» People Moves: BHSI Names Humble as Head of Customer & Broker Engagement for South Central
24/04/24 11:57 from Insurance Journal
Berkshire Hathaway Specialty Insurance (BHSI) today announced that it has appointed Hart Humble to the newly created role of Head of Customer & Broker Engagement (C&BE) for the South Central U.S. Humble has spent more than 30 years in the …
» Chubb Wins Latest Battle With New York Diocese in Bid to Avoid Sex Abuse Claims
24/04/24 11:34 from Insurance Journal
A New York state appeals court has reinstated Chubb insurance companies’ bid for judgments declaring that they are not obligated to cover thousands of sex abuse lawsuits brought against the Archdiocese of New York (ADNY). Chubb insurers have maintained that …
» AM Best Downgrades Credit Rating of Texas Farm Bureau Insurance Group
24/04/24 11:17 from Insurance Journal
AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” (Excellent) from “a” (Excellent) of Farm Bureau County Mutual Insurance Company of Texas and Texas …
» Marsh McLennan Agency to Buy Fisher Brown Bottrell for About $316M
24/04/24 11:14 from Insurance Journal
Marsh McLennan Agency, a subsidiary of Marsh, said it has a definitive agreement to acquire one of the largest agencies in the Southeast—Fisher Brown Bottrell Insurance, Inc. Marsh McLennan Agency will pay $315.9 million in cash, subject to customary purchase …
» Berkley CEO: Property E&S Momentum Slows but ‘Some More Hay’ to Be Made
24/04/24 10:20 from Insurance Journal
When it comes to observations of the excess and surplus lines market, there is a difference between the momentum of liability and property lines, said W.R. Berkley CEO W. Robert Berkley, Jr. Addressing some talk that has painted a picture …
» Oakbridge Adds Strawn & Co. in Georgia
24/04/24 10:16 from Insurance Journal
Atlanta-based OakBridge Insurance Agency has continued its rapid expansion with the acquisiton of Strawn & Co., headquartered in McDonough, Georgia, south of Atlanta. Strawn is one of the Atlanta area’s oldest and largest independent insurance agencies and has been in …
» Workers’ Comp Apportion Evals Must be Well-Reasoned, WV Supreme Court Says
24/04/24 09:51 from Insurance Journal
West Virginia law, like statutes in a number of states, allows employers to try and apportion contributions to a worker’s injury, including how much a pre-existing condition may have played a role. The employer/insurer holds the burden of proof. In …
» Chamber of Commerce Sues to Block FTC’s Non-Compete Ban
24/04/24 09:14 from Insurance Journal
Business groups led by the US Chamber of Commerce sued the Federal Trade Commission Wednesday seeking to block a rule finalized this week that would outlaw non-compete provisions that prohibit workers from switching jobs within an industry. In a complaint …
» FAU Gets Grant to Study Seaweed Harvesting, Just as Blobs Approach South Florida
24/04/24 07:56 from Insurance Journal
Researchers at Florida Atlantic University are using a $1.3 million grant to see if huge blobs of seaweed can be harvested to help mitigate the economic impact on Florida beaches. The FAU Harbor Beach Oceanographic Institute this month announced the …
» District of Columbia AG Settles With NRA Over Alleged Violations of Nonprofit Law
24/04/24 07:53 from Insurance Journal
District of Columbia Attorney General Brian L. Schwalb last week announced a resolution of his office’s lawsuit against the National Rifle Association (NRA) and the NRA Foundation that alleges misuse of nonprofit funds and other violations of the District’s Nonprofit …
» Jury Weighing Military Contractor’s Claim of Immunity for Abu Ghraib Abuse
24/04/24 07:37 from Insurance Journal
A lawyer for the military contractor being sued by three survivors of the notorious Abu Ghraib prison in Iraq told jurors Monday that the plaintiffs are suing the wrong people. “If you believe they were abused … tell them to …
» New Hampshire to Receive $20M Grant to Help Reconstruct Eroded Seawalls
24/04/24 07:20 from Insurance Journal
New Hampshire is getting a $20 million federal grant to help reconstruct coastal seawalls eroded by storms and flooding and received a disaster aid declaration to recuperate costs from a storm in January, officials said Monday. The grant, announced by …
» Global Insurance Prices Continue Moderating as Rates Decline in Most Regions: Marsh
24/04/24 07:11 from Insurance Journal
Global commercial insurance rates increased by 1% on average in the first quarter of 2024, compared with a 2% increase in Q4 2023, according to the Global Insurance Market Index published by Marsh, the insurance brokerage business of Marsh McLennan. …
» UK Firms Told to ‘Urgently Review’ Green Claims Amid Crackdown
24/04/24 05:13 from Insurance Journal
Firms operating in the UK are being advised to go through any products and services around which some sort of sustainability claim has been made, to ensure they’re not in the crosshairs of a regulatory crackdown that’s due to take …
» Republican Senators’ FARMER Act Seeks to Boost Crop Insurance Coverage
24/04/24 05:00 from Insurance Journal
Republican senators this month introduced legislation they say would increase support for crop insurance and make higher levels of coverage more affordable to farmers. Sen. John Hoeven (R-N.D) proposed the Federal Agriculture Risk Management Enhancement and Resilience (FARMER) Act, an …
» Catastrophe Monitoring Firm ICEYE Completes $93 Million Funding Round
24/04/24 04:29 from Insurance Journal
ICEYE, the microsatellite manufacturer and catastrophe monitoring company, announced definitive agreement signed for an oversubscribed $93 million growth funding round. The financing will further accelerate investment in the world’s largest constellation of synthetic aperture radar (SAR) satellites and expand the …
» Cleveland to Pay $4.8M to Family of 13-Year-Old Killed During Police Chase
24/04/24 03:00 from Insurance Journal
CLEVELAND (AP) — Cleveland will pay $4.8 million to the family of a 13-year-old girl killed when a stolen car driven by a teenage carjacker jumped a curb during a police pursuit and struck her. The settlement attorneys for the …
» China’s Ping An Insurance Reports 4.3% Drop in Q1 Net Profit
24/04/24 02:55 from Insurance Journal
Ping An Insurance’s first-quarter net profit fell 4.3%, hit by shrinking returns from property and casualty insurance as well as its asset management operations, the Chinese insurance giant reported on Tuesday. Turbulence in China’s stock market, declining interest rates and …
» UK’s Jensten Acquires Lift and Escalator Specialist Broker Robert Gerrard & Co.
24/04/24 02:32 from Insurance Journal
Jensten is set to further scale its scheme and affinities business with the acquisition of UK broker Robert Gerrard & Co. The deal, which is subject to regulatory approval, will introduce a dedicated team of 19 professionals and an office …
» Standard Chartered Faces £1.5 Billion UK Claim in Iran Sanction Case
24/04/24 01:55 from Insurance Journal
Standard Chartered Plc is facing about £1.5 billion ($1.9 billion) worth of investor claims at a London trial over allegations it systematically breached Iranian sanctions to win new business. A London judge ruled on Friday [April 19] that the trial, …