INSURANCE NEWS
Australian Insurer IAG Says Rise in Claims, Third-Party Costs to Push Up Premiums
Insurance Australia Group said on Wednesday it expects premiums to keep rising because of a huge jump in loss claims and third-party costs for home and automobile repairs, sending its shares more than 3% lower. IAG said the money it …
Puerto Rico Insurers to Absorb Hurricane Ernesto Losses: AM Best
Losses in Puerto Rico from Hurricane Ernesto are expected to be absorbed by the island’s domiciled insurers, according to industry rating AM Best. Initial feedback from AM Best-rated insurers—though it is early in the claims process—indicates that property losses from …
Markets/Coverages: Baltimore Bridge Collapse Sparks Port Blockage Cover From Marsh
Insurance broker Marsh announced the launch of what it said is a first of its kind $50 million port blockage insurance facility, covering shipping ports and terminals around the world. The insurance facility can be purchased independently or used to …
Medicare Recovery Actions Can’t be Made by Uninjured Parties, Appeals Court Says
Litigation that seeks to win Medicare reimbursements from insurance companies has become a huge business over the last decade, making one Miami lawyer a billionaire and causing expensive, ongoing legal headaches for property-casualty insurers. But the federal law that allows …
Judge Allows Transgender Girl to Play Soccer as Lawsuit Challenges New Law
A federal judge temporarily cleared the way Monday for a transgender girl to play soccer for her high school team while she and another student challenge a New Hampshire ban. The families of Parker Tirrell, 15, and Iris Turmelle, 14, …
Baltimore’s Opioid Litigation Settlement With Cardinal Health Brings Total to $242.5 Million
The city of Baltimore has reached a $152.5 million settlement with Cardinal Health to resolve the city’s claims against the opioid distributor related to its role in the opioid epidemic. Baltimore Mayor Brandon M. Scott announced that Cardinal will pay …
Flood-Stricken Connecticut Seeks Emergency Assistance from Federal Agencies
Connecticut Governor Ned Lamont has submitted a request to President Joe Biden and the Federal Emergency Management Agency (FEMA) for a federal emergency declaration for Fairfield , New Haven, and Litchfield counties in response to the extreme flooding that damaged …
Specialist Risk Group Acquires UK-Based Anthony James Insurance Brokers
Specialist Risk Group (SRG), the London-based insurance intermediary, announced the acquisition of Anthony James Insurance Brokers, subject to regulatory approval. Financial details of the transaction were not disclosed. This latest acquisition further expands and strengthens SRG’s retail pillar, Specialist Risk …
Markets/Coverages: Marsh Launches $50 Million Port Blockage Insurance Facility
Marsh, the insurance broker and Marsh McLennan subsidiary, announced the launch of a first of its kind $50 million port blockage insurance facility, covering shipping ports and terminals around the world. Created by Marsh following the collapse of the Francis …
Beryl-Battered Grenada Becomes 1st Country to Use Government Bond Hurricane Clause
Grenada has become the first country in the world to use a so-called hurricane clause in a government bond – a special feature that allows authorities to postpone debt payments in the wake of a major natural disaster. The move …
Supreme Court Keeps New Rules on Sex Discrimination in Education on Hold
The Supreme Court on Friday kept on hold in roughly half the country new regulations about sex discrimination in education, rejecting a Biden administration request. The court voted 5-4, with conservative Justice Neil Gorsuch joining the three liberal justices in …
Ryan Specialty to Acquire Assets of MGU Greenhill From Alera
Ryan Specialty said it has signed a definitive agreement to acquire certain assets of Greenhill Underwriting Insurance Services from Alera Group, Inc. Terms of the deal were not disclosed. Houston-based Greenhill is a technology-enabled managing general underwriter focused on the …