INSURANCE NEWS
People Moves: Brit Names Guy Carpenter’s Stephenson to Lead Bermuda Expansion; HDI Global Taps Geis From Allianz as Managing Director for Germany
This edition of International People Moves details appointments at Brit Ltd. in Bermuda and HDI Global in Germany. A summary of these new hires follows here. Brit Names Guy Carpenter’s Stephenson to Lead Bermuda Expansion Brit Ltd. announced the appointment …
Climate Losses Batter Insurers While Reinsurers Step Back
As the planet warms and more natural disasters occur, insurers are facing an increasingly difficult time. In 2023, for the fourth year in a row, global insured catastrophe losses exceeded $100 billion. The trend continues this year: In the first …
Who Is to Blame for Deadly 2017 Grenfell Tower Fire?
A public inquiry into the devastating 2017 London Grenfell Tower blaze concluded on Wednesday that a “culmination of decades of failure” by the government and the construction industry ultimately led to the disaster that killed 72 people. The report detailed …
Underwriters Wary of PFAS Amid ‘Superstorm’ of Litigation, Regulation
As litigation and regulation increase around per- and polyfluoroalkyl substances (PFAS), insurance underwriting is tightening across lines. Insurance professionals who specialize in PFAS say insurers are mandating coverage exclusions and, in some cases, declining to write liability policies at all …
UK Grenfell Tower Fire Inquiry Blames All Deaths on Incompetence and Greed
A public inquiry into the devastating 2017 London Grenfell Tower blaze that killed 72 people blamed the disaster on failings by the government, construction industry and, most of all, the firms involved in fitting the exterior with flammable cladding. The …
Ex-VW CEO Denies Criminal Charges Over Diesel Emissions Scandal
Volkswagen AG’s ex-Chief Executive Officer Martin Winterkorn denied duping customers and taking too long to alert markets about diesel-emission cheating, telling a German criminal court he was never properly informed about the vast scale of the scam. Winterkorn said that …
Driver of Partially Automated Mustang Charged With DUI Homicide
A woman was intoxicated and using a partially automated driving system when she caused a March highway crash in Philadelphia that killed two people, authorities said as they announced homicide charges against the driver. State and federal investigators say the …
SpaceX Faces Concerns Over Environment Damage in South Texas
BOCA CHICA — It wasn’t just a day at the beach. But it never is on this small strip of sand near the Texas-Mexico border, not since SpaceX began launching rockets here. On this particular Saturday in August, about a …
AM Best Downgrades Credit Rating of Iowa’s IMT Insurance
AM Best has downgraded the Financial Strength Rating to A-(Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings to “a-” (Excellent) from “a” (Excellent) of IMT Insurance Company and its affiliate, Wadena Insurance Company. These companies are domiciled in …
CSU Forecasters Predict Quiet Hurricane Activity to Start September
The first two weeks of September are expected to be quiet for Atlantic hurricane activity, according to experts at Colorado State University. The CSU Tropical Meteorology Project, which has been forecasting the Atlantic hurricane season for more than 40 years, …
Three Charged With Auto Insurance Fraud in Miami After False Injury Claims
Florida authorities have charged a Miami-area nurse practitioner and two others with creating false medical reports and attempting to defraud an auto insurance carrier out of more than $47,000. Local news reports said that investigators with the state Department of …
Man Drives Car Through Restaurant Patio in Minneapolis Suburb, Killing 2
ST. LOUIS PARK, Minn. (AP) — A man drove his car through a restaurant patio where a group of medical workers were celebrating in a Minneapolis suburb on Sunday, killing two people and injuring at least four, police and hospital …