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  • Insurance News

    Everest Joins California Workers’ Comp Rating Bureau Governing Committee
    Mon, 24 Apr 2017

    The Everest National Insurance Co. has joined the Governing Committee of the Workers’ Compensation Insurance Rating Bureau of California. The WCIRB Governing Committee is responsible for setting policy and overseeing the management of the affairs of the WCIRB. The WCIRB …

    Supreme Court Rejects GM Use of Bankruptcy to Block Ignition Lawsuits
    Mon, 24 Apr 2017

    General Motors Co.’s bid to block hundreds of lawsuits, potentially worth billions of dollars, over a deadly ignition-switch defect broke down on Monday when the Supreme Court refused to hear its appeal claiming the suits were barred by the No. …

    Massachusetts Lawmakers Debate Pot Regulators’ Independence
    Mon, 24 Apr 2017

    Recreational marijuana may be legal for adults in Massachusetts but who ultimately will be in charge of regulating and enforcing the new law remains the subject of behind-the-scenes maneuvering on Beacon Hill. A legislative committee created to review and potentially make revisions …

    Uber, Lyft Opposing Vermont Bill with New Requirements
    Mon, 24 Apr 2017

    Popular ride sharing companies Uber and Lyft are opposing a Vermont bill that would require the companies to greatly increase their insurance coverage for personal injuries when drivers are between rides. The Burlington Free Press reports that the bill would …

    New York Passes $153B Budget Including Workers’ Comp Reforms
    Mon, 24 Apr 2017

    The New York State Senate in April passed its $153 billion 2017-2018 state budget that includes reforms to workers’ compensation in the state. These reforms serve to help businesses, local governments and not-for-profits save money while also enhancing protections for …

    RIMS 2017: Why Cyber Should be Treated as Standalone Insurance
    Mon, 24 Apr 2017

    Treating cyber risk as a standalone insurance market holds the promise of unlocking the potential for meaningful coverage for both insurers and buyers, according to a new report by JLT Re and JLT Specialty Limited. According to the report released …

    JLT Specialty USA Hires Beecher Carlson’s Nolan in Massachusetts
    Mon, 24 Apr 2017

    JLT Specialty USA, a U.S. subsidiary of Jardine Lloyd Thompson Group plc. (JLT), has appointed Molly Nolan as senior vice president. Nolan comes to JLT with more than 20 years’ experience in providing insurance services for complex property accounts. She …

    China & India Lead U.S. in Renewable Energy Targets: Allianz
    Mon, 24 Apr 2017

    Renewable power investments will need to rapidly grow in the coming two decades to be in line with the Paris Agreement climate goals, according to the Allianz Climate & Energy Monitor Deep Dive, which aims to inform investors and policymakers …

    AXIS Re & China’s Renmin University Offer Actuarial Scholarship
    Mon, 24 Apr 2017

    Bermuda-based AXIS Capital Holdings Ltd. announced the launch of the “AXIS Re Actuarial Scholarship” in partnership with Renmin University in China. The scholarship fund will provide financial assistance to actuarial students in Renmin’s School of Statistics to help develop their …

    UK’s Aviva Buys Remaining 50% Share in Vietnam Joint Venture
    Mon, 24 Apr 2017

    Aviva plc has acquired VietinBank’s entire 50 percent shareholding in its life insurance joint venture VietinBank Aviva Life Insurance Ltd. Aviva also has signed a new distribution agreement with VietinBank to sell life and health insurance products through VietinBank’s network …

    U.K. Has 1st Day Without Burning Coal for Power Since 1880s
    Mon, 24 Apr 2017

    The U.K. had its first full day without burning coal to make electricity since the Industrial Revolution more than a century ago, according to grid operator National Grid Plc. “Friday 21st April 2017 was the first 24-hour period since the …

    Neon Appoints Sirius’ Sethi as Senior D&F Underwriter
    Mon, 24 Apr 2017

    Neon has appointed Catherine Sethi as senior underwriter in its Property Direct & Facultative (D&F) team. Based in London, Sethi will report to Sam Yates, who joined Neon recently to lead the expansion and growth of its London property D&F …

    Hamilton Re to Buy Canopius’ Excess Casualty Renewal Rights
    Mon, 24 Apr 2017

    Hamilton Re, the Bermuda-based platform of Hamilton Insurance Group, announced it has agreed to acquire the renewal rights to Canopius Underwriting Bermuda Ltd.’s excess casualty insurance book of business. The transaction is expected to close mid-year. In addition, Sompo Canopius …

    Society Must Prepare for Disruptive New Techologies, Warns Alibaba Chairman
    Mon, 24 Apr 2017

    Alibaba Group Holding Ltd. Chairman Jack Ma said society should prepare for decades of pain as the internet disrupts the economy. The world must change education systems and establish how to work with robots to help soften the blow caused by automation …

    At Least 2 Bidders Interested in IDB Unit, Tel-Aviv-Based Clal Insurance
    Mon, 24 Apr 2017

