INSURANCE NEWS
People Moves: Xceedance Names Sankaran Global COO; Naquin Joins ReSource Pro as GM, Tech Services
Xceedance Appoints Sankaran as Global Chief Operating Officer Xceedance, headquartered in Worcester, Massachusetts, named Subramanian (Subbu) Sankaran to the new role of global chief operating officer. Sankaran has over 30 years of experience in global operations and transformation roles across …
Ryan Specialty to Acquire USQRisk Holdings
Global specialty insurance broker Ryan Specialty has agreed to acquire certain assets of USQRisk Holdings, LLC, a New York-headquartered managing general agency focused on nontraditional insurance. Formed in 2020 and operating in New York and London, USQ has two core …
Don’t Forget Tariff Impacts on Workers’ Compensation: Berkley
The chief executive of W.R. Berkley Corp. said his company is very focused on the impacts of tariffs on loss costs, and ultimately pricing for short-tail lines of business. But the possibility of impacts of other lines, including workers’ compensation, …
People Moves: New Faces, New Roles at Neptune Flood and Alliant
Neptune Flood, one of the largest writers of private flood insurance, named four people to executive-level positions at the St. Petersburg-based company. Matt Duffy was elevated from managing director to president. Alais Griffin is the new general counsel. Tom Wexler …
Marsh Sues Aon, Ex-Team Leader Over Exit of 20 Construction Surety Employees
Global insurance broker Marsh USA filed suit against competitor Aon and a former Marsh team leader for allegedly poaching key members of Marsh’s construction surety team who resigned and moved to Aon last month. A complaint filed by Marsh in …
Japanese Insurer MS&AD Plans to Invest as Much as $5 Billion to Double US Profits
MS&AD Insurance Group Holdings Inc. plans to invest as much as about ¥700 billion ($5 billion) to expand in the North American market, to meet its goal of doubling operating profits in the region, according to its chief executive officer. …
Swiss Insurers Helvetia and Baloise to Merge to Create Top 10 Company
Helvetia and Baloise plan to merge to create Switzerland’s second-largest insurance group with a combined business volume of 20 billion Swiss francs ($24.69 billion), the pair said on Tuesday. The new group, to be called Helvetia Baloise Holding, will become …
Tesla Settles Wrongful Death Lawsuit Claiming Sudden Acceleration in Ohio Crash
Elon Musk‘s electric vehicle company Tesla TSLA.O has agreed to settle a wrongful death lawsuit filed by the estate of a man who was killed in 2021 after his Tesla crashed and caught fire near Dayton, Ohio. Tesla and lawyers …
Shopify Must Face Data Privacy Lawsuit in US
A U.S. appeals court on Monday revived a proposed data privacy class action against Shopify, a decision that could make it easier for American courts to assert jurisdiction over internet-based platforms. In a 10-1 decision, the 9th U.S. Circuit Court …
Transatlantic Underwriters Expands Into Property, Liability Coverage, Names Flores SVP
Transatlantic Underwriters, a specialized wholesale brokerage for trucking and transportation insurance, is making a limited move into broader property-casualty coverage. The Marietta, Georgia-based firm, founded in 1989, introduced six new lines of business, including commercial general and excess liability; commercial …
South Florida Insurance Broker Pleads Guilty to Fraud in $133M ACA Enrollment Scheme
A south Florida insurance broker is awaiting sentencing after pleading guilty last week to a $134 million scheme that fraudulently enrolled thousands of people in Affordable Care Act health insurance plans. Dafud Iza, 54, of Pembroke Pines, signed a plea …
Multiple Security Failures? Arsonist Faced Little Resistance as Governor and Family Slept
The arsonist who broke into the Pennsylvania governor’s residence while Gov. Josh Shapiro and his extended family slept upstairs on the first night of Passover encountered little resistance as he scaled a security fence, smashed windows with a hammer, ignited …