INSURANCE NEWS
Trucordia Acquires Virginia’s Richard King Agency
Insurance brokerage Trucordia reports that its most recent acquisition is the Richard King Insurance Agency, a family-owned brokerage firm in Powhatan, Virginia. The Richard King Insurance Agency has been offering personal and commercial insurance in the greater Richmond area since …
Deloitte Faces Class Action Lawsuits Over Rhode Island Cyber Breach
Deloitte Consulting has been hit with class action lawsuits over the cyber breach of Rhode Island’s portal for state-administered benefits known as RIBridges. The suits have been brought in Rhode Island and New York federal courts on behalf of individuals …
Meta Settles With Australia’s Privacy Watchdog Over Cambridge Analytica Lawsuit
Meta Platforms has agreed to a A$50 million settlement ($31.85 million), Australia’s privacy watchdog said on Tuesday, closing long-drawn, expensive legal proceedings for the Facebook parent over the Cambridge Analytica scandal. The Office of the Australian Information Commissioner had alleged …
Ex-West Virginia School System Official Charged With Stealing $3.4 Million
CHARLESTON, W.Va. (AP) — A former maintenance director of a southern West Virginia county school system was charged in a scheme to steal about $3.4 million from a local board of education. Michael David Barker appeared in court Wednesday after …
Toyota to Add $922M Paint Facility at Large Kentucky Complex
GEORGETOWN, Ky. (AP) — Toyota plans to build a new paint facility as part of a $922 million investment at its factory complex in Georgetown, Kentucky, making it the second big addition announced this year at the automaker’s largest manufacturing …
Becton Dickinson to Pay $175 Million to Settle SEC Probe
Becton, Dickinson & Co. has agreed to a $175 million fine over Securities and Exchange Commission claims it repeatedly misled investors about one of its most important products. The regulator said Becton Dickinson was aware an infusion pump it manufactured …
ConnectUW Holdings Opens for Business at Lloyd’s
ConnectUW Holdings, the parent company of Connect Underwriting and other specialist reinsurance MGAs, announced it will take ownership of Lloyd’s box number 356 from Dec. 23, 2024. Situated in the company market section on Gallery 3, ConnectUW will initially offer …
DAC Beachcroft Expanding Into US With 2 New Offices
Law firm DAC Beachcroft said it is expanding into the U.S. with offices in New York and Los Angeles. Insurance specialists Lawrence Klein and Gilbert Lee will join UK-based DACB as partners from law firm Robinson+Cole. They provide advice to …
AXIS to Transfer $2.3B of Reinsurance Reserves to Enstar in Boost to Specialty Focus
AXIS Capital Holdings Ltd. and Enstar Group Ltd. announced they have entered into a loss portfolio transfer (LPT) reinsurance agreement, which will retrocede $2.3 billion of AXIS’s reinsurance reserves. Structured as a 75% ground-up quota share, the LPT reinsurance agreement …
People Moves: Arch Insurance Taps Symenouh From Tokio Marine as Senior Cyber Underwriter; Chubb Promotes Latter to Lead Claims for Overseas General Insurance
This edition of International People Moves details appointments at Arch Insurance and Chubb Overseas General. A summary of these new hires follows here. Arch Insurance Taps Symenouh From Tokio Marine as Senior Cyber Underwriter Arch Insurance has appointed Ezechiel Symenouh …
People Moves: Spot Insurance Names Hamann as CEO
Spot Insurance, headquartered in Austin, Texas, appointed Joel Hamann as CEO. Hamann joined Spot in 2021 and most recently served as vice president of finance. He previously served as director of finance, technology and several other roles at Kohl’s Corporation. …
TWIA Anticipates Higher Reinsurance Spending in 2025
The Texas Windstorm Insurance Association expects to spend more on reinsurance in 2025 to account for projected policy count and exposure growth and losses to the association’s catastrophe reserve trust fund (CRTF) arising from Hurricane Beryl. TWIA’s board of directors …