Africa Specialty Risks Launches ASR Syndicate 2454 at Lloyd’s
Africa Specialty Risks (ASR), the pan-African focused re/insurance group, has launched ASR Syndicate 2454 focused on underwriting business across Africa. It is the first African-focused syndicate writing business at Lloyd’s and is managed by Apollo. ASR Syndicate officially began underwriting …
Amboss Underwriting Assumes Oilfield Insurance Agencies’ Downstream Portfolio
Zurich-based Lloyd’s coverholder Amboss Underwriting has assumed the portfolio of the Zurich branch of Oilfield Insurances Agencies. Effective April 17, 2024, the announcement marks the commencement of Amboss’ operations in Zurich and Amsterdam. Amboss has received approval from Lloyd’s of …
Shadow-Fleet Oil Tanker That Crashed Had Void Western Insurance
A shadow-fleet oil tanker that crashed in Denmark’s vital straits produced a set of insurance documents that weren’t valid, a stark example of how there’s little clarity about who would pay the bill if such a ship had a major …
Markets/Coverages: Marsh Expands Cyber Facility ECHO, Offering Up to $125M of Excess Insurance Capacity
Marsh, the insurance brokerage business of Marsh McLennan, announced an additional $25 million layer of capacity to its existing $100 million Cyber ECHO facility. Available to Marsh clients globally, Cyber ECHO now offers up to $125 million of excess cyber …
RBNZ Says Insurance May Become Unaffordable for High-Risk Homes
New Zealanders who own properties in areas prone to flooding or earthquakes may find they can’t afford insurance or may not be offered cover for specific risks, according to the Reserve Bank. Rising premiums or the inability to insure are …
US tests show pasteurized milk safe as bird flu spreads
Additional tests of milk showed that pasteurization killed the bird flu virus, federal health officials said on Friday, as Colorado became the ninth U.S. state to report an infected dairy herd. Federal lawmakers urged the Biden administration to further contain …
30% of Business Leaders Say Global Political Risk Is Their Biggest Threat
Sixty-five percent of North American business leaders fear this election year will impact their ability to trade internationally, with 32% of U.S. leaders saying political risk is their number one threat. In January, Beazley surveyed over 3,500 business leaders in …
Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
The Florida Supreme Court has given auto insurers more flexibility in reducing payments for medical services under the state’s no-fault auto insurance law and may have finally put to rest years of questions about the much-debated statute. In answering a …
People Moves: Lara Makes Appointments to California Curriculum Board and Insurance Diversity Task Force
California Insurance Commissioner Ricardo Lara made several appointments to the state’s curriculum board and insurance diversity task force. Lara named Aretha Hartley as the newest member of the curriculum board. The curriculum board oversees the development of pre-licensing and continuing …
First Full-Size Vessel Reaches Baltimore Refinery Since Bridge Collapse
A full-size vessel carrying raw sugar was able to navigate through the 20-foot deep temporary channel at the U.S. Patapsco River on Wednesday and reach the Port of Baltimore for the first time since an accident blocked access to the …
Driver Charged in Fiery Crash That Shut Connecticut Highway Bridge
A man accused of causing a fiery crash that shut down a major Connecticut highway bridge and killed a fuel delivery truck driver has been charged with negligent homicide, police said Thursday. State police said Reginald Collins, 59, turned himself …
‘Buffett Got it Wrong’ on California Fire Risk: PG&E CEO
Warren Buffett’s warning that wildfires have turned utilities across the western US into risky investments is mistaken — at least in California, according to the head of the state’s largest electricity provider. “Frankly, I think Buffett got it wrong in …
Multiple Tornadoes Hit Nebraska and Iowa, Leaving Trails of Damage
OMAHA, Neb. (AP) — A tornado plowed through suburban Omaha, Nebraska, on Friday, damaging hundreds of homes and other structures as it tore for miles along farmland and into subdivisions. Some injuries were reported but there were no immediate reports …
Higginbotham Adds South Florida Benefits Agency to Team
Texas-headquartered Higginbotham, one of the largest independent insurance and benefits firms, has added Adams Benefits of Boca Raton, Florida, to its team, the company said in a news release. The move marks an expansion into south Florida for Higginbotham, which …
US Probes Tesla Recall of 2 Million Vehicles Over Autopilot, Citing Concerns
U.S. auto safety regulators said Friday they have opened an investigation into whether Tesla’s recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is adequate. The National Highway Traffic Safety Administration (NHTSA) said it …
NC Agent, Missouri Lawyers Convicted in $4M Tax Shelter, Insurance Scheme
A federal jury on Thursday found a North Carolina insurance agent and two Missouri lawyers guilty on all counts in a $4 million tax evasion scheme that also defrauded an insurance carrier. The jury in Charlotte, said licensed agent and …
Ban on Worker Noncompetes Faces Uphill Legal Battle
The U.S. Federal Trade Commission’s ban on “noncompete” agreements commonly signed by workers is likely vulnerable to legal challenges, experts said, as some courts have grown increasingly skeptical of federal agencies’ power to adopt broad rules. The commission in unveiling …
Report: Cybercrime ‘A Thriving Business’ as US Claims Frequency Rises
Cyber claims frequency in the U.S. rose 13% last year, a new report shows. According to Coalition’s 2024 Cyber Claims Report, released this week, cybercrime is “a thriving business that adversely impacts” the economy. In 2023, there were more than …
Class Action Opposes Limiting Ship’s Liability for Baltimore Bridge Collapse
A Baltimore small business has filed a class action against the owner and operator of the cargo ship Dali that crashed into the Francis Scott Key Bridge last month. The suit, filed Thursday by the Karen Austin, the founder of …
Missouri House Backs Legal Shield for Weedkiller Maker Facing Cancer Lawsuits
JEFFERSON CITY, Mo. (AP) — The manufacturer of a popular weedkiller won support Wednesday from the Missouri House for a proposal that could shield it from costly lawsuits alleging it failed to warn customers its product could cause cancer. The …
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