    Eduardo Elsztain, the Argentine real estate developer who controls Israeli conglomerate IDB Development Corp., said he has at least two bidders for the company’s insurance unit, Clal Insurance Enterprises Holdings Ltd. Elsztain is fighting a sale of the company in …

    Tesla Pushes Back on Class Action Alleging Its Autopilot Software Is Dangerous
    Mon, 24 Apr 2017

    Tesla Inc. is facing its first legal challenge over self-driving technology in a case alleging the electric carmaker sold 47,000 vehicles with Autopilot software that’s “dangerously defective” when engaged. Drivers have “become beta testers of half-baked software that renders Tesla …

    AIG Study Shows How, Why M&A Insurance Claims Frequency Is Rising
    Mon, 24 Apr 2017

    The frequency of insurance claims surrounding mergers and acquisitions (M&As) is rising as large deals prove risky and the average payout on the most severe category of claims tops $20 million, according to an American International Group, Inc. study. AIG’s Global …

    States to Get $485 Million for Prescription Drug Monitoring Programs
    Mon, 24 Apr 2017

    The federal government will provide states nearly half a billion dollars for prevention and treatment programs aimed at confronting the opioid epidemic, which Health and Human Services Secretary Tom Price described last week as a “crisis.” Price made the announcement …

    Intellectual Property Coverage Presents Challenges in Private D&O
    Mon, 24 Apr 2017

    Physical property damage due to natural disasters, weather-related or man-made incidents, can be relatively straightforward to assess, but understanding how a different form of property causes damage can be a little more ambiguous, according to panelists at the recent Professional …

    New Modeling Product From AIR Worldwide Analyzes Client Cyber Risk
    Mon, 24 Apr 2017

    Catastrophe modeling firm AIR Worldwide has released a new cyber risk modeling application for the insurance and reinsurance markets. ARC (Analytics of Risk from Cyber) is designed to evaluate any commercial policy (including those vulnerable to silent cyber), measure and …

    Q&A With Florida Commissioner Altmaier, an Agent Turned Regulator
    Mon, 24 Apr 2017

    Florida Insurance Commissioner David Altmaier is just about to complete his first full year in the position since taking over for Kevin McCarty last May, and there hasn’t been a dull moment since he took the post. Altmaier, 35, is …

    South Carolina Stripper Shot on Job to Get New Workers’ Comp Hearing
    Mon, 24 Apr 2017

    The quibbling continues over how much a South Carolina stripper should be compensated after being shot while on the job, with the state’s highest court on Wednesday ordering a new hearing in the woman’s case. The decision comes two years …

    Willis Towers Watson Names Peiser Head of Broking North America
    Mon, 24 Apr 2017

    Global insurance broker and consultant Willis Towers Watson has named Joe Peiser as head of Broking, North America. Peiser will be responsible for the company’s broking strategy in North America, working with the insurance carriers to obtain the best markets, price …

    Allied World to Offer Drone Loss Control Services to Policyholders
    Fri, 21 Apr 2017

    Allied World North America has expanded its risk management offerings to policyholders to include access to discounted unmanned aerial systems (UAS) services through DataWing, a UAS service provider led by former U.S. Air Force fighter pilots that provides end-to-end options …

    Wyoming Flood Preparations Follow Flood Predictions
    Fri, 21 Apr 2017

    Fremont County, Wyo. residents and disaster response officials are making preparations for spring flooding. Predictions are that the county could see its biggest runoff from the mountain snowpack in decades. National Weather Service hydrologists say the Wind and Little Wind …

    Idaho Governor Issues Warnings over Potential Flood Disasters
    Fri, 21 Apr 2017

    Idaho Gov. C.L. “Butch” Otter says residents facing possible flooding in some areas of the state aren’t taking what he calls a potential disaster seriously. About a dozen state and federal officials at a news conference Wednesday in Boise described …

    Managers Made Errors in Handling California Dam Crisis
    Fri, 21 Apr 2017

    Late in the afternoon of Feb. 12, Sheriff Kory Honea was at the emergency operations center for the tallest dam in America when he overheard someone say something that stopped him in his tracks: “This is not good.” Over six …

    Pennsylvania Says It Busted Up Fraudulent License Plate Ring
    Fri, 21 Apr 2017

    Pennsylvania’s attorney general’s office on Wednesday charged a dozen people as part of an organized crime ring that it said had made millions of dollars renting out fraudulently obtained license plates, primarily in New York City. The people who rented …

    Connecticut Insurance Department Launches Licensing Site
    Fri, 21 Apr 2017

    The Connecticut Insurance Department has launched a new licensing web site, designed to improve customer service for the nearly 200,000 agents, brokers, adjusters and other licensees who conduct business with the department. The new licensing site features online tools that …

    Texas Roadhouse to Pay $12M to Settle Age Discrimination Suit Filed in Massachusetts
    Fri, 21 Apr 2017

    Texas Roadhouse, a national, Kentucky-based restaurant chain, will pay $12 million and furnish other relief to settle an age discrimin­ation lawsuit brought by the U.S. Equal Employment Oppor­tunity Commission (EEOC), the federal agency announced. The EEOC had filed suit seeking …