Business Insurance

Latitude posts nearly $63 million loss after massive cyberattack

Australia-based financial service firm Latitude Group Holdings Ltd. has reported a loss of $98.2 million Australian ($62.9 million) from continuing operations in the first half of its financial year, after spending AUD76 million on dealing with the c...

Posted: Aug 18, 2023

Perils raises insured cyclone loss estimate to $1.2 billion

Perils AG has increased its insured and reinsured loss estimates for Cyclone Gabrielle, which impacted the North Island of New Zealand Feb. 11-17, by nearly 5% to $2.02 billion New Zealand ($1.2 billion), Asia Insurance Review reported. The figure in...

Posted: Aug 18, 2023

AssuredPartners names Stephanie Lockwood CFO of retail division

AssuredPartners Inc. said Friday it has promoted Stephanie Lockwood to chief financial officer of its retail division.

Posted: Aug 18, 2023

Airline deal flies in the face of reality: lawsuit

A class-action lawsuit against Frontier Airlines over its all-you-can-fly deal claims that in addition to the airline reneging on baggage allowances, booking online might call for time travel: availability for travel dates only shows flights for the...

Posted: Aug 18, 2023

Cement company cited after worker drowning in Mississippi River

The U.S. Occupational Safety and Health Administration on Thursday announced it cited a Pennsylvania cement manufacturer after a worker drowned in February.

Posted: Aug 18, 2023

City entitled to subrogation in injured police officer claim

A Pennsylvania appellate court ruled the City of Philadelphia can recover, through subrogation, benefits paid through the Heart and Lung Act to an injured city police officer.

Posted: Aug 18, 2023

Video: Comp Spotlight with Lisa Haug of Safety National

Lisa Haug, assistant vice president of medical management at Safety National Casualty Corp., discusses social determinants of health and the impact on injured worker recovery.

Posted: Aug 18, 2023

Pennsylvania roofing contractor faces $328K in OSHA fines

The Occupational Safety and Health Administration has again cited a Wilkes-Barre, Pennsylvania-based roofing contractor for exposing employees to falls from heights of up to 27 feet without fall protection, fining the company $328,143.

Posted: Aug 18, 2023

Appellate court upholds ruling for Berkshire unit in late claim dispute

A federal appeals court Wednesday affirmed a lower court ruling in a Berkshire Hathaway Inc. unit’s favor in a dispute over a late claim filed under a nonprofit’s claims-made directors and officers liability insurance policy.

Posted: Aug 17, 2023

Appeals court rules for oil rig workers in safety gear case

A jury should decide whether oil rig workers are entitled to be paid for the time they spend changing into and out of protective gear, a federal appeals court ruled Wednesday, in overturning a lower court.

Posted: Aug 17, 2023

The Liberty Company refinances, plans acquisitions

The Liberty Company Insurance Brokers Inc. said Thursday it completed a $340 million refinancing on July 31 and plans further acquisitions.

Posted: Aug 17, 2023

AssuredPartners announces promotions

AssuredPartners Inc. said Thursday it has promoted Brian Bair to retail president of the East region and Todd Stocksdale to retail president of the West.

Posted: Aug 17, 2023

Long COVID present in 6% of comp claims: study

Six percent of workers with compensation claims for COVID-19 developed long COVID, according to a study released Thursday by the Workers Compensation Research Institute.

Posted: Aug 17, 2023

In a Barbie world, insurance is expensive

Luxurious, shiny and pink, with that hip California aesthetic, insurance insiders can only wonder: how much would it cost to insure Barbie’s glamorous lifestyle?

Posted: Aug 17, 2023

OSHA cites Arkansas sawmill operator after worker death

The U.S. Occupational Safety and Health Administration said Wednesday it cited an Arkansas sawmill operator following a February workplace fatality.

Posted: Aug 17, 2023

Oakbridge acquires Georgia agency

Oakbridge Insurance Agency LLC said Thursday it has acquired Cole Agency Inc.

Posted: Aug 17, 2023

Rental car worker shot during shift not entitled to comp: Court

A Florida appellate court on Wednesday overturned a workers compensation judge’s decision allowing comp benefits for a rental car company employee who was shot during a shift.

Posted: Aug 17, 2023

CoverWallet, Cover Whale partner on truck products

Aon PLC’s digital platform CoverWallet announced Thursday a collaboration with Cover Whale Insurance Solutions Inc. to make Cover Whale products accessible through CoverWallet.

Posted: Aug 17, 2023

Axa names Vito Raimondi zone leader

Axa XL, a unit of Axa SA, on Thursday named Vito Raimondi head of its U.S. Central zone, effective Aug. 21.

Posted: Aug 17, 2023

State-owned general insurers asked to make changes to strategies

India’s government has asked state-owned insurers to make changes to their strategies to increase their market share that continues to decline compared with private-sector players, Asia Insurance Review reported citing Economic Times. The government...

Posted: Aug 17, 2023

Premiums rise by nearly 5% in Tunisia

Insurers listed on the Tunis Stock Exchange recorded a 4.6% year-on-year growth in aggregate gross written premiums to 757 million Tunisian dinars ($244.6 million) in the first half of this year, Middle East Insurance Review reported. La Societe Tuni...

Posted: Aug 17, 2023

Swedish Club delivers profit of $16 million

Mutual marine insurer The Swedish Club delivered a profit of $16 million and a combined ratio of 98% for the first half of the year, as its insurance portfolio continues to develop strongly in terms of both volumes and quality, Hellenic Shipping News...

Posted: Aug 17, 2023

Australian electricity provider sued over massive bushfire

The Building and Energy division of the Department of Mines, Industry Regulation and Safety in Western Australia has sued state government-owned electricity provider Western Power Corp., alleging that its power lines sparked a major bushfire in Wheat...

Posted: Aug 17, 2023

IRB (Re) posts ekes out a profit after massive loss

Brazil-based reinsurance company IRB (Re), formerly known as IRB Brasil Re, has posted an underwriting profit of 35.4 million Brazilian real ($7.1 million) in the second quarter of this year, compared with an underwriting loss of $661 million in the...

Posted: Aug 17, 2023

Aviva’s general insurance premiums up 12%

U.K.-based insurer Aviva PLC’s general insurance business posted a 12% year-on-year increase in gross written premiums to £5.27 billion ($6.7 billion) in the first half of this year, Reinsurance News reported. The insurer’s total operating profit inc...

Posted: Aug 17, 2023