Business Insurance
A federal appeals court Friday reinstated two class actions filed against a Kansas City, Missouri, health care system in connection with its timekeeping, holding that more employees lost time than gained it under its rounding-off policy.
Posted: Aug 11, 2023
Australia-based insurer Suncorp Group Ltd. said that its aggregate reinsurance arrangement for the year ended June 30 was not triggered, despite around 130,000 natural hazard claims across Australia and New Zealand, Artemis reported. Suncorp exceeded...
Posted: Aug 11, 2023
Australia-based QBE Insurance Group Ltd.'s net profit after tax increased 733% year-on-year to $400 million in the first half of the year, primarily due to an investment income surge of $662 million, Reinsurance News reported. The insurer's gross wri...
Posted: Aug 11, 2023
Forecasters with the National Oceanic and Atmospheric Administration said Thursday the likelihood of an above-normal Atlantic hurricane season has increased to 60%, up from 30% in its May outlook.
Posted: Aug 11, 2023
Germany-based Munich Reinsurance Co.’s net profit fell 21.6% year-on-year to €2.43 billion ($2.67 billion) in the first half of the year due to higher unwinding-of-discount effects and elevated major losses, Artemis reported. The rise in natural cata...
Posted: Aug 11, 2023
Wildfires which hit parts of Maui and the Big Island of Hawaii on Aug. 8-10 have already killed more than 50 people and will likely cause economic damages into the billions of dollars, according to a report Friday from Aon Plc’s Impact Forecasting.
Posted: Aug 11, 2023
The U.S. Supreme Court Thursday agreed to hear a challenge by the Biden administration to the legality of OxyContin maker Purdue Pharma’s bankruptcy settlement, putting on hold a deal that would shield its wealthy Sackler family owners from lawsuits...
Posted: Aug 10, 2023
Markel Group Inc. unit Evanston Insurance Co. must pay under its umbrella coverage for a car accident, a federal appeals court ruled on Wednesday in a case that focused on a backdated policy.
Posted: Aug 10, 2023
A company does not have coverage for its owner’s death in an airplane crash because he did not have the required Federal Aviation Authority medical certification, even though the crash was apparently caused by a mechanical failure, a federal appeals...
Posted: Aug 10, 2023
Liberty Mutual Holding Co. reported a net loss of $585 million for the second quarter, compared with a $343 million loss in the same period last year, as natural catastrophe claims mounted.
Posted: Aug 10, 2023
Mergers and acquisitions in the insurance sector declined sharply in the first half of this year to 171 completed deals worldwide, down from 207 in the second half of 2022 and 242 in the first half of last year, according to a report Thursday from la...
Posted: Aug 10, 2023
Vermont’s captive regulator has sent a notice to captive managers and service providers in the state asking them if they have exposure to the fallout from insurtech Vesttoo Ltd.
Posted: Aug 10, 2023
Harvard University filed its claim in connection with its open admissions litigation too late to access its $15 million in excess coverage, a federal appeals court ruled Wednesday.
Posted: Aug 10, 2023
South Korean insurers' net income from overseas operations grew by 35% year-on-year to nearly $123 million in 2022, mainly due to premium income growth, Asia Insurance Review reported. For nonlife insurers, net income increased to $90 million from $7...
Posted: Aug 10, 2023
Australia-based insurer Suncorp Group Ltd.'s earnings increased 86% year-on-year to $1.25 billion Australian ($819 million) in the year ended June 30, supported by improved underlying margins and a significant turnaround in investment returns, Nasdaq...
Posted: Aug 10, 2023
German reinsurer Hannover Re SE’s net income grew by 17.8% year-on-year to €960 million ($1.05 billion) in the first half of the year as large losses within the property and casualty reinsurance segment fell within the budgeted expectations, Reinsura...
Posted: Aug 10, 2023
A Florida appeals court Wednesday vacated workers compensation benefits for a firefighter who suffered a thoracic aortic aneurysm he claimed was work-induced.
Posted: Aug 10, 2023
Lawmakers in New York are considering a bill that would extend the state’s disability provisions under workers compensation for COVID-19 sufferers and would allow workers to resubmit claims that were denied due to timing.
Posted: Aug 10, 2023
Lloyd’s of London underwriters are leading insurers in raising rates and cutting the amount of cover they offer for risks involving Taiwan as concerns grow over possible military action by China, industry sources with knowledge of the matter say.
Posted: Aug 10, 2023
Lawsuits filed by prospective, current or former employees against employers were essentially flat last year and the lowest of the past decade, according to a legal analysis company’s report.
Posted: Aug 10, 2023
BRP Group Inc., the parent company of brokerage Baldwin Risk Partners LLC, on Wednesday reported second quarter revenue of $297.2 million, up 28% compared with the same period last year and up 22% on an organic basis.
Posted: Aug 09, 2023
The proposed introduction of a corporate income tax by the government of Bermuda is “a modest but manageable negative” for insurers and reinsurers domiciled on the island, according to analysts at Keefe, Bruyette & Woods Inc.
Posted: Aug 09, 2023
The Appellate Court of Connecticut ruled Tuesday that a retired police officer was improperly awarded temporary total disability benefits because he had no intention of returning to the workforce at the time he filed for the additional benefits.
Posted: Aug 09, 2023
Catastrophe bond funds rank among the 10 best-performing credit funds this year, as the hurricanes, earthquakes and other disasters that could trigger payouts have either not happened or not been sufficiently severe.
Posted: Aug 09, 2023
McGill and Partners Wednesday said it has promoted Karl Hennessy to CEO of McGill Global Risk Solutions LLC, the brokerage’s U.S. insurance and reinsurance business.
Posted: Aug 09, 2023