INSURANCE NEWS
Abbott Loses $500 Million Infant Formula Verdict, Lawyers Say
Abbott Laboratories was ordered by a jury to pay almost $500 million over allegations that it hid the risk that its premature-infant formula can cause a potentially fatal bowel disease, according to lawyers for the mother who won the first …
Defense Institute Aims to Educate, End ‘Skyrocketing’ Nuclear Verdicts
Robert Tyson believes the defense bar’s lawsuit approach is overdue for an overhaul. The U.S. Chamber of Commerce Institute for Legal Reform reported in May that nuclear verdicts are on the rise, noting that there were a record number of …
Castle Key Nonrenewing 33,000 Policies as Florida Mulls Special Session on Condos
Allstate’s Florida subsidiaries are nonrenewing some 33,000 condominium unit policies over the next several months, delivering another blow for beleaguered condo owners across the state. The Palm Beach Post reported that Castle Key Indemnity and Castle Key Insurance have begun …
Amazon Says Washington State Injury Case Has Been Dismissed
A case alleging that Amazon.com Inc. exposed warehouse workers to injuries has been dismissed for lack of evidence, the company said in a statement Thursday. The Washington state Department of Labor and Industries cited the e-commerce giant for setting rapid …
California Commissioner Announces FAIR Plan Modernization Deal
California Insurance Commissioner Ricardo Lara said on Friday that he and the California Fair Plan have agreed to establishing a new high value commercial coverage option with limits up to $20 million per building and other steps that he said …
Business Moves: NFP, Clear Group, and Strategic Risk Group Complete 4 Acquisitions
Three brokers – NFP, Clear Group, and Strategic Risk Group – each announced acquisitions during July. In reverse chronological order, the acquisitions are listed as follows: NFP, the New York-based insurance broker and Aon subsidiary, announced on July 24 that …
Paris Trains Hit By Sabotage Hours Before Olympics Kick Off
Trains to and from Paris, including the international Eurostar service, were hit by what authorities called a “massive attack aimed at paralyzing the network” of France’s super-fast trains just hours ahead of the inauguration ceremony of the 2024 Olympic Games. …
J&J Loses Latest Legal Bid to Revive Talc Bankruptcy Strategy
Johnson & Johnson lost its bid in a federal appeals court to revive a plan to settle tens of thousands of talc cancer lawsuits by placing a subsidiary into bankruptcy. The ruling Thursday upheld a bankruptcy judge’s dismissal last year …
ALKEME Acquires Georgia’s Morris & Templeton Agency
ALKEME, a national insurance broker, has acquired Morris & Templeton in Savannah, Georgia, expanding ALKEME’s footprint in the Southeast. Morris & Templeton was founded in 1981, offering commercial and personal insurance coverage, including high-end homeowners products. It has offices in …
Woman Dies in West Virginia’s Second Coal Mine Fatality This Year
CHARLESTON, W.Va. (AP) — A West Virginia woman died Wednesday more than a week after an accident at a southern West Virginia coal mine, Gov. Jim Justice said. Ashley Cogar, 33, of Erbacon, was injured at the Wyco Surface Mine, …
MGU Private Client Select Teams With Ryan Specialty on High Net Worth
Private Client Select Insurance Services (PCS) said it has entered into an agreement with Ryan Specialty on a distribution partnership. The independent managing general underwriter started by American Internal Group (AIG) and Stone Point Capital will use Ryan Specialty as …
Aon Reports 6% Drop in Q2 Net Income, Organic Revenues Grow 6%
Aon reported net income attributable to shareholders of $524 million during the second quarter, a 6% decrease from $560 million in Q2 2023. Adjusted net income attributable to Aon shareholders increased 9% during Q2 2024 to $624 million, compared to …