INSURANCE NEWS
South Carolina Allows Out-of-State Adjusters After Massive Hail Storm
In the wake of last week’s widespread hail storm that damaged homes and automobiles, the South Carolina director of insurance said that emergency rules allow out-of-state adjusters and appraisers to work claims, as long as they are licensed in other …
W.R. Berkley Reports 50.4% Increase in Q1 Net Income
First quarter net income at W.R. Berkley Corp. increased about 50% compared to the same period the prior year to about $442.5 million on pretax underwriting income growth of 31.8% to $309 million. The Greenwich, Connecticut-based commercial insurer started 2024 …
Delaware High Court Hands Agency a New Shot at Malpractice Claim Against Law Firm
A Delaware insurance agency has won another chance at proving a law firm was negligent in defending it in a non-compete dispute with another agency, a dispute it ended up settling for $1.2 million. The Delaware Supreme Court has reversed …
Munich Re Says Beating Target More Likely After Strong Quarter
Munich Re said it might beat its profit target for the year after first-quarter profit jumped amid benign expenditures to cover major losses and a strong investment result. Net income rose to about €2.1 billion ($2.2 billion) in the three …
Markets/Coverages: Liberty Mutual Re, Safehub Offer Parametric Quake Re/Insurance
Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance Group, has announced a partnership with Safehub, a technology provider in seismic sensor and risk management solutions to offer a market-first, building-specific, sensor-based, parametric earthquake re/insurance product to clients globally. …
Musk Decries Australian Court ‘Censorship’ of X Terror Posts
Elon Musk lashed out at Australia’s prime minister on Tuesday after a court ordered his social media company X take down footage of an alleged terrorist attack in Sydney, and said the ruling meant any country could control “the entire …
Oklahoma Bus Driver Crashes Into Building After Being Punched by Passenger
OKLAHOMA CITY (AP) — A man was arrested after being accused of punching an Oklahoma City bus driver and causing the bus to crash into a building. Oklahoma City police reported only minor injuries stemming from the Saturday wreck. Authorities …
Dubai Floods Expose Weaknesses to a Rapidly Changing Climate
The heavy rains that flooded Dubai last week halted air traffic, damaged buildings and streets — and left climate experts and common citizens asking whether one of the world’s hottest and driest cities should be better prepared for extreme storms. …
Republicans Weigh Rolling Back Anti-ESG Law They Passed
Lawmakers in Oklahoma are having second thoughts about anti-ESG legislation that limits which Wall Street banks local governments can do business with. A Republican-introduced bill that would narrow the scope of a state law that blacklisted financial firms for their …
Arthur J. Gallagher & Co. Acquires Australia’s Prasidium Credit Insurance
Arthur J. Gallagher & Co., the Rolling Meadows, Illinois-based broker, announced the acquisition of Australia’s Prasidium Credit Insurance. Terms of the transaction were not disclosed. North Sydney-based Prasidium is a specialist trade credit insurance broker serving clients throughout Australia. Mark …
Grindr Sued in UK for Allegedly Sharing Users’ HIV Data With Ad Firms
Grindr Inc. was sued by users for sharing sensitive personal information, including their HIV status, with advertising companies in a London lawsuit. The LGBTQ+ app allegedly shared information to third parties for commercial purposes without the users’ consent, which included …
Sanofi to Pay $100 Million to Settle Zantac Cancer Lawsuits
Sanofi will pay more than $100 million to settle about 4,000 lawsuits accusing the French drugmaker of failing to warn users that its Zantac heartburn medicine could cause cancer, according to people familiar with the deal. The settlement was announced …