‘It’s in the Mail’ Is Not Good Enough to Protest Workers’ Compensation Claim
News Archives - Insurance Journal Apr 25, 2024 | 08:54 amA Connecticut employer lost its right to contest a workers’ compensation claim because although it mailed its notice to the workers’ compensation law judge within the 28 day statutory period, the judge did not receive the notice by the 28th[…]
Read more...People Moves: Zurich NA Names Higginbotham Head of Pro Liability & Cyber; FM Global CEO Appointed Board Chair; WTW Names Lombardo Named Chair of REHL Division
News Archives - Insurance Journal Apr 25, 2024 | 07:44 amZurich NA Names Higginbotham Head of Professional Liability & Cyber Zurich North America, headquartered in Schaumburg, Illinois, has named Kara Higginbotham as head of professional liability and cyber for U.S. national accounts, leading a team of underwriters who serve Zurich’s[…]
Read more...Global Insurers’ Climate Alliance Relaunches After Member Exodus
News Archives - Insurance Journal Apr 25, 2024 | 05:50 amA global insurance coalition intended to help curb the sector’s greenhouse gas emissions has relaunched with a new name and weaker membership requirements in response to companies fleeing over allegations of collusion by Republican politicians in the United States. The[…]
Read more...People Moves: Lockton Promotes 2 in Crisis Management Team, Announces Changes in Norway Leadership
News Archives - Insurance Journal Apr 25, 2024 | 05:35 amLockton, the independent insurance broker, announced two key senior promotions within its Crisis Management team in London. Helen Sandford has been appointed as head of Special Crime, and Freddie Schlesinger has been appointed head of Product Recall and Reputational Risk,[…]
Read more...Markets/Coverages: Ariel Re and Hiscox Re & ILS Launch Cyber Catastrophe Consortium
News Archives - Insurance Journal Apr 25, 2024 | 04:23 amRe/insurer Ariel Re and Hiscox Re & ILS, the reinsurance and insurance linked securities arm of insurer Hiscox, announced the launch of CyberShock, a cyber catastrophe consortium. The CyberShock consortium is designed to offer up to US$50 million of per-program[…]
Read more...Citi’s CEO Fraser Wary of Insurance Giants’ Role in Private Credit
News Archives - Insurance Journal Apr 25, 2024 | 03:50 amCitigroup Inc. Chief Executive Officer Jane Fraser warned that there’s a risk to the growing number of insurers piling funds into direct lending opportunities. It’s one of many risks tied to the rise of the private credit industry that Fraser’s[…]
Read more...Fosun’s Fidelidade Says It Plans to Carry Out an IPO in 2025
News Archives - Insurance Journal Apr 25, 2024 | 03:32 amFidelidade-Companhia de Seguros SA, a Portuguese insurer controlled by China’s Fosun International Ltd., said it’s planning to carry out an initial public offering in 2025. That share sale would take place after Fidelidade completes a planned IPO of hospital operator[…]
Read more...South Africa Advised by World Bank on Climate Insurance, Contingency Fund Options
News Archives - Insurance Journal Apr 25, 2024 | 03:17 amThe World Bank is advising South Africa’s National Treasury on a climate risk strategy after floods in recent years caused billions of dollars of damage. The country may take out climate insurance or establish a contingency fund to deal with[…]
Read more...SageSure and SURE Close $130 Million Gateway Re 2024-2 Catastrophe Bond
News Archives - Insurance Journal Apr 25, 2024 | 03:00 amSageSure, a managing general underwriter focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (“SURE”), a policyholder-owned reciprocal exchange, announced the close of the Gateway Re 2024-2 second and subsequent event catastrophe bond at $130 million, with pricing 75 basis[…]
Read more...Viewpoint: Insurance Sector Adopts Easy-to-Use Technology for Digital Transformations
News Archives - Insurance Journal Apr 25, 2024 | 02:26 amUpgrading or changing legacy platforms and enterprise software can be a nightmare to disentangle, particularly when dealing with existing operating systems, data storage, and payment processing software. When planning an upgrade, there have historically only been two options: Buy pre-made[…]
