INSURANCE NEWS
Ship Insurers Warn of Russian Oil Price Cap Evasion, Risks of Growing ‘Dark Fleet’
A rise in spot prices for Russian crude oil to above the $60 per barrel cap imposed by western powers has made ship insurers even more nervous of running foul of the rules as they are unable to independently track …
Ermotti Steps Down as Swiss Re Chair on April 30; de Vaucleroy Takes Interim Role
Swiss Re announced that Sergio P. Ermotti is stepping down as chairman of the Board of Directors on April 30, 2023, after completing the agreed handover period, to fully focus on his new role at UBS, which was announced in …
Allegations Against Former Barclays CEO Staley ‘Very Serious’: CEO
Allegations made against British bank Barclays’ former CEO Jes Staley regarding his ties with sex offender Jeffrey Epstein are “very serious,” the lender’s current CEO C.S. Venkatakrishnan said on Thursday. In a call with reporters after the lender’s first quarter …
Fire Fears After UK’s Grenfell Disaster Set Back Wood Building, With Insurance a Factor
To get fire department approval for their six-story London office project made of strong engineered wood known as mass timber, Theo Michell and Richard Walker had to build a full-scale section of it in the UK, ship it to Poland …
ESG Backlash Overshadows Power to Drive Better Returns: UK’s Biggest Fund Manager
The politicization of the acronym ESG risks overshadowing its power to drive returns for shareholders, according to the head of investment stewardship at the UK’s biggest asset manager, Legal & General Investment Management. Taking environmental, social and corporate governance issues …
Hybrid-Work Environments Are Becoming More Inclusive for Women: Deloitte
After three years of trial and error, hybrid-work environments are finally becoming more inclusive. The number of women who reported feeling excluded from meetings and decisions is down more than 36% from last year, according to Deloitte’s third annual Women …
Verisk Acquires German Motor Claims Insurtech SV Krug
Verisk, a leading global data analytics and technology provider, has acquired Krug Sachverständigen GmbH, a Germany-based motor claims solutions provider. The acquisition expands Verisk’s claims and casualty offerings across Europe. Financial details of the deal were not disclosed. Founded in …
Pennsylvania High Court Addresses When Stacked Coverage Waiver Is Not Needed
The removal of a vehicle from a multiple motor vehicle insurance policy, in which stacked coverage had previously been waived, does not require a renewed express waiver of stacked coverage under Pennsylvania’s Motor Vehicle Financial Responsibility Law. The Pennsylvania Supreme …
Q1 2023 M&A Transactions Lowest Since 2019
This year’s first-quarter insurance agency mergers and acquisitions were down to the lowest total since Q1 2019, according to a recent report from OPTIS Partners. The total number of transactions (158) showed a 17% drop from Q1 2022 (190) and …
A Record Start to the 2023 U.S. Tornado Season
The U.S. has experienced a record number of tornadoes in the first three months of 2023 according to preliminary data from the National Weather Service Storm Prediction Center (NWS SPC), delivering an active start to the U.S. severe convective storm …
45 Years Ago Today, the Deadliest Construction Accident in U.S. Killed 51
It was 45 years ago today that a huge scaffold system collapsed inside a cooling tower under construction at a West Virginia power plant, sending 51 workers tumbling to their deaths 170 feet below. Eleven members of one family were …
Uber Eats Driver Slain, Dismembered in Florida After Making Delivery
A Florida man is charged with murder and other offenses in the slaying and dismemberment of an Uber Eats driver who had brought food to the assailant’s house, authorities said Tuesday. Oscar Solis Jr., 30, is charged with killing the …