INSURANCE NEWS
People Moves: WCRO Names Tanabe CEO; Fox Becomes Zurich N.A. CUO; WTW Appoints Bolig Head of P&C for Corp. Risk
Tanabe to Succeed Ruser as WCRI CEO The Workers Compensation Research Institute (WCRI) has named Executive Vice President Ramona Tanabe as CEO as of May 1. She succeeds John Ruser, who has served in the position since 2015 and will …
Risk Strategies Acquires May, Bonee & Clark of Connecticut
National specialty insurance broker Risk Strategies has acquired May, Bonee & Clark Insurance, a Connecticut-based business and personal insurance, employee benefits and risk management firm. The firm also offers securities and investment advisory services. Formed through the merger of May, …
DOXA Acquires Georgia-based Preferred Aviation MGA
DOXA Insurance Holdings, an Indiana firm, has expanded its stable of distribution companies with the recent acquisition of Georgia-based Preferred Aviation Underwriters, a managing general agent. PAU, headquartered in Duluth, Georgia, was founded in 2005 by pilots and industry veterans …
Las Vegas Lawyer Indicted in $460M ‘Slip-and-Fall’ Scheme
A longtime Las Vegas attorney was indicted on federal charges that he orchestrated a $460 million Ponzi scheme spanning multiple states, from Nevada and Utah to California and Arizona. The eight-count indictment accusing Matthew Wade Beasley of wire fraud and …
JPMorgan May Face Expanded Lawsuit Over Jeffrey Epstein Ties
The U.S. Virgin Islands wants to expand its lawsuit accusing JPMorgan Chase & Co of aiding in Jeffrey Epstein’s sex trafficking in girls and young women, adding a new obstruction charge and a claim that bank executives joked about the …
Train Carrying Iron Ore Derailed in California’s Mojave Desert
A freight train carrying iron ore derailed in a remote area of the Mojave Desert but there were no injuries, authorities said. The San Bernardino County Fire Protection District said in a tweet that “numerous” cars derailed. “No current threat …
Viewpoint: Whither War and Cyber Operation Exclusions?
The insurance industry is attempting to modernize war exclusions to address the 21st century risk of state-sponsored cyber operations. It has proven to be a challenging project. Many current war exclusions date back to the 1930s. They arise from the …
Is a Scooter a Vehicle? Appeals Court says ‘Yes’ and State Farm Must Pay UM Claim
State Farm must pay an uninsured motorist claim for injuries caused by an electric motor scooter even though the scooter didn’t match the definition of “motor vehicle” in Florida statutes, a panel of the 11th Circuit Court of Appeals ruled …
Markets/Coverages: Cyber MGA Astaara Expands Capacity Limit to $25 Million
Astaara, the Guernsey-based managing general agent and risk management advisory business, has increased its underwriting capacity and insurance limit from US$12.5 million in 2020 to US$25 million with effect from April 1. Astaara’s cyber insurance covers ports and terminals, as …
Ardonagh Advisory Acquires UK Broker Pace Ward
Ardonagh Advisory, the London-based SME broking platform, announced the acquisition of Pace Ward, a UK-based local broker that provides national coverage for large commercial clients, prestige and high-performance cars, and high net worth clients. Financial details of the transaction were …
Virginia Teacher Shot by 6-Year Old Sues School Officials for $40 Million
A first-grade Virginia teacher who was shot and seriously wounded by her 6-year-old student filed a lawsuit Monday seeking $40 million in damages from school officials, accusing them of gross negligence for allegedly ignoring multiple warnings on the day of …
R&Q Weighs Separation of Program Management and Legacy Insurance Businesses
R&Q Insurance Holdings Ltd., the non-life global specialty insurance company that focuses on program management and legacy insurance businesses, announced that the board of R&Q is reviewing strategic options to separate these businesses. R&Q said its Program Management business, Accredited, …