Business Insurance
In the spirit of SpongeBob SquarePants’s favorite expletive: Tartar sauce!
Posted: Aug 13, 2021
A federal court has dismissed COVID-19 business interruption litigation filed by the Los Angeles Lakers basketball team against a Chubb Ltd. unit, ruling the team had not supported its claim that the virus caused direct physical loss or damage.
Posted: Aug 13, 2021
An Illinois court on Thursday refused to dismiss a COVID-19 business interruption lawsuit filed by construction development and management companies against a CNA Financial Corp. unit, stating the plaintiffs had alleged evidence of physical loss or d...
Posted: Aug 13, 2021
Arthur J. Gallagher & Co. will pay significantly more for Willis Towers Watson PLC’s reinsurance brokerage business if the second iteration of the deal goes through as planned, but the acquisition will help drive Gallagher forward in numerous ways, i...
Posted: Aug 13, 2021
Axa XL, a unit of Axa SA, has promoted Dane Mahoney to global head of political risk, credit and bond risk management.
Posted: Aug 13, 2021
Alera Group has acquired Risk Consulting Partners LLC, a St. Louis-based broker, in a move its private equity and executive risk expertise.
Posted: Aug 13, 2021
Executive moves and changes dominate this week’s news, with three of the top five stories involving brokerages hiring former Willis Towers Watson execs.
Posted: Aug 13, 2021
Poly Network, the cryptocurrency platform that lost $610 million in a hack earlier this week, confirmed on Friday it had offered the hacker or hackers a $500,000 “bug bounty.”
Posted: Aug 13, 2021
Arthur J. Gallagher & Co. announced Friday that it has agreed to buy Willis Towers Watson PLC’s treaty reinsurance business in a deal that could rise to $4 billion.
Posted: Aug 13, 2021
Tropical Storm Fred caused flooding and traffic and power disruptions as it made landfall in Dominican Republic on July 11.
Posted: Aug 13, 2021
Data from India’s General Insurance Council showed that nonlife insurance premiums rose 19.5% year-on-year to nearly 202 billion Indian rupees ($2.7 billion) in July.
Posted: Aug 13, 2021
Torrential rainfall on July 12 prompted the authorities to issue red alerts in five cities of the Chinese province Hubei.
Posted: Aug 13, 2021
Australian insurer QBE Insurance Group Ltd.’s net profit reached $441 million in the first half of the year, compared to a net loss of $712 million in the year-ago comparable period.
Posted: Aug 13, 2021
Belgian insurer Ageas SA/NV expects up to €400 million ($470.5 million) in gross damage claims from the recent floods in Belgium.
Posted: Aug 13, 2021
After one port worker tested positive for COVID-19, the Chinese port of Ningbo-Zhoushan suspended operations at its Meishan terminal on July 11, prompting fears of further supply chain disruptions just ahead of the key holiday shopping season.
Posted: Aug 13, 2021
Australia’s coal mining industry is considering self-insuring after major insurers and investors withdraw from coal projects over mounting concerns around global warming.
Posted: Aug 13, 2021
Sompo International Holdings Ltd. said it is introducing epidemic and pandemic risk coverage.
Posted: Aug 12, 2021
Business Insurance on Thursday announced the winners of the 2021 Innovation Awards.
Posted: Aug 12, 2021
The Ohio Supreme Court on Wednesday ordered the Industrial Commission of Ohio to reconsider its earlier decision allowing an employer to stop paying for an injured worker’s prescriptions.
Posted: Aug 12, 2021
Aon PLC said Thursday it has named former TigerRisk Partners LLC executive Joe Sergio Jackson to the newly created position of senior managing director of its Reinsurance Solutions unit.
Posted: Aug 12, 2021
Dual Group, the underwriting arm of London-based brokerage Howden Group Holdings Ltd., on Thursday agreed to acquire Align Financial Holdings, a San Diego-based general agency and underwriting management group, for $800 million.
Posted: Aug 12, 2021
A McDonald’s Corp. franchise in Oakland, California, has agreed to take steps to protect workers from COVID-19 to settle a lawsuit claiming managers gave employees dog diapers and coffee filters to use as face masks.
Posted: Aug 12, 2021
UnitedHealth Group Inc., the largest U.S. health insurer, has settled federal and New York state charges it illegally denied coverage to thousands of patients suffering from mental health problems and substance abuse.
Posted: Aug 12, 2021
The South Carolina Supreme Court on Wednesday upheld a $16 million jury award to the family of a maintenance worker at a polyester fiber plant who died following years of asbestos exposure.
Posted: Aug 12, 2021
Insured catastrophe losses totaled $42 billion in the first half of 2021, including $40 billion of natural catastrophe losses, the second highest first-half total on record, according to a report Thursday from Swiss Re Institute, part of Swiss Re Co....
Posted: Aug 12, 2021