Business Insurance
The California Division of Workers’ Compensation on Thursday issued a notice of intent to readopt its emergency regulation to extend indefinitely the state’s temporary telemedicine rules beyond the current expiration date of July 18.
Posted: Jul 08, 2022
A former investment manager at Celsius Network sued the crypto lender on Thursday, saying it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk, causing it to freeze customer assets.
Posted: Jul 08, 2022
Three contractors face a combined $121,822 in proposed penalties after a worker at a Denver construction site fell about 65 feet from an “improperly elevated scaffold” and suffered serious injuries, and a second worker narrowly avoided a similar fall...
Posted: Jul 08, 2022
Aviation insurance buyers face some of the most challenging renewals in more than a decade, as rising exposures and the war in Ukraine drive up costs, with some experts predicting the toughest conditions since 9/11.
Posted: Jul 08, 2022
Reform of insurance capital rules should not be a “free lunch” that puts pensioners and policyholders at risk, Bank of England Deputy Governor Sam Woods said Friday, as the industry debates rule changes potentially delayed by political turmoil.
Posted: Jul 08, 2022
According to the China Banking and Insurance Regulatory Commission, the average comprehensive solvency ratio of 180 local insurers was 224.2% in the first quarter of the year – well within the new China Risk-Oriented Solvency System Phase 2’s require...
Posted: Jul 08, 2022
The European Union antitrust regulators raided the offices of German online food delivering company Delivery Hero SE and its Spanish subsidiary Glovo in Berlin and Barcelona on July 6 over their alleged involvement in a cartel to share national onlin...
Posted: Jul 08, 2022
Aggregate premiums of nonlife insurers in India rose 23% year-on-year to approximately 545 billion Indian rupees ($6.9 billion) in the quarter ended June 30.
Posted: Jul 08, 2022
A pilots’ strike at Scandinavian Airlines Systems – the flag carrier of Denmark, Norway, and Sweden – led to the cancelation of more than 200 SAS flights on July 7 and if prolonged will cost the airline $10 million to $13 million per day.
Posted: Jul 08, 2022
U.K.-based insurance broker Miller Insurance Holdings Ltd. has acquired Japanese marine insurer Lead Insurance Services Ltd.
Posted: Jul 08, 2022
A report by Swiss Re Institute said that the new Asian trade bloc, the Regional Comprehensive Economic Partnership (RCEP), will create new business opportunities for the insurance industry, especially across marine, trade credit, engineering and prop...
Posted: Jul 08, 2022
Litigation figures prominently in this week’s Top 10, led by Chubb’s prevailing over Admiral Insurance in a complex case out of California.
Posted: Jul 08, 2022
Three organizations have filed a criminal complaint to federal prosecutors in Switzerland, alleging possible money laundering and a failure to exercise due diligence at UBS in relation to funds they say were received by an alleged associate of former...
Posted: Jul 08, 2022
Insurtech Coalition Inc., a managing general agent specializing in cyber risk, said Friday it has raised an additional $250 million in capital, which increases its total valuation to $5 billion.
Posted: Jul 08, 2022
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