INSURANCE NEWS
A.M. Best: Rapid Premium Growth Warrants Greater MGA Oversight
Though A.M. Best remains bullish on the delegated underwriting authority enterprises (DUAEs) market, it remains cautious of the risk managing general agents (MGAs) bring to insurers. In its latest market segment report, the rating agency said “MGAs provide a cost-effective …
Remote Work, Aging Tech Targeted by Canada Cybersecurity Plan
Canada released its first-ever cybersecurity strategy for federal government departments and agencies on Wednesday, with the aim of addressing challenges posed by remote work, cloud computing, aging infrastructure and recruitment. The strategy, announced by Treasury Board President Anita Anand, concluded …
Airbus Tests Electric Truck With Airliner Cockpit to Study Safer Taxiing
Airbus is showing off an unusual vehicle – a truck fitted with basic A350 airliner controls – that it hopes can demonstrate how automated taxiing will make airports safer as concern grows over a spate of jetliners colliding on the …
Singapore’s Income Insurance Weighs Partnerships or Stake Sale for APAC Expansion
Singapore’s Income Insurance Ltd. is exploring options as it looks to expand across the Asia Pacific region, including possibly tying up with a partner or selling a stake, according to people familiar with the matter. While Income Insurance has received …
Bayer Plans Renewed Push for Legal Shield Against Cancer-Related Lawsuits
JEFFERSON CITY, Mo. (AP) — After failing in several U.S. states this year, global chemical manufacturer Bayer said Tuesday that it plans to amplify efforts to create a legal shield against a proliferation of lawsuits alleging it failed to warn …
Allianz Is Lead Insurer for Singapore Airlines Incident: Sources
Allianz is the lead insurer for the Singapore Airlines aircraft which left one person dead and scores injured after it hit severe turbulence and had to be diverted to Bangkok this week, two sources said on Thursday. The sources familiar …
City of London Is Relaxed About the Prospect of a Labour Election Win
In the City of London, executives are looking forward to the imminent general election as a chance for clarity after a turbulent few years. Matthew Beesley, chief executive officer at Jupiter Fund Management Plc, said markets are not afraid of …
People Moves: World Insurance Names Woosley Head of National Practice Groups; Former Ascot Re CEO Berger Joins Coaction Board
World Insurance Associates Names Woosley EVP, Head of National Practice Groups World Insurance Associates LLC, headquartered in Iselin, New Jersey, named Thaddeus Woosley as executive vice president and head of national practice groups. Woosley is based in Chicago. Woosley’s background …
Shipping Companies Fined $2M for Dumping Oil in Atlantic Ocean
NEW ORLEANS (AP) — Two shipping companies agreed to pay $2 million in penalties after pleading guilty to federal charges related to the dumping of oil in the Atlantic Ocean by a ship bound for New Orleans last year. The …
Iowa Wind Farm Hit by Tornado, Resulting in Rare Destruction of Turbines
OKLAHOMA CITY (AP) — A wind farm in southwest Iowa suffered a direct hit from a powerful tornado that crumpled five of the massive, power-producing towers, including one that burst into flames. But experts say fortunately such incidents are rare. …
Arkansas Steakhouse Cleared in Lawsuit Over Social-Distancing Brawl
LITTLE ROCK, Ark. (AP) — A jury has ruled against a Black couple who sued a Little Rock steakhouse over a fight the couple had with white customers who weren’t wearing masks and stood too close during the COVID-19 pandemic. …
Zantac Not a Cause of Woman’s Cancer, Jury Says in First Trial Over Drug
A jury in Chicago on Thursday rejected an Illinois woman’s claim that the now discontinued heartburn drug Zantac caused her colon cancer, in the first trial out of thousands of lawsuits making similar allegations. The jury in Cook County, Illinois …