INSURANCE NEWS
Chubb Announces Plans for New Philadelphia Office
Chubb has announced plans for a new Philadelphia office that will occupy a state-of-the-art building to be constructed at 2000 Arch Street. Designed with the highest standards for sustainability, the new 18-floor, 438,000 rentable square foot structure is being developed …
AXIS CEO Benchimol to Retire; Tizzio to Succeed
AXIS Capital Holdings announced that Albert A. Benchimol will step down from his role as president and chief executive officer on May 4, 2023. He will continue with AXIS as a strategic advisor and retire at the end of 2023. …
Johnny Depp, Amber Heard Settle Defamation Appeals
Actors Johnny Depp and Amber Heard have settled their defamation lawsuits following a high-profile trial earlier this year in which the former couple accused each other of physical and verbal abuse. Heard announced the settlement Monday on social media. Both …
Study Shows How Machine Learning Could Predict Rare Disastrous Events
When it comes to predicting disasters brought on by extreme events (think earthquakes, pandemics or “rogue waves” that could destroy coastal structures), computational modeling faces an almost insurmountable challenge: Statistically speaking, these events are so rare that there’s just not …
Wells Fargo to Pay $3.7B for Illegal Conduct That Harmed Customers
The U.S. Consumer Financial Protection Bureau hit Wells Fargo & Co. with the watchdog’s largest ever civil penalty on Tuesday as part of a $3.7 billion agreement to settle charges over widespread mismanagement of car loans, mortgages and bank accounts. …
Ky. Supreme Court Clears Cincinnati Insurance of $4.6M Verdict in Bad-Faith Suit
Cincinnati Insurance Co. dodged a $4.6 million judgment last week when the Kentucky Supreme Court found that a trial judge should have preempted a jury and granted a directed verdict in a bad-faith claim. If the injured third-party plaintiff failed …
Hilb, Patriot Growth, Oakbridge Continue Expansion with Southeast Agencies
Hilb Acquires Georgia’s Gillman Insurance The Hilb Group has acquired Georgia-based Gillman Insurance Problem Solvers, expanding Hilb’s already expanding Southeast presence. Headquartered in Alpharetta, Gillman has served the Atlanta area since 1993. Its affiliates, APA Insurance Services and 3G Truckin …
Washington and Alaska Crabbers, Fishermen Seek Aid After Disaster Declaration
The U.S. Department of Commerce’s disaster declaration for certain salmon and crab fisheries in Washington and Alaska opens the door for financial relief as part of an omnibus spending bill being negotiated by U.S. lawmakers. The declaration covers Bristol Bay …
$698M Deal Ending Oregon’s Monsanto PCB Pollution Lawsuit
Bayer, the German pharmaceutical and biotechnology company, will pay Oregon $698 million to end a lawsuit over PCB pollution associated with products made by Monsanto, the agriculture giant it now owns. It’s the largest environmental damage recovery in Oregon’s history …
Judge Clears Philadelphia Eagles, 76ers for ‘Limited Discovery’ in Covid-19 Insurance Claims
Rather than dismiss them, a federal judge in Pennsylvania has allowed similar Covid-19 business insurance cases brought by owners of the Philadelphia Eagles and Philadelphia 76ers sports teams against their insurers to proceed to limited discovery. U.S. District Judge Michael …
California Workers’ Comp Bureau Says Premium Fell Sharply Beginning in 2Q 2020
Written premium declined sharply beginning in the second quarter of 2020 due to the economic downturn resulting from the pandemic, according to a report out on Tuesday. The report from the Workers’ Compensation Insurance Rating Bureau of California shows a …
Report: California, Hawaii Had Among Nation’s Worst Ranked Roads
California’s expansive road system was among the nation’s worst ranked, according to a report from a research firm out on Tuesday. Hawaii’s roads were ranked as the nation’s worst. ConsumerAffairs, a non-government research firm, used its own data combined with …