Insurance Journal

People Moves: Markel’s Colosimo Joins CRC; Risk Strategies Consulting Names Piltch

CRC Group, headquartered in Birmingham, Alabama, hired Vince Colosimo as executive vice president in the company’s New York City downtown office. Colosimo will assume the role of office president in mid-2025, with current Office President Fred...

Posted: Feb 27, 2024

People Moves: Ardonagh’s Price Forbes Taps Horler From Lockton as Deputy CEO; Marsh Names Fort From...

This edition of International People Moves details appointments at the brokers Price Forbes and Marsh. A summary of these new hires follows here. Ardonagh’s Price Forbes Taps Horler From Lockton as Deputy CEO Sarah Horler has been appointed as...

Posted: Feb 27, 2024

Family Dollar to Pay $41M Fine Over Rodent-Infested Distribution Center

Family Dollar agreed this week to pay $41.7 million for holding food, drugs, medical devices, and cosmetics under insanitary conditions at company’s West Memphis, Arkansas, distribution center. A criminal information unveiled Feb. 26 in federal...

Posted: Feb 27, 2024

Iowa Meat Processing Plant Accused of Illegally Hiring Children

DES MOINES, Iowa (AP) — U.S. authorities have accused another sanitation company of illegally hiring at least two dozen children to clean dangerous meat processing facilities, the latest example of illegal child labor that officials say is increasing...

Posted: Feb 27, 2024

Illinois Insurance Agent Sentenced to 7 Years in Prison for Swindling Premiums

The owner of a suburban Chicago insurance agency has been sentenced to seven years in federal prison for swindling more than $1 million from clients by collecting annuity premiums for policies that he never purchased, the U.S. Attorney’s Office...

Posted: Feb 27, 2024

Six Charged in Alleged $1M Auto Insurance Claims Scheme in Massachusetts

Six people have been indicted in connection with the alleged filing of fraudulent insurance claims through their auto body repair business in Everett, Massachusetts. Four of the defendants were arraigned this week in Middlesex Superior Court, while t...

Posted: Feb 27, 2024

Signers National, Acrisure Mark Expansions in Southeast

Signers National, the New York-based parent of several insurance companies, said it has acquired Ballantyne Insurance Group in Charlotte, North Carolina. Ballantyne specializes in coverage for human service organizations. It is own by William Bradley...

Posted: Feb 27, 2024

Southern California Edison to Pay $80M to US Over 2017 Wildfire

Southern California Edison agreed to pay the United States $80 million to cover costs and damages incurred by the U.S. Forest Service from the 2017 Thomas wildfire in California’s Los Padres National Forecast, the Department of Justice said on...

Posted: Feb 27, 2024

IVF Clinic Insurance Affected by Ruling as Alabama Lawmakers Look for a Fix

MONTGOMERY, Ala. (AP) — Lawmakers began scrambling for ways to protect Alabama in vitro fertilization services after multiple providers paused treatment in the wake of a state Supreme Court ruling that frozen embryos could be considered children unde...

Posted: Feb 27, 2024

EU Lawmakers Approve Tougher Penalties for Environmental Crimes

The European Parliament on Tuesday approved tougher penalties for environmental crimes such as illegal timber trade, with offenses punishable by up to 10 years in prison and company directors prosecuted for corporate wrongdoing. “It is about ti...

Posted: Feb 27, 2024

Nvidia’s $70M Florida Supercomputer Hobbled by DeSantis Law

(Bloomberg) — When Chris Malachowsky, a billionaire founder of chip giant Nvidia Corp., bankrolled one of the world’s biggest supercomputers at the University of Florida, Ron DeSantis predicted the machine would be a magnet for artificial...

Posted: Feb 27, 2024

Employee Wins Workers’ Compensation Under Exception to ‘Coming-and-Going’ Bar

An exception to the workers’ compensation “coming-and-going” rule applies where the employer provides the transportation even if the employer says there was no explicit agreement that he would supply rides. The exception can apply w...

