INSURANCE NEWS
Shopping Safely: Managing Cybersecurity, Insurance in E-Commerce
Online retailers will need to remain as resilient as possible to combat increasing cyber crime in the wake of a pandemic surge in online shopping, according to David Emm, senior security researcher at cybersecurity provider Kaspersky, on this episode of …
People Moves: Danish Insurer Tryg Names Brammer as CEO, Succeeding Hübbe; AXA XL Appoints Cerquenich as Senior Risk Consultant, Marine, UK & Lloyd’s
Danish Insurer Tryg Names Brammer as CEO, Succeeding Hübbe The Supervisory Boards of Tryg A/S and Tryg Forsikring A/S announced that Group Chief Executive Officer (CEO) Morten Hübbe has decided to step down. Hübbe (51) will be succeeded by Chief …
Denmark Raises Cyber Security Alert Level After Attacks From Russian Hacker Groups
Denmark on Tuesday raised its cyber security alert level from “medium” to “high” after several attacks by pro-Russian hacker groups in recent weeks, the country’s Centre for Cyber Security said. “The risk level is being raised on the back of …
Everest Insurance Continues Global Expansion, Launching Branch in Spain
Everest Insurance, the insurance division of Everest Re Group Ltd., announced its expansion into the Spanish market following regulatory approval from the relevant authorities to operate in Spain — trading as Everest Insurance (Ireland) DAC, Sucursal en España. The Spain …
Ex-Allianz Fund Manager Seeks Dismissal of Fraud Charges
The former Allianz SE hedge fund manager charged with fraud over billions of dollars in investor losses asked a judge to throw out the case, claiming lawyers wrongly betrayed him to protect the company. Gregoire Tournant claims in a Monday …
Western Tankers Ramp Up Russian Oil Shipments as Prices Remain Below G7 Price Cap
Western oil tankers ramped up their shipments of Russian crude in January as prices for Moscow’s flagship Urals grade held below an international price cap, according to market sources and Eikon data. The Group of Seven nations (G7), Australia and …
Lloyd’s to Pay Some Staff £1,500 in Latest Cost-of-Living Aid
Lloyd’s of London will hand some staff an extra £1,500 ($1,850) to cover rising living costs as inflation persists into 2023. The insurance exchange told staff Tuesday that those earning less than £75,000 would receive the one-time contribution, according to …
Denial-of-Service Attacks Rise, Raising Concerns for Banks
Long considered a nuisance, distributed-denial-of-service attacks, or DDoS, are a growing problem for banks and other financial businesses, according to a new report. The volume of DDoS attacks targeting financial firms increased 22% year-over-year as of November, according to a …
People Moves: Batt Is Trium Cyber Head of Product; Tyng New Lead of HDI U.S. Captive Solutions; SiriusPoint Names Sigle Head of Claims; HUB Hires Chief HRO
Lloyd’s Trium Cyber Appoints Batt as Head of Product Trium Cyber, the first entity approved by Lloyd’s to launch a monoline cyber syndicate, has appointed Jeffrey Batt as head of product. As head of product, Batt will focus on underwriting …
Tennessee Department Obtains $11.5M for Policyholders in Insurance Claims Disputes
The Tenneesse Department of Commerce and Insurance secured a record $11.5 million for policyholders in 2022, after mediating complaints about insurers. The department’s insurance services team mediated 3,249 complaints last year, resulting in numerous claims denials being overturned or additional …
Florida Approves New WC Rule: Carriers Must Verify Subcontractor Employees
The National Council on Compensation Insurance has laid down the law, requiring Florida workers’ compensation insurers to verify employees before arbitrarily charging premium for subcontractors’ exempt officers. The question now is, will insurers abide or will they choose to ignore …
Home Heating Oil Leak Is Covered Due to Pollution Ambiguity, Rhode Island Court Rules
The Rhode Island Supreme Court for the first time has found the definition of pollution in a commercial policy ambiguous enough to justify vacating a lower court’s summary judgment in favor of the insurer. The insurer, Arbella Protection Insurance Co., …