INSURANCE NEWS
Kroger Seeks to Block FTC Case Against Albertsons Acquisition
Kroger Co. is seeking to block the Federal Trade Commission’s in-house case against its proposed purchase of rival grocer Albertsons Cos., claiming the proceeding is unconstitutional. The FTC, eight states and Washington, DC, challenged the Kroger-Albertsons tie-up in February, suing …
Malawi Gets Insurance Payout of $11.2 Million for El Niño-Linked Drought Disaster
The Malawian government has received an insurance payout of $11.2 million for a crippling El Niño-linked drought that led the southern African nation to declare a state of disaster earlier this year. The payout was given to Malawi this month, …
Wall Street Regulator Approves Tougher Rules for Accounting ‘Negligence’
Wall Street’s top regulator on Tuesday voted 3-2 to bless new rules making it easier for an audit watchdog to hold people responsible for audit firms’ violations. Divided along party lines, the five-member U.S. Securities and Exchange Commission approved a …
Storm Warnings in Place Across Europe, From Northern Greece to Poland
Thunderstorm alerts are in place for a swath of Europe from Poland and Hungary to Italy and Greece. There are orange warnings for northern Greece, as the summer heat gives way to violent storms and the risk of flooding. Serbia …
Markets/Coverages: Rokstone and Accredited Announce Multi-Year Capacity Agreement
Rokstone, the Aventum Group’s international re/insurance MGA, announced a multi-year, multi-strategy capacity agreement with Accredited Insurance Program Management, a leading global program manager. The partnership includes both US and international business. This strategic partnership marks a significant milestone for both …
Lynch, Bloomer, Others Feared Dead as Divers Search Sunken Yacht Off Coast of Sicily
Italian divers on Wednesday prepared for a third day of search and rescue efforts around a sunken yacht off Sicily, where British tech entrepreneur Mike Lynch, Morgan Stanley International chairman Jonathan Bloomer and four others were feared to have died …
US Firms Warn Against ‘Unprecedented’ Hong Kong Cyber Rules
US firms have warned that parts of a proposed cyber law could grant the Hong Kong government unusual access to their computer systems, highlighting the latest challenge to Western tech giants in the city. The Asia Internet Coalition, which includes …
Australian Insurer IAG Says Rise in Claims, Third-Party Costs to Push Up Premiums
Insurance Australia Group said on Wednesday it expects premiums to keep rising because of a huge jump in loss claims and third-party costs for home and automobile repairs, sending its shares more than 3% lower. IAG said the money it …
Puerto Rico Insurers to Absorb Hurricane Ernesto Losses: AM Best
Losses in Puerto Rico from Hurricane Ernesto are expected to be absorbed by the island’s domiciled insurers, according to industry rating AM Best. Initial feedback from AM Best-rated insurers—though it is early in the claims process—indicates that property losses from …
Markets/Coverages: Baltimore Bridge Collapse Sparks Port Blockage Cover From Marsh
Insurance broker Marsh announced the launch of what it said is a first of its kind $50 million port blockage insurance facility, covering shipping ports and terminals around the world. The insurance facility can be purchased independently or used to …
Medicare Recovery Actions Can’t be Made by Uninjured Parties, Appeals Court Says
Litigation that seeks to win Medicare reimbursements from insurance companies has become a huge business over the last decade, making one Miami lawyer a billionaire and causing expensive, ongoing legal headaches for property-casualty insurers. But the federal law that allows …
Judge Allows Transgender Girl to Play Soccer as Lawsuit Challenges New Law
A federal judge temporarily cleared the way Monday for a transgender girl to play soccer for her high school team while she and another student challenge a New Hampshire ban. The families of Parker Tirrell, 15, and Iris Turmelle, 14, …