INSURANCE NEWS

People Moves: AXA XL Taps SCOR’s Croese for Energy & Construction Team, APAC & Europe; Berkshire Hathaway Specialty Insurance Promotes O’Neill and Reddin in Ireland

This edition of International People Moves details appointments at AXA XL Insurance and Berkshire Hathaway Specialty Insurance (BHSI). A summary of these new hires follows here. AXA XL Taps SCOR’s Croese for Energy & Construction Team, APAC & Europe AXA …
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Biogen Agrees to Pay $900M to Resolve Kickback Claims

A Biogen Inc. whistle-blower will collect almost $250 million for bringing to light a kickback scheme the company agreed to resolve by paying the US and state governments $900 million. The settlement resolves a lawsuit filed by former Biogen employee …
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Insurers Warn California’s Inaction Threatens Auto Policies

Top U.S. insurance companies and associations say California is risking a crisis in the nation’s largest automobile insurance market by refusing to approve any rate increases for more than two years, since the start of the coronavirus pandemic. The companies …
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Connecticut Lab Faces $907K in OSHA Fines Over Claims of Workers’ Chemical Exposure

For several months, employees at a Manchester, Connecticut environmental laboratory complained to management about faulty ventilation systems and about symptoms related to exposure to ethylene chloride, a highly hazardous chemical, according to federal workplace safety officials. Despite knowledge of these …
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Unidentified Drones Could Risk Accidents, Attacks at Oil & Gas Platforms: Norway Watchdog

Norway’s Petroleum Safety Authority (PSA) on Monday urged oil companies to be more vigilant over unidentified drones seen flying near Norwegian offshore oil and gas platforms, warning they could pose a risk of accidents or deliberate attacks. The warning came …
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Bank of England Won’t Take ‘Risky Bets’ to Boost City of London’s Competitiveness

The Bank of England’s new objective of helping the financial sector remain globally competitive should not encourage risky bets on regulatory standards to win business, BoE executive director Victoria Saporta said on Tuesday. Britain wants a “Big Bang 2.0” – …
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New York Jury Awards Ex-NFL Player Cox $28.5M in Medical Malpractice Case

A former NFL player has been was awarded $28.5 million by a Manhattan jury ruling in his favor in a medical malpractice lawsuit over surgery that failed to fix his injured ankle, according to the player’s attorney. Attorney Jordan Mersen …
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Cyber Threats Still No. 1 Business Concern: 2022 Travelers Risk Index

Cyber threats were the top concern for business decision-makers for the third time in four years, according to the 2022 Travelers Risk Index. Cyber threats were chosen as a top concern by 59% of respondents, followed by broad economic uncertainty …
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EU to Add Bahamas to Its Tax Haven Blacklist, While Bermuda Is Removed

The European Union is set to add the Bahamas to its blacklist of governments its considers uncooperative in tax matters because it says the archipelago continues to facilitate the operation of offshore firms for purposes of tax evasion. The bloc …
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Eli Lilly Sued for Age Discrimination by EEOC

Eli Lilly and Co was sued on Monday by the U.S. Equal Employment Opportunity Commission, which accused the drugmaker of illegally refusing to hire older workers for sales representative jobs because of their age. The complaint said Lilly’s violations began …
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US Starts Criminal Probe Into PG&E Role in California Wildfire

Federal officials have initiated a criminal investigation into PG&E Corp.’s potential role in starting California’s largest wildfire of the year. On Sept. 24, the US Forest Service removed one of the utility’s transmission poles from the site in Placer County …
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Florida Restructure Plan Didn’t Take: FedNat Insurance Deemed Insolvent, the Sixth Carrier This Year

Despite monitoring by Florida regulators, cancellation of more than 56,000 policies, and an extensive restructuring plan this year, FedNat Insurance Co. is now insolvent and must be liquidated – the sixth Florida property insurer this year to throw in the …
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