INSURANCE NEWS
Claim on Seized Hemp Shipment Barred, Showing Trickiness of Coverage
International treaties preempt state-based legal actions, giving an air transport company a escape from claims on what a hemp producer said was botched paperwork for an overseas hemp shipment, a federal appeals court said. The ruling by the U.S. 4th …
Are Captives the Answer for Uninsured HOAs? Utah Opens Door
When actuary Greg Fears attended a Western Region Captive Insurance Conference in April, he expected to learn and share information about emerging uses of captives for commercial risks, including trucking captives—a recent focus of his attention. But during the last …
Nursing Home Operator Must Pay $38.5 Million in Back Wages and Damages
In one of the nation’s largest wage recovery judgments, a Pennsylvania federal court has awarded $35.8 million in overtime back wages and liquidated damages to 6,000 current and former workers in nursing, rehabilitation and assisted living facilities. The workers were …
CrowdStrike Is Sued by Shareholders Over Huge Software Outage
CrowdStrike has been sued by shareholders who said the cybersecurity company defrauded them by concealing how its inadequate software testing could cause the July 19 global outage that crashed more than 8 million computers. In a proposed class action filed …
AIG’s Repositioning Affects Q2 Earnings; Underlying Underwriting Income Up 2%
The formal split of its life and retirement business Corebridge Financial resulted in a second quarter net loss of nearly $4 billion for American International Group (AIG). The deconsolidation and divestitures from last year affected AIG’s general insurance underwriting income, …
Report: 1Q 2024 California Workers’ Comp Written Premium 3% Lower Than Year Ago
Written premium for the first quarter of 2024 was 3% lower than the first quarter of 2023, while written premium in 2023 was slightly above 2022, according to the Workers’ Compensation Insurance Rating Bureau of California. The WCIRB released its …
Landslides in Southern India Kill at Least 93 With Many More Trapped
NEW DELHI (AP) — Multiple landslides in southern India have killed 93 people and many others are feared trapped under the debris, officials said Tuesday, after torrential rains triggered torrents of mud and water that swept through tea estates and …
People Moves: JM Wilson Hires and Promotes Transportation Underwriting Team Members
JM Wilson, headquartered in Portage, Michigan, hired Gina Deryas as a transportation renewal underwriter and Brian Bragg as a transportation underwriter. JM Wilson team member Joe Delaney was promoted to transportation underwriter. Deryas is responsible for underwriting renewal commercial transportation …
People Moves: Malmström Named Swiss Re’s Group CFO as Dacey Retires; MNK Re Appoints Industry Veteran Ashby as Global Chief Commercial Officer
This edition of International People Moves details appointments at Swiss Re and MNK Re. A summary of these new hires follows here. Malmström Named Swiss Re’s Group CFO as Dacey Retires Swiss Re announced that Anders Malmström will succeed John …
Verisk’s PCS Classifies CrowdStrike Incident as a Cyber Catastrophe
Verisk’s Property Claim Services unit confirmed reports it has designated the recent global information technology outage as a cyber catastrophe event. With the designation, PCS Global Cyber believes what has come to be known as the CrowdStrike event will cause …
Personal Lines Insurer Adirondack Exchange Withdrawing From New York
The New York personal lines carrier Adirondack Insurance Exchange (AIE) is facing financial difficulties and has told its agents and customers that it is working on a transition plan for all existing policies. The insurer urged agents and customers to …
Tampa Bay Rays Are Cleared to Stay in St. Petersburg, Build New Ballpark
The Tampa Bay Rays received final approval Tuesday for their proposal to build a new ballpark in St. Petersburg, Florida, capping a years-long process that had clouded the future of the Major League Baseball team. The Pinellas County Commission voted …