INSURANCE NEWS
People Moves: Munich Re’s Blunck to Succeed Jeworrek Who Is Stepping Down; Lloyd’s Market Association Appoints 3 New Board Members
The Supervisory Board of Munich Re has appointed Dr. Thomas Blunck (age 57) as the chair of the Reinsurance Committee of the group’s Board of Management with effect from Jan. 1, 2023. He will succeed Dr. Torsten Jeworrek (61), who …
MS Amlin Underwriting Fined $11 Million for Risk Management Failings
The Bank of England said on Thursday it has fined insurer MS Amlin Underwriting Ltd. 9.695 million pounds ($10.84 million) for failings in its governance, controls and risk management which spanned five years. The BoE’s regulatory arm, the Prudential Regulation …
Specialty MGA UK Launches to Boost Insurance Capacity Across All Territories
A new managing general agent has launched in London called “Specialty MGA UK,” which is focusing on providing additional capacity for specialty lines of businesses and hard-to-place risks. Specialty MGA UK provides all line services across all global territories and …
Legacy Specialist Compre Acquires Covéa’s MedMal Subsidiary
Compre, the Bermuda headquartered legacy group, announced it has signed agreements to acquire the Irish subsidiary of Covéa, Medical Insurance Co. DAC (MIC), which provided general liability insurance covering professional medical malpractice risks. MIC entered into run-off in 2015. Compre …
NTSB: Communications Outage a Factor in Louisiana Lift Boat Disaster
NEW ORLEANS (AP) — An outage involving a Coast Guard marine warning system and “data gaps” in radar systems were factors in last year’s deadly capsize of an oil industry vessel during severe storms off of Louisiana’s coast, the National …
Corporate Climate Disclosures Jump Again in 2022 — But Many Fail to Respond
Companies worth half of total global market capitalization are now disclosing environmental data after a 42% year-on-year rise in the number of firms reporting, new data published on Wednesday showed. Non-profit environmental disclosure platform CDP said more than 18,700 companies …
Cybersecurity Firm OutThink Raises $10M to Tackle Human Errors Behind Data Breaches
London-based cybersecurity company OutThink has raised $10 million in early-stage investments backed by venture capital firm AlbionVC, it said on Tuesday, as it looks to help organizations identify human behavior that can lead to data breaches. The company, which says …
Federal Judge Dismisses FedEx From Indiana Shooting Lawsuit, Citing Work Comp Act
A federal judge has dismissed FedEx from a lawsuit filed by relatives of five of the eight people who were fatally shot last year at an Indianapolis warehouse by a former employee of the shipping giant. U.S. District Judge James …
Pakistan’s Catastrophic Flood Damage Estimated to Cost $40 Billion: Officials
The damage from this summer’s catastrophic flooding in Pakistan is now estimated at $40 billion, as much as 25% higher than projections a month ago in another blow to the cash-strapped country. The new estimate was shared in the first …
Insurers Increasingly Withdraw From Fossil Fuel Projects: Climate Activists’ Report
Insurance companies that have long said they’ll cover anything, at the right price, are increasingly ruling out fossil fuel projects because of climate change – to cheers from environmental campaigners. More than a dozen groups that track what policies insurers …
Australia’s No. 1 Health Insurer Confirms Massive Data Breach, Theft of Patient Details
Australia’s biggest health insurer said on Thursday a criminal had apparently stolen customers’ medical information as part of a massive breach of data, fueling concern about a wave of high-profile cyber attacks. Medibank Private Ltd., which covers one-sixth of Australians, …
New Indictment in California Dive Boat Tragedy, Lawsuits Ongoing
A federal grant jury has issued a new indictment against a dive boat captain, alleging that he acted with gross negligence when a 2019 fire aboard his vessel led to the deaths of 34 people off the Southern California coast. …