INSURANCE NEWS
Mississippi River Low Water Level Threatens Barge Traffic
Parts of the Mississippi River are so low from weeks of drought that barge traffic is being limited at the worst possible time — as crop harvests begin. Some Mississippi River communities between St. Louis and New Orleans may see …
National Flood Insurance Program Extended to Mid-December
Late last week President Joe Biden signed legislation passed by Congress to extend the National Flood Insurance Program’s authorization to Dec. 16, 2022. “NFIP reauthorization is an opportunity for Congress to take bold steps to reduce the complexity of the …
Wisconsin Man Awarded $1.1 Million in Police Excessive Force Settlement
A 20-year-old Madison man should be awarded $1.1 million in a settlement agreement after surveillance video showed police repeatedly punching him in the head during a mental health crisis at a foster home in 2019, his attorneys said last week. …
Chinese Billionaire Settles Minnesota Rape Allegations
Chinese billionaire and JD.com founder Richard Liu agreed to settle a lawsuit filed by a former University of Minnesota student who alleged he raped her in her Minneapolis apartment after a night of dinner and drinks with wealthy Chinese executives …
U.S. Homeowners Line ‘Stable’ but Weather Events Present Uncertainty: AM Best
A day after Hurricane Ian hit Florida as a Category 4 storm Sept. 28, AM Best released its scheduled market segment report of the U.S. homeowners insurance market, calling it stable due to overall strong risk-adjusted capitalization, underwriting discipline, and …
Insurtech Lemonade Launches in UK
Lemonade, the New York City-based insurer that is powered by artificial intelligence, has launched in the United Kingdom, following previous moves in France, Germany, and the Netherlands. Founded in 2015, Lemonade launched its flagship renters insurance in the U.S. in …
People Moves: Canopius Names QBE’s Corrigan as Head of Change; Howden Taps AXA XL’s Lutgen as COO, Europe; IGI Hires Canopius’ Jarvis as CUO
This edition of International People Moves details appointments at re/insurers Canopius Group and International General Insurance Holdings Ltd. as well as the broker Howden. A summary of these new hires follows here. Canopius Names QBE’s Corrigan as Group Head of …
Social Media Company Liability Draws US Supreme Court Scrutiny
The US Supreme Court will decide whether social media companies can be sued over targeted content recommendations, agreeing to hear an appeal from a family that says Alphabet Inc.’s Google bears some of the responsibility for a 2015 ISIS terrorist …
Ex-PG&E Execs Paying $117M To Settle California Wildfires Lawsuit
Former executives and directors of Pacific Gas & Electric have agreed to pay $117 million to settle a lawsuit over devastating 2017 and 2018 California wildfires sparked by the utility’s equipment. The settlement was announced by the PG&E Fire Victim …
Chinese Hackers Suspected in Tampering With Comm100’s Client-Chat Program
Suspected Chinese hackers tampered with widely used software distributed by a small Canadian customer service company, another example of a “supply chain compromise” made infamous by the hack on U.S. networking company SolarWinds. U.S. cyber-security firm CrowdStrike said in a …
EU Proposes Exempting Maritime Pilot Services From Russia Oil Ban
The European Union proposed making so-called pilot services exempt from sanctions targeting the transfer of Russian oil that are set to kick in this year to punish Moscow for its invasion of Ukraine. The exception, which would allow shipowners to …
Russia May Start Providing Trade Finance to Importers of Its Grain: Agriculture Minister
Russia may start providing trade finance to importers of its grain as sanctions imposed on Moscow since it sent troops to Ukraine affect this financial instrument, Agriculture Minister Dmitry Patrushev said. Russia, the world’s largest wheat exporter, is working with …