Insurance Journal

Insurance Technology: MGA Insight Risk Targets Water Damage; Beazley Starts Cyber Incident Response...

Insight Risk Targets Builder’s Risk Water Damage Losses Insight Risk, a technology-focused Builder’s Risk managing general agent (MGA), announced it is launching an innovative model designed to reduce water damage losses on commercial occ...

Posted: May 24, 2022

Texas Dept. of Insurance Security Issue Exposed Data for Nearly 3 Years

A data breach at the Texas Department of Insurance (TDI) exposed confidential information of 1.8 million Texans for nearly three years, according to a brief from the State Auditor’s Office. The audit report said confidential information related...

Posted: May 24, 2022

Louisiana Audit Shows Hurricanes Led to Increase in Insurance Complaints

Residential property. complaints against Louisiana insurance companies skyrocketed in the aftermath of 2020 and 2021 hurricanes, according to a report released this month by the Louisiana Legislative Auditor. The Louisiana Department of Insurance (LD...

Posted: May 24, 2022

Inflation Drives 33% Surge in Auto Telematics Adoption in Q1 2022: TransUnion

TransUnion’s latest Personal Lines Insurance Shopping Report found the number of consumers who accepted a telematics offer from their auto insurance provider increased 33% since the end of 2021—a trend driven by consumers hoping to lower their...

Posted: May 24, 2022

People Moves: Arch Hires Chaucer’s Bauckham for Terrorism, Political Violence & War Team; Dale Moves...

This edition of International People Moves details appointments at Arch Insurance International and Dale Underwriting Partners. A summary of these new hires follows here. Arch Insurance Int’l Hires Chaucer’s Bauckham for Terrorism, Politi...

Posted: May 24, 2022

Younger Workers More Likely to Leave Employers to Retain Flexibility

Most business owners expect employees to be back working in person full time a year from now but employees want to retain flexibility with where and when they work. According to Nationwide’s most recent Agency Forward survey, about half of &#82...

Posted: May 24, 2022

Ski Mask and Assault-Rifle Water Gun Prank Leads to Killing of Mississippi Teen

A teen in Mississippi shot and killed another teen who approached his home with a toy gun that looked like an assault rifle while wearing a ski mask, authorities said. The teen killed was one of thee people who approached …

Posted: May 24, 2022

Drought Will Impact Pacific Northwest This Summer, Experts Warn

Drought is expected to impact much of the Pacific Northwest this summer, including areas in eastern Washington, southern Oregon and southern Idaho, according to climatology and water officials. A recent map from the U.S. Drought Monitor shows that ab...

Posted: May 24, 2022

R&Q’s Accredited Europe Signs 6-Year Program Management Deal with UK Insurtech

The program manager Accredited Insurance (Europe) Ltd., the wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd., announced it has signed a six-year program management agreement with Policy Expert, a UK Insurtech providing home a...

Posted: May 24, 2022

Markets/Coverages: NJM Introduces Commercial Package Policy in New Jersey

NJM Insurance Group is now writing commercial package policies in New Jersey with policy effective dates beginning July 1, 2022. The NJM ProPack Commercial Package Policy protects mid-to-large-sized businesses against property and liability risks, in...

Posted: May 24, 2022

Vermont Creates Panel to Oversee Opioid Settlement Spending

Vermont Gov. Phil Scott has signed legislation into law that creates an advisory committee to make recommendations on how to spend the state’s share of settlement money with drug manufacturers and distribution companies over the toll of prescri...

Posted: May 24, 2022

Rochester Diocese Offers $147M to Settle Sexual Abuse Claims

The Diocese of Rochester, New York, and its insurers have submitted a proposal to bankruptcy court to settle 471 sexual abuse claims against them for $147 million. The settlement includes $107,750,000 from insurers and $40,500,000 from the Catholic d...

