INSURANCE NEWS
High-Net-Worth Insureds’ Top Concerns: Climate, Collectibles and Cyber
A new report on emerging risks affecting wealthy households — those with assets of $500,000 to $5 million — highlights climate change, theft of collectibles and cybersecurity as top concerns. Chubb’s new “2024 Wealth Report: Cultivating Resilience in a Changing …
Despite IRS Scrutiny, Micro-Captives Growing Like Weeds in Hard Florida Market
Despite continued uncertainty over the future of federal tax rules on micro-captive insurance companies, the instruments seem to be increasingly popular for small businesses, especially in Florida, where rates for traditional commercial insurance have soared in recent years. SRA 831(b) …
E. Coli Outbreak Tied to McDonald’s Quarter Pounders Has Ended, CDC Says
The U.S. Centers for Disease Control and Prevention said on Tuesday that the E. coli outbreak linked to McDonald’s Quarter Pounder hamburgers is over and the investigation has been closed. As of Dec. 3, the CDC said 104 people have …
WTW to Return to Treaty Reinsurance Broking via Bain Capital Joint Venture
WTW announced it will return to treaty reinsurance broking via a joint venture with the private investment firm Bain Capital. WTW will hold a minority share in the new company, said WTW in an announcement outlining its growth and value …
People Moves: Liberty Mutual Names Orloff President, Global Risk Solutions N.A.
Liberty Mutual Insurance, headquartered in Boston, named Marc Orloff as president of Global Risk Solutions (GRS) North America, effective Jan. 1. Orloff will lead GRS North America’s financial and operational performance, which includes commercial and specialty businesses in the U.S., …
Arthur J. Gallagher & Co. Acquires Brokerages in Canada and Australia
Arthur J. Gallagher & Co., the Rolling Meadows, Illinois-headquartered insurance brokerage, risk management and consulting services firm, announced the acquisition of a Canadian and Australian insurance brokerages. In Canada, Gallagher purchased Sault Ste. Marie, Ontario-based Dawson & Keenan Insurance Ltd. …
GM to Sell Stake in Michigan EV Battery Plant to LG Energy
General Motors Co. is selling its stake in an electric-vehicle battery plant in Lansing, Michigan, to South Korean partner LG Energy Solution, recouping about $1 billion in investment from a facility that will still supply energy cells to the automaker’s …
Oklahoma Farm Fined $72K for Denying Workers Overtime Pay
The U.S. Department of Labor has obtained a consent judgment and injunction to recover $72,000 in back wages and liquidated damages for 20 workers whose Oklahoma employer misapplied the agriculture exemption to retail workers and did not pay overtime to …
Venture Global LNG Considers Fifth Export Project in Louisiana
Venture Global LNG Inc. is considering building a fifth project on the US Gulf Coast that would put it on track to become the nation’s largest exporter of the fuel, according to a document seen by Bloomberg. The project, named …
Ohio Manufacturer Faces $255K Fine After Worker Suffers Partial Amputation
The U.S. Department of Labor has cited a Portsmouth, Ohio hardwood floor manufacturer with a long history of federal safety violations after the company reported a 23-year-old worker suffered a partial arm amputation while troubleshooting a rip saw machine at …
People Moves: Hatchette Named Deputy Insurance Commissioner in Maryland
Joy Y. Hatchette has been named deputy commissioner of the Maryland Insurance Administration (MIA). Acting Maryland Insurance Commissioner Marie Grant announced the appointment of Hatchette, who since 2004, has served as the associate commissioner for consumer education and advocacy. She …
People Moves: Ryan Specialty Underwriting Managers Int’l Names Birrell Exec Chair, Montgomery as CEO;
This edition of International People Moves details appointments at Ryan Specialty and Howden Re. A summary of these new hires follows here. Ryan Specialty Underwriting Managers Int’l Names Birrell Exec Chair, Montgomery as CEO Ryan Specialty, the Chicago-based specialty insurance …