Insurance Journal

California Workers’ Comp Written Premium up 27% in First Half of 2022

The Workers’ Compensation Insurance Rating Bureau of California released its Quarterly Experience Report, which reflects an increase in written premium due to economic recovery from the pandemic. The report is an update on California statewide...

Posted: Sep 30, 2022

People Moves: AXA XL Reinsurance Promotes Twite to CEO, Bermuda; MGA Rokstone Hires 3 Engineering Un...

This edition of International People Moves details appointments at AXA XL Reinsurance and the MGA Rokstone. A summary of these new hires follows here. AXA XL Reinsurance Promotes Twite to CEO, Bermuda AXA XL Reinsurance announced it has appointed Mar...

Posted: Sep 30, 2022

Insurer Off the Hook in Defending Western Union Against Terrorist Financing Suit

An insurer’s war and financial services exclusions relieve it of having to provide coverage for an insured being sued for allegedly aiding international terrorists responsible for the crash of Malaysia Airlines Flight 17 in eastern Ukraine in 2...

Posted: Sep 30, 2022

Ian Aftermath Even Harder to Fix With Supply Chain Tattered

The difficult job of rebuilding communities pummeled by Hurricane Ian is expected to be made even worse by a problem that’s lingered since the early days of the pandemic: snarled supply chains. Ian tore a path of destruction across Florida, &#8...

Posted: Sep 30, 2022

Families of 3 Survivors File First Uvalde School Shooting Lawsuit

The families of three children who survived the Uvalde mass shooting in May have filed the first lawsuit in a federal court against the Uvalde school district, law enforcement officials, gun makers and others, alleging that their negligence and failu...

Posted: Sep 30, 2022

People Moves: WTW Appoints Cui; Powers Promotes Sullivan

WTW appoints Cui to its Insurance Consulting and Technology business WTW has appointed Michelle Cui as director, actuarial property and casualty, in its insurance consulting and technology business. Cui joins WTW in its Chicago, Illinois, offices fro...

Posted: Sep 30, 2022

Chinese Billionaire Faces Civil Trial in Minnesota Over Alleged Rape

A Chinese billionaire, one of the richest people in the world, is heading to trial in Minneapolis to defend himself against allegations that he raped a former University of Minnesota student after a night of dinner and drinks in 2018. …

Posted: Sep 30, 2022

Crash Involving Speeding Truck in Uvalde, Texas Kills 2, Injures 10

Two people were killed and 10 others injured when a pickup truck crashed into two other vehicles in the Texas city of Uvalde, authorities said. Uvalde Police Chief Daniel Rodriguez said U.S. Border Patrol agents saw the truck speeding Wednesday &#823...

Posted: Sep 30, 2022

Crash Involving Speeding Truck in Texas Kills 2, Injures 10

Two people were killed and 10 others injured when a pickup truck crashed into two other vehicles in the Texas city of Uvalde, authorities said. Uvalde Police Chief Daniel Rodriguez said U.S. Border Patrol agents saw the truck speeding Wednesday &#823...

Posted: Sep 30, 2022

Michigan Train Derailment Sends Several Rail Cars Off Tracks

A train derailment sent a dozen rail cars off the tracks Thursday morning near Detroit, snarling traffic while emergency responders assessed the damage, officials said. Warren Mayor Jim Fouts said 12 of the train’s 151 cars derailed about 7:30...

Posted: Sep 30, 2022

Gun Manufacturer Sued Over Link to July 4 Illinois Parade Shooting

Survivors of the mass shooting at a suburban Chicago Independence Day parade and family members of those killed filed 11 lawsuits Wednesday against the manufacturer of the rifle used in the attack, accusing gun-maker Smith & Wesson of illegally t...

Posted: Sep 30, 2022

Australia’s AUB Completes Acquisition of Lloyd’s Broker Tysers from PE Firm Odyssey

Australia’s AUB Group Ltd. (AUB) announced it has completed its acquisition of leading Lloyd’s wholesale broker Tysers from Odyssey Investment Partners. The acquisition, which was first announced in May 2022, has a purchase price of A$880...

