Business Insurance
The U.S. Department of Transportation's pipeline regulator on Thursday put the operator of the Dakota Access Pipeline, Energy Transfer LP, on notice for probable violations of safety regulations and proposed a civil penalty against it.
Posted: Jul 23, 2021
Broker BRP Group Inc. said Friday that its Millennial Specialty Insurance LLC unit had acquired FounderShield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC, collectively known as Founder Shield, a New York-based insurtech compa...
Posted: Jul 23, 2021
Pennsylvania employers are obligated under state law to pay workers for the time they take to go through mandatory screening, even if this takes a minimal amount of time, despite a contrary U.S. Supreme Court ruling, the Pennsylvania Supreme Court he...
Posted: Jul 22, 2021
W.R. Berkley Corp. on Thursday reported a 232.9% increase in net income, to $237.2 million, in the second quarter.
Posted: Jul 22, 2021
Ryan Specialty Group Holdings Inc. said Wednesday its initial public offering of 56.9 million shares of common stock on the New York Stock Exchange will be priced at $23.50 per share, for gross proceeds of $1.34 billion, before underwriting discounts...
Posted: Jul 22, 2021
A federal appeals court reversed a lower court Wednesday and ruled an American International Group Inc. unit is obligated to defend a retailer in connection with a data breach.
Posted: Jul 22, 2021
FM Global on Thursday announced key executive appointments into newly created roles in the wake of the recently announced retirement of CEO Thomas A. Lawson at year-end.
Posted: Jul 22, 2021
Costco Wholesale and the Tiffany & Co. have settled their eight-year trademark infringement dispute over alleged counterfeit sales of generic diamond engagement rings bearing the “Tiffany” name, which more than 3,000 club members had thrown in their...
Posted: Jul 22, 2021
The pandemic had no noticeable impact on medical treatment for injured workers who filed non-COVID-19 claims, according to a report released Thursday by the Workers Compensation Research Institute.
Posted: Jul 22, 2021
Many websites were briefly down in an outage sparked by a glitch in Akamai Technologies Inc.'s systems, the second major disruption linked to the cloud company in about a month.
Posted: Jul 22, 2021
California private self-insureds paid 25% more in indemnity claims and incurred more workers compensation losses in 2020 despite the pandemic-related recession, according to a report released Wednesday by the California Workers Compensation Institute...
Posted: Jul 22, 2021
Evan G. Greenberg, chairman and CEO of Chubb Ltd., on Thursday renewed calls on Capitol Hill for a public-private partnership for pandemic risk, saying such a program would lessen the financial blow of a future pandemic.
Posted: Jul 22, 2021
The Supreme Court of Pennsylvania ruled Wednesday that a veteran firefighter’s workers compensation cancer claim was timely, filed 10 years after he retired, and that the municipality he worked for applied the wrong time frame for denying his claim.
Posted: Jul 22, 2021
Vicky Carter, chair of global capital solutions, international, at Guy Carpenter & Co. LLC, has been appointed deputy chair of Lloyd’s Council, effective September 1, Lloyd’s of London said Thursday.
Posted: Jul 22, 2021
FirstEnergy Corp. will pay $230 million to settle U.S. government charges it conspired to pay millions of dollars to elected state officials to pursue legislation that would benefit the company.
Posted: Jul 22, 2021
The U.S. Geological Survey said that a 6.8-magnitude earthquake struck off the Pacific coast of Panama and Costa Rica's shared border on July 21, sending tremors through some parts of western Panama and Costa Rica.
Posted: Jul 22, 2021
U.K.-based insurance broker Global Risk Partners Ltd. has agreed to acquire Willis Towers Watson PLC’s commercial risk and broking business in Northern Ireland for an undisclosed amount.
Posted: Jul 22, 2021
Analysts at the Bank of America Corp. expect insured and reinsured losses triggered by the recent severe floods and June storms in Europe, especially in Germany, to drive price hikes at the January 2022 reinsurance renewals.
Posted: Jul 22, 2021
Ryan Woolley, chief executive of Insurance Claims Africa, said that South African insurers have not yet paid $49 billion Namibian ($4 billion) worth of short-term business interruption insurance policy claims from last year despite earning “super pro...
Posted: Jul 22, 2021
China’s southern province of Guangdong cancelled 990 flights in Guangzhou, Shenzhen and Zhuhai cities on July 20 as it faced the onslaught of Typhoon Cempaka and Typhoon In-Fa.
Posted: Jul 22, 2021
Marsh & McLennan Cos. Inc. reported a nearly 20% jump in revenue in the second quarter as economies continued to reopen after going into lockdown ahead of the comparable reporting period last year.
Posted: Jul 22, 2021
A cyberattack disrupted container operations at the South African port of Cape Town, an email seen by Reuters on Thursday said.
Posted: Jul 22, 2021
Insurer Hiscox Ltd. said the group’s CEO, Bronek Masojada, will retire at the end of the year and be replaced by current Chief Financial Officer Aki Hussain, who will take over the new role in January.
Posted: Jul 22, 2021
Pacific Gas and Electric Co. said on Wednesday it was burying 10,000 miles of power lines in high-risk fire zones to prevent wildfires as part of a safety initiative announced in California’s Butte County that would take more than one year to complet...
Posted: Jul 21, 2021
Second-quarter 2021 renewal rate changes for most major commercial lines of business increased year over year, save for workers compensation, according to a report Wednesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Sy...
Posted: Jul 21, 2021