INSURANCE NEWS
AM Best: Only Two Impaired Insurers in ’22, Down From 10 in ’21
Despite the reversal seen in the U.S. equity market and rising inflation and interest rates, P/C insurers performed well in 2022, according to the latest report on the long-term impairment rates of AM Best-rated, U.S.-domiciled insurance companies. The report, Best’s …
Supreme Court Rejects Teva Challenge to $235 Million GSK Award in Patent Dispute
The U.S. Supreme Court on Monday declined to hear Teva Pharmaceuticals USA Inc’s challenge to a $235 million award to GlaxoSmithKline LLC in a patent dispute over generic drugs involving a heart medication. The justices turned away Israel-based Teva’s appeal …
Cyclone Mocha Is One of Strongest Storms Recorded in North Indian Ocean
The remnants of Tropical Cyclone Mocha have moved further inland over Myanmar after coming ashore Sunday with winds of 155 miles per hour on the US wind scale. At its peak the winds reached 175 mph, tying it with 2019’s …
Elon Musk Loses Bid to End SEC ‘Muzzle’ Over Tweets
A federal appeals court on Monday rejected Elon Musk’s bid to modify or end his 2018 securities fraud settlement with the U.S. Securities and Exchange Commission that required a Tesla Inc lawyer to approve some of his tweets in advance. …
New Zealand Pledges $720M for Cyclone and Flood Recovery
The New Zealand government said on Sunday it was allocating NZ$1.1 billion ($720 million) to help communities recover from a cyclone and floods that lashed the country this year. The funds from the 2023 budget are to cover “basics” of …
Texas Windstorm Insurance Group Getting Update on Cat Funding for 2023 Season
The Texas Windstorm Insurance Association Board of Directors will meet at the Austin Marriott South on May 23 at 9 a.m. In addition to the TWIA board’s consideration of routine association updates, the board will receive an update on reinsurance …
New Hampshire High Court Rejects Cat Urine Analogy in Overturning Hotels’ COVID Insurance Win
The New Hampshire Supreme Court has overturned a trial court that had found for a group of 23 hotels claiming they were entitled to insurance payments for business interruption losses caused by contamination of their properties by COVID-19. Agreeing with …
People Moves: Gallagher Re Names Kerton as CEO for UK Region, Succeeding Wakefield; Swiss Re Corporate Solutions Promotes Hall for UK, Ireland, S. Africa, EMEA Wholesale
This edition of International People Moves details appointments at Gallagher Re and Swiss Re Corporate Solutions. A summary of these two promotions follows here. Gallagher Re announced the appointment of Ian Kerton to the role of CEO of the reinsurance …
Supreme Court Spurns Dispute Over Monsanto Class-Action Settlement
The U.S. Supreme Court on Monday declined to hear a dispute involving a lawsuit against Bayer AG’s Monsanto Co that could rein in a common form of settlement in class action cases under which money is awarded to charities and …
Clients Buy Higher Limits as Q1 Cyber Increases Follow Moderation Trend: Marsh
For the fifth straight quarter, pricing increases for cyber insurance continued to fall at the start of 2023. According to a new U.S. Cyber Purchasing Trends report from broker Marsh, prices were up 11% in first quarter 2023 compared to …
Ohio Opioid Settlement Panel’s Records Must Be Public, Court Says
The state panel that will decide how Ohio distributes more than half of the money it will receive from a nationwide settlement regarding the opioid addiction crisis must make its records publicly available, the state Supreme Court ruled. In their …
Tornado Hit South Texas Near The Gulf Coast, Damaging Dozens of Homes
One person was killed and a curfew was imposed after a powerful tornado tore through a community near the southern tip of Texas before dawn Saturday, damaging dozens of residences and knocking down power lines, authorities said. At least 10 …