INSURANCE NEWS
People Moves: Markel Taps QBE’s Smith to Lead Marine & Energy Liability Team, Int’l Specialty; QBE Promotes Lascelles as Dir. of Underwriting, Marine and British Marine
This edition of International People Moves details appointments at the insurers Markel and QBE. A summary of these new hires follows here. Markel Taps QBE’s Smith to Lead Marine & Energy Liability Team, Int’l Specialty Markel, the insurance operations within …
People Moves: Zurich Promotes Nolan to Head of Surety in US; Zink Joins Everest to Lead Specialty Underwriters
Zurich Promotes Nolan to Head of Surety in US Zurich North America, headquartered in Schaumburg, Illinois, has promoted Chris Nolan to head of surety in U.S. national accounts. Nolan, who is based in New Jersey, succeeds Bob Murray, who retired …
FirstEnergy Corp. to Pay $20M to Settle Ohio Bribery Scheme
The energy company at the center of a $60 million bribery scheme in Ohio will pay $20 million and avoid criminal charges as part of a deal with state prosecutors to resolve its role in the scandal. Akron-based FirstEnergy Corp. …
Pressure Mounts on Texas Regulator as ‘Zombie’ Oil Wells Spill Toxic Fluids
PECOS COUNTY, Texas – On a sprawling ranch in Pecos County in late July, oil well control specialist Hawk Dunlap used a backhoe to uncover an abandoned or so-called zombie well that had sprung back to life despite being plugged …
U.S. Auto Insurers’ Strong Performance to Continue Through 2025: Fitch
More favorable mid-year 2024 results of U.S. personal auto insurers are likely to continue through the end of 2024 and into 2025 due to material price increases and a moderation of claims severity trends “vastly” improving the segment’s profit footing, …
J&J Eyes Texas as Venue for Next Round of Baby Powder Fight
Johnson & Johnson was twice blocked in New Jersey from getting bankruptcy protection from one of its units to resolve billions of dollars in cancer claims tied to baby powder use. For its third try, the company is eyeing Texas, …
UNC Launches Risk Management Institute with IAP’s Ursano Chair of Advisory Board
The University of North Carolina at Chapel Hill announced it is launching an Institute for Risk Management and Insurance Innovation, an interdisciplinary research and innovation center. “The new institute will conduct research that improves our understanding of society’s emerging financial …
Hundreds Able to Return Home After Fleeing Wildfire Along California-Nevada Line
Hundreds of people were allowed to return home this week after being forced to flee a wildfire west of Reno that also shut down Interstate 80 along the California-Nevada line. About 170 firefighters continued to work to secure the perimeter …
Judge Bars Insurers From Going After Defendants Who Agreed to $4B Maui Wildfire Settlement
A Maui judge’s ruling resolves a critical roadblock to finalizing a $4 billion wildfire settlement: Insurance companies who have paid out more than $2 billion in claims can seek reimbursement only from the settlement amount defendants, who victims blame for …
Karen Clark Puts Insured Losses from Debby at $1.4 Billion
Hurricane Debby caused almost $1.4 billion in privately insured losses as it moved across the East Coast this month. That’s about half of the losses incurred in Hurricane Idalia, a stronger storm that followed a similar path almost a year …
High Claims From Medium-Sized Disasters Keep Driving Hard Reinsurance Market
Hard reinsurance pricing conditions are likely to last longer than in previous market cycles mainly as a result of persistently high claims activity from the accumulation of medium-sized disaster losses and secondary perils, according to an AM Best report. As …
US Undercounts Bird Flu in Cattle as Farmers Shun Testing
The U.S. bird-flu outbreak in dairy cattle is much larger than official figures suggest due to farmers’ reluctance to test their animals and risk the economic consequences of a positive result, according to Reuters interviews with dairy experts, veterinarians, and …