INSURANCE NEWS
Australia’s Hacking Frenzy Spurred by Understaffed Cybersecurity Workforce
A swathe of hacks on some of Australia’s biggest companies has made the country a target for copycat attacks just as a skills shortage leaves an understaffed, overworked cybersecurity workforce ill-equipped to stop it, technology experts said. As Monday saw …
Q3 Net Income Down 30% at The Hartford; $214M in Ian Losses
Compared to the same window last year, net income at The Hartford was down during the third quarter of 2022 – but core earnings were up during what the company’s CEO described as a strong stretch. Third quarter 2022 net …
What Cyber Underwriters Miss: Small Businesses Aren’t Using MFA Correctly, Advisen Panel Says
As cyber threat actors continue to innovate and find new ways to increase their odds of success, panelists at the 2022 Advisen Cyber Risk Insights Conference urged underwriters to raise the stakes when assessing insureds’ cyber exposure. One specific area …
Universal P&C Posts $72 Million Loss, But Says it’s Well-Covered with Reinsurance
Universal Insurance Holdings Inc., the parent company of Universal Property & Casualty Insurance Co., Florida’s second-largest carrier, posted a $72 million loss for the third quarter of this year. That’s in contrast to a $20 million profit for Q3 2021. …
Investment Advisor Sentenced in Fraud that Added To NC Mutual’s Troubles
Federal prosecutors have said that Bradley Reifler, a New York-based investment manager, contributed greatly to the demise of North Carolina Mutual Life Insurance Co., the oldest black-owned insurance company in the United States. Last week, a judge sentenced Reifler to …
Lawyer Who Fought Florida Helmet Laws Died in Crash Without Helmet
In the late 1990s, when Florida bikers were still required to wear helmets, Pinellas lawyer Ron Smith was an aggressive advocate for overturning the law. Smith was a member of ABATE — A Brotherhood Against Totalitarian Enactments and American Bikers …
Hurricane Ian’s Lucrative Cleanup Deals Generating New Tempests
It has been a month since Hurricane Ian wiped out parts of southwest Florida. Now multimillion-dollar cleanup contracts are generating new tempests in the Category 4 storm’s wake. Contractors who remove debris and perform post-storm repairs are fighting over local …
WTW Posts Drop in Q2 Net Income, Revises 2024 Outlook on Russia Losses
Third-quarter net income at broker WTW was $192 million compared to $907 million during the prior-year third quarter. Net income for the third quarter 2021 included the $1 billion income receipt that was received as a result of the break-up …
Arkansas Motorcyclist’s Backpack Ignites When Officer Uses Taser
NORTH LITTLE ROCK, Ark. (AP) – An Arkansas motorcyclist carrying a gasoline-filled backpack was expected to survive after he was engulfed by a fireball when a state trooper used a Taser on him during a traffic stop, authorities said. The …
Hurricane Ian Fallout, Inflation Among Talking Points at AAIS Pulse
The enormous amount of uninsured loss from Hurricane Ian will lead to a “veritable swamp” of trial lawyers waiting to sue the insurance industry, according to one industry expert at AAIS Pulse. “This could be anything from the old wind-versus-water …
W.R. Berkley Forms E&S Solutions Unit
W. R. Berkley Corporation has formed Berkley E&S Solutions, a new business unit that will provide surplus lines casualty coverages to middle-market and large accounts through individual wholesale broker appointments. Curtis E. Fletcher has been named president and chief executive …
TikTok Found Not Liable in Death of Girl in Strangulation Challenge
Federal communications law shields the video-sharing site TikTok Inc. from responsibility for the death of a 10 year-old girl who died while attempting a challenge on TikTok that encourages viewers to strangle themselves using household items. A federal judge in …