Business Insurance
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
The Insurance Council of Australia declared the latest floods affecting the Australian east coast as a “significant event,” as authorities in New South Wales order the evacuation of over 50,000 people amid the deluge.
Posted: Jul 06, 2022
The number of Chinese listed 'A'-share companies opting for directors and officers liability insurance is increasing, with nearly 260 companies announcing plans to buy D&O cover in the first half of the year, up from 248 companies that did so in the...
Posted: Jul 06, 2022
Arthur J. Gallagher & Co.’s reinsurance business, Gallagher Re said that property reinsurance rates increased by up to 25% in Australia in some cases during the mid-year reinsurance renewals.
Posted: Jul 06, 2022
The first of three Business Insurance Break Out Awards events took place in New York on Tuesday, June 7, 2022. Honorees attended the event with colleagues and family.
Posted: Jul 06, 2022
Florida workers filed 368 claims for COVID-19 in May, up from 234 in April and 105 in March, according to the latest report from the Division of Workers’ Compensation.
Posted: Jul 06, 2022
New York Gov. Kathy Hochul signed a bill allowing the state’s workers compensation insurer of last resort to issue a policy to a former policyholder even when that business has an unpaid balance from a previous policy.
Posted: Jul 06, 2022
One year after devastating floods in two western states in Germany, a quarter of the insurance claims are still open, and 40% of the total damages of €8.5 billion ($8.7 billion) have not yet been paid out, insurers said Wednesday.
Posted: Jul 06, 2022
Environmental groups are suing KLM, the Dutch subsidiary of Air France, over an advertising campaign they allege breaches European consumer law by misleading the public over how sustainable its flights are.
Posted: Jul 06, 2022
Payments for medical-legal services used to resolve medical disputes over compensability issues in California workplace injury claims have risen “sharply” under the new medical-legal fee schedule that took effect in 2021, according to a CWCI study.
Posted: Jul 05, 2022
A former managing director at Archegos Capital Management LP has sued the private investment firm and its indicted founder Bill Hwang, claiming a loss of tens of millions of dollars when the firm collapsed, causing huge losses for banks.
Posted: Jul 05, 2022
A North Carolina state appeals court on Tuesday overturned a lower court ruling in policyholders’ favor in a COVID-19 business interruption case.
Posted: Jul 05, 2022