INSURANCE NEWS
Incubator, Former C&F Exec Launch Specialty Insurer for Insurers, Financial Managers
A former Crum & Forster executive and a London-based underwriter incubator have teamed up to launch a new specialty insurance company based in Charlotte, North Carolina. 1889 Specialty Insurance plans to offer professional lines coverage and management liability policies to …
Tennessee Plant Explosion That Killed 16 Was Preventable, National COSH Says
The blast that killed 16 workers at a military explosives plant in Tennessee last week likely could have been prevented with better safety measures and accountability, the National Council for Occupational Safety and Health said in a statement. “This is …
Travelers Q3 Net Income Soars 50% on Lower Catastrophe Losses
Third quarter net income at The Travelers Cos. increased 50% compared with the same period a year ago, to about $1.9 billion on lower catastrophe losses. Catastrophe losses for the third quarter this year were $402 million pretax, compared with …
Markets/Coverages: HSB Canada Launches Cyber Insurance Coverage for Businesses
HSB Canada, a specialty insurer and part of Munich Re, introduced HSB CyberPro™, a new solution that provides comprehensive insurance coverage and services for businesses. HSB CyberPro combines specialized cyber claims service, active threat monitoring, and risk mitigation tools developed …
Workers’ Compensation Medical Claims Costs Rising Across Most States: WCRI
Medical costs per claim have begun to rise following a period of relative stability post-pandemic, a new report shows. A new Workers Compensation Research Institute report shows medical payments per claim recently started increasing, fueled by an increase in medical …
Record Global Renewable Energy Growth Remains Short of Climate Target: Report
A record amount of renewable energy capacity was added globally last year, but that still left countries short of targets towards meeting a U.N. climate goal to triple capacity by 2030, a report by global renewable groups showed on Tuesday. …
CO2 Hits Highest Levels Ever Recorded, WMO says, Warning of More Extreme Weather
Carbon dioxide levels in the atmosphere have reached the highest ever recorded, potentially further warming the planet and leading to more extreme climate events, a new report by the World Meteorological Organization found. From 2023 to 2024, the global average …
‘Catastrophic’ Hacks Warning Follows Intrusion of Cyber Firm F5
The cybersecurity company F5 Inc. said nation-state hackers breached its networks, gaining “long-term, persistent access” to certain systems and stealing some source code. The breach prompted alerts from cybersecurity agencies in the US and UK, with a senior US official …
Ransomware Ensnares $4.3 Trillion Muni Market’s Key Site
A ransomware attack is disrupting state and local borrowers’ ability to post debt documents on the $4.3 trillion municipal-bond market’s main distribution platform. MuniOS, a website operated by Ann Arbor, Michigan-based tech company ImageMaster LLC, has been out of service …
Trump Withholding $40.6M From California Over Truck Driver English Rules
The Trump administration said Wednesday it is withholding $40.6 million from California in federal transportation funding for failing to comply with truck driver English proficiency rules. The U.S. Transportation Department had warned California, Washington state, and New Mexico in August …
Illinois Sues State Farm for Refusal to Release Homeowners’ Insurance Data
The State of Illinois is suing State Farm for refusing to provide nationwide homeowners’ insurance data at the request of the Illinois Department of Insurance (IDOI). Attorney General Kwame Raoul filed the lawsuit on Oct. 14 on behalf of Director …
UK Sanctions Russia’s Lukoil and Rosneft, Targets Shadow Fleet
Britain targeted Russia’s two largest oil companies, Lukoil and Rosneft, and 51 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenues. Lukoil and Rosneft were designated under …