INSURANCE NEWS
UK Watchdog Aims to Improve Whistleblower Procedures After Backlash
Britain’s markets watchdog is aiming to improve its procedures for finance workers who report on suspected wrongdoing after finding that some whistleblowers didn’t feel listened to enough and perceived the regulator as reluctant. The Financial Conduct Authority now seeks to …
Exxon, Guyana Environmental Agency in Breach of Oil-Spill Insurance Obligations: Court
An Exxon Mobil unit is in breach of insurance obligations for its first offshore oil project in Guyana in part due to errors by the environmental regulator, a Guyanese court ruled on Wednesday, a decision the government rejected. Exxon “engaged …
34% of Workplace Injuries Occur in First Year on the Job: Travelers
More than a third of workplace injuries occur during employees’ first year on the job, regardless of age or industry experience, according to a new report from Travelers. In fact, an employee’s time spent in a particular role is one …
More Insurers Weigh Joint Strategy to Climate Change as They Assess Antitrust Risk
Insurers are being forced to rethink their approach to climate change as they assess the risk of being sued for antitrust violations. Munich Re, the world’s biggest reinsurer, recently backed out of the Net Zero Insurance Alliance citing what it …
California Assembly Passes Insurance Accelerator Bill for Clean-Fuel Truck Fleets
The California State Assembly unanimously voted for a bill that will help accelerate the transition to clean-air technology by making sure clean fleets have access to available and affordable commercial insurance. Assembly Bill 844, the Clean Fleet Insurance Accelerator legislation …
Insurer Group Concerned Over FIO Climate-Related Data Collection Effort
The National Association of Mutual Insurance Companies is airing concerns over what the group calls a “duplicative data call” issued by the Federal Insurance Office on climate change. The concerns are being expressed by NAMIC as part of a bipartisan …
AM Best Revises Outlook to Negative for Louisiana Farm Bureau Mutual
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Louisiana Farm Bureau Mutual Insurance Company (Louisiana Farm Bureau) (Baton Rouge, …
People Moves: Atkins Joins XPT Specialty as VP and Wholesale Casualty Broker
Atkins Joins XPT Specialty as Vice President and Wholesale Casualty Broker Drew Atkins has joined XPT Specialty’s Texas-based operations as vice president and wholesale casualty broker. XPT is headquartered in New York, New York. Atkins started his career as a …
People Moves: Celina Insurance Group Promotes Harlamert and Montgomery
Celina Insurance Group Promotes Harlamert and Montgomery Celina Insurance Group, headquartered in Yorktown, Indiana, recently promoted Trisha Harlamert to vice president of underwriting and Scott Montgomery to vice president of distribution. Harlamert has been with Celina for 27 years. She …
Michigan Baby Formula Manufacturer Sued for Disability Discrimination
Mead Johnson & Company, a manufacturer of baby formula, violated federal law at its Zeeland, Michigan facility by failing to provide a reasonable accommodation to an employee with a disability, the U.S. Equal Employment Opportunity Commission (EEOC) charged in a …
On Illinois Highway, Blinding Dust, Then ‘Crash After Crash’
DIVERNON, Ill. (AP) – Winds stirred up a wall of dust from farm fields that engulfed a stretch of busy interstate highway in a matter of minutes. The brown cloud’s intensity caked even the insides of vehicles in dirt. As …
Chubb’s Greenberg: Start Questioning the Societal Benefits of Litigation Funding
Chubb CEO Evan Greenberg said society and the business community need to start asking questions regarding the purpose of third-party litigation funding, a major contributor to increases in frequency and severity within casualty lines. “What social purpose does litigation funding …