New Jersey Forest Service Says 510-Acre Wharton Wildfire Is 100% Contained
The New Jersey Forest Fire Service said it has reached 100% containment of a 510-acre wildfire in the area of Jackson Rd. in Wharton State Forest. The fire burned in both Waterford Twp, Camden County and Shamong Twp, Burlington County. …
People Moves: XPT Specialty Expands with Industry Veteran
XPT Specialty, headquartered in New Haven, Connecticut, hired Jody Travis as vice president and senior underwriter in its Houston office. Travis has over 30 years of experience in the commercial sector. He most recently served as vice president and senior …
DHL to Pay $8.7M to Settle Race Discrimination Lawsuit in Illinois
Delivery company DHL will pay $8.7 million and be subject to the oversight of a court-appointed monitor to settle a class race discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. The EEOC charged …
‘It’s in the Mail’ Is Not Good Enough to Protest Workers’ Compensation Claim
A Connecticut employer lost its right to contest a workers’ compensation claim because although it mailed its notice to the workers’ compensation law judge within the 28 day statutory period, the judge did not receive the notice by the 28th …
People Moves: Zurich NA Names Higginbotham Head of Pro Liability & Cyber; FM Global CEO Appointed Board Chair; WTW Names Lombardo Named Chair of REHL Division
Zurich NA Names Higginbotham Head of Professional Liability & Cyber Zurich North America, headquartered in Schaumburg, Illinois, has named Kara Higginbotham as head of professional liability and cyber for U.S. national accounts, leading a team of underwriters who serve Zurich’s …
Global Insurers’ Climate Alliance Relaunches After Member Exodus
A global insurance coalition intended to help curb the sector’s greenhouse gas emissions has relaunched with a new name and weaker membership requirements in response to companies fleeing over allegations of collusion by Republican politicians in the United States. The …
People Moves: Lockton Promotes 2 in Crisis Management Team, Announces Changes in Norway Leadership
Lockton, the independent insurance broker, announced two key senior promotions within its Crisis Management team in London. Helen Sandford has been appointed as head of Special Crime, and Freddie Schlesinger has been appointed head of Product Recall and Reputational Risk, …
Markets/Coverages: Ariel Re and Hiscox Re & ILS Launch Cyber Catastrophe Consortium
Re/insurer Ariel Re and Hiscox Re & ILS, the reinsurance and insurance linked securities arm of insurer Hiscox, announced the launch of CyberShock, a cyber catastrophe consortium. The CyberShock consortium is designed to offer up to US$50 million of per-program …
Citi’s CEO Fraser Wary of Insurance Giants’ Role in Private Credit
Citigroup Inc. Chief Executive Officer Jane Fraser warned that there’s a risk to the growing number of insurers piling funds into direct lending opportunities. It’s one of many risks tied to the rise of the private credit industry that Fraser’s …
Fosun’s Fidelidade Says It Plans to Carry Out an IPO in 2025
Fidelidade-Companhia de Seguros SA, a Portuguese insurer controlled by China’s Fosun International Ltd., said it’s planning to carry out an initial public offering in 2025. That share sale would take place after Fidelidade completes a planned IPO of hospital operator …
South Africa Advised by World Bank on Climate Insurance, Contingency Fund Options
The World Bank is advising South Africa’s National Treasury on a climate risk strategy after floods in recent years caused billions of dollars of damage. The country may take out climate insurance or establish a contingency fund to deal with …
People Moves: Morisato joins Sentry Board of Directors
Susan Morisato has joined Sentry’s Board of Directors. Sentry is headquartered in Steven’s Point, Wisconsin. Morisato, based in Des Plaines, Illinois, brings over 30 years of health insurance experience to Sentry’s board. She is a former president of insurance solutions …
SageSure and SURE Close $130 Million Gateway Re 2024-2 Catastrophe Bond
SageSure, a managing general underwriter focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (“SURE”), a policyholder-owned reciprocal exchange, announced the close of the Gateway Re 2024-2 second and subsequent event catastrophe bond at $130 million, with pricing 75 basis …
Viewpoint: Insurance Sector Adopts Easy-to-Use Technology for Digital Transformations
Upgrading or changing legacy platforms and enterprise software can be a nightmare to disentangle, particularly when dealing with existing operating systems, data storage, and payment processing software. When planning an upgrade, there have historically only been two options: Buy pre-made …
McKinsey Faces US Criminal Probe Over Opioids Work, Sources Say
McKinsey & Co is under criminal investigation in the United States over allegations that the consulting firm played a key role in fueling the opioid epidemic, with federal prosecutors homing in on its work advising OxyContin maker Purdue Pharma and …
Viewpoint: Insurers Face Added Role in Curbing Workplace Violence With California Law
New legislation aimed at reducing workplace violence in California vastly increases employers’ responsibilities and hands workers’ compensation insurers an unprecedented oversight role that is likely to trigger lawsuits and affect rates and capacity. The Workplace Violence Prevention Bill SB 553, …
4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
Two south Florida lawsuits against property insurers argue that two major carriers employed a business strategy of hiring inexperienced or even unlicensed claims adjusters after storms, practices that have led to “lowball” damage estimates that fall below deductibles. In one …
PCF Insurance in Utah Secures $400M in Financing
PCF Insurance Services in Utah closed $400 million in incremental debt financing led by Blue Owl. The financing was materially oversubscribed and was upsized from $300 million to $400 million in response to demand from new and existing lenders. The …
Ex-Nebraska Women’s Basketball Assistant Denies Sexual Relationship With Player
OMAHA, Neb. (AP) — Former Nebraska women’s basketball assistant coach Chuck Love denied ever having a sexual relationship with former Cornhuskers player Ashley Scoggin but acknowledged in a court document that he did meet with her late at night in …
Youth, Environmental Groups Sue Maine to Force Action on Climate
A youth organization and a pair of environmental groups are suing the state of Maine to try to force the state to reduce carbon emissions in the era of climate change. Maine Youth Action, the Conservation Law Foundation and the …
Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Suscribirse a Fuente de noticias Insurance Journal