INSURANCE NEWS
Arch Capital Group Names Papadopoulo CEO as Grandisson Retires
Arch Capital Group Ltd., the Bermuda-based re/insurer, announced that Nicolas Papadopoulo has been named chief executive officer and is joining the board of directors effective immediately. Papadopoulo has held his current positions of president and chief underwriting officer since 2021 …
Insurance Claims Confirm Many Israeli Structures Damaged in Iran Attack
Damage to private property from Iran’s recent missile barrage on Israel amounted to 150 million to 200 million shekels ($40 million to $53 million), according to figures provided by Israel’s tax authority, making it the costliest since the start of …
Singapore Blocks $1.7 Billion Allianz-Income Insurance Deal
The Singapore government will block a proposed S$2.2 billion ($1.7 billion) deal by Allianz SE to buy a majority stake in a homegrown insurance firm, three months after the transaction sparked a public backlash. The government decided it wouldn’t be …
Honda Recalling 2 Million Vehicles Over Steering Issue
Honda Motor said it is recalling 2 million cars and SUVs in North America over an issue that can make steering more difficult and increase the risk of a crash. The recall by the Japanese automaker includes various 2022 through …
J&J’s Court-Shopping Win Highlights Irresistible Bankruptcy Tool
Johnson & Johnson’s successful use of a “court-shopping” legal tactic to advance its latest plan for resolving thousands of cancer claims spotlights a controversial bankruptcy maneuver corporations have long employed to avoid unfavorable rulings. A federal bankruptcy judge in Texas …
Tenn. Authorities Continue to Investigate Container Suspected of Holding Dynamite
KNOXVILLE, Tenn. (AP) — Authorities in eastern Tennessee continued Friday to investigate a container suspected of holding large amounts of dynamite, warning residents that evacuations will likely remain in place throughout the night. “Until we know more, we implore people …
If Flood Insurance Lapsed, FEMA Extends Grace Period to Renew Policies
WASHINGTON (AP) — Residents in the states hit by Hurricane Helene who had coverage through the federal flood insurance program but let it lapse before the storm hit may be able to renew it and still be covered from the …
Should California’s Minimum Wage Be $18? Voters Will Soon Decide
Voters will decide in November whether California should raise its hourly minimum wage to $18 by 2026 and pay workers what would be the highest statewide minimum wage in the country. That would be on par with Hawaii, where workers …
Delaware Workers’ Compensation Rates to Drop 8.4% and 9.2%
Delaware Insurance Commissioner Trinidad Navarro announced that workers’ compensation insurance rates will decrease for the eighth year in a row, effective December 1. The voluntary market is expected to decrease average loss costs by 8.4%, and the residual market will …
Viewpoint: Landmark Workers’ Comp Subrogation Decision in Nevada
In one of the most pro-subrogation decisions in a generation, the Nevada Supreme Court has overnight turned Nevada into one of the most favorable states for workers’ compensation subrogation. With the stroke of a pen, the court in its Sept. …
Combined Losses From Milton and Helene to Be $35B-$55B: Moody’s RMS
Moody’s RMS said private insurers can expect to dole out between $35 billion and $55 billion for hurricanes Milton andHelene. A final industry-loss estimate for Hurricane Milton, a Category 3 that struck Siesta Key, Florida on October 9, will be …
Wisconsin Recycling Company Fined $202K for Exposing Workers to Lead, Cadmium
A follow-up inspection by federal workplace safety investigators in April 2024 found a Janesville, Wisconsin recycling company continuing to expose employees to unsafe levels of lead and cadmium while they dismantled cathode ray tubes from older TVs, despite being cited …