INSURANCE NEWS
Reinsurer SCOR Reports H1 Loss of €239M Blamed on Ukraine War, Natural Disasters
Reinsurer SCOR reported a first half loss attributed to the war in Ukraine, natural catastrophes and the severe drought in Brazil. The H1 loss of €239 million (US$242.6 million), compares with net income of €380 million (US$385.8 million) reported during …
Allergan Poised to Pay More Than $2 Billion in Opioid Settlement
AbbVie Inc.’s Allergan unit has reached an agreement to pay more than $2 billion to resolve thousands of lawsuits filed by state and local governments over the marketing of its Kadian opioid painkiller, according to people familiar with the matter. …
Reuters: EU Finds Evidence Employees’ Smartphones Compromised by Spyware
The European Union found evidence that smartphones used by some of its staff were compromised by an Israeli company’s spy software, the bloc’s top justice official said in a letter seen by Reuters. In a July 25 letter sent to …
G7 Countries Aim to Have Price Cap on Russian Oil Before Dec. 5
The Group of Seven richest economies aim to have a price-capping mechanism on Russian oil exports in place by Dec. 5, when European Union sanctions banning seaborne imports of Russian crude come into force, a senior G7 official said on …
Greensill Capital Sued by 277 Former Employees Over Firm’s Collapse, Job Losses
A group of ex-Greensill Capital employees sued the defunct firm in London, accusing management of unfairly keeping them in the dark about the company’s “imminent danger of collapse.” A group of 277 employees — less than half the UK workforce …
Trial Begins in Alex Jones’ Sandy Hook Damages Lawsuit
Conspiracy theorist Alex Jones repeatedly “lied and attacked the parents of murdered children” when he told his Infowars audience that the Sandy Hook Elementary School shooting was a hoax, an attorney for one of the victim’s parents said Tuesday at …
Applied Underwriters Debuts Entertainment & Sports Division
Steve Menzies, chairman of Applied Underwriters, announced the formation of Applied Entertainment & Sports, a new division of the company that will consolidate existing business and add substantial new business in an innovative and aggressively postured entertainment and sports unit …
Insureds Can’t Block Repairs Then Sue Insurer, Florida Appeals Court Agrees
Insureds cannot recover damages from the insurance company if they failed to comply with the policy and allow the insurer to make the needed repairs, a Florida appeals court decided Wednesday. Florida’s 3rd District Court of Appeal upheld without comment …
Report: California Workers’ Comp Written Premium Down in 2021
Written premium for 2021 was 1.4% below that for 2020 and is the lowest since 2012, a new report shows. The Workers’ Compensation Insurance Rating Bureau of California issued its quarterly report on written premium, which declined sharply beginning in …
Florida Regulators Unveil Ratings Crisis Solution: Let Citizens Reinsure Carriers
Florida’s insurance commissioner announced today that his office has found an “unprecedented solution” to the pending property insurer rating crisis – let Citizens Property Insurance Corp. provide a level of reinsurance to companies in case they are downgraded, at least …
Charter Spectrum Hit With $7.3B Verdict in Texas over Murder of 83-Year-Old
Charter Communications was hit with a combined $7.37 billion verdict – including $7 billion meant to punish the company – for systemic safety failures that led to the robbery and stabbing death of an 83-year-old woman by a cable repairman …
3M Unit Goes Bankrupt in Bid to Resolve Lawsuits Over Military Earplugs
3M Co. put its Aearo Technologies unit into bankruptcy in a bid to resolve more than 230,000 lawsuits brought mainly by US military veterans over allegedly faulty combat earplugs. The conglomerate has already spent nearly $350 million defending the sprawling …