INSURANCE NEWS
Nursing Home Owner Whose Residents Suffered in Ida in Trouble
The owner of seven Louisiana nursing homes who sent more than 800 of his elderly residents to a crowded, ill-equipped warehouse to ride out Hurricane Ida last year was arrested Wednesday on fraud and cruelty charges arising from the squalid …
Parliament Cautions Regulators: UK Finance, Insurance Yet to Feel Full Brexit Impact
Britain should avoid hasty reforms to make its financial sector more globally competitive after the industry’s separation from the European Union by Brexit, a parliamentary report said on Thursday. The finance ministry has proposed scores of changes to rules governing …
‘Weston’s Law’ Elevator Upgrade to NC Cottages Close to Approval
A safety mandate to reduce or eliminate space between elevator doors and landing doors inside North Carolina vacation cottages and other short-term rentals needs one more affirmative vote to receive final General Assembly approval. The requirement is contained in the …
Insurers Among Investors as Canada’s Brookfield Raises $15B for Climate Fund
Canada’s Brookfield Asset Management said on Wednesday it had raised $15 billion for its first impact fund focused on the global transition to a net-zero carbon economy. The fundraise comes at a time when investors and lawmakers across the globe …
Gallagher Acquires Ireland’s INNOVU Group
U.S. based global insurance broker Arthur J. Gallagher & Co. reports it has purchased Wexford, Ireland-based INNOVU Group Holding Co. Terms of the transaction were not disclosed. Founded by Ronan Foley in 2018, INNOVU Insurance is a retail insurance broker …
People Moves: MMC Names Jones, Hageman to Senior Posts; Lockton Welcomes Marsh’s Millett for Innovation; Applied Financial Builds Cyber Risk Team
Marsh McLennan Creates New Senior Leadership Positions Marsh McLennan announced the appointment of John Jones as chief marketing and communications officer and Pat Hagemann as chief of staff to the chief operating officer. Jones will lead Marsh McLennan’s new marketing …
Hackers Steal $100 Million by Exploiting Crypto’s Weak Link
Hackers looted about $100 million from a so-called cryptocurrency bridge, again exposing a key vulnerability in the digital-asset ecosystem. Blockchain Harmony said in a tweet that the hack of its Horizon bridge, which lets people swap coins between different blockchains, …
Argo Group Names Bradley CEO as Rehnberg Departs
Thomas A. Bradley has stepped into the role of chief executive officer of Argo Group International Holdings Ltd., the Bermuda-based specialty insurer. Bradley, who has served as Argo’s chairman since 2020, has been interim CEO since March 2022 when Kevin …
Ukraine Crop-Handling Port Damaged in Russian Attacks, Adding to Farm Sector Losses
Infrastructure owned by two major agriculture traders was damaged in Russian attacks at one of the biggest crop-handling ports in Ukraine, adding to the mounting losses suffered by its farm sector. Rocket strikes on the Ukrainian port city of Mykolayiv …
How to Lower Home Insurance Premiums and Wildfire Risks
Homeowners in the US got new guidance to help them defend against increasingly frequent wildfires and associated rising insurance premiums. The Insurance Institute for Business & Home Safety, a research nonprofit funded by insurers, announced it has developed the first …
How a Bankruptcy ‘Innovation’ Halted Thousands of Lawsuits from Sick Plaintiffs
Attorney Greg Gordon sat before a packed hotel ballroom of bankruptcy lawyers who had come to hear him hold court on his pioneering strategy for companies seeking to dodge billion-dollar lawsuits: the “Texas two-step.” The tactic has made the Jones …
Colorado Lawsuit: Hero Who Stopped Gunman Shot Without Warning
The mother of a man hailed as a hero for killing a gunman who ambushed and fatally shot a police officer only to be killed himself by another officer in suburban Denver filed a lawsuit alleging the officer who shot …