INSURANCE NEWS
Munich Re Keeps No. 1 Spot in Ranking of 50 Global Reinsurers, With Swiss Re at No. 2
Munich Re for the second-straight year holds the top spot in AM Best’s annual ranking of the Top 50 Global Reinsurance groups in 2021, followed once again by Swiss Re. The two global reinsurers together account for 24.3% of top …
2022 North Atlantic Hurricane Season Halftime Report: The Quiet Before the Storm?
With a few weeks to go until the North Atlantic Basin enters its most active period, now is a good time to recap recent activity, review updated seasonal forecasts, and look ahead to what may be in store for the …
NAIC Passes Pet Insurance Model Act
The National Association of Insurance Commissioners (NAIC) has passed a Pet Insurance Model Act to establish appropriate regulatory standards for the growing pet insurance industry. “This model law establishes clear rules for the sale of pet insurance and provides important …
Sunoco Subsidiary Sues AIG’s National Union Over Climate Change Lawsuit Coverage
Sunoco subsidiary Aloha Petroleum has filed a federal lawsuit in Hawaii against AIG’s National Union Fire Insurance Company of Pittsburgh, saying the insurer has breached its duty to defend Aloha against climate change lawsuits brought by local governments in Honolulu …
New York City Wastewater Testing Indicates Polio Virus Is Spreading
The virus that causes polio has been found in New York City’s wastewater in another sign that the disease, which hadn’t been seen in the U.S. in a decade, is quietly spreading among unvaccinated people, health officials said Friday. The …
OSHA Charges Alabama Plastics Company With Willful Violations After Worker’s Death
An Alabama company has been charged with willfully violating federal safety rules in the death of a worker who was pulled into a machine and fatally injured, authorities said Monday. ABC Polymer Industries, which has a plant in the Birmingham …
Eastern Oregon Historic Flour Mill Destroyed in Fire
A historic flour mill in northeast Oregon was destroyed in a fire. According to the Pendleton Police Department, the fire at the Grain Craft Flour Mill in Pendleton started around 2:55 p.m. Tuesday, KHQ reported. The Pendleton Fire Department responded …
Kentucky Governor Plans to Call Special Session on Flood Relief
Kentucky Gov. Andy Beshear said Monday he hopes to call a special session of the state legislature in the next few weeks to work on flood relief. “Everybody is committed to it,” Beshear said at a Monday news conference. “We …
Carolina Panthers Owner Proposes $82M to Creditors Over Failed Practice Facility
Carolina Panthers owner David Tepper’s real estate company has proposed to pay more than $82 million to creditors over an abandoned practice facility project in Rock Hill under a new plan proposed Thursday. The plan would require approval from courts …
Bankruptcy Judge Clears Way for Defamation Case in Connecticut Against Alex Jones
A federal bankruptcy judge on Monday cleared the way for a defamation lawsuit in Connecticut to proceed against Infowars host and conspiracy theorist Alex Jones. The case was filed by relatives of some victims of the 2012 massacre at Sandy …
Beazley’s Smart Tracker Syndicate 5623 Gets Lloyd’s ‘In Principle’ Approval
Beazley has been granted “in principle” approval from Lloyd’s to transition its Smart Tracker Special Purpose Arrangement (SPA) 5623 to a full syndicate with effect from the Jan. 1, 2023, subject to Lloyd’s agreement of the syndicate business plan and …
Run-off Specialist Premia Completes Loss Portfolio Transfer With Hiscox
Premia Holdings Ltd., the Bermuda-based run-off specialist, announced that Premia Syndicate 1884 has entered into a loss portfolio transfer agreement with Hiscox Syndicate 33. The portfolio consists of a diverse mix of business underwritten by Syndicate 33 during years of …