INSURANCE NEWS
People Moves: Hilb Namef CEO at Choice Financial; Crum & Forster Appoints Kovalsky to Credit Team; Cross Insurance Welcomes Randlett as Counsel
Hilb Group Founder Takes Helm at Choice Financial Virginia insurance agency Choice Financial Group has appointed insurance veteran Robert J. Hilb as chief executive officer following the retirement of J. Richard Braun, founder and president of Choice. Prior to his …
Pipeline Company to Pay Nearly $1M for California Oil Spill
The owner of an underwater oil pipeline that spilled some 25,000 gallons of crude into the ocean off Southern California last year will pay nearly $1 million in cleanup costs. The Orange County Board of Supervisors on Tuesday agreed to …
People Moves: AXA XL New Heads of E&S Property, Middle-Market; Aon Chief Innovation Hire
AXA XL promotes Chris Lee to Head of E&S property; Mathew Waters to Lead Middle Market AXA XL has promoted Christopher Lee to lead its excess & surplus property insurance business. Based in New York, he reports to Michele Sansone, …
Howden Begins French Expansion With Acquisition of C.R.F. Conseils
Howden, the London-based international insurance broker, announced it had agreed to acquire C.R.F. Conseils (CRF), an independent broker that specializes in financial lines. Financial details of the deal were not disclosed. This is Howden’s first acquisition in France since appointing …
New York Attorney Sentenced in Multi-Million Dollar Litigation Financing Scheme
A disbarred New York lawyer was sentenced yesterday to 36 months in prison for defrauding investors in his now bankrupt litigation finance firm called Cash4Cases. According to the U.S. Attorney for the Southern District of New York, Jaeson Birnbaum previously …
Grubhub Drivers Are Not Exempt From Arbitration, Massachusetts High Court Rules
On-demand delivery drivers for Grubhub are subject to the company’s mandatory arbitration clauses in their contracts, the Massachusetts Supreme Judicial Court has ruled in overturning a lower court that found the drivers were entitled to an exemption under federal law. …
Barclays Hit With Race Discrimination Claims in London
Barclays Plc was hit with three discrimination claims in London from Black bankers who accused the lender and colleagues of treating them unfairly because of their race, after they raised concerns about internal business issues. The cases are being heard …
Record Floods in Kentucky Take 15 Lives, Hundreds of Homes
Record flooding in parts of Appalachia have left at least 15 dead, hundreds of homes destroyed and entire communities wiped out. Search and rescue teams backed by the National Guard searched Friday for missing people in parts of eastern Kentucky, …
Hidden Menace: Massive Methane Leaks Speed Up Climate Change
To the naked eye, the Mako Compressor Station outside the dusty West Texas crossroads of Lenorah appears unremarkable, similar to tens of thousands of oil and gas operations scattered throughout the oil-rich Permian Basin. What’s not visible through the chain-link …
Biden EPA to Tackle Coal Industry Carbon With Rules on Other Pollutants
The U.S. Environmental Protection Agency plans to use new limits on traditional pollutants like ozone and coal ash to help encourage the retirement of the nation’s remaining coal-fired power plants, after the Supreme Court limited the agency’s ability to impose …
Euro Zone Growth, Inflation Accelerate but Recession Looms
The euro zone economy grew much faster than expected in the second quarter, but economists said it might be the economy’s last hurrah before ever-higher inflation and supply chain problems cause a mild recession in the second half of the …
U.S. Crop Writers Post Record Premium Growth on Commodity Prices, Innovation: AM Best
Premiums in the federal multi-peril crop insurance (MPCI) program surged in 2021 to a record high of $14.9 billion, an increase of nearly 40% over the previous year, according to an AM Best report. The new Best’s Market Segment Report, …