INSURANCE NEWS
Arkansas Machine Shop Sued for Sexual Harassment and Retaliation
Ranger Tool and Die, Inc. (Ranger), an industrial machine shop with locations in Paragould and Jonesboro, Arkansas, violated federal law when it failed to prevent sexual harassment at its Jonesboro location and then retaliated against employees who complained, according to …
People Moves: Gallagher Promotes Raven to CEO of Energy Team; SiriusPoint Names Heerasing Active U/W of Lloyd’s Syndicate; WTW Hires 3 Execs for Natural Resources
This edition of International People Moves details appointments at Gallagher, SiriusPoint and Willis Towers Watson (WTW). A summary of these new hires follows here. Gallagher Promotes Raven as CEO of Energy Practice Gallagher has made a key new appointment in …
A Week After Fiona, Just Over Half of Puerto Rico Has Power
A week after Hurricane Fiona swiped Puerto Rico, causing catastrophic flooding and knocking out power to the entire island of 3.1 million, just over half of the US commonwealth has electricity, officials said. As of Sunday, power had been restored …
Viewpoint: How Progressive’s Relationship with ‘The Robinsons’ Could Be at Risk
Progressive offered a rare look inside their strategic playbook in a recent second quarter earnings report. Describing the firm’s market share in key customer segments, the report highlighted one group as its most significant growth opportunity. They are called the …
Hurricane Ian Aiming for Florida’s Big Bend Area; Property Losses Could be Significant
Florida’s governor has declared a state of emergency for the entire state, days before a hurricane named Ian is expected to make landfall, raising the dread level for property insurers fearing heavy weather losses during one of the toughest moments …
Deutsche Bank in $26.3M Shareholder Settlement Over Epstein, Russian Oligarch Ties
Deutsche Bank AG agreed to pay $26.25 million to settle a U.S. shareholder lawsuit accusing the German bank of lax oversight while doing business with risky, ultra-rich clients like Jeffrey Epstein and Russian oligarchs. The preliminary all-cash settlement filed on …
Judge OKs $230M Settlement in California Oil Spill Case
A judge has approved a $230 million lawsuit settlement by the owners of a pipeline that spilled more than 140,000 gallons of crude oil into the ocean off California in 2015, lawyers announced. A federal judge in Los Angeles gave …
People Moves: Pinnacol adds Parham; Lockton Adds 2 in Northern California
Pinnacol Assurance in Denver, Colorado, named Wes Parham vice president of public affairs. Parham will have responsibility for legislative strategy, lobbying efforts, community relations and external advocacy. Parham is an experienced government relations executive with relationships throughout the key regulatory, …
Small Businesses Underestimate Recovery Time, Cost of Cyberattack
Nationwide Agency Forward survey showed 40% of small business owners surveyed expect a cyberattack to cost less than $1,000 and another 60% think it would take less than three months to fully recover. However, Nationwide claims data shows cyber claims …
Marsh McLennan CEO Glaser to Retire; Doyle to Take the Reins in 2023
Marsh McLennan said today that John Q. Doyle will take over as president and CEO effective January 1, at which point current CEO Daniel S. Glaser will retire. Doyle, 58, was promoted to group president and chief operating officer of …
Vermont Supreme Court Revives COVID-19 Business Interruption Insurance Claim
The Vermont Supreme Court has kept alive a COVID-19 business interruption loss claim by major shipbuilder against a group of reinsurers. The state’s high court ruled that the case brought by Huntington Ingalls Industries Risk Management and its captive insurer …
Australia Plans to Toughen Privacy Rules After Massive Cyber Attack on Optus
Australia plans to toughen privacy rules to force companies to notify banks faster when they experience cyber attacks, Prime Minister Anthony Albanese said on Monday, after hackers targeted the country’s second-largest telecoms firm. Optus, owned by Singapore Telecoms Ltd., said …