INSURANCE NEWS
Marsh McLennan Agency Buys Maryland’s HMS Insurance
Marsh McLennan Agency (MMA), a subsidiary of global insurance broker Marsh, reports it has acquired Hunt Valley, Maryland-based HMS Insurance Associates, Inc. Founded in 1943, HMS provides businesses and individuals in the Mid-Atlantic region with property/casualty insurance, surety, group captive, …
3 Dead, 2 Hurt in Scaffold Collapse at North Carolina Construction Site
Three construction workers were killed and two others were hurt on Monday when scaffolding collapsed in an industrial accident at a job site in Charlotte, North Carolina, authorities said. The scaffolding collapsed just after 9 a.m. at a construction site …
CAC Specialty and Cobbs Allen Complete Merger
Specialty broker CAC Specialty and Cobbs Allen, a P/C and employee benefits broker, today announced the completion of their merger. The transaction creates a fully integrated specialty platform with the scale, resources and talent to serve a broad array of …
Google to Pay District of Columbia $9.5M for Location Tracking, Privacy Violations
District of Columbia Attorney General Karl A. Racine, in one of his last steps before leaving office, announced that Google will pay $9.5 million to resolve allegations that it deceived and manipulated consumers to gain access to their location data, …
Specialist Risk Group to Acquire UK’s Fleet and Commercial
Specialist Risk Group (SRG), the London-headquartered broker, announced the acquisition of Fleet and Commercial, subject to regulatory approval. The deal enhances SRG’s existing commercial motor capability and is a continuation of its growth strategy. Financial details of the deal were …
New Year’s Day Explosion Leveled 2 Homes, Injured 5 in Philadelphia
A suspected gas explosion a few hours into the new year demolished two Philadelphia row homes and damaged others, sending several people to the hospital, authorities said. Fire department officials said the blast occurred shortly before 3 a.m. Sunday in …
Fidelis Completes MGU and Balance Sheet Split
Fidelis Insurance Holdings Ltd. (FIHL) announced the completion of the transaction creating a new managing general underwriter (Fidelis MGU), separate from FIHL and the existing insurance companies (the Fidelis Insurance Group). Originally announced in July 2022, the transaction became effective …
Chubb Launches Global Climate Business Unit
Chubb announced the launch of a new Global Climate Business Unit, aiming to bring together Chubb units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services. The new business unit will provide a full spectrum …
Insurance Journal’s Top Cyber Stories of 2022
From growing ransomware attacks to navigating a remote work environment to regulatory developments to a challenging insurance landscape, 2022 proved to be a newsworthy year for the ever changing cyber industry. Insurance Journal covered some of the major breaches of …
MagMutual Completes Acquisition of New Jersey’s MDAdvantage
Atlanta-based physician insurer MagMutual Insurance Co reports it has .has completed its acquisition of MDAdvantage Insurance Co. of New Jersey. The deal received final corporate approval and regulatory approval by the New Jersey Department of Banking and Insurance in December. …
European Cities Break Temperature Records in Winter Heat Wave
Europe has broken temperature records already this year, with cities from Berlin to Warsaw recording their warmest ever start to the month. Temperatures in the German capital reached 16C (60.8F) on New Year’s Day, a January record, national forecaster Deutscher …
Sam Bankman-Fried pleads not guilty in FTX fraud case; October trial set
Sam Bankman-Fried pleaded not guilty on Tuesday to criminal charges that he cheated investors in his now-bankrupt FTX cryptocurrency exchange and caused billions of dollars in losses, in what prosecutors have called an “epic” fraud. He entered his plea in …