INSURANCE NEWS
Clear Group Acquires Lilley Plummer Risks, Entering Wholesale Lloyd’s Broker Space
Clear Group, the UK independent insurance broker that is owned by Private Equity at Goldman Sachs Alternatives, has entered the wholesale Lloyd’s broker space with the acquisition of Lilley Plummer Risks Ltd., a London-based marine and property specialist. Financial details …
Markets/Coverages: Hartford and Coalition Announce Cyber Capacity Partnership in UK
The Hartford and cyber-MGA Coalition announced a strategic, long-term capacity partnership in response to growing customer and broker demand for Coalition’s active cyber insurance approach in the UK market. The new capacity agreement combines the established strength of The Hartford …
Global Natural Catastrophe Insured Losses Exceed $102B During Q1-Q3 2024: Aon
The third quarter of 2024 saw a number of significant disaster events, which drove year-to date economic losses above at least $258 billion and insured losses of $102 billion, according to Aon plc in its Q3 Global Catastrophe Recap – …
Program Uses AI to Send Cash Payments to 1,000 Households Hit by Hurricanes
Nearly 1,000 hurricane-impacted households in North Carolina and Florida will benefit this week from a new disaster aid program that employs a model not commonly used by philanthropy in the United States: Giving people rapid, direct cash payments. The nonprofit …
AI Chatbot Pushed Florida Teen to Suicide, Lawsuit Against Its Creator Alleges
In the final moments before he took his own life, 14-year-old Sewell Setzer III took out his phone and messaged the chatbot that had become his closest friend. For months, Sewell had become increasingly isolated from his real life as …
North Carolina Governor Approves $600 Million in Helene Recovery Funding
North Carolina Gov. Roy Cooper approved more than $600 million worth of disaster relief funding last Friday for western North Carolina counties affected by Hurricane Helene after legislators passed the recovery bill the day before. The bill is the second …
Judge Cans North Carolina Captive’s Claims That Managers Stole Software
Six months after a North Carolina captive insurance firm for nursing homes around the country accused its managers of poaching proprietary software and forming a competing management company, a federal judge has dismissed the lawsuit. “Plaintiffs have pleaded no factual …
WTW Launches Insurance Brokerage Service in Japan
WTW announced the expansion of its Corporate Risk & Broking (CRB) business in Japan with the launch of an insurance brokerage service. The new service will offer insurance solutions to commercial clients, as well as wholesale facultative reinsurance placement services …
Where’s the Meat? Lawsuit Claims Subway Sandwich Skimps on Filling
A new lawsuit accuses Subway of “grossly misleading” customers by advertising sandwiches that contain at least three times more meat than it delivers. According to a proposed class action filed on Monday in federal court in Brooklyn, Subway ads for …
Judge Approves Healthcare Advisor’s $1.5M Data Breach Settlement
A federal judge in Connecticut has given final approval to a $1,525,000 class action settlement involving a data breach at Merritt Healthcare Advisors. About 3,320 people whose personal information was accessed by an unauthorized party during a security breach and …
Brookfield Hires Head for Entry Into Japan Reinsurance Market
Brookfield Wealth Solutions, has entered the reinsurance business in Japan and has hired Tomohide Yokooka, formerly of Barclays Plc, as managing director and country head, according to people familiar with the matter. Brookfield Wealth, which was spun out from North …
J&J’s $8.2 Billion Talc Settlement Faces January Court Test
The fate of Johnson & Johnson’s latest push to use bankruptcy courts to end thousands of cancer lawsuits tied to its iconic baby powder now hinges on a high-stakes trial in January. After months of wrangling, a federal judge in …