INSURANCE NEWS
AIG CFO Takes Temporary Medical Leave
American International Group (AIG) said Shane Fitzsimons, executive vice president and chief financial officer, is taking a temporary medical leave of absence, effective immediately. Mark Lyons will serve as AIG’s CFO in Fitzsimons’ absence. Lyons will also continue his role …
Specialty Program Group Buys Euclid Fiduciary
New Jersey-headquartered Specialty Program Group LLC (SPG) has acquired the assets of Euclid Specialty Managers, LLC, which does business as Euclid Fiduciary, from Euclid Insurance Services, Inc. Euclid Fiduciary, based in Vienna, Virginia, is a managing general agency specializing in …
Twitter Accused of ‘Sham Redundancy Process’ by UK Staff Targeted in Mass Firings
Twitter Inc. was accused of carrying out a “sham redundancy process” and threatened with lawsuits by UK staff targeted by mass firings following Elon Musk’s takeover of the social-media giant. Winckworth Sherwood LLP said Twitter had behaved “unfairly and without …
British Motor Insurers’ Shares Fall Sharply as Direct Line Scraps Dividend
Shares in Direct Line lost more than a quarter of their value on Wednesday after the British motor and home insurer unexpectedly scrapped its 2022 final dividend, with stocks in rivals Admiral and Aviva also falling sharply. Motor insurers performed …
Environmental Risks, Climate Change Ranked as Top Risks Facing Planet: WEF Survey
Failure to tackle climate change and environmental degradation dominate the ranking of top risks facing the planet in the next decade, a World Economic Forum (WEF) survey of global risk specialists found. Moreover, current-day challenges including the rising cost of …
Alabama Home Builder’s Negligence Not Covered by Liability Policy, 11th Circuit Says
An Alabama judge awarded Robert and Mindy Barton $900,000 for actual damages and emotional distress caused by the botched construction of their custom home, but the couple won’t be able to collect that judgment from the homebuilder’s general liability insurer. …
Flights Grounded After Outage of Key FAA Advisory System
The failure of a key pilot notification system operated by the Federal Aviation Administration disrupted air travel in the US early on Wednesday morning, with United Airlines Holdings Inc. temporarily grounding flights to all destinations. Scores of passengers due to …
Cat Bond Investors Demand Higher Premiums as Weather Becomes More Extreme
Investors in the $35 billion catastrophe bond market are demanding the highest premiums in years to cover issuers against disasters, as weather events become more extreme while interest rates rise. Margins on new issuances of catastrophe bonds covering US wind …
Britain’s Satellite Launch Fails, but Virgin Orbit Expected to Try Again
NEWQUAY, England – Britain’s hopes of becoming a prime launch site for small satellites remain intact despite the failure of what would have been the first launch into orbit from western Europe, business minister Grant Shapps said on Tuesday. Hours …
Hackers Hit Websites of Danish Central Bank and 7 Private Banks
Hackers have disrupted access to the websites of Denmark’s central bank and seven private banks in the country this week, according to the central bank and an IT firm that serves the industry. The websites of the central bank and …
Ohio Insurtech battleface Launches Platform Supporting Travel Insurance
Columbus, Ohio-based travel insurance provider battleface announced the launch of Robin Assist, a new tech-driven platform as a service. Built for insurance carriers, brokers, managing general agents (MGAs) and self-insured enterprise partners, the global Application Programming Interface (API)-driven insurtech platform …
5th Circuit Rejects La. Restaurant’s COVID-19 Business-Interruption Claim
The 5th Circuit Court of Appeals ruled Monday against a New Orleans restaurant’s claim for business interruption losses after the restaurant could not prove direct and sole cause by an accidental contamination of food during the early days of the …