INSURANCE NEWS
High-Rise Fire in Maryland Kills One, Displaces 400 Residents
One person died and one is in critical condition after a fire early Saturday at a high-rise apartment building in a suburb of Washington, D.C., the Washington Post and other local media reported. The fire in downtown Silver Spring sent …
Lockton Launches Affinity Biz in Australia, New Zealand and Pacific, Led by Dasgupta
Lockton, the world’s largest privately owned insurance brokerage, announced the launch of an Affinity Schemes business in Australia, New Zealand and Pacific. The business will be led by Tanya Dasgupta who recently joined Lockton as National Manager – Affinity Schemes …
UK’s Legal & General Launches Fresh UK Lawsuit Against Glencore After Bribery Scandal
Legal & General Group Plc have launched a fresh lawsuit against Glencore Plc, months after the commodities giant pleaded guilty to allegations of market manipulation and bribery. A group of Legal & General funds filed claims against Glencore on Jan. …
FWD to Buy Majority Stake in Malaysian Insurer Ahead of Planned IPO
FWD Group Holdings Ltd., the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has agreed to buy a majority stake in Gibraltar BSN Life Bhd., a move that allows it to tap into the Southeast Asian market’s growth …
Orderly Runoff Didn’t Work. Florida’s United P&C Now Insolvent, Headed for Liquidation
Just days after some 90,000 policies from troubled United Property & Casualty Insurance Co. were transferred to Slide Insurance as part of a wind-down of the carrier, it was announced that UPC is officially broke and will soon be liquidated. …
Washington Man Ordered to Repay $127K in Workers’ Comp Scam
A Washington contractor who claimed he was too injured to work despite reportedly running his own construction company was ordered to pay back the state more than $127,000. Daniel Joseph Lesieur, of Washougal, pleaded guilty to felony second-degree theft for …
Nevada Supreme Court Upholds Temporary Ban on Insurers Using Credit Scores
The Nevada Supreme Court upheld the Nevada Division of Insurance’s temporary ban on using credit information to help set insurance rates. The division in 2020 imposed the temporary ban, concluding that the pandemic had a disproportionately negative impact on policyholders’ …
Illinois Supreme Court: BIPA Claims Accrue With Each Scan
The Illinois Supreme Court ruled Friday that a separate claim accrues each time a business unlawfully scans or transmits an individual’s biometric identifier or information, a decision that could drive up class action settlements against repeated Biometric Information Privacy Act …
QBE Insurance Announces $1.9 Billion Loss Portfolio Transfer With Enstar
QBE Insurance Group announced a reinsurance transaction with legacy acquisition specialist Enstar, designed to de-risk the group’s exposure to portfolio reserves totaling US$1.9 billion. “This portfolio includes reserves primarily relating to North America and international financial lines, discontinued programs and …
Two More Louisiana Residents Sentenced in Staged Auto Accident Conspiracy
Two more Louisiana citizens were sentenced for conspiring to stage automobile accidents in order to defraud insurance and trucking companies. United States Attorney Duane A. Evans announced that John Diggs age 62, of Thibodaux, Louisiana, and James Williams, age 68, …
Austin, Tx. City Manager Fired Over Widespread Power Outages
AUSTIN, Texas (AP) – Austin’s city manager was fired Wednesday in the wake of outrage over a slow and fumbled response to a winter storm power outage that left thousands of people without electricity for a week or longer in …
PCF Insurance Secures $500M Investment
PCF Insurance Services, a top 20 U.S. insurance brokerage firm, today announced that it has secured a $500 million preferred equity investment in a transaction co-led by Carlyle’s Global Credit platform and private equity firm HGGC, an existing minority investor. …