Posted: May 24, 2022

Insurers, Banks Must Take Climate Action or Face Profit Hit, Higher Capital Charges: BOE

Banks and insurers which fail to properly manage climate risks could face a 10% to 15% hit to annual profits and higher capital requirements, the Bank of England said on Tuesday. In its first comprehensive stress test of how Britain’s …

Posted: May 24, 2022

MS Amlin Partners With Insurtech Altelium to Offer Cover for Battery Energy Storage

MS Amlin Underwriting Ltd. (MS AUL), the Lloyd’s re/insurer, announced a partnership with insurtech Altelium to offer a construction all-risk and operational all-risk insurance solution for battery energy storage systems (BESS), as part of its...

Posted: May 24, 2022

Illinois Contractor Fined $378,000 for Exposing Workers to Deadly Fall Hazards

A Roselle, Illinois contractor’s history of violating federal safety standards and ignoring safety citations and penalties – and a willingness to expose its workers to serious injuries or worse – continues, as federal inspectors found during th...

Posted: May 24, 2022

Munich Re Issues Green Bond in U.S. Market

Following its successful placement of green bonds in 2020 and 2021, Munich Re has successfully placed its first green subordinated bond in a private placement to qualified institutional buyers in the U.S. market. By issuing this bond in the globally...

Posted: May 24, 2022

Munich Re Issues Green Bond in U.S. Market, in a First for European Insurer

Following its successful placement of green bonds in 2020 and 2021, Munich Re has successfully placed its first green subordinated bond in a private placement to qualified institutional buyers in the U.S. market. By issuing this bond in the globally...

Posted: May 24, 2022

Ransomware Attack Exposed Data of More Than 500,000 Chicago Students, Staff

The personal information of more than half a million Chicago Public Schools students and staff was compromised in a ransomware attack last December, but the vendor didn’t report it to the district until last month, officials said. The data brea...

Posted: May 24, 2022

People Moves: Alliant Hires Johnson in Missouri; Gregory & Appel Names Kennedy COO

Alliant Insurance Services Hires Hunter Johnson Alliant Insurance Services hired Hunter Johnson as vice president, growing its presence in the Midwest region. Based in Springfield, Missouri, Johnson will deploy his broad expertise in workers’ c...

Posted: May 24, 2022

Credit Agricole Italy Weighs Investing in Banco BPM’s Insurance Business

Credit Agricole Italy is interested in investing in the insurance activities of Banco BPM, the French banking group’s Italy head said on Monday. Banco BPM has exercised a call option to gain full ownership of its insurance joint-venture with Fr...

Posted: May 24, 2022

WTW Launches Cyber Coverage for Ports and Terminals

Insurance broker WTW has launched specialist cyber coverage for ports and terminals, called CyNav. Designed to address the specific cyber threats faced by port and terminal owners and operators, CyNav provides both flexible and tailored cover for bus...

Posted: May 24, 2022

Texas Mutual Board Approves $330 Million Policyholder Dividend Distribution

Austin, TX., May 20, 2022 – Texas Mutual Insurance Company, the state’s leading provider of workers’ compensation insurance, announced today that its board of directors voted unanimously to approve a $330 million dividend distributi...

Posted: May 24, 2022

Do Claims Against Musk Raise a Legal Issue for His Companies and Twitter Deal?

A report saying Tesla Inc CEO Elon Musk’s company SpaceX paid $250,000 to settle sexual harassment claims by a flight attendant on a private jet comes as he eyes a takeover of Twitter. Below is an overview of some of …

Posted: May 24, 2022

D.C. Sues Zuckerberg Over Cambridge Analytica Data Breach

The District of Columbia said it sued Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg for his alleged role in the data breach that allowed political consulting firm Cambridge Analytica to target Facebook users during the 2016 presidential...

Posted: May 24, 2022

Florida Senate Committee Passes Insurance Market Rescue Bill 19-2

A Florida Senate committee overwhelmingly approved two measures Monday that supporters believe will go a long way toward trimming roof claims, litigation expenses and reinsurance costs for beleagured property insurers – but not before some Democratic...

Posted: May 24, 2022