INSURANCE NEWS
People Moves: NAMIC Promotes Cotto to Counsel of Federal and Political Affairs
The National Association of Mutual Insurance Companies (NAMIC) promoted Tony Cotto to assistant vice president and counsel for federal and political affairs. He previously served as NAMIC’s director of auto and underwriting policy. Cotto will represent NAMIC before federal officials …
Economists Say Los Angeles Fire to Have Limited National Economic Impact
Devastating fires in the Los Angeles area are likely to put modest pressure on the U.S. national economy in the near term but are unlikely to derail strong forward momentum, economists say. Forecasters reckon the fires’ destruction of property and …
Generali Near Deal With Natixis for Asset Management Venture
Assicurazioni Generali SpA and Natixis SA are close to a deal for a joint venture in asset management to cut costs and team up on distribution, according to people familiar with the matter. The two firms are still finalizing details …
Florida Appeals Court Upsets Applecart on Workers’ Comp Statute of Limitations
A recent decision and concurring opinion by a Florida appeals court may have upset years of practice and could raise costs for workers’ compensation insurers. Some claims that carriers were once ready to close out of due to the statute …
New York City Lawsuit Against Exxon, BP, Shell Over Climate Change Dismissed
A judge has dismissed New York City’s lawsuit seeking to hold Exxon Mobil, BP and Shell liable for misleading the public about their products, and their commitment to renewable energy and fighting climate change. In a decision on Tuesday, state …
Kuderer Sworn in as Washington Insurance Commissioner
Patty Kuderer was sworn in as Washington’s ninth insurance commissioner on Wednesday. She is one of only 11 elected insurance commissioners in the U.S., and she’s Washington’s first new commissioner in 24 years. Kuderer defeated Republican Phil Fortunato in the …
Trucordia Acquires Insurance Business of Boulder Insurance in Colorado
Trucordia acquired the insurance business of Boulder Insurance Solutions in Colorado. Boulder Insurance Solutions is full-service brokerage in serving small- to mid-sized businesses. Trucordia, formerly PCF Insurance Services, is the group name for the brokerage headquartered in Lindon, Utah.
California Expands Moratorium on Homeowners Insurance Cancellations and Non-Renewals
California Insurance Commissioner Ricardo Lara expanded emergency insurance protections for Southern California homeowners, adding new ZIP Codes to those already under a mandatory one-year moratorium on insurance non-renewals and cancellations. The expanded order shields those within the perimeters or adjoining …
People Moves: Lockton Re’s International P/C Division Names Moruzzi, Cope as Senior Brokers; Westfield Specialty Int’l Appoints Nugent, Beltran for Professional Indemnity
This edition of International People Moves details appointments at Lockton Re and Westfield Specialty International. A summary of these new hires follows here. Lockton Re’s International P/C Division Appoints Moruzzi and Cope as Senior Brokers Reinsurance broker Lockton Re announced …
Legacy Specialist Enstar Agrees $196M Loss Portfolio Transfer With Atrium Syndicate
Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, announced its Lloyd’s syndicate has agreed a ground-up loss portfolio transfer (LPT) with Atrium Syndicate 609, managed by Atrium Underwriters Ltd. The transaction involves Syndicate 609’s discontinued portfolios, comprising marine treaty reinsurance, …
Pilot Confusion, Congestion Detailed in Fatal Japan Crash Report
A report detailing distracted pilots, airport congestion and shortcomings in safety protocols shines new light into the lead up to last year’s fiery plane crash at Japan’s Haneda Airport. The 166-page document charts the hours and final chaotic minutes before …
NHS Cyberattack in UK Inflicted Long-Term Harm on Patient Health
A cyberattack that paralyzed hospitals and clinics in London last year resulted in harm to dozens of patients, leading to long-term or permanent damage to their health in at least two cases, according to data obtained by Bloomberg News. In …