Read more...McKinsey Faces US Criminal Probe Over Opioids Work, Sources Say
News Archives - Insurance Journal Apr 25, 2024 | 01:34 amMcKinsey & Co is under criminal investigation in the United States over allegations that the consulting firm played a key role in fueling the opioid epidemic, with federal prosecutors homing in on its work advising OxyContin maker Purdue Pharma and[…]
Read more...Viewpoint: Insurers Face Added Role in Curbing Workplace Violence With California Law
News Archives - Insurance Journal Apr 25, 2024 | 01:15 amNew legislation aimed at reducing workplace violence in California vastly increases employers’ responsibilities and hands workers’ compensation insurers an unprecedented oversight role that is likely to trigger lawsuits and affect rates and capacity. The Workplace Violence Prevention Bill SB 553,[…]
Read more...4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
News Archives - Insurance Journal Apr 25, 2024 | 01:01 amTwo south Florida lawsuits against property insurers argue that two major carriers employed a business strategy of hiring inexperienced or even unlicensed claims adjusters after storms, practices that have led to “lowball” damage estimates that fall below deductibles. In one[…]
Read more...People Moves: Liberty Names Rubin Senior Vice President, Benefits
News Archives - Insurance Journal Apr 25, 2024 | 01:00 amThe Liberty Company Insurance Brokers named Neal Rubin senior vice president, benefits. Rubin is based in Irvine, California. Rubin has more than 40 years of experience in the Southern California employee benefits sector. He spent seven years as vice president[…]
Read more...GM Ends OnStar Driver Safety Program After Privacy Complaints
News Archives - Insurance Journal Apr 25, 2024 | 00:11 amGeneral Motors Co. has ended its OnStar Smart Driver program after customers complained it violated their privacy. OnStar had cut deals with LexisNexis and Verisk to share personal driving data as part of the program, which they then shared with[…]
Read more...People Moves: BHSI Names Humble as Head of Customer & Broker Engagement for South Central
News Archives - Insurance Journal Apr 24, 2024 | 12:57 pmBerkshire Hathaway Specialty Insurance (BHSI) today announced that it has appointed Hart Humble to the newly created role of Head of Customer & Broker Engagement (C&BE) for the South Central U.S. Humble has spent more than 30 years in the[…]
Read more...Chubb Wins Latest Battle With New York Diocese in Bid to Avoid Sex Abuse Claims
News Archives - Insurance Journal Apr 24, 2024 | 12:34 pmA New York state appeals court has reinstated Chubb insurance companies’ bid for judgments declaring that they are not obligated to cover thousands of sex abuse lawsuits brought against the Archdiocese of New York (ADNY). Chubb insurers have maintained that[…]
Read more...AM Best Downgrades Credit Rating of Texas Farm Bureau Insurance Group
News Archives - Insurance Journal Apr 24, 2024 | 12:17 pmAM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” (Excellent) from “a” (Excellent) of Farm Bureau County Mutual Insurance Company of Texas and Texas[…]
Read more...Marsh McLennan Agency to Buy Fisher Brown Bottrell for About $316M
News Archives - Insurance Journal Apr 24, 2024 | 12:14 pmMarsh McLennan Agency, a subsidiary of Marsh, said it has a definitive agreement to acquire one of the largest agencies in the Southeast—Fisher Brown Bottrell Insurance, Inc. Marsh McLennan Agency will pay $315.9 million in cash, subject to customary purchase[…]
Read more...Berkley CEO: Property E&S Momentum Slows but ‘Some More Hay’ to Be Made
News Archives - Insurance Journal Apr 24, 2024 | 11:20 amWhen it comes to observations of the excess and surplus lines market, there is a difference between the momentum of liability and property lines, said W.R. Berkley CEO W. Robert Berkley, Jr. Addressing some talk that has painted a picture[…]
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