INSURANCE NEWS
U.S. P/C Industry Posts Record Q1 Underwriting Loss: S&P
An analysis from S&P Global Market Intelligence found that the finger can be pointed at personal lines carriers for most of the property/casualty industry underwriting red ink during the first quarter. The U.S. P/C industry posted its first and largest …
New England Health Insurer Still Dealing With Ransomware Attack
Point32Health, the parent company of Tufts Health Plan and Harvard Pilgrim Health Care, is still dealing with a ransomware attack it first reported on April 17. The company has now disclosed that patient information has been stolen. The Massachusetts-based health …
Facebook Owner Meta Starts Final Round of Layoffs
Meta Platforms Inc started carrying out the last batch of a three-part round of layoffs on Wednesday, according to a source familiar with the matter, as part of a plan announced in March to eliminate 10,000 roles. Meta in March …
Alabama Couple Charged with Dumping Oil Over 33 Miles of Road, Creating a Hazard
An Alabama couple has been arrested after authorities said they dumped oil over 33 miles of road around Decatur, in the northern part of the state. The news outlet AL.com reported that crews in Lawrence County had to spread 37 …
AXA Venture Partners to Raise €1.5 Billion Fund for Investments in Tech Startups
AXA Venture Partners announced a new €1.5 billion ($1.6 billion) late-stage fund to invest in European and North American tech startups, targeting companies that expect to go public within three to four years. French insurance company AXA SA, AVP’s biggest …
Time Lag Does Not End Insurer’s Duty to Defend, Court Rules
A federal court in New York has reiterated that a time lag between the date a trip-and-fall accident occurred and when the conduct alleged to have caused it took place does not itself relieve an insurer of its duty to …
Special Report: How U.S. Doctors Buy Their Way Out of Trouble
When federal enforcers alleged in 2015 that New York surgeon Feng Qin had performed scores of medically unnecessary cardiac procedures on elderly patients, they decided not to pursue a time-consuming criminal case. Instead, prosecutors chose an easier, swifter legal strategy: …
Ryan Specialty to Acquire Socius Insurance
Ryan Specialty said it has signed a definite agreement to buy national wholesale broker Socius Insurance Services from Abry Partners, employees, and other shareholders. Socius will become a part of RT Specialty, Ryan Specialty’s wholesale distribution specialty. Terms of the …
Analysis – EU Power Battle Could Hamper Proposed Safeguards for Financial Products
European Union plans to increase protections for consumers of financial services are reigniting a long-simmering power battle between national and EU regulators that could hamper how the tougher safeguards will be enforced. The European Commission, the EU’s executive body, on …
Activist Investor Cevian Sells Almost Entire Stake in Aviva, Insurer Reveals
Activist investor Cevian Capital has sold almost its entire stake in British insurer Aviva, a spokesperson for the FTSE 100 company said on Wednesday. Cevian’s position in Aviva has fallen from more than 150 million shares at the peak in …
How Much Should Insurers Trust AI Chatbots?
Whether it’s underwriting, claims or customer service, it seems that artificial intelligence is top of mind for the insurance industry right now. William Bennett, partner at law firm Saxe, Doernberger & Vita, said on this episode of The Insuring Cyber …
Ohio Resin Manufacturer Fined $171K for Exposing Workers to Respiratory Hazards
In certain concentrations, flammable vapors can ignite, leading to powerful explosions and leaving workers seriously injured or worse. For workers manufacturing plastic resin, the high heat used in the production process increases the risks. Despite the dangers, inspectors with the …