INSURANCE NEWS
Chicago Jury is Picked in Boeing Trial Over Payouts Related to Ethiopia Crash
More than six years after a Boeing 737 Max jetliner crashed in Ethiopia, the first civil trial related to the disaster that killed all 157 people on board was set to proceed. Boeing has settled most of the dozens of …
Zurich Invests Heavily in Underwriting Talent to Boost Mid-Market, Specialty Growth
Zurich Insurance Group is continuing to expand its middle market and specialty footprint by investing heavily this year in targeted recruitment of “top-tier underwriting talent” across the group. “In the U.S. alone, we have hired more than 100 middle market …
Jury Awards $10 Million to Virginia Teacher Shot by 6-Year Old Student
A jury in Newport News, Virginia has awarded $10 million to a teacher who was shot by a 6-year-old student. Abby Zwerner, who was shot in January 2023 in her first-grade classroom, had asked for $40 million against a former …
Boeing Avoids US Criminal Charge in 737 Max Jet Crash Case
Boeing Co. will avoid a criminal charge over two fatal 737 Max crashes after a federal judge paved the way for a $1.1 billion settlement agreement, handing the embattled manufacturer a victory in a long-running legal battle. US District Judge …
People Moves: NFP Names Roberts; Falvey Appoints Blubaugh
NFP Names Roberts Northeast SVP NFP, headquartered in New York City, appointed David Roberts as senior vice president, surety, in its Northeast region. With over three decades of experience managing commercial risk, Roberts, who is based in New Jersey, brings …
Bristol Myers Reaches $239 Million Settlement Over Psoriasis, MS Drugs
Bristol Myers Squibb reached a $239 million settlement of claims that former Celgene shareholders were defrauded about prospects for the psoriasis drug Otezla, and multiple sclerosis treatment now known as Zeposia. A preliminary settlement of the 7-1/2-year-old class action was …
Jamaica to Get 2nd Parametric Insurance Payout for Excess Rainfall From Storm Melissa
The Caribbean parametric insurer, CCRIF SPC, announced it will make a second payout of US$21.1 million to the government of Jamaica – a policy triggered by excess rainfall from Hurricane Melissa. This payout follows the CCRIF’s first record payment of …
Bain Capital Private Credit Executive Brushes off Systemic Concerns, Eyes Asia Growth
The global private credit market currently has no systemic risks, while Asia offers the biggest growth opportunities, a senior Bain Capital private credit executive told Reuters. Concerns about weak lending standards in credit markets have resurfaced after the recent collapses …
Irish Regulator Fines Coinbase Europe 21.5 Million Euros Over Monitoring Failures
Ireland’s central bank fined an Irish subsidiary of cryptocurrency exchange Coinbase Global 21.5 million euros ($25 million) on Thursday for breaching anti-money laundering and counter-terrorist transaction monitoring obligations. The Irish regulator said the fine related to faults in the configuration …
Consumers Are the Front Line in Fighting Insurance Fraud
The U.S. loses approximately $308.6 billion in insurance fraud, leading to each policyholder paying $900 more through annual premium increases, according to the Coalition Against Insurance Fraud. Scams affecting American policyholders and companies are among the most pervasive financial crimes …
Baldwin Group Posts $30M Q3 Loss But Expects More Embedded Builders Growth
Fresh off its subsidiary’s purchase of a builder-linked homeowners’ insurance program, the Tampa-based Baldwin Group took another hit to its bottom line in the third quarter this year. But the brokerage and advisory group expects the loss to turn into …
Washington Woman’s Fraud Conviction Saves System $1.3M in Lifetime Payments
An Auburn, Washington woman was convicted for fraud after receiving a lifetime pension following her reported injury while working at a supply company. Lemapu Dorothy Seinafo, 56, pleaded guilty to one count of third-degree theft and was ordered to repay …