INSURANCE NEWS
La. Supreme Court to Hear Appeal of Rare Policyholder Victory in COVID Claim
The Louisiana Supreme Court has agreed to review an appellate court decision that found the COVID virus caused a direct physical loss that was covered by insurance. The Louisiana high court announced Tuesday that it will take up an appeal …
Insurance Broker BMS Group’s Owners Weigh Its Sale, With £600 Million Valuation
British Columbia Investment Management Corp. and Preservation Capital Partners are considering a sale of BMS Group that could value the insurance broker at more than £600 million ($720 million), people familiar with the matter said. The investment firms are working …
People Moves: New Client Relationship Leaders at AXA XL; Marsh Specialty Hires Knowles to Head PEMA Practice; Corvus Nabs a CMO
AXA XL Adds New Client Relationship Leaders in the Americas AXA XL welcomed two new members to its client management team with the addition of Rana Gillmon and Allan Jackson as senior client relationship leaders. Both are based in Atlanta, …
U.S. E&S Premiums Continue Growth in 2022: S&P
According to an analysis by S&P Global Market Intelligence, the U.S. excess and surplus market continued to grow in 2022, surging $37.6 billion in premiums during the first six months. Direct written premiums in the U.S. were up 27.6% (excluding …
Florida Supreme Court Approves Suspension of Mobile Claims Center Attorney
The Florida Supreme Court has approved the emergency suspended the law license of North Fort Myers attorney Jennifer Perez, who was in charge of a “mobile claim center” that was set up in a trailer in North Fort Myers about …
Developers Pulling Plug on South Florida Projects Due to Insurance Costs
Spiking insurance costs are impacting the real estate market in south Florida, causing some developers to put major projects on hold – despite booming demand for residential and commercial property. The Wall Street Journal reported Tuesday that a number of …
What hazards are posed by Hawaii’s Mauna Loa?
Lava is shooting 100 feet to 200 feet into the air as Hawaii’s Mauna Loa, the world’s largest active volcano, erupts for the first time in nearly 40 years. For now, lava is not threatening any homes or communities and …
Lawyer Calls Fatal Car Crash Into Apple Store ‘100% Preventable’ in Announcing Suit
The recent crash into an Apple storefront in Massachusetts that killed one person and injured 19 was “100% preventable,” according to the attorney for two of those injured in the accident. Boston attorney Douglas K. Sheff has brought lawsuits against …
Bitcoin Is Being Artificially Propped Up and Shouldn’t Be Legitimized: ECB
Bitcoin is being artificially propped up and should not be legitimized by regulators or financial companies as it is more akin to gambling, the European Central Bank said on Wednesday. Bitcoin and other cryptocurrencies have been variously presented as an …
Aircraft Lessors’ Lawsuits Against Their Insurers Rise to $8B for Seized Russian Planes
Aircraft leasing firms are suing dozens of insurers for around $8 billion in a string of lawsuits over the loss of hundreds of aircraft stuck in Russia since Moscow’s invasion of Ukraine. More than 400 leased planes worth around $10 …
Cyber Attackers Cripple IT Systems of Prominent Indian Hospital
Cyber attackers have crippled systems at one of India’s most prominent hospitals for a week, forcing the institution to operate a raft of key medical services and labs manually. The All India Institute of Medical Sciences — a hospital that’s …
Western Governments Struggle to Set Russian Oil Price Cap Before Dec. 5
Western governments want to set a maximum purchase price for Russian oil on the world market to limit Moscow’s ability to raise money for its war on Ukraine. The plan is meant to punish Russia while at the same time …