Posted: Sep 30, 2022

California Doctor Prescribing Unneeded Drugs Guilty of Insurance Fraud

A physician pleaded guilty to defrauding California’s Medi-Cal system by prescribing unnecessary drugs to more than 1,000 patients, prosecutors said. Dr. Mohammed El-Nachef entered pleas in Orange County to one count of insurance fraud and one...

Posted: Sep 30, 2022

California Governor Approves Farmworker Unionization Law

A broadly smiling California Gov. Gavin Newsom joined about two dozen jubilant, cheering farmworkers camped outside the state Capitol this week to sign one of the most contentious bills before him this year, reversing course on a measure to help &#82...

Posted: Sep 30, 2022

178 Medical Providers from California’s Workers’ Comp System

The California Department of Industrial Relations’ Division of Workers’ Compensation and DIR’s Anti-Fraud Unit suspended 178 medical providers during the first eight months of 2022. Providers are suspended from the workers’ co...

Posted: Sep 30, 2022

People Moves: Postulka Returns to Arbella; Graham Joins Risk Strategies

Postulka Returns to Arbella as Vice President and Chief Information Officer Arbella Insurance Group, in Quincy, Massachusetts, has announced that Matt Postulka has rejoined the company as vice president and chief information officer (CIO). Postulka w...

Posted: Sep 30, 2022

India Regulator to Restart Review Process for IPO of Fairfax’s Digit Insurance: Sources

India’s markets regulator will restart a review of a $440 million initial public offering of Digit Insurance after the company resolved certain compliance issues that had led to the regulator putting the process on hold, two sources told Reuter...

Posted: Sep 30, 2022

Storm Noru Brings Floods to Thailand, Forcing 5,000 People to Seek Shelter

Water up to waist-high flooded some riverfront neighborhoods and other areas of Thailand on Thursday after a tropical depression dumped heavy rains and knocked down trees, causing at least one death. The heaviest rainfall, about 22 centimeters (8.5 i...

Posted: Sep 30, 2022

Allianz’s Digital Investments Arm Acquires German Insurtech simplesurance

Allianz X, the digital investments arm of Allianz Group, will acquire 100% of the shares in Berlin-based simplesurance. Allianz X has been a strategic investor in the Berlin-based insurtech company since 2016 and most recently expanded its involvemen...

Posted: Sep 30, 2022

IICF’s Blazing the Trail Benefit Raises $510,000 for Regional Nonprofits

Chicago Apprentice Network founders honored at celebration of insurance industry philanthropy CHICAGO, IL (September 30, 2022) – The Midwest Division of the Insurance Industry Charitable Foundation (IICF), a unique nonprofit organization dedicated to...

Posted: Sep 30, 2022

Arthur J. Gallagher to Acquire M&T Bank’s Insurance Agency of Buffalo

Global insurance broker Arthur J. Gallagher & Co. has agreed to acquire Buffalo, New York-based M&T Insurance Agency, Inc. (MTIA), an indirect subsidiary of M&T Bank Corp. In connection with the transaction, Gallagher said it will become...

Posted: Sep 30, 2022

Florida Ian Losses Could Reach $47B, Sinking More Insurers, CoreLogic Calculates

Wind and storm-surge losses from Hurricane Ian could reach as $47 billion in Florida alone, a figure made larger by inflation and rising interest rates, the property analytics firm CoreLogic said in a new analysis. “This is the costliest Florid...

Posted: Sep 30, 2022

Hurricane Ian Losses Up to $47B in Florida, Sinking More Insurers, CoreLogic Calculates

Wind and storm-surge losses from Hurricane Ian could reach as $47 billion in Florida alone, a figure made larger by inflation and rising interest rates, the property analytics firm CoreLogic said in a new analysis. “This is the costliest Florid...

Posted: Sep 30, 2022

Australian Police Aim to Protect 10,000 Optus Customers After Cyber Attack

Australian authorities said on Friday they have commenced an operation to protect the personal information of 10,000 people whose data may have been shared online after a cyber attack on Optus, the country’s second-largest telco. The efforts co...

Posted: Sep 30, 2022

Hospitals, Utilities Face Highest Exposure to Risk of Cyber Attacks: Moody’s

Around $22 trillion of global debt rated by Moody’s has a “high” or “very high” exposure to the risk of cyber attack, the ratings agency said in a report on Thursday, with hospitals and utilities seen at the greatest ris...

Posted: Sep 30, 2022