INSURANCE NEWS
People Moves: MEMIC Group Adds 2 to Loss Control Team
The MEMIC Group, headquartered in Portland, Maine, added Megan Vernon and Nikko Severson to its loss control team. Vernon rejoins MEMIC as a loss control consultant serving Maine policyholders and brings six years of experience in workplace safety and risk …
SEC Sues Former Executives of Collapsed Auto Lender Tricolor
The U.S. Securities and Exchange Commission on Tuesday sued the former CEO and two other top executives of Tricolor, the latest fallout after the collapse of the Texas-based used-car seller and subprime lender last year. The SEC charged former CEO …
A Landmark Supreme Court Ruling Is Upending How America Moves Its Goods
Daniel Ilg started out in the freight brokerage industry at 14 years old, learning from his dad how to match trucking companies with loads of goods that needed to move around the country. About two decades later, now running the …
Police Officer Sentenced for Role With Other Officers in Insurance Fraud Scheme
A former Maryland police officer has been sentenced for his role in an auto-insurance fraud scheme that involved several other police officers over several years. Michael Anthony Owen, Jr., of Accokeek, a former Prince George’s County police officer, was sentenced …
Climate Change to Cost London Up to £36 Billion a Year by 2050s
Climate change could cost London as much as £36 billion ($50 billion) a year by the 2050s, the Mayor of London’s office said in a report.Lost working hours, disruption to businesses and damage to infrastructure caused by extreme weather in …
China Sentences Evergrande’s Founder Hui to Life for ‘Heinous’ Crime
China Evergrande Group’s founder Hui Ka Yan has been sentenced to life in prison, bringing an end to one of the most dramatic rise and fall stories in China’s corporate history.The disgraced property tycoon, once Asia’s second richest man, had …
People Moves: Rhyner to Lead AXIS’ N.A. Financial Lines, Programs
AXIS Capital Holdings Limited said Jim Rhyner has been appointed head of North America financial lines, programs, and Canada. Rhyner will take the role on Aug. 31 and report to Head of North America Mike McKenna. He will work out …
Progressive Boosts Exposure With Football Field Logos at 13 Universities
Progressive insurance, already one of the most-recognized U.S. insurance brands, will gain more exposure this fall with its logo placement on 13 college football fields, including the fields at Ole Miss, Georgia, Oregon, USC, Boise State, Colorado State, Iowa, Kansas …
Zuckerberg Did Not Make Child Safety a Priority at Meta, Former Engineer Testifies
A former engineering director at Meta Platforms testified on Wednesday that CEO Mark Zuckerberg was responsible for a culture that may have led the company to shirk its responsibility to protect children who use its Facebook and Instagram platforms from …
People Moves: King Risk Names M&A VP; Tower MSA Hires Chief Legal Officer
King Risk Partners, ranked as the 36th-largest independent agency in the U.S., is planning for continued growth in coming years. The Gainesville, Florida-based firm this week named M&A specialist Colton Houseman as executive vice president over mergers and acquisitions. Houseman …
Automakers Paying $11.5M to Settle Mexican Engineers’ Claims of Job Deception
In a federal court case that gained little attention until recently, Hyundai and Kia automakers and staffing firms this summer agreed to pay more than $11.5 million—plus another $3.4 million in attorneys’ fees—to settle a class-action lawsuit brought by Mexican …
North Carolina Banned Litigation Funding but Other States not Following Suit
The decade-long war between the third-party litigation funding sector and the commercial insurance industry reached a turning point when North Carolina became the first state to ban commercial litigation funding on June 22. While some legal and business publications framed …