INSURANCE NEWS
FTC Aims to Clamp Down on Companies Engaged in Unfair Competition
The US Federal Trade Commission plans to make wider use of its 1914 founding statute to police anticompetitive behavior by companies in the internet age. The Democratic-led commission on Thursday issued a new policy statement that empowers the agency to …
Tropical Storm Nicole Expected to Continue Weakening Over Florida, Head to Georgia
Tropical Storm Nicole was centered over central Florida at 7 a.m., having weakened from being a Category 1 hurricane when it made landfall earlier in the morning on the coast. Nicole’s maximum sustained winds have decreased to near 60 mph …
People Moves: Everest Re Taps AXA XL’s Mann to Lead Casualty, UK; RenRe Promotes Marra to CUO; Lockton Re Names Aon’s Ryan for Retrocession & Property Specialty
This edition of International People Moves details appointments at Everest Re, RenRe and Lockton Re. A summary of these new hires follows here. Everest Re Names AXA XL’s Mann Head of Casualty, UK Branch Everest Reinsurance, the reinsurance division of …
By Modeling Players’ Insurable Values, Lloyd’s Predicts England Will Win World Cup
Lloyd’s of London predicts that England will beat Brazil and emerge victorious at the 2022 FIFA World Cup – with France, Argentina and Spain falling just behind. Lloyd’s is going for a hat-trick of predictions, after correctly identifying Germany and …
Prosecutors Oppose Release of Alleged Restoration Extortion Gang Leader
The alleged leader of a gangland extortion ring that took control of the New York City fire restoration industry can be heard on recordings threatening to kill competitors and ordering an attack on a rival firm’s employee, federal prosecutors say …
Insuring Cannabis Summit: Making Carriers Comfortable, Ensuring Clients Sleep Well
Making sure carriers are comfortable and your clients sleep well at night could be the key definition of what an insurance broker does. However, in the business of selling insurance to cannabis companies, whose exposures include many products intended to …
Zurich Insurance Expects $550M Hit From Hurricane Ian, but On Track to Beat Targets
Zurich Insurance Group expects a net $550 million pre-tax hit from Hurricane Ian, it said on Thursday, though it remains on track to beat its 2020-2022 financial targets, helped by premium rate rises. Insurers face potential losses of up to …
Medibank Hack Could Cost A$700M for Damages and Fixes
The data breach at Medibank Private Ltd. could cost the Australian health insurer A$700 million ($450 million) if customers decide to sue for damages after personal medical details were posted to a forum on the dark web, according to Bloomberg …
Global Securities Regulators Plan Closer Scrutiny of Carbon Trading
Global securities regulators proposed closer scrutiny of carbon trading on Wednesday to deepen liquidity and prevent greenwashing in markets used by companies to offset their emissions to drive the transition to a net-zero economy. The International Organization of Securities Commissions …
Liberty Co. Names Choi VP
The Liberty Co. Insurance Brokers, based in Gainesville, Florida, has named Douglas Choi vice president for risk management and program underwriting. Choi spent 15 years with carriers, including several with Travelers and Nationwide, before moving to the broker side. This …
Appeals Court Dismisses a Third-Party Payer Class Action in Win for Zantac Makers
Reports about the risk of carcinogens in Zantac heartburn medications may be piling up, and lawsuits over the discontinued drug have topped more than 100,000 nationwide. But a proposed class action involving dozens of plaintiffs has now been been dismissed …
Takeaways from Our Conversation Cannabis Sales at Circle K
Circle K’s deal with Green Thumb Industries to sell cannabis at some of its Florida gasoline retail locations may be a sign the industry has finally crossed any remaining mainstream barriers. Green Thumb CEO Ben Kovler told Bloomberg the deal …