INSURANCE NEWS
Georgia Committee Approves Higher Weight Limits for Trucks, Raising Safety Concerns
A bill that would significantly raise the weight limit for trucks on Georgia highways appears to be gaining steam after it was approved by a state House committee. The House Transportation Committee voted 18-11 to raise the maximum gross vehicle …
Man Mauled by Sheriff’s K-9 in California to Get $1.3M
Sonoma County will pay $1.35 million to settle a civil rights lawsuit brought by a man who was mauled by a sheriff’s K-9 three years ago. Sheriff’s deputies used a stun gun on Jason Anglero-Wyrick and then unleashed a police …
Jury Awards Former Philadelphia Eagles Player $43.5M in Medical Malpractice Case
A Philadelphia jury yesterday awarded former Philadelphia Eagles team captain Christopher Maragos $43.5 million in damages in a case of medical malpractice over a knee injury that ended his National Football League career in 2019. The civil case revolved around …
Commercial Auto Insurtech Startup OpenEyes Emerges From Stealth
OpenEyes, an insurtech serving commercial automotive fleets, today emerged from stealth with $18 million in Series A funding led by global software investor Insight Partners and Pitango First, with participation by MoreVC, which led the seed round together with Pitango …
Markets/Coverages: Apollo Launches Drone Insurance Facility in Partnership With Moonrock
Apollo, the London-based independent specialist insurer and reinsurer, is providing capacity to Moonrock Drone Insurance, designed to provide coverage for larger commercial drone operations, meeting an increased demand in the market. Moonrock was founded in 2016 by Simon Ritterband, who …
BMS Acquires Spanish Broker Viafina, a Surety Insurance Specialist
BMS, the London-based independent specialty re/insurance broker, announced that BMS Iberia has signed a deal to acquire Seguros Viafina (Viafina), the Spanish specialty insurance and reinsurance broker. The acquisition is set to complete in February 2023, with BMS acquiring Viafina …
WV House Approves $105M for Gates-backed Green Energy Battery Plant
Lawmakers in West Virginia’s House of Delegates on Friday greenlit an investment of $105 million in taxpayer dollars to support a Bill Gates-backed company that is building a renewable energy battery plant in the state’s Northern Panhandle. The bill now …
Ohio Train Derailment Prompts West Virginia Utility to Take Water Safety Steps
A West Virginia water utility is enhancing its water treatment process as a precaution following the derailment of a train hauling chemicals that later sent up a toxic plume in Ohio. West Virginia American Water said Sunday that it’s also …
People Moves: AGCS Creates Delegated Authority, Portfolio & Facilities Team; WTW Bolsters Exposure Mgmt, Climate Analytics Unit; IQUW Hires Jiang for Political Risk
This edition of International People Moves details appointments at Allianz Global Corporate & Specialty (AGCS), Willis Towers Watson (WTW), and Lloyd’s insurer IQUW. A summary of these new hire follows here. AGCS Creates Delegated Authority, Portfolio & Facilities Team, Led …
J&J Talc Unit Faces Bankruptcy Judge After Tactic Rejected
Johnson & Johnson’s subsidiary shouldering talc-related lawsuits goes before a bankruptcy judge on Tuesday for the first time since a U.S. appeals court last month nixed the company’s attempt to offload the litigation into Chapter 11 proceedings. A three-judge panel …
Earthquakes in Turkey to Cost Insurers More Than $1 Billion, Verisk Estimates
Economic losses for the Feb. 6, 2023 earthquakes in Turkey will likely exceed US$20 billion, while insured losses will likely be more than US$1 billion, according to Extreme Event Solutions at Verisk (formerly AIR Worldwide). These estimates are based on …
Cyclone Gabrielle Leaves Trail of Destruction Across New Zealand’s North Island
Cyclone Gabrielle has started to track away from New Zealand after leaving a trail of destruction across large parts of the nation’s North Island. Some 225,000 homes are without electricity, at least 2,500 people have been evacuated and tens of …