INSURANCE NEWS
Indiana Man gets 50-year prison sentence for Indiana barn fires
GOSHEN, Ind. (AP) – A man who pleaded guilty to torching several barns last year in a northern Indiana county was sentenced Monday to 50 years in prison followed by decades on probation. An Elkhart County judge sentenced Joseph Hershberger …
Safety Agency Says Wing Broke Before Plane Crash in Washington
A wing from a Cessna 208B broke away before the plane crashed Friday into a field northeast of Seattle, killing the four people on board, the National Transportation Safety Board said. The NTSB said the wreckage has been recovered and …
Oregon Hemp Plant Fire Injures 5, Town Temporarily Evacuated
A small town in central Oregon was evacuated and five people were hurt due to a hemp manufacturing plant fire Sunday. The Sherman County Sheriff’s Office said five employees were burned in the blaze, including one who suffered significant burns, …
Q3 Combined Ratio for U.S. P/C Industry Highest in 5 Years
The U.S. property/casualty industry posted a combined ratio of about 106.6 in the third quarter – the highest in five years, according to an analysis by S&P Global Market Intelligence. “In addition to the effects of catastrophe losses on various …
Lindberg’s Investment Firm Objects to Liquidation of His Former Insurance Companies
An investment group founded by embattled insurance executive Greg Lindberg has filed an objection to North Carolina regulators’ plan to liquidate two of Lindberg’s insurance companies, arguing that the companies could be sold and benefits paid quickly. “We deeply disagree …
Property Cat Reinsurance Rates Likely to Rise by More Than 10% in January Renewals
Reinsurance rates for property catastrophe business should increase by well over 10% when contracts are renewed in January 2023, according to a commentary from Fitch Ratings Fitch expects double-digit percentage premium rate rises for property catastrophe cover in 2023, driven …
Could Recent NotPetya Case Outcomes Pressure Insurers to Reword War Exclusions?
With recent news of multinational food and beverage company Mondelez International settling its lawsuit against its insurer Zurich American Insurance Company over the company’s NotPetya claims, conversation has continued around what this could mean for war exclusion language and definitions …
New York Expects Lifting of Deadline to Bring Wave of Claims by Adult Sex Abuse Survivors
Sexual assault victims in New York will get a one-time opportunity to sue over their abuse starting Thursday, under a new law expected to bring a wave of allegations against prison guards, middle managers, doctors and a few prominent figures …
Widow Asks $55M From NCAA for Football Player’s Death
Attorneys asked a jury Monday to award $55 million to the widow of a former USC football player, in a landmark case accusing the NCAA of failing to protect him from repetitive head trauma that led to his death. Matthew …
Is Britain Starting to Have Second Thoughts About Brexit?
Even after years of division and vitriol, it seems like Britain still needs to talk about Brexit. More than six years after voting to leave the European Union, the UK is facing a prolonged recession, a deep cost-of-living crisis and …
Ardonagh Group to Buy Australian Insurance Investment, Distribution Firm Envest
The Ardonagh Group, the London-based independent insurance distribution platform, announced it has agreed to acquire Envest Pty Ltd., an Australian insurance investment and distribution business. Headquartered in Brisbane, Queensland, Envest operates with a diverse portfolio of brands and a national …
FTX Collapse Ensnares Creditors Big and Small Across the Globe
From a German bank seeking a more than $2 million payment to a Chinese investor requesting $21,000 of lost savings. Claimants around the world who were caught up in the epic collapse of FTX Group are beginning to appear in …