Insurance News
Praedicat Develops Named Peril Casualty Insurance Product via Lloyd’s Lab
Wed, 13 Nov 2019
Praedicat, Inc., the Los Angeles-based liability risk analytics software company, announced it is developing a new insurance product designed to help global industrials secure coverage for innovative and essential products and chemicals that are typically excluded or under-insured in standard …
Employee Lawsuit Claims McDonald’s Fails to Address Sexual Harassment
Wed, 13 Nov 2019
Mc Donald’s Corp. was sued on Tuesday by workers in Michigan who accused the fast-food chain of allowing pervasive sexual harassment to flourish at its restaurants nationwide. The proposed class action lawsuit filed in a Michigan state court accused McDonald’s …
How Brokers Influence Specialty Insurance Product Innovation
Wed, 13 Nov 2019
In an era of insurance transformation, where process simplification and flawless customer service are expected, innovation in policy and product is a must—especially when it comes to the non-traditional coverage aspects of specialty insurance. Whether it’s reputational, cyber, gig economy …
Flooding in Northern England Becomes U.K. Election Issue
Wed, 13 Nov 2019
Boris Johnson deployed extra troops to help flood-hit parts of Northern England as he tried to ensure that a natural disaster didn’t damage his election chances. The prime minister convened a meeting of the government’s “Cobra” emergency committee on Tuesday …
Fires Continue to Rage in Australia’s Most Populous State, New South Wales
Wed, 13 Nov 2019
Ferocious wildfires were burning at emergency-level intensity across Australia’s most populous state and into Sydney’s suburbs on Tuesday as authorities warned most people in their paths that there was no longer time to flee. New South Wales state is under …
Ransomware Hackers Demand $5M from Mexico State Oil Firm Pemex
Wed, 13 Nov 2019
Hackers demanded about $5 million in bitcoin from Mexico’s Pemex, they told Reuters on Tuesday, saying the state oil firm missed a special discount by not paying immediately after a cyber attack that fouled up the company’s systems. The hack, …
Hong Kong Financial Services Firms Concerned for Staff Safety as Protests Escalate
Wed, 13 Nov 2019
Finance firms in Hong Kong urged staff on Wednesday to seek safety or work from home as anti-government protests paralyzed the city’s business district for a third day in one of the biggest disruptions faced by the Asian finance hub. …
Alera Group Acquires Pennsylvania’s Capital Region Benefits
Wed, 13 Nov 2019
Alera Group, a national employee benefits, property and casualty, risk management and wealth management firm, has acquired Capital Region Benefits, effective November 1, 2019. Capital Region Benefits, an independent insurance agency located in Camp Hill, Penn., has provided group benefit …
Connecticut’s Electric Boat Fined $10K After Worker Falls 20 Feet into Submarine
Wed, 13 Nov 2019
Connecticut submarine maker Electric Boat has been fined by federal officials after an employee fell more than 20 feet while working earlier this year. The Day reports the federal Occupational Safety and Health Administration recently fined Electric Boat $10,000 for …
The Hilb Group Acquires Massachusetts’ Gould & Naimoli Partners
Wed, 13 Nov 2019
The Hilb Group LLC (THG) has acquired Massachusetts-based Gould & Naimoli Partners LLC/G&N Insurance (G&N). The transaction became effective November 1, 2019. G&N is a property and casualty insurance agency primarily providing personal lines insurance to real estate owners in …
Sexual-Harassment Whistleblower Sues Lloyd’s Insurer Tokio Marine Kiln
Wed, 13 Nov 2019
A senior lawyer who blew the whistle on alleged sexual harassment and bullying at a top Lloyd’s of London insurance company is suing his employer for what he called a campaign of harassment, racial discrimination and victimization. Ifeanyi Okoh said …
Nationwide ‘Express’ Portal Promises Agents Multiple Product Quotes in 2 Minutes
Wed, 13 Nov 2019
Nationwide is introducing Nationwide Express, a technology platform that promises agents can quote policies for auto, homeowners and renters insurance in two minutes as well as tailor coverages, bind coverage, and process payments and trailing documents quickly. The Nationwide Express …
Insurtech Sales Platform Cover Genius Raises $10M for Expansion
Wed, 13 Nov 2019
Cover Genius, an insurtech that offers an insurance sales and payments tools to online retail, travel, property, shipping and other companies in multiple languages and countries, has raised $10 million in new financing. King River Capital, a Sydney and California-based …
PURE Programs Launches California High Wildfire Risk Homeowners Program
Wed, 13 Nov 2019
PURE Programs has launched a new High Wildfire Risk Homeowners Insurance program, with coverages for retail insurance brokers serving clients that own high value homes in California at greater-risk of loss from wildfire. PURE Programs’ High Wildfire Risk Homeowners Insurance …
North Carolina High Court Keeps Blackbeard Ship Case Over Images Alive
Wed, 13 Nov 2019
A treasure hunter who accuses the state of North Carolina of misusing his images from Blackbeard’s flagship says he’ll ask for 10 times the damages he originally sought, now that a court ruling has come down in his favor. John …
