INSURANCE NEWS
Russia Says It Won’t Sell Oil to Nations That Cap Prices
Russia doesn’t plan to supply crude or oil products to nations that implement a price cap, according to Deputy Prime Minister Alexander Novak. Instead, Russia will redirect its oil supply to “market-oriented partners” or will reduce production, Novak said in …
People Moves: Renewable Energy Lead at Marsh Specialty; Regional D&O Team Hires at AXA XL; Chubb Names Chief Culture Officer
Marsh Specialty Appoints Kolodner Global Renewable Energy Leader Marsh has appointed Michael Kolodner as global renewable energy leader, Marsh Specialty. Kolodner rejoined Marsh in 2020 as U.S. power and renewable energy leader. In his new role, he will maintain his …
Aircraft Lessors Sue Insurers for $6.5 Billion Over Planes Trapped in Russia
Aircraft leasing firms are suing dozens of insurers for around $6.5 billion in a string of lawsuits over the loss of hundreds of aircraft stuck in Russia since Moscow’s invasion of Ukraine. More than 400 leased planes worth around $10 …
RIMS Sends Letter to FIO in Support of Cyber Insurance Backstop
RIMS said it issued a comment letter to the Federal Insurance Office in response to legislative dialogue regarding a federal backstop for large-scale catastrophic cyber incidents impacting infrastructure. RIMS indicates that risk professionals would likely support a well-crafted federal cyber …
West Virginia High Court Issues Slew of Rulings – Some For, Some Against Insurers
The West Virginia Supreme Court has handed down four decisions that could affect insurers’ payouts in auto, homeowners and worker injury claims. Non-employee Covered In Ball vs. United Financial Casualty Co., the court found that the insurer must provide coverage …
Liberty Mutual Firm Balks at TeamHealth’s $42M Settlement in Whistleblower Case
A Liberty Mutual Insurance subsidiary is asking a federal court to absolve it of responsibility for part of a multi-million-dollar settlement against one of the country’s largest emergency medicine providers, arguing that fraud is not covered by the E&O policy …
Worker Who Inhaled Gas at Los Angeles Airport Accident Dies
One of four workers who inhaled carbon dioxide in an accident at Los Angeles International Airport has died, his family said. Cris Abraham, 36, of Lomita died on Nov. 11 at a hospital where he’d been in a medically induced …
Maine Retreats on Ban on Sales of Pre-Rolled Medical Marijuana Products
Maine is backing down from some of its guidance for the medical marijuana industry by allowing the sale of pre-rolled products to resume. The Maine Office of Cannabis Policy last month banned medical marijuana caregivers without a storefront from providing …
Washington Contractor Faces Felony Theft Charge in Reported Workers’ Comp Scam
An Everett, Washington, man reportedly caught remodeling homes while claiming he was too injured to work has been charged with felony theft in a workers’ compensation fraud case. Terry Lee Dawson, 62, is accused of stealing more than $55,000 in …
Student Killed, More Than 2 Dozen Injured in Brandeis University Bus Crash
A college student died while more than two dozen other passengers and the driver were injured when a bus returning from a hockey game struck a tree in suburban Boston, authorities said. The preliminary investigation suggests the bus was returning …
Root Reports $64M Q3 Net Loss
Root Inc. reported a third-quarter net loss of $64 million, down from a net loss of $133 million during the same quarter last year. Year-to-date losses sit at $230 million, which is down from $411 million at the end of …
Special Report: America’s Best Independent Insurance Agencies to Work For
The votes are in for the 2022 Best Independent Insurance Agency to Work For survey by Insurance Journal. Employees in 2022 highlighted the importance of competitive salaries, employee benefits, training and education, resources, and other employee perks as drivers of …