INSURANCE NEWS
Hiscox Appoints Plymouth Rock’s Boyd to US CEO
Hiscox appointed Mary Boyd CEO of its U.S. business unit to replace Kevin Kerridge, who is stepping down after 30 years in the business. Boyd, who will join specialist insurer Hiscox on June 24, was CEO of Plymouth Rock Assurance’s …
People Moves: Ames & Gough Adds Risk Strategies’ McGrath and Markel’s Stanchina
Virginia-based specialty insurance broker Ames & Gough has appointed Kevin McGrath as a client executive and vice president focusing on design firm clients. Based in Boston, McGrath began his career in insurance in 2014, serving as claims manager with Beazley …
Elon Musk Withdraws Lawsuit Against OpenAI
Billionaire entrepreneur Elon Musk on Tuesday moved to dismiss his lawsuit accusing ChatGPT maker OpenAI and its CEO Sam Altman of abandoning the startup’s original mission of developing artificial intelligence for the benefit of humanity and not for profit. Attorneys …
Insurance Helped 46,000 Indian Women Avoid Deadly Work During Heat Waves
In the city of Ahmedabad in western India, temperatures climbed above 43C (109F) every day between May 19 and May 25, creating deadly hot working conditions for many of the laborers who keep the local economy humming. For 40-year-old Lataben …
Massachusetts Town Loses $446,000 in Cyber Attack
The Massachusetts town of Arlington reports it has lost $445,945 in funds intended for a contractor working on a high school building project that were instead diverted to hackers orchestrating a wire fraud scam. Town Manager Jim Feeney alerted the …
Wyoming Pass Landslide Brings Mountain-Sized Headache to Commuting Tourist Town Workers
A landslide that wiped out a vital two-lane road in western Wyoming is causing a mountain of headaches for thousands of commuting tourist town workers at the outset of the Yellowstone region’s busy summer season. After the slide sent both …
Key Emerging Risks: Cascading Effects of Natural Disasters, Supply Chain Resilience
Key emerging risks facing global economies, businesses and the re/insurance industry include the cascading effects of natural disasters, the weakening resilience of supply chains and the repercussions of persistent underfunding of healthcare systems, according to Swiss Re’s 12th SONAR — …
Marsh McLennan Unit Mercer to Buy UK Pension Fund Manager Cardano
Insurance brokerage firm Marsh McLennan’s unit Mercer has agreed to buy Cardano, a London-based pension fund manager that oversees $66 billion of assets, to widen its foothold in the UK market. The deal, unveiled on Tuesday, will allow Mercer to …
Aon Launches $350M Insurance Program to Boost Capital Investments in Ukraine
Insurance broker Aon plc announced a $350 million, first-of-its kind insurance program with the U.S. International Development Finance Corporation, designed to build insurance capacity and accelerate new capital investment and economic recovery in Ukraine. As one of the largest global …
Carmakers Face UK ‘Dieselgate’ Lawsuits Worth at Least $7.6B, Lawyers Say
Some of the world’s biggest carmakers are facing 1.5 million lawsuits in Britain for allegedly cheating emissions tests that could cost them at least 6 billion pounds ($7.6 billion), claimants’ lawyers told London’s High Court on Tuesday. The claims, brought …
A London Hospital Is Asking Its Own Workers for Blood After Cyberattack
A London hospital, facing blood supply disruptions after a cyberattack last week paralyzed operations, is asking its own clinical workers for blood. King’s College Hospital is calling on staff with the blood type O to schedule donations, according to an …
P/C Insurers Record $9.3 Billion Q1 Underwriting Gain: AM Best
The U.S. property/casualty industry recorded a $9.3 billion net underwriting gain in the first three months of 2024, according to a recently published AM Best report. The gain marks a reversal of an $8.5 billion loss recorded in the same …