Business Insurance

Investment firm recapitalizes Patriot Growth

A private investment firm said Tuesday it has recapitalized broker Patriot Growth Insurance Services LLC.

Posted: Sep 21, 2021

Willis sues Marsh over poaching of 25 employees

Willis Towers Watson has filed suit against Marsh LLC in state court in Chicago in connection with the poaching of 25 employees.

Posted: Sep 21, 2021

San Jose University to settle sexual harassment charges

San Jose University in San Jose, California, will pay $1.6 million to settle federal charges it failed to adequately respond to reports of sexual harassment, including sexual assault, against its female students by a university athletic trainer.

Posted: Sep 21, 2021

Captive manager wins ruling in fight with IRS

A federal court on Tuesday granted a preliminary injunction in favor of a captive management company that alleged the IRS was overstepping its authority in imposing a reporting requirement on microcaptives without first submitting it for congressiona...

Posted: Sep 21, 2021

Video: The BI Interview with Patrick Ryan and Timothy Turner of Ryan Specialty Group

Patrick G. Ryan, founder chairman and CEO of Ryan Specialty Group, and Timothy W. Turner, president of the specialty intermediary, discuss the company's recent IPO and the state of the excess and surplus lines market.

Posted: Sep 21, 2021

Sowing the seeds of reassurance

An indoor plant subscription company says it wants you to “build a sustainable long-term relationship” with your houseplants and that its commitment to those of us who worry that our new green friends might not make it past a season now comes with in...

Posted: Sep 21, 2021

HDI Global hires Axis exec to direct liability underwriting

HDI Global Insurance Co. said Tuesday it had named former Axis Capital Holdings Ltd. executive David Sapia director of liability underwriting, a newly created position.

Posted: Sep 21, 2021

Facebook spent over $13B on safety, security since 2016

Facebook Inc. said on Tuesday it has invested more than $13 billion in safety and security measures since 2016, days after a newspaper reported the company had failed to fix “the platform’s ill effects” researchers had identified.

Posted: Sep 21, 2021

Activision says working with regulators on workplace complaints

Video game publisher Activision Blizzard said on Tuesday that it continues to work with regulators on addressing and resolving the workplace complaints it has received.

Posted: Sep 21, 2021

KCC releases wildfire model that accounts for climate change

Karen Clark & Co. on Tuesday released a high-resolution U.S. wildfire model that accounts for the impacts of climate change and provides a view of future loss potential.

Posted: Sep 21, 2021

Kaufman buys Chilean specialty brokerage

H.W. Kaufman Group Inc. said Tuesday it has expanded into South America by acquiring Santiago, Chile-based specialty brokerage Prospect Brokers Chile.

Posted: Sep 21, 2021

Biden announces measures to protect workers from heat hazards

The Biden administration on Monday announced enhanced and expanded measures by the Occupational Safety and Health Administration to combat hazards associated with extreme heat exposure faced by workers indoors and outdoors.

Posted: Sep 21, 2021

Consultancy introduces automated claims TPA

Boston-based consultancy Xceedance Inc. said Tuesday it has launched Xceedance Claims TPA for insurers.

Posted: Sep 21, 2021

Underwriting, investments drive Africa Re’s net profit up 27%

Nigeria-based African Reinsurance Corp.’s net profit increased 27% year-on-year to $23.7 million in the first half of the year, driven by improved underwriting and investment performance.

Posted: Sep 21, 2021

Gallagher acquires Louisiana-based agribusiness specialist

Arthur J. Gallagher & Co. said Tuesday it has acquired Bastrop, Louisiana-based Files Agribusiness LLC.

Posted: Sep 21, 2021

RIMS to require vaccination proof to attend in-person events

The Risk & Insurance Management Society Inc. said Tuesday it will require anyone wishing to attend a RIMS in-person event to show proof they have been vaccinated against COVID-19.

Posted: Sep 21, 2021

Insurers cut back on coverage for sawmills

Sawmills, which saw demand for their products surge during the pandemic as DIY projects increased, are facing their own supply and demand issues in insurance.

Posted: Sep 21, 2021

Allen Stanford's Ponzi scheme recovery tops $1 billion

A court-appointed receiver has recouped more than $1 billion for victims of Texas financier Allen Stanford's Ponzi scheme, the largest by dollar amount other than Bernard Madoff's fraud, the receiver's lawyers said Monday.

Posted: Sep 21, 2021

D&O rate increases slow: Woodruff Sawyer

Directors and officers liability rate hikes continue to decelerate, while new facilities are providing needed capacity and competition, says a report issued Tuesday.

Posted: Sep 21, 2021

Amlin names former Swiss Re exec CEO

Reinsurer MS Amlin AG said Tuesday that Robert Wiest, former chief operating officer of reinsurance at Swiss Re Ltd., will join the company as CEO.

Posted: Sep 21, 2021

Convex Group opens new European subsidiary

Bermuda-based specialty reinsurer Convex Group Ltd. has opened a new European subsidiary in Luxembourg that will help Convex grow its presence in Europe.

Posted: Sep 21, 2021

Russian insurers see over 20% growth in premiums

Data from the Central Bank of the Russia Federation showed that local insurers’ aggregate gross written premiums increased 21% year-on-year to Russian rubles ($12.2 billion) in the first half of the 2021.

Posted: Sep 21, 2021

Sompo International agrees to acquire Italian crop insurer

Bermuda-based insurer Sompo International Holdings Ltd. has agreed to acquire Italy-based agriculture insurance specialist Assicurazioni Rischi Agricoli VMG 1857 SpA.

Posted: Sep 21, 2021

Hartford must defend masonry company

A Hartford Financial Services Group Inc. unit must defend a masonry company in construction defect litigation, says a federal district court, in granting the company partial summary judgments in the case.

Posted: Sep 20, 2021

Farm firm: Systems offline due to cybersecurity incident

Iowa-based farm services provider NEW Cooperative Inc. said on Monday its systems were offline to contain a “cybersecurity” incident just as the U.S. farm belt gears up for harvest.

Posted: Sep 20, 2021