INSURANCE NEWS
EPA Denies Request to Exempt 2 Gulf Coast Plants From Air Pollution Rule
The Environmental Protection Agency on Tuesday denied a request by Cheniere Energy, a leading U.S. producer of liquefied natural gas, to exempt two Gulf Coast plants from a federal air pollution rule. An EPA spokesman says the agency on Tuesday …
South African Premiums to Rise as Insurers Face Growing Flood, Fire Risks: Sanlam
South Africans could soon be paying as much as 5% more on their premiums as insurers face growing risks both globally and locally. The country is now considered “very risky” due to mounting flood and fire dangers, as well as …
North Dakota Oil Rig Explosion Injures 3
Federal, state and local investigators in northwest North Dakota are looking into the cause of an oil rig explosion and fire that sent three workers to the hospital. The crew members were taken to a burn center in St. Paul, …
Ohio Auto Parts Company Cited for Safety Violations
A Clayton, Ohio company was cited for exposing workers to fires and failing to train them on initial stage fire identification and use of fire extinguishers after federal safety investigators received a referral from a local fire department that responded …
Ohio Court: $101 Million Lead Paint Abatement Covered by Lloyd’s Policy
A court order that requires Sherwin-Williams Co. to pay $101 million into a lead paint abatement fund amounts to “damages” that are recoverable through a Lloyd’s of London insurance policy, an Ohio appellate court ruled last week. The Eighth Appellate …
Lexington Starts Middle Market Casualty Group for SMEs
AIG’s Lexington Insurance Company today announced the launch of the Lexington Middle Market Casualty team, a group of dedicated underwriters focused on providing insurance coverage exclusively to small-to-medium-sized commercial enterprises (SME), substantially expanding the company’s market reach beyond upper middle-market …
Don’t Look Now, But More Reinsurance Price Increases on the Way
Fresh on the heels of massive reinsurance price increases in June, which helped send some property insurers into insolvency or out of the Florida market, reinsurers are now likely to raise premiums again in the next few months. Analysts with …
Westfield Enters International Specialty Market, Purchases Lloyd’s Syndicate From Argo for $125M
Westfield said it has expanded into the international specialty insurance market by buying Lloyd’s Syndicate 1200 from Argo Group International Holdings for about $125 million. The acquisition is expected to close during the first half of 2023 pending regulatory approval. …
New York Trial Begins in Bond Insurer Case Over Mortgage-Backed Securities
The trial in Ambac Financial Group Inc.’s $2.7 billion case against Bank of America is expected to begin in New York state court on Wednesday, 12 years after the bond insurer sued over troubled mortgage-backed securities issued before the 2008 …
Starbucks to Rehire 7 Workers Fired During Tennessee Unionization Effort
Coffee store giant, Starbucks Corp., will reinstate seven employees who were fired in February after leading an effort to unionize a Memphis store. The seven workers will get their jobs back after the Seattle-based coffee giant lost an appeal of …
People Moves: Burns & Wilcox Adds Jurkovich; Homes Murphy Adds Pickett in Employee Benefits
Burns & Wilcox added California-based Joe Jurkovich and promoted Tom Carvalho and Evan Hudson. Jurkovich joins as associate managing director, where he oversees the Fresno office’s day-to-day operations and growth strategy. He has nine years of industry experience, and most …
Lloyd’s of London to Pay Some Staff £2,500 Cost-of-Living Bonus
Lloyd’s of London will pay staff earning less than £75,000 ($86,306) an extra £2,500 to help cover rising living costs as UK inflation hits multi-decade highs. John Neal, chief executive officer at the insurance exchange, said he wrote to staff …