Tue, 11 Aug 2020 08:55:42 +0000
Companies risk losing more than 40% of annual profit once a decade in a world threatened by trade wars, cyber attacks, pandemics and climate change, according to McKinsey & Co., which estimates the COVID-19 crisis could top $5 trillion in …
Tue, 11 Aug 2020 08:01:30 +0000
The industry loss footprint for extratropical cyclone “Sabine” – also known as “Ciara” and “Elsa” – is estimated at €1.61 billion (US$1.9 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastr...
Tue, 11 Aug 2020 07:29:28 +0000
Premiums for directors’ and officers’ liability insurance surged in the second quarter, broker Marsh said on Monday, as insurance underwriters fear the coronavirus pandemic will lead to hefty litigation claims. Premiums for directors’ liability insuran...
Tue, 11 Aug 2020 07:06:34 +0000
Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday. Overall insured losses …
Tue, 11 Aug 2020 07:02:14 +0000
The former Atlanta police officer who fatally shot Rayshard Brooks is suing the mayor and interim police chief, saying his firing violated his constitutional rights and the city code. Meanwhile, prosecutors have asked a judge to revoke his bond. Garrett …
Tue, 11 Aug 2020 06:55:59 +0000
It was supposed to be an easy job – not one that would shut down an entire city. But a series of major goofs and errors turned an underground drilling project into a nightmarish tale where the water pipes ran …
Tue, 11 Aug 2020 06:50:00 +0000
The oil cleanup from a leaking cargo ship that ran aground off the coast of Mauritius continues while the government and insurance firms begin probing liability for the accident. The incident has befouled the white-sand beaches of the Mauritian coast …
Tue, 11 Aug 2020 06:21:24 +0000
Trident Marine Managers, Inc. (Trident) has reached a delegated authority underwriting agreement with Nationwide E&S to provide recreational marine and marine equipment insurance, along with workers’ compensation coverage. Trident, a subsidiary of RSG ...
Tue, 11 Aug 2020 05:00:25 +0000
McDonald’s Corp. said on Monday it sued former Chief Executive Steve Easterbrook to recoup tens of millions of dollars in severance and benefits, claiming he covered up and lied about sexual relationships with at least three employees. The lawsuit came …
Tue, 11 Aug 2020 05:00:11 +0000
The United States will need to have independent experts review COVID-19 vaccine candidates before approval, the country’s top drug regulator said on Friday, offering reassurance that his agency would not cut corners in the race to roll out a vaccine. …
Tue, 11 Aug 2020 00:25:58 +0000
Hurricane Isaias likely caused $4 billion of insured losses in the U.S. and $200 million in the Caribbean, according to risk modelers at Karen Clark & Co. The estimates cover privately insured wind and storm surge damage to residential, commercial, …
Tue, 11 Aug 2020 00:12:30 +0000
A California judge on Monday granted the state’s request for a preliminary injunction blocking Uber Technologies Inc. and Lyft Inc. from classifying their drivers as independent contractors rather than employees. The judge signaled last week he might b...
Mon, 10 Aug 2020 23:03:52 +0000
Several residents near a western Colorado wildfire were ordered to evacuate as the blaze continues to expand. The fire about 18 miles north of Grand Junction was started more than a week ago by lightning in remote and rough terrain …
Mon, 10 Aug 2020 22:58:38 +0000
A federal judge has ordered Pacific Gas and Electric to better inspect high-voltage power lines, hire more tree-trimming supervisors and upgrade records regarding the age of electrical equipment as part of efforts to prevent deadly and destructive wild...
Mon, 10 Aug 2020 17:12:21 +0000
Brown & Brown Inc. has entered into an agreement to acquire the assets of HAUSER in Ohio. The deal is expected to close in September, subject to certain closing conditions. Terms were not disclosed. HAUSER focuses on insurance solutions for …
Mon, 10 Aug 2020 16:57:20 +0000
Officials say an earthquake – the strongest in more than 100 years – shook much of North Carolina early Sunday, rattling homes, buildings and residents. The National Weather Service in Greenville said the 5.1-magnitude temblor struck at 8:07 a.m., foll...
