Business Insurance
Billionaire Elon Musk was sued by Twitter Inc. investors claiming he manipulated the company's stock price downward, as the chief executive of electric carmaker Tesla Inc. mounts a $44 billion takeover bid for the social media platform.
Posted: May 26, 2022
A Markel Corp. unit does not have to indemnify the U.S. Space & Rocket Center in Huntsville, Alabama, under its directors and officers liability coverage in connection with a children’s program that lost its funding, a federal appeals court ruled Wed...
Posted: May 26, 2022
The deadline to submit nominations for the Alonzo Herndon Award has been extended to June 15.
Posted: May 26, 2022
A federal appeals court on Wednesday issued its third ruling this week against a policyholder in a COVID-19-related business interruption lawsuit filed against State Farm Insurance Co. units by an eyewear retailer.
Posted: May 26, 2022
Axa XL, the property/casualty unit of France’s Axa SA, said Thursday it has named David Brooks to the newly created role of chief underwriting officer, programs and delegated arrangements for the Americas, effective June 1.
Posted: May 26, 2022
Although nearly 75% of organizations have experienced cyberattacks, most companies have not adopted an enterprise-wide approach to cyber risk, says a report issued Thursday.
Posted: May 26, 2022
Rhode Island Gov. Dan McKee on Wednesday signed into law legislation legalizing the personal use and licensed retail sale of marijuana to those age 21 or older.
Posted: May 26, 2022
Mexico will go to local and international courts if there is no agreement with U.S. firm Vulcan Materials Co. over its mining activity in the eastern state of Quintana Roo, President Andres Manuel Lopez Obrador said Wednesday.
Posted: May 26, 2022
David Provost, deputy commissioner of captive insurance with the Vermont Department of Financial Regulation in Montpelier since 2008, will retire at the end of the summer.
Posted: May 26, 2022
Written premium for California workers compensation insurers declined 2% last year, the Workers’ Compensation Insurance Rating Bureau of California said in an experience report released Wednesday.
Posted: May 26, 2022
According to German insurers Allianz SE, the Croatian insurance market is expected to grow just 2.8% this year, compared to 11.9% growth in 2021.
Posted: May 26, 2022
New Zealand-based insurer Tower Ltd.’s profit after tax slumped 73% year-on-year to nearly $3 million New Zealand ($2 million) in the six months to March 31, largely due to large event claims.
Posted: May 26, 2022
Italy issued yellow alert after Mount Etna erupted on May 20, spewing smoke and red hot lava that gushed down to the Lion Valley.
Posted: May 26, 2022
The U.K. Information Commissioner's Office has fined U.S.-based facial recognition company Clearview AI Inc. over £7.5 million ($9.4 million) for violation of the U.K.’s data protection laws.
Posted: May 26, 2022
U.S.-based Moody’s Investors Service Inc. has warned that prolonged high inflation would affect the profits of insurers in Europe, Middle East and Africa, especially property and casualty insurers, as claims costs surge due to inflation.
Posted: May 26, 2022
U.S.-based Apple Inc. is reportedly expecting manufacturing delays and an impact on the initial production volumes of new iPhones due to the strict COVID-19 lockdowns in China and resulting production suspensions.
Posted: May 26, 2022
A divided Ohio Supreme Court on Tuesday upheld a determination that a cable installation provider misclassified its workers as independent contractors.
Posted: May 26, 2022
Private U.S. property/casualty insurers’ net income rose slightly to $61.9 billion in 2021 from $60.3 billion in 2020, but the groups’ combined ratio deteriorated to 99.6% from 98.6%, according to a report released Thursday by Verisk Inc. and the Ame...
Posted: May 26, 2022
Twitter Inc. has settled with U.S. authorities over allegations it misrepresented the “security and privacy” of user data between May 2013 and September 2019, according to court documents filed Wednesday.
Posted: May 25, 2022
Commercial insurance premiums increased by 6.6% in the first quarter of 2022, more than two percentage points lower than the average increase in the fourth quarter of 2021, according to the Council of Insurance Agents & Brokers’ latest pricing survey...
Posted: May 25, 2022
AssuredPartners Inc. has filed suit and obtained a preliminary injunction against former employees whom, it charges, set up captives for clients, then skimmed off a portion of the premiums.
Posted: May 25, 2022
Teva Pharmaceutical Industries and AbbVie’s Allergan unit reached a settlement worth $161.5 million to resolve claims the companies fueled an opioid epidemic in West Virginia, state attorney general Patrick Morrisey said Wednesday.
Posted: May 25, 2022
A federal judge on Wednesday threw out a lawsuit by a group of gun manufacturers, distributors and retailers challenging the constitutionality of a New York law that allows the state and people affected by gun violence to sue the industry.
Posted: May 25, 2022
A federal appeals court and a Maryland state appeals court affirmed lower court rulings in favor of insurers in three COVID-19 business interruption-related cases filed by restaurants on Tuesday.
Posted: May 25, 2022
Russia has so far deflected much of the impact of sanctions on its oil trade, but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters.
Posted: May 25, 2022