INSURANCE NEWS
Baltimore’s Opioid Litigation Settlement With Cardinal Health Brings Total to $242.5 Million
The city of Baltimore has reached a $152.5 million settlement with Cardinal Health to resolve the city’s claims against the opioid distributor related to its role in the opioid epidemic. Baltimore Mayor Brandon M. Scott announced that Cardinal will pay …
Flood-Stricken Connecticut Seeks Emergency Assistance from Federal Agencies
Connecticut Governor Ned Lamont has submitted a request to President Joe Biden and the Federal Emergency Management Agency (FEMA) for a federal emergency declaration for Fairfield , New Haven, and Litchfield counties in response to the extreme flooding that damaged …
Specialist Risk Group Acquires UK-Based Anthony James Insurance Brokers
Specialist Risk Group (SRG), the London-based insurance intermediary, announced the acquisition of Anthony James Insurance Brokers, subject to regulatory approval. Financial details of the transaction were not disclosed. This latest acquisition further expands and strengthens SRG’s retail pillar, Specialist Risk …
Markets/Coverages: Marsh Launches $50 Million Port Blockage Insurance Facility
Marsh, the insurance broker and Marsh McLennan subsidiary, announced the launch of a first of its kind $50 million port blockage insurance facility, covering shipping ports and terminals around the world. Created by Marsh following the collapse of the Francis …
Beryl-Battered Grenada Becomes 1st Country to Use Government Bond Hurricane Clause
Grenada has become the first country in the world to use a so-called hurricane clause in a government bond – a special feature that allows authorities to postpone debt payments in the wake of a major natural disaster. The move …
Supreme Court Keeps New Rules on Sex Discrimination in Education on Hold
The Supreme Court on Friday kept on hold in roughly half the country new regulations about sex discrimination in education, rejecting a Biden administration request. The court voted 5-4, with conservative Justice Neil Gorsuch joining the three liberal justices in …
Ryan Specialty to Acquire Assets of MGU Greenhill From Alera
Ryan Specialty said it has signed a definitive agreement to acquire certain assets of Greenhill Underwriting Insurance Services from Alera Group, Inc. Terms of the deal were not disclosed. Houston-based Greenhill is a technology-enabled managing general underwriter focused on the …
Cops Vow to Avert Risk of Havoc From DNC Protesters Converging in Chicago
Security is always tight at Chicago’s Accenture Tower, a skyscraper that connects to a downtown transportation hub and houses the Israeli consulate. This week it will resemble a fortress. Located less than two miles (3.2 kilometers) from where Vice President …
USAA President, CEO Peacock Retiring in 2025
USAA announced that its chief executive officer and president, Wayne Peacock will retire during the first half of 2025, after 36 years at the company—serving the last five as CEO. In a letter Peacock sent to USAA teammates yesterday, the …
Upstate Jury Says Harley-Davidson Must Pay $287 Million for Fatal ‘Trike’ Accident
An upstate New York jury has awarded more than $287 million in punitive damages and other compensation to a man and the estate of his deceased girlfriend following a fatal accident involving their Harley-Davidson “trike” motorcycle. The Livingston County Supreme …
One Killed After Natural Gas Pipeline Explodes In Louisiana
The US Coast Guard is investigating a fatal blast at a natural gas pipeline in Louisiana. A contractor working on a pipeline near South Pass, Louisiana, went missing after an explosion and fire late Saturday, Coast Guard spokesman Ryan Schultz …
The Next Challenge for the US Charging Network: Congestion
In Fernley, Nevada, east of Reno, there are 16 cords that rapidly charge electric vehicles — not bad for a city of just 24,000 people. This weekend, that ratio will be upended. Roughly 30,000 vehicles are expected to roll through …