Mon, 10 Aug 2020 14:57:22 +0000
Arizona’s attorney general has obtained a $22.5 million judgment against a New Jersey-based vaping company along with a court order permanently barring the company from selling its products in the state. Attorney General Mark Brnovich announced the jud...
Mon, 10 Aug 2020 14:54:06 +0000
A northern Indiana utility is facing a $1.1 million fine, the largest in state history, after state regulators cited it for natural gas pipeline safety violations and specified that the company cannot pass that cost onto its ratepayers. The Indiana …
Mon, 10 Aug 2020 14:51:30 +0000
Texas Gov. Greg Abbott has extended a statewide disaster declaration he first issued in March to allow the state to better respond to the coronavirus pandemic. “Renewing this Disaster Declaration will provide communities with the resources they need to...
Mon, 10 Aug 2020 14:49:23 +0000
There are an additional 772 reported coronavirus cases in Arkansas and 14 additional deaths due to COVID-19, the disease caused by the virus, the Arkansas Department of Health reported. The department said there are 48,811 confirmed coronavirus cases a...
Mon, 10 Aug 2020 14:47:31 +0000
Global average commercial insurance prices increased 19% in the second quarter of 2020, the eleventh straight quarter they have risen. Average price increases were driven principally by increases in property insurance rates and financial and profession...
Mon, 10 Aug 2020 14:46:42 +0000
The mother of an 18-year-old University of Iowa student who froze to death in January 2019 is suing the school for negligence. Michael Belz, of Cedar Rapids, was caught outside of his residence hall on the night of Jan. 29, …
Mon, 10 Aug 2020 13:50:08 +0000
Global insurer Chubb announced appointments to two new executive positions. Chubb has named John Lupica as president of North America Insurance, the company’s largest division. Lupica is currently vice chairman, Chubb Group, and president, North Americ...
Mon, 10 Aug 2020 13:02:54 +0000
Berkshire Hathaway Inc. had a tough second quarter with the pandemic taking a toll on most of its operating businesses including Precision Castparts aircraft parts, the BNSF railroad, Occidental Petroleum Corp., Kraft Heinz Co. and retailers including ...
Mon, 10 Aug 2020 12:40:51 +0000
The National Weather Service has confirmed that tornadoes touched down in Bucks and Montgomery counties during Tuesday’s storm. The weather service office in Mount Holly, New Jersey, said more details would be provided later such as the strength and ex...
Mon, 10 Aug 2020 12:38:51 +0000
Connecticut Governor Ned Lamont called for an investigation of the state’s two largest electric utility companies Wednesday as hundreds of thousands of residents remained without power a day after Tropical Storm Isaias ripped through the state. Lamont ...
Mon, 10 Aug 2020 12:31:03 +0000
Randall & Quilter Investment Holdings Ltd. (R&Q) has reached an agreement to merge its wholly owned subsidiary, Sandell Re Ltd., with Tradesman Program Managers LLC in return for a 35% interest in the combined entity. The transaction is subject to …
Mon, 10 Aug 2020 10:29:22 +0000
AXA SA is considering a sale of its Singapore business as it seeks to raise funds divesting peripheral operations, according to people familiar with the matter. The French insurer is working with an adviser on the potential sale, the people …
Mon, 10 Aug 2020 10:19:44 +0000
Broker and risk adviser Marsh announced the appointment of Winsee Cheung as UK Placement Leader, Marsh JLT Specialty. Effective in the fourth quarter, Cheung will report to Paul Moody, UK CEO, Marsh JLT Specialty, and will be based in London. …
Mon, 10 Aug 2020 10:03:59 +0000
Global average commercial insurance prices increased 19% in the second quarter of 2020, according to the latest Global Insurance Market Index released by broker and risk adviser Marsh. The increase, the largest since the Marsh index was launched in 201...