleged Back Wages Plus Damages From Highway Shops Operator
Connecticut is suing the operator of the state’s 23 highway rest stops, alleging the company is refusing to pay more than $2.7 million in back wages owed to food service workers for Subway, Dunkin’ and other restaurant chains, state Attorney …
U.S. Announces it Will Stem SVB Fallout, Customers to Have Deposit Access
Silicon Valley Bank customers will have access to their deposits starting on Monday, U.S. officials said on Sunday, as the federal government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of the …
Finance Firms Managing $136 Trln in Assets Urge Boards for More Environmental Data
Financial institutions managing $136 trillion in assets will this week call on companies to share more data on their environmental impact, the chair of disclosure platform CDP told Reuters. In a letter to the boards of over 15,000 companies, 746 …
Hong Kong’s FWD to File Again for IPO Application: Sources
FWD Group Holdings Ltd., the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, is planning to file for a third time for an initial public offering in the financial hub, according to people familiar with the matter. The …
U.S. Chamber of Commerce Calls for AI Regulation
The U.S. Chamber of Commerce on Thursday called for regulation of artificial intelligence technology to ensure it does not hurt growth or become a national security risk, a departure from the business lobbying group’s typical anti-regulatory stance. While there is …