INSURANCE NEWS
Legacy Specialist Enstar Goes Private on Completed Acquisition by PE Firm Sixth Street
Sixth Street, the San Francisco-based private equity firm, has completed its $5.1 billion acquisition of Bermuda legacy specialist Enstar Group. Enstar’s ordinary shares will no longer be listed publicly, and Enstar will continue operations as a privately held, standalone company, …
Trump Hotel Pays $4.8 Million to Resolve Complaint Over Killing Fish in Chicago
Trump International Hotel & Tower Chicago will pay $4.8 million to resolve a complaint that it was killing fish in the Chicago River. A system used to cool the building by drawing in river water was sucking in thousands of …
NOAA Delays Cutoff of Key Satellite Data for Hurricane Forecasting
The National Oceanic and Atmospheric Administration said Monday it is delaying by one month the planned cutoff of satellite data that helps forecasters track hurricanes. Meteorologists and scientists warned of severe consequences last week when NOAA said, in the midst …
Expansion of Washington Workers Equal Pay Law Starts Today
A new law in that expands Washington workplace protections involving equal pay and promotion discrimination takes effect today. The law legislation passed in 2024 expands the Equal Pay and Opportunities Act from gender discrimination to also include: Sex, marital status, …
Marsh McLennan Buys Excel Agency in South Florida
Marsh McLennan Agency, part of the global Marsh insurance brokerage and services companies, has acquired Excel Insurance, an insurance agency in Medley, Florida. Excel was founded in 2020 and provides property/casualty solutions, including auto, watercraft, commercial coverage, homeowners and workers’ …
New York Port Authority Shut Down Due to Multi-Bus Accident
New York City’s Port Authority Bus Terminal, a critical transport hub for Manhattan, is closed due to a multi-bus accident, according to transit authorities. New Jersey Transit bus services traveling to and from the terminal are being diverted to Secaucus …
Explosion at California Fireworks Warehouse Sets Off Fires, Forces Evacuations
An explosion at a fireworks warehouse in northern California caused several fires, sending black smoke into the air and forcing evacuations, authorities said. There were no immediate reports of injuries. People were urged to avoid the area of Esparto and …
Philadelphia Insurance Is Back Up and Running After Network Outage
Philadelphia Insurance reports its operations have been restored following a network outage. “We have resumed regular operations, though we continue to address minor technical issues as they arise,” the company stated in an update on its handling of a network …
Google Owes $314 Million for Misusing Android Cell Phone Data
Google was told by a California jury to pay $314 million over claims that it illegally used Android users’ cellular data to collect information without their knowledge. A state court jury in San Jose issued the verdict Tuesday following a …
Nationwide Completes $1.25B Deal for Allstate’s Stop-Loss Segment
Insurer Nationwide said it has completed the purchase of Allstate’s Group Health business segment for $1.25 billion. The acquisition was announced in January. Nationwide said the purchase will strengthen and diversify Nationwide Financial’s portfolio, expanding the company’s ability to sell …
Heat Waves May Cut GDP by 0.5 Percentage Point in Europe, Allianz Says
Recent heat waves across Europe could slow economic growth in Europe by half a percentage point in 2025, a report by Allianz Research showed, comparing a day with temperatures above 32 degrees Celsius to half a day of strikes. In …
Markets/Coverages: Hiscox Offers Digital Cover for Small Cargo, Stock Throughput Risks
Hiscox, the Bermuda-based global specialist insurer, has launched a new Cargo API (application programming interface)-based solution, available through broker partners for underwriting small cargo and stock throughput risks. Responding to demand for an insurance product to cover the smaller cargo …