INSURANCE NEWS
Parametric Insurer Descartes Receives Investment From Battery Ventures
Descartes Underwriting, the Paris-based parametric insurer for climate and emerging risks, announced a strategic investment by Battery Ventures, a technology-focused investment firm. Financial details of the investment were not disclosed. The transaction enables Battery to join the company’s shareholder base …
People Moves: Liberty Mutual Names Bhatnagar President, GRS Major Accounts; Geary Hired as TMHCC CEO of North America P/C; Willis Appoints Fisher to Lead Law Firms
Liberty Mutual Insurance Appoints Bhatnagar President, Major Accounts, GRS North America; Fallon Announces Retirement Liberty Mutual Insurance, headquartered in Boston, named Neal Bhatnagar president, major accounts, of Global Risk Solutions (GRS) North America, effective July 7. He will report to …
King Risk Acquires Nobles Agency in North Carolina
King Risk Partners, one of the largest insurance brokerages in the U.S., has acquired Nobles Insurance Agency in North Carolina, King Risk announced this week. Nobles, with offices in Raleigh, Clayton and other cities, has been in business for almost …
Groups Notify Musk’s AI Company of Intent to Sue Over Facility Pollution in Memphis
The NAACP and an environmental group said Tuesday that they intend to sue Elon Musk’s artificial intelligence company xAI over concerns about air pollution generated by a supercomputer facility located near predominantly Black communities in Memphis. The xAI data center …
Perelman at $410 Million Art Trial Says Fire Faded His Works
Ron Perelman told a judge that five of his paintings totaling over $400 million in value lost their luster from a fire in his Hamptons home, at the trial of his lawsuit seeking to force his insurers to cover the …
Finnish Insurer Sampo Picks Thorsrud as CEO to Succeed Magnusson
Finland’s Sampo Oyj appointed Morten Thorsrud to succeed retiring Torbjorn Magnusson as chief executive officer, in a sign of continuity at the helm of the property and casualty insurer. Thorsrud, who currently runs the If P&C unit within the group, …
Asset Owners With $9.5 Trillion Call for Stopping Deforestation
A coalition of pension funds and insurance companies holding a combined $9.5 trillion of assets has called on investors to ensure their portfolios aren’t supporting or enabling deforestation. The Net-Zero Asset Owner Alliance, whose signatories include Allianz SE and the …
People Moves: Hamilton Re and Hamilton Global Specialty Announce CEO Appointments, as Graves Retires; Aon Promotes Rieth to Global Cyber Leader
This edition of International People Moves details appointments at Hamilton Re and Hamilton Global Specialty as well as Aon. A summary of these new hires follows here. Hamilton Re, Hamilton Global Specialty Name New CEOs, as Graves Retires Hamilton Insurance …
Oklahoma Man Arrested for Illegal Marijuana Grow Operations
An Oklahoma man faces felony charges for illegally growing marijuana, Attorney General Genter Drummond’s office announced. Hui Tang, 51, of Kingfisher, was arrested in the wake of a May 29 raid by The Attorney General Office’s Organized Crime Task Force. …
Storm System Brings Severe Weather and Tornadoes to Central Plains and Midwest
A powerful storm system brought severe weather across parts of the Central Plains and Midwest early this week, with more storms forecast for Wednesday. A moist and unstable atmosphere led to significant rainfall, hail and tornadoes in Minnesota on Monday, …
How Big Batteries Could Prevent Summer Power Blackouts
In any other year, May 14 may well have been an energy disaster in Texas. Temperatures climbed to seasonal levels not seen in over a century: 92F in Dallas, 95F in Houston and 104F in Laredo. Air conditioners hummed en …
Eighth Circuit: Travelers Doesn’t Owe in Missouri Apartment Construction Delay Case
A real estate investment firm isn’t covered for losses of rental income and soft costs over a delayed Missouri apartment construction project after the Eighth Circuit determined the firm’s status as an “Additional Named Insured” doesn’t qualify for such losses. …