INSURANCE NEWS
Erie Insurance: ‘No Evidence’ of Ransomware in Network Outage
Erie Insurance said it has “seen no evidence of ransomware and there is no indication of ongoing threat actor activity” in a June 17 update on its 10-day long network outage. That statement would appear to contradict claims in two …
‘Abolishing FEMA’ Memo Outlines Ways for Trump to Scrap Agency
Homeland Security Secretary Kristi Noem directed the Federal Emergency Management Agency to prepare a memo on how to abolish itself and create a re-branded, radically smaller disaster response organization, according to a copy of the document reviewed by Bloomberg News. …
Israel War Risk Ship Insurance Costs Soar After Iranian Attacks, Sources Say
War risk insurance premiums for shipments to Israel are as much as three times higher than a week ago as the war between Israel and Iran entered its fifth day, industry sources said on Tuesday. The cost of a seven-day …
People Moves: Markel Insurance Makes Leadership Changes to Simplify US Wholesale and Specialty Division
Markel Insurance, the insurance operations within Markel Group Inc., appointed new leadership within its U.S. wholesale and specialty division. The company is simplifying its structure from six U.S. wholesale and two U.S. retail regions to four integrated U.S. regions. As …
Louisiana Governor Vetoes Bill Limiting Bad Faith Lawsuits Against Insurers
Louisiana Governor Jeff Landry vetoed a bill last week that would have limited bad faith lawsuits against insurers, a move that raised criticism from the insurance industry. SB 111, sponsored by Sen. Alan Seabaugh, R-Many, intended to bring clarity to …
US Spending on Climate Damage Nears $1 Trillion Per Year
The US has spent nearly $1 trillion dollars on disaster recovery and other climate-related needs over the 12 months ending May 1, according to an analysis released Monday by Bloomberg Intelligence. That’s 3% of GDP that people likely would have …
Supreme Court Revives Lawsuit from Atlanta Family Whose Home Was Raided by FBI
An Atlanta family whose home was wrongly raided by the FBI will get a new day in court, the Supreme Court ruled unanimously on Thursday. The decision revives a lawsuit filed after a predawn 2017 raid in which armed members …
Effort to Close Litigation Funding Tax Loophole Added to Federal Budget Bill
Within changes submitted by U.S. Senate Republicans to President Donald Trump’s tax bill is language that would close a tax “loophole” for third-party litigation funders. According to text released Monday by U.S. Senate Finance Committee Chairman Mike Crapo, R-Idaho, to …
Mining Project Near Okefenokee Swamp Has Stalled Over a $2M Permit Requirement
A company that has spent years battling conservationists as it seeks a permit to mine outside the Okefenokee Swamp and its federally protected wildlife refuge needs to do just one thing before regulators make a final decision: set aside $2 …
Private Equity Firm B.P. Marsh Acquires 27% Stake in UK MGA Cameron Specialty
B.P. Marsh and Partners Plc, the specialist private equity investor in early-stage financial services businesses, announced it has acquired a 27% shareholding in Cameron Specialty, a London-based underwriting agency. B.P. Marsh has agreed to provide funding of up to £1.7 …
ECB Amends Bank Capital Reviews to Reflect Extreme Weather Risks
The European Central Bank is embedding climate risk into regular reviews of how well banks can absorb losses, marking a new chapter in its supervisory approach. The intention is to “incorporate, more decisively and in a more business-as-usual way, climate …
Two Tankers Catch Fire After Collision Near Strait of Hormuz
Two tankers collided in waters off the United Arab Emirates and caught fire in the early hours of Tuesday, rattling global oil and shipping markets that have been closely monitoring navigation in the region since Israel began strikes on Iran …