INSURANCE NEWS
Norwich Catholic Diocese Files Chapter 11 Plan With $30M Fund for Survivors
The Roman Catholic Diocese of Norwich and its parishes, along with its insurer Catholic Mutual Relief Society of America, have filed a joint Chapter 11 plan of reorganization as the diocese seeks to emerge from bankruptcy. The plan includes a …
Another Fast-Growing Southern California Wildfire Forces Evacuations
A Southern California wildfire that broke out in Orange County’s Trabuco Canyon Monday has exploded to more than 8,500 acres overnight. By Tuesday morning, the Airport Fire had forced the evacuation of some homes in the area. CalFire reported there …
EU’s Vestager Triumphs in Crackdown on Apple’s Tax Deal, Google’s Practices
EU antitrust chief Margrethe Vestager scored two major wins on Tuesday as Europe’s top court backed her crackdown against Apple’s Irish tax deal and Google’s anti-competitive practices in two landmark cases. Vestager, who ends her term in November, has made …
Trojan Condoms Contain ‘Forever Chemicals,’ Lawsuit Claims
A new lawsuit on Monday claims that Trojan condoms are not safe because they contain toxic “forever chemicals,” which have been linked to cancer. In a proposed class action filed in Manhattan federal court, the plaintiff Matthew Goodman said Church …
Commercial Property Rate Stabilization Highlights Latest WTW CLIPS
Broker WTW said commercial lines insurance rates increased overall by an average of 5.9% during the second quarter. Quarterly price increases have been around 6% since the end of the global pandemic, WTW reported in its Commercial Lines Insurance Pricing …
Moody’s: Insurers and Asset Managers Bolstering Cyber Defenses
Insurers and asset managers worldwide continue to focus on cybersecurity amid growing risks, according to findings from a Moody’s Ratings survey that polled 110 companies operating across both sectors. Respondents’ total investment in cybersecurity rose by 53% between 2019 and …
Getting the Green Light: Are High-Tech Upgrades Coming Soon to Roads?
The secret to avoiding red lights during rush hour in Utah’s largest city might be as simple as following a bus. Transportation officials have spent the past few years refining a system in which radio transmitters inside commuter buses talk …
Residents in Louisiana City Still Recovering From 2020 Hurricanes
LAKE CHARLES, La. (AP) — Every other day Lois Malvo waits for her son to bring six buckets of water from a spigot in the backyard. He then bathes his 78-year-old mother using water heated on the stove and washes …
Texas-Based Insurtech Sigo Seguros Raises $5.1M in Pre-Series A Funding
Sigo Seguros, a Texas-based insurtech company that focuses on providing auto insurance services for immigrant and working-class communities, announced it has raised an additional $5.1 million in its pre-Series A funding round. The investment round was co-led by Zeal Capital …
Catalyit, Big I Partner on Tech-Adoption Support for Independent Agents
Catalyit, an insurance technology hub for independent insurance agents, is partnering with the Independent Insurance Agents & Brokers of America, Inc. (the Big “I”) to support independent insurance agents in selecting, implementing and optimizing the right technologies for their agencies. …
People Moves: Melvin Names CEO of BMS Re US; Rawal Joins AXA XL as CUO Middle Market, Canada; QBE Canada Hires Fenn as Multinational Underwriting Manager
Melvin Appointed President and CEO, BMS Re, US BMS Re, the specialty reinsurance arm of global broker BMS Group headquartered in New York City, appointed Brad Melvin president and chief executive officer, BMS Re, U.S., effective November. Melvin will lead …
Viewpoint: CrowdStrike Failure Highlights Potential Aggregation Risks for Reinsurers
The unique, evolving and often volatile nature of cyber risks has always lurked beneath the surface as the cyber insurance premium climbed in recent years. The recent CrowdStrike software failure underscored the dormant threats posed by aggregation risk, and the …