AXA’s Q1 Revenues Rise 6%, Led by P/C Business Growth
AXA, Europe’s second-largest insurer, reported a 6% increase in total revenue during the first quarter to €34 billion ($36.4 billion), compared with €31.8 billion ($34.1 billion) in Q1 2023. The increase in Q1 gross written premiums (GWP) and other revenues …
Uber Hit With £250 Million Suit From London’s Black Cab Drivers
Uber Technologies Inc. was sued by thousands of London’s black cab drivers in a suit seeking hundreds of million pounds accusing it of unlawfully operating in the capital city. The claim alleges Uber improperly obtained a license to operate in …
AXA, Apollo’s Athora Scrap Life-Insurance Deal in Germany
Athora Holding Ltd., an insurance affiliate of Apollo Global Management Inc., and AXA SA have terminated a deal to transfer life insurance policies in Germany almost two years after announcing it. The deal was meant to shift €19 billion ($20.3 …
Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance
Increased premiums combined with lackluster customer satisfaction scores are driving record numbers of auto insurance customers into the market for a new policy, according to the J.D. Power 2024 U.S. Insurance Shopping Study. Nearly half (49%) of U.S. auto insurance …
An Origin Story: The History of the Professional Liability Underwriting Society
The Professional Liability Underwriting Society (PLUS), as it exists today, does not have a written narrative or any acknowledgment on its website about how the organization was created, the timeline, the individuals primarily involved, or all the events that had …
Miami Retirement Fund Class Action Alleges Globe Life Officers Concealed Fraud
After an investment research firm dropped a bombshell last month and sent shares of Globe Life Inc. plunging by 53%, the insurance company denied the allegations that officers had concealed fraud and sexual harassment issues. But this week, the City …
Florida’s Heritage Insurance Sees More Profits in Q1 This Year
Heritage Insurance Holdings Inc. (HRTG) on Wednesday reported earnings of $14.2 million in its first quarter of this year, about the same as earnings for Q1 of 2023, but down from the $31 million in net income reported for the …
Abuse Probe Into New Orleans Catholic Clergy Expands
NEW ORLEANS (AP) — Authorities have expanded an investigation of clergy sexual abuse in the Roman Catholic Church in New Orleans to include senior church officials suspected of shielding predatory priests for decades and failing to report their crimes to …
Probe Into Death of Nurse on Home Visit Alleges Employer Failed to Protect Workers
A home health care company failed to protect a visiting nurse who was killed during an appointment with a convicted rapist at a Connecticut halfway house and should be fined about $161,000, federal workplace safety officials said Wednesday. The Occupational …
Marsh McLennan Agency Acquires Long Island Broker AC Risk Management
Marsh McLennan Agency, a subsidiary of Marsh, reported it has acquired AC Risk Management (ACRM), an independent commercial lines brokerage based in Melville, New York. Terms of the acquisition were not disclosed. Founded in 2012, ACRM primarily offers property/casualty insurance …
Crews Expect to Refloat, Remove Ship That Crashed Baltimore Bridge Soon
At the site of the Francis Scott Key Bridge collapse, crews plan to refloat and remove the grounded Dali container ship within roughly the next 10 days, allowing more maritime traffic to resume through Baltimore’s port. The ship, which lost …
California Business Owner Ordered to Pay $687K in Restitution for Workers’ Comp Fraud
A California business owner convicted of felony workers’ compensation insurance fraud was ordered to pay $687,560 in restitution to the victims. An investigation by the California Department of Insurance determined that Jorge Maldonado, owner of Pro-Care Building Maintenance, under-reported the …
Organic Bulk Walnuts Sold in Natural Food Stores Tied to Dangerous E. Coli Outbreak
At least a dozen people in California and Washington have been sickened with E. coli food poisoning linked to organic walnuts sold in bulk in 19 states, U.S. health officials said Tuesday. The nuts were sold in natural food and …
People Moves: Brown Joins Alliant Insurance Services’ Employee Benefits Team
Alliant Insurance Services, headquartered in Irvine, California, hired Angie Brown as a First vice president and consultant for its employee benefits group, based in Alliant’s absence, disability and life insurance practice. Brown drives compliance with FMLA, ADAAA and continually emerging …
Patriot Expands In New York, Acquiring Long Island’s Lupton & Luce
National insurance firm Patriot Growth Insurance Services has acquired Lupton & Luce, a property/casualty agency is based in Riverhead, New York. Established in 1939, the agency is led by Hallock Luce IV and deeply rooted in the greater Long Island …
M4.1 Earthquake Shook Parts of Los Angeles Area: USGS
A magnitude 4.1 earthquake shook parts of the Los Angeles Area, including the cities of Corona, Anaheim, and Santa Ana on at 1:49 p.m. local time on the afternoon of Wednesday, the USGS confirmed. The epicenter was in the Santa …
UnitedHealth Hack Put Data of One in Three Americans at Risk
UnitedHealth Group Inc. Chief Executive Officer Andrew Witty told lawmakers his company is still trying to determine why its computer systems were left vulnerable to hackers who perpetrated a devastating cyberattack. Lawmakers zeroed in on lax defenses during more than …
PCF Insurance Acquires Georgia, Texas Brokerages
PCF Insurance Services, an insurance brokerage operating in 40 states, has acquired All Star Insurance in Venus, Texas, and Encore Advisors, based in Norcross, Georgia. Utah-based PCF said in a news release this week that the moves mark an ongoing …
‘Car Wreck Clyde’ Attorney in Texas Charged with Skimming $2.4M from Settlements
A Houston plaintiffs’ attorney known as “Car Wreck Clyde” is awaiting court proceedings after being charged with skimming as much as $2.4 million in client settlement proceeds over the past decade, federal prosecutors said. Clyde J. Moore, 62, and his …
Texas Lawmakers Fault Xcel Power Pole in State’s Largest Fire
The worst wildfire in Texas history was sparked by a power pole and lines owned by Xcel Energy Inc. that hadn’t been effectively maintained or replaced, according to a state legislative committee report. The pole identified as the cause of …
Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Subscribe to Insurance Journal feed