Posted: Feb 27, 2024

Clyde & Co: M&A Activity to ‘Start to Increase Through 2024’

The number of worldwide mergers and acquisitions in the insurance sector in 2023 dropped to 346 in 2023, down from 449 in the previous year, according to a new report from Clyde & Co. But the global law firm believes …

Posted: Feb 27, 2024

Europe Automakers Will Not Challenge 2035 Fossil-Fuel Car Ban, Industry Group Says

Europe’s automakers will not challenge the European Union’s decision to effectively ban fossil-fuel vehicles as of 2035 no matter who wins this year’s European parliamentary elections, the head of the continent’s auto industry...

Posted: Feb 27, 2024

Damaged Subsea Cable in Red Sea Highlights Telecom Vulnerability

A subsea cable off the coast of Yemen that connects Europe to India has been damaged, and the telecommunications carrier that owns it must now figure out how to make underwater repairs in a war zone. Seacom Ltd., the South …

Posted: Feb 27, 2024

Tesla to Fix Software in 8,700 vehicles in China Product Recall, Regulator Says

China’s market regulator said on Friday that Tesla Inc. would fix software in 8,700 vehicles to reduce the chance of accidents. The action involving 1,071 imported Model S and Model X and 7,629 China-produced Model 3 is described as a …

Posted: Feb 27, 2024

FTC Sues to Block Kroger’s $24.6 Billion Albertsons Deal

The US Federal Trade Commission, eight states and Washington DC sued to block Kroger Co.’s $24.6 billion acquisition of Albertsons Cos. Monday, arguing the tie-up would lead to lower wages for workers and higher prices for groceries. In a compl...

Posted: Feb 27, 2024

People Moves: Heaton Named Chief Operating Officer of Markel Group

Markel Group Inc., headquartered in Glen Allen, Virginia, named Mike Heaton as executive vice president and chief operating officer. Heaton most recently served as executive vice president at Markel Group. From 2016 to 2022, he served as president of...

Posted: Feb 27, 2024

Lockbit Cybercrime Gang Says It Is Back Online Following Global Police Bust

Lockbit, the cybercrime gang that was knocked offline by a comprehensive international police operation earlier this month, says it has restored its servers and is back in business. The group, notorious on the internet’s criminal underground fo...

Posted: Feb 27, 2024

MGM Resorts Says Regulators Probing September Cyberattack

MGM Resorts International disclosed that state and federal regulators were probing a cyberattack on its systems that took place in September and caused a $100 million hit to the company’s third-quarter results. The casino operator intends to re...

Posted: Feb 27, 2024

Company Linked to MMA Law Firm Still Paid by Florida; Case Highlights Issue with AOBs

The continuing saga of the Houston-based plaintiffs’ law firm of McClenny Moseley & Associates, suspended and sanctioned for flooding courts with erroneous lawsuits against property insurers in Louisiana, has taken a new political twist in...

Posted: Feb 27, 2024

Investigators Fault Pittsburgh for Poor Inspection, Maintenance of Bridge That Collapsed

The city of Pittsburgh did not adequately maintain or repair a bridge and failed to act on inspection reports, leading to the corrosion of the structure’s steel legs and its collapse into a ravine, federal investigators said Wednesday. The city...

Posted: Feb 27, 2024

AM Best Puts Credit Ratings of Casualty Underwriters in Utah Under Review

AM Best placed under review with negative implications the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b” (Marginal) of Casualty Underwriters Insurance Co. in Salt Lake City, Utah. The ratings ha...

Posted: Feb 27, 2024

Teens at Washington Trampoline Park Didn’t Receive Breaks, Worked Too Many Hours

Teens working at Sky Zone trampoline park in Vancouver, Washington, did not receive meal breaks, and worked more hours than the law allows during school times, an investigation by the Washington State Department of Labor & Industries shows. L&#38...

Posted: Feb 27, 2024

US Pharmacy Outage Triggered by ‘Blackcat’ Ransomware at UnitedHealth Unit: Sources

Hackers working for the ‘Blackcat’ ransomware gang are behind the outage at UnitedHealth’s technology unit that has snarled prescription deliveries for six days, two people familiar with the matter told Reuters on Monday. The proble...

Posted: Feb 26, 2024