INSURANCE NEWS
Tesla Faces U.S. Criminal Probe Over Self-Driving Claims
Tesla Inc. is under criminal investigation in the United States over claims that the company’s electric vehicles can drive themselves, three people familiar with the matter said. The U.S. Department of Justice launched the previously undisclosed probe last year following …
Lindberg Owes Penalties for Failing to Report Foreign Accounts, IRS Says in New Filing
The legal and financial troubles for former North Carolina insurance executive Greg Lindberg have not gone away after he won a new trial on bribery charges. This week, the U.S. Treasury filed a complaint in federal court, charging that Lindberg …
Cities Must Bargain Over Termination of Injured Workers: New York High Court
New York labor law requires a municipality to negotiate when terminating employees who are not at work for over a year because of an on-the-job injury, the New York Court of Appeals has ruled. The state’s high court ruling reverses …
Auto Policyholders’ Claims Satisfaction Wanes: J.D. Power
Well documented are the pains insurers are facing while trying to keep up with rising claims frequency and severity in auto lines. J.D. Power’s newest study on claims satisfaction reveals the frustration has trickled to consumers. The J.D. Power 2022 …
Aegon to Merge Dutch Arm With Insurer ASR Nederland in $4.9 Billion Deal
Aegon NV is combining its operations in the Netherlands with insurer ASR Nederland NV, in a bid for market dominance in the pension, life and non-life insurance sectors. Aegon agreed to a conditional deal for a total consideration of €4.9 …
Credit Suisse Makes $180M Provision for Major Litigation Costs
Credit Suisse Group AG has made a 178 million Swiss francs ($180 million) provision for major litigation costs in the third quarter to help account for a long list of lawsuits and investigations that it’s trying to draw a line …
People Moves: Argenta Taps AXIS Re’s Haynes as Marine XoL U/W; Fusion Names Senior Hires in Singapore, Hong Kong; BMS Appoints Tesei for European Energy Reinsurance
This edition of International People Moves details appointments at Argenta Syndicate Management Ltd. (ASML), Fusion and BMS Group. A summary of these new hires follows here. Argenta Appoints AXIS Re’s Haynes as Marine Excess of Loss U/W Argenta Syndicate Management …
Colorado-Based Emergency Transport Companies Sued for Religious, Disability Discrimination
Emergency transport companies Global Medical Response, Inc. (“GMR”), American Medical Response, Inc. (“AMR”), and AMR’s subsidiaries located in Greenwood Village, Colorado, violated federal law by discriminating and retaliating against a nationwide class of applicants and employee first responders with sincerely-held …
Global Insurance Rates Continue Rising at Slower Levels; Cyber Outpaces Other Lines
Global insurance pricing continued to rise, although at a slower pace, during the third quarter, which saw commercial insurance premiums increase an average of 6%, down from 9% in Q2, according to Marsh’s Global Insurance Market Index. The biggest increases …
Mechanical Issue May Have Caused Deadly Seaplane Crash Off Washington Island
SEATTLE (AP) – A mechanical issue may have caused the seaplane crash that killed 10 people off an island in Washington state last month, U.S. investigators said Monday. The National Transportation Safety Board, the agency investigating the Sept. 4 crash …
South African Economic Hub May Be Terror Target, U.S. Warns
One of South Africa’s richest suburbs may be the target of a terrorist attack this weekend, according to an alert posted on the website of the US Embassy. “The US government has received information that terrorists may be planning to …
Southern California School District Ordered to Pay $45M in Abuse Case
LOS ANGELES (AP) – A jury ordered Southern California’s Santa Monica-Malibu Unified School District to pay $45 million to the family of autistic twins who were physically abused and restrained by an aide at their elementary school. The lawsuit filed …