INSURANCE NEWS
California Court to Weigh Fate of Law Treating App-Based Drivers as Contractors
California’s top state court on Tuesday will consider a labor union’s challenge to a ballot measure allowing app-based services such as Uber and Lyft to classify drivers in the state as independent contractors rather than as employees with more benefits. …
Markets/Coverages: MGA OpenRoad Enters Collector Vehicle Insurance Market
Managing general agency Open Road Insurance announced its entry into the marketplace for collector vehicle auto insurance with its first license in Texas, and plans to launch in other U.S. states later this summer. National Interstate Insurance Company, a member …
Triple-I and NICB Partner to Help Consumers Fight Contractor Fraud
The Insurance Information Institute (Triple-I) and the National Insurance Crime Bureau (NICB) are marking May 20-24 as Contractor Fraud Awareness Week (CFAW) to highlight how homeowners can protect themselves from dishonest contractors. “For many homeowners who are victims of contractor …
Massachusetts High Court Reheats Recipe in Restaurants’ COVID-19 Insurance Denial
In a ruling against an upscale restaurant chain, the Massachusetts Supreme Judicial Court has affirmed its 2022 ruling that the COVID-19 virus does not trigger business interruption insurance because it does not cause “direct physical loss or damage.” Davio’s restaurant …
Liberty Co. Adds Ayers Brackfield Insurance in Tennessee
The Liberty Co. insurance brokers, based in Gainesville, Florida, continues its expansion with the addition of Ayers Brackfield Insurance in Knoxville, Tennessee. ABI, in business since 1992, has operated in 18 states, offering personal and commercial lines of insurance products, …
Cyberattacks Over Work Email Most Used; Ransomware Hits Victims Hard: Artic Wolf
Business email compromise is now the top method of cyberattack, according to a survey from cybersecurity firm Arctic Wolf. Of the 1,000 surveyed senior IT and cybersecurity decisionmakers from organizations in more than 15 countries, 70% said they were targets …
People Moves: CFC Canada Taps Marsh’s Della Mora as CEO, Opens 1st Canada Office
CFC, the London-based specialist managing general agent, announced the appointment of Kate Della Mora to the newly created role of CEO, CFC Canada. Della Mora’s appointment coincides with the launch of CFC’s first office on the ground in Canada, based …
Aon’s NFP Acquires UK-Based Consultant HELPGB
NFP, an Aon company and international insurance brokerage and consulting firm, announced it has acquired HELPGB, a human resources and health and safety consulting business. Financial details of the deal were not disclosed. Clark Hunter, director of HELPGB, will remain …
Warburg, Temasek Buy Insurance Services Firm, Specialist Risk Group, in £1B Deal
Warburg Pincus, a private equity firm focused on growth, is teaming up with Singapore’s Temasek Holdings Pte to buy Specialist Risk Group Ltd., an independent insurance intermediary, according to people familiar with the matter. The deal values Specialist Risk Group, …
Markets/Coverages: Rokstone, Allianz Commercial Partner for $10M Marine Cargo Facility
Allianz Commercial and Rokstone, the Aventum Group’s international re/insurance MGA, announced a collaboration for a US$10 million facility to write marine cargo business worldwide with immediate effect. This broadens Allianz’s wholesale marine distribution and allows Rokstone to write direct and …
AI-Intensive Sectors Are Seeing Productivity Surge: PwC
The types of business which are most likely to use artificial intelligence are seeing growth in workers’ productivity that is almost five times faster than elsewhere, raising hopes for a boost to the broader economy, accountancy firm PwC said. Productivity …
Japan’s Insurers Surge on Buybacks, Unwind of Cross-Holdings
Shares of Japanese insurers MS&AD Insurance Group Holdings Inc. and Tokio Marine Holdings Inc. surged after the companies announced stock buybacks, as well as plans to sell their holdings in client companies. MS&AD, which also reported full-year guidance that exceeded …