INSURANCE NEWS
The Wartime Risk Insurers Making Fortunes Keeping Trade Moving
Inside faceless office buildings scattered around London, a niche corner of the insurance market is keeping hundreds of billions of dollars in commodity trade moving through some of the world’s most dangerous waters. As conflicts rage in the Middle East …
US Sanctions Chinese Cyber Firm Linked to Botnet Attack
The US Treasury Department sanctioned Chinese cybersecurity firm Integrity Technology Group for its alleged role in a state-sponsored botnet attack known as Flax Typhoon. Integrity Technology, which is traded on the Shanghai Stock Exchange, was involved in “multiple computer intrusion …
Boeing, DOJ Tell US Judge They Have Not Reached Agreement on Revised Plea Deal
The U.S. Justice Department and Boeing told a court on Friday they have not reached agreement on a revised plea deal after a U.S. judge in December rejected the deal, faulting a diversity and inclusion provision. Boeing and the government …
Strate Insurance in Tennessee Merges with Main Street Insurance Group
Strate Insurance Group, a personal lines agency with offices in five Tennessee cities, is merging with Main Street Insurance Group, a 127-year-old agency with locales in North Carolina. Strate officers said in a news release that the merged firm will …
State High Court Nixes Policy Cancellation Over ‘Ambiguous’ Communications
An insurer failed to properly cancel a workers’ compensation policy because its multiple notices and other conduct were not “definite, certain, and unambiguous” as to the status of the coverage. As a result, Ace America Insurance Co. is obligated to …
Colorado Governor Wants to Privatize State’s Workers’ Comp Carrier
Colorado Gov. Jared Polis wants to spin off the state’s stake in Pinnacol Assurance, privatizing the workers’ compensation carrier of last resort to help it make more money and plug government budget holes. The big idea is that pulling up …
Campbell Named Acting Director of Missouri Department of Commerce and Insurance
Governor Mike Parson announced that Mick Campbell will take over as the Acting Director of the Department of Commerce and Insurance (DCI) effective January 1, 2025. Campbell currently serves as the Commissioner of Finance for DCI. “We have announced that …
Sanford Health to Pay $220K in Back Wages and Damages
The Minnesota Department of Labor and Industry (DLI) announced it has entered into a consent order with medical clinic Sanford to require that it comply with Minnesota laws that provide pregnant employees with reasonable workplace accommodations and pregnancy and parental …
Rescuers Describe Scene at a Hawaii Home After Deadly Fireworks Blast
Emergency crews arrived to a chaotic and gruesome scene in a Honolulu neighborhood after a large New Year’s firework tipped over after being lit and ignited a fiery, shrapnel-studded blast that killed three people and injured more than 20 others, …
EVs, Nuclear and Forever Chemicals: Climate Predictions for 2025
From record solar installations to rising electric vehicle sales, the world is in many ways ramping up the fight against global warming. Yet there are coal-black swans waiting to disrupt the green transition this year. From the US to Japan, …
People Moves: Fairfax Insurance Names Young as President, Barnard as Chair; Acrisure Appoints Industry Veteran Reith as Exec Chair of MGA Unit Volante
This edition of International People Moves details at Fairfax Insurance Group and Acrisure’s Volante. A summary of these new hires follows here. Fairfax Insurance Group Names Young as President, Barnard as Chair Fairfax Financial Holdings Ltd. announced that Brian Young …
Uber Not Liable: Driver Was Not Logged in at Time of Accident, Florida Court Says
A Florida man may have been an occasional driver for Uber, the ride-hailing company, but he was not working at the time that he struck and killed his former girlfriend, and Uber is not liable for the wrongful death, a …