Business Insurance
Two putative class action lawsuits have been filed against Aon PLC alleging the brokerage was hacked between December 2020 and February 2022 but failed to alert affected individuals for more than three months.
Posted: Jul 07, 2022
Bayer AG and BASF have won a new trial on $60 million in punitive damages they were ordered to pay a Missouri peach farmer who said dicamba, a herbicide they produced, drifted onto his orchard and harmed his crops.
Posted: Jul 07, 2022
A U.S. jury on Thursday convicted former Theranos Inc. President Ramesh “Sunny” Balwani of defrauding investors and patients about the blood-testing startup that was once valued at $9 billion.
Posted: Jul 07, 2022
The Massachusetts Supreme Court reversed a lower court ruling on Wednesday and unanimously held that an insurer does not have to pay attorneys fees in a bodily injury case.
Posted: Jul 07, 2022
Axa XL Reinsurance, the reinsurance business of Axa XL, a division of Axa SA, on Thursday named former Allianz executive Peter Kiernan head of U.S. property, Bermuda reinsurance, effective July 1, 2022.
Posted: Jul 07, 2022
A federal appeals court affirmed a lower court ruling Wednesday and held that RLI Insurance Co. must pay a $2.4 million settlement to a worker who lost both legs following an accident and did not have workers compensation coverage.
Posted: Jul 07, 2022
Great American Insurance Group on Thursday said Michael B. Mulvey will succeed Phil Lally as divisional president, FCIA – trade credit and political risk.
Posted: Jul 07, 2022
The second of three Business Insurance Break Out Awards events took place in Chicago on Wednesday, June 22, 2022. Honorees attended the event with colleagues and family.
Posted: Jul 07, 2022
Cowbell Cyber Inc. said Thursday it has expanded its partnership with La Jolla, California-based Palomar Excess & Surplus Insurance Co., increasing its total available capacity to $200 million.
Posted: Jul 07, 2022
China-registered floating vessel, Fujing 001, which was involved in the construction of offshore wind farms near the Guangdong province, was destroyed by Typhoon Chaba on July 2 and sank.
Posted: Jul 07, 2022
German investment banking firm Joh. Berenberg Gossler & Co. KG expects French reinsurer Scor SE to post a net loss of €43 million ($45 million) in the second quarter of the year, mostly driven by the losses resulting from drought in Brazil and due to...
Posted: Jul 07, 2022
A report by U.K.-based Aon PLC said that the mid-year reinsurance renewals in June and July were market-changing event for Australia, which has faced years of large catastrophe losses and record floods most recently in February and March.
Posted: Jul 07, 2022
A Russian district court has ordered a 30-day suspension of the operations of the Caspian Pipeline Consortium’s pipeline over alleged environmental violations, raising concerns for Kazakhstan which uses the pipeline for more than two-thirds of its oi...
Posted: Jul 07, 2022
U.K.-based luxury jeweler Graff Diamonds Corp. has sued insurer The Travelers Cos. Inc. in London High Court over the insurer’s alleged refusal to cover Graff’s $7.5 million ransom that it paid in Bitcoin to Conti ransomware gang following a cyber at...
Posted: Jul 07, 2022
Insurer Insurance Australia Group Ltd. has renewed its aggregate catastrophe reinsurance for the fiscal year ending June 30, 2023, securing $350 million Australian ($238.5 million) cover at a higher attachment point of AUD500 million.
Posted: Jul 07, 2022
Hub International Ltd. said Thursday it has acquired Compass Insurance Services Inc., a Kronenwetter, Wisconsin-based agency that specializes in the real estate, construction, transportation, health care, agribusiness, finance and nonprofit sectors.
Posted: Jul 07, 2022
The trial of 59 people facing an array of charges over the deadly collapse of a motorway bridge in the Italian port city of Genoa opened Thursday in front of relatives of the victims but then adjourned for the summer.
Posted: Jul 07, 2022
The U.S. Securities and Exchange Commission will vote on July 13 to adopt rules boosting disclosures around proxy voting advice, the agency said on Wednesday.
Posted: Jul 06, 2022
A federal appeals court affirmed a lower court ruling in a Chubb Ltd. unit’s favor on Tuesday in litigation filed by Admiral Insurance Co. over settlement of a construction claim.
Posted: Jul 06, 2022
“Home Improvement” star Tim Allen will be on the hook for environmental cleanup costs after his yacht started leaking oil into Lake Michigan over the holiday weekend.
Posted: Jul 06, 2022
The National Institute of Standards and Technology said it has chosen the first group of four encryption tools designed to withstand assaults from yet-to-be-created, more powerful quantum computers.
Posted: Jul 06, 2022
U.K.-based claims and insurance management firm Charles Taylor Ltd. has acquired Dutch maritime assurance and surveying company V+B Group to expand its Marine Technical Services unit’s surveying capabilities and grow its foothold in Europe.
Posted: Jul 06, 2022
U.K.-based Howden Broking Group Ltd. has acquired New Zealand-based insurance broker Wallace McLean Ltd. in a bid to strengthen its presence in New Zealand.
Posted: Jul 06, 2022
Arthur J. Gallagher & Co.’s reinsurance business, Gallagher Re, and Nigeria-based African Reinsurance Corp. are collaborating on a new initiative that aims to increase the financial resilience of African countries against various crises and climate r...
Posted: Jul 06, 2022
Dutch automobile firm Stellantis NV expects an output loss of up to 220,000 vehicles in Italy this year due to the global shortage of semiconductor chips.
Posted: Jul 06, 2022