Elementary School Bus Crash in Florida Injures 6 Students
Wed, 13 Nov 2019
Fire rescue officials say a half dozen elementary school students in Florida suffered minor injuries when the school bus they were in was involved in a crash with a car. Orange County Fire Rescue tweeted Monday morning that the six …
Email System With Info of 44K Tennessee Medicaid Members Breached
Wed, 13 Nov 2019
Officials say the private information of nearly 44,000 TennCare members may have been stolen during a breach of the email system of a vendor for the state’s Medicaid agency. The Tennessean reports that Magellan Health Systems says information including members’ …
IAT Insurance Adds 8 Hanover Underwriters to Specialty Brokerage Unit in North Carolina
Wed, 13 Nov 2019
IAT Insurance Group, a provider of specialty property and casualty products, has hired a team of eight underwriters to its Specialty Brokerage division. All eight previously worked together at Hanover Insurance under Mark Boland, who joined IAT last year as …
California Agent Arrested for Allegedly Leaving Client Uninsured in 2018 Mudslides
Tue, 12 Nov 2019
California Department of Insurance detectives this week arrested insurance agent Mark Lynch, 40, on 13 felony counts of grand theft, embezzlement, and money laundering after allegedly collecting over $72,425 in insurance premium payments from five clients while leaving one client …
WCF Names Closser Regional Vice President in Northern California
Tue, 12 Nov 2019
WCF Insurance has promoted Chris Closser to California regional vice president. Closser is located in WCF’s Roseville, Calif., office. She will report to Kevin Petersen, senior vice president of the sales and distribution department, and will manage the operations of …
Drop in California Workers’ Comp Opioid Use Reducing Claims $6.5B, Report Shows
Tue, 12 Nov 2019
The prevalence of opioids in California workers’ compensation lost-time claims has dropped 51% over the past decade, reducing both average benefit payments and average days away from work on those claims, according to a new study released by the California …
N.D. Insurance Commissioner Sets Guinness World Record as Tallest Male Politician
Tue, 12 Nov 2019
North Dakota Insurance Commissioner Jon Godfread has been named World’s Tallest Politician (male) by Guinness World Records. Godfread’s official height is 6 feet, 10 inches (210.767 centimeters) tall as verified in Bismarck on Oct. 4, 2019, the North Dakota Insurance …
Rate Increases Approved for Texas Auto Insurer for Residual Market
Tue, 12 Nov 2019
Proposed rate increases for both private passenger and commercial auto insurance rates have been approved for the Texas Automobile Insurance Plan Association (TAIPA). The Texas Department of Insurance granted TAIPA’s filing for a 4.9% increase private passenger rates and a …
Supreme Court Allows Sandy Hook Families’ Liability Lawsuit Against Gunmaker
Tue, 12 Nov 2019
The U.S. Supreme Court dealt a blow to the gun industry, refusing to block a lawsuit against Remington Arms Co. by family members of nine people killed in the 2012 Sandy Hook Elementary School massacre. The lawsuit blames the gunmaker’s …
OJ Simpson Sues Las Vegas Casino Saying He Was Defamed
Tue, 12 Nov 2019
O.J. Simpson is suing a Las Vegas hotel-casino that banned him in November 2017, alleging that unnamed employees defamed him by telling a celebrity news site he had been drunk, disruptive and unruly. Simpson, on parole in Nevada for a …
Despite Wildfires, California Wine is Doing Just Fine – For Now
Tue, 12 Nov 2019
If you’re worried that wildfires might have created shortages of Northern California’s 2019 cabernet sauvignon, or even just imparted it with an undesirable smoky flavor, you can relax. The wine is just fine. For now. Despite a late October blaze …
PG&E California Wildfire Victims Sue to Get Paid Before Fire Insurers
Tue, 12 Nov 2019
PG&E Corp. wildfire victims have filed a new lawsuit arguing they must be fully repaid for the losses of their homes and businesses before fire insurers are as part of the utility’s bankruptcy. The case takes aim at an $11 …
Insurtech Pie Launches TV Campaign in California for Workers’ Comp
Tue, 12 Nov 2019
Workers’ compensation insurtech Pie Insurance has launched its first national television advertisement campaign with an initial focus in California. The two 30-second spots depict Pie coming to the rescue, interrupting the routine of small business owners “unaccustomed to an easy …
Pool Re Forms Specialist Unit to Help U.K. Insurers Build Terrorism Risk Resilience
Tue, 12 Nov 2019
Pool Re, Britain’s government-backed terrorism reinsurer, has launched of Pool Re “Solutions,” a specialist unit created to support its member insurers and their policyholders by sharing the understanding and partnerships it has established over 25 years of reinsuring terrorism risk. …
Startup Zego Becomes 1st U.K. Insurtech to Get Insurance License
Tue, 12 Nov 2019
Zego has become the first ever U.K. insurtech to be awarded its own insurance license, which will enable it to build and sell its own products. While Zego will still work in tandem with its growing network of insurer partners, …