INSURANCE NEWS
Blown Tire Caused Fatal Crash at Michigan Air Show
The father of the jet engine-powered semitruck driver who died during a performance at a southwestern Michigan air show said last Tuesday that the truck burst into flames after a blown tire ruptured the fuel tank. Chris Darnell, 40, died …
Nebraska Court: Ambiguous Policy Language Requires Insurer to Pay for Renovations
An ambiguous “extra expense” provision in a commercial property insurance policy requires the insurer to pay for new equipment that a grocery store and delicatessen needed for a new location after its former home burned down, the Nebraska Supreme Court …
Rain Helps Slow Alaska Wildfire That Prompted Evacuations
Some rain helped firefighters battling an Alaska wildfire that prompted evacuations. About a half inch fell into early Monday, allowing crews to build more fire breaks to help control the wildfire started by lightning June 21. “It’s not really like …
Actress Charged with Workers’ Comp Fraud in California
Q’Orianka Kilcher, 32, of North Hollywood, has been charged with two felony counts of workers’ compensation insurance fraud. An investigation by the California Department of Insurance reportedly found Kilcher allegedly broke the law in collecting more than $90,000 in disability …
Travelers Wants Out of Contract With Insured That Allegedly Misrepresented MFA Use
In what may be one of the first court filings of its kind, insurer Travelers is asking a district court for a ruling to rescind a policy because the insured allegedly misrepresented its use of multifactor authentication (MFA) – a …
PGA Tour Faces Justice Department Probe Over Saudi-Backed Circuit
The US Justice Department is investigating the PGA Tour over potential antitrust violations related to its ongoing dispute with a Saudi-backed rival circuit. The department’s antitrust division has sent inquiries to golfers’ agents about the tour’s bylaws on participating in …
Report Finds Nearly 60% Jump in UK Households in Serious Financial Trouble
One in six United Kingdom households (4.4 million) are now in “serious financial difficulties” compared to one in 10 (2.8 million) in October 2021 – an additional 1.6 million households, according to a survey analysis by academics at University of …
Cinven Raises $1.5 Billion for Dedicated Insurance, Financial Services Fund
Cinven has completed fundraising for its first dedicated financial-services fund, collecting 1.5 billion euros ($1.5 billion) in a rare move by a private equity firm to start an industry-focused pool. The UK buyout firm has reached the final close for …
District of Columbia’s Howard & Hoffman Agency Merges With Ensurise
Agency partnership organization Ensurise announced the merger of the Washington. D.C.-based independent insurance agency Howard & Hoffman, Inc. The merger with Howard & Hoffman, which became effective June 1, 2022, expands Ensurise’s operations in the Washington, D.C. metropolitan area. Howard …
German Insurtech wefox Raises $400M, Increasing Valuation to $4.5B
Berlin insurtech wefox reports it has closed a Series D funding round of US$400 million and increased its valuation to US$4.5 billion. The round included both equity and debt. Abu Dhabi sovereign investor Mubadala Investment Co. led the equity portion …
WTW Acquires Climate Risk Analytics Firm Butterwire
Insurance broker WTW reported its acquisition of Butterwire, a provider of data analytics, artificial intelligence and machine learning platforms. Based in Glasgow, Scotland, the financial analytics company will become a part of WTW’s Climate and Resilience Hub. Terms were not …
Consumers See Inflation Picking Up in Year Ahead but Moderating Over Longer Term
U.S. consumers see inflation rising further in the year ahead but expect a more moderate pace over the longer term in a signal that inflation expectations – a key dynamic being closely watched by Federal Reserve officials – remain reasonably …