New York’s High Court Backs Insurer’s Denial of COVID-19 Business Interruption Claim
New York state’s highest court has affirmed that there must be direct physical loss or damage, not just presence of a virus, to trigger coverage under a commercial property policy for COVID-19 business interruption losses. The Court of Appeals upheld …
New York City Sues Social Media Platforms Over Teen Mental-Health Concern
New York City joined a growing chorus of states, cities and school districts suing social media companies over claims that their platforms are fueling a mental-health crisis among teens, alleging that Meta Platforms and others exploit children and adolescents. The …
WTW Upgrades Hawaiian Coral Reef Parametric Insurance Policy
WTW and The Nature Conservancy (TNC) announced the purchase of a new coral reef insurance policy that expands coverage around the main Hawaiian Islands and increases payouts after qualifying storms. This replaces the first U.S. coral reef insurance policy purchased …
Southern California Tops List of Wheel and Tire Claims for Second Straight Quarter
Los Angeles and Orange County are number one of the top 20 list for a second consecutive quarter for 2023 and stay at the top in theft claims handled by population. Wheelnet, a provider for wheel and tire replacement for …
Lingering Inflation Risks Keep Fed Officials in Wait-and-See Mode on Rate Cuts
The Federal Reserve entered 2024 within spitting distance of its inflation goal. But that’s not quite close enough for policymakers. The risk that inflation could remain stuck above their 2% target is guiding Fed officials’ preference to keep interest rates …
People Moves: Ardonagh Specialty Taps Gallagher Re’s Rance as Head of Specialty at Inver Re London; SiriusPoint Bolsters Energy and Marine Offering With 2 Key Hires
This edition of International People Moves details appointments at Ardonagh Specialty’s Inver Re and Bermuda-based SiriusPoint. A summary of these new hires follows here. Ardonagh Specialty Taps Gallagher Re’s Rance as Head of Specialty at Inver Re London Inver Re, …
People Moves: Hysell Joins Alliant Insurance Services’ Texas Benefits Team
Alliant Insurance Services, headquartered in Irvine, California, named Gary Hysell as vice president within its employee benefits group. Based in Austin, Texas, Hysell joins Alliant with over 25 years of industry experience. Before joining Alliant, Hysell was area vice president …
Minneapolis Settles Suit Alleging Journalists Were Harassed, Hurt Covering Floyd Protests
The city of Minneapolis agreed last week to pay $950,000 to settle a lawsuit alleging that journalists were subjected to police harassment and even hurt while covering protests over the police killings of George Floyd. The suit, brought by the …
Sompo International Authorized to Write Primary Insurance in France
Sompo International announced it has been granted a license to write primary insurance in France by the French Prudential Supervision and Resolution Authority (ACPR), further extending the company’s commercial property/casualty insurance capabilities and product offerings in Continental Europe. “The granting …
Summer-Like Conditions Lead to First Wisconsin Tornadoes in February
EVANSVILLE, Wis. (AP) — The first tornadoes ever recorded in Wisconsin in the usually frigid month of February tore through mostly rural areas on a day that broke records for warmth, setting up the perfect scenario for the type of …
Police Investigate Motive Behind Shooting at Joel Osteen’s Megachurch
Several law enforcement agencies are actively investigating the motives behind a Sunday shooting at pastor Joel Osteen’s Lakewood Church in Houston, which has one of the nation’s largest congregations. The shooter, a woman who police identified as 36-year-old Genesse Ivonne …
Hawaiian Electric Restores Power After Rolling Outages Due to Loss of Generators
Utility firm Hawaiian Electric HE.Nrestored power on Hawaii Island after it had begun rolling outages on Tuesday due to the unavailability and reduced output from several large generators. “No more rolling outages tonight, power has been restored to all customers …
Avalanches Kill Skier, Snowmobiler as Dangerous Snow Conditions Persist Across West
A backcountry skier and a snowmobiler were killed in separate avalanches in the Rocky Mountains as dangerous snow conditions persist across much of the West. The skier was buried Sunday in an area locally known as “The Playground” near Crested …
Markets/Coverages: Marsh’s D&O Facility Provides Up to $75M of Capacity
Insurance broker Marsh announced that its D&O Echo facility is now offering clients with enhanced directors and officers insurance protection, in order to provide greater financial stability amid continued volatile market conditions and fluctuating insurance rates. Available to Marsh clients …
College Board to Pay Penalty and Stop Monetizing New York Students’ Data
College Board, which administers standard educational tests that are used as part of college admissions, has agreed to a $750,000 settlement with New York state for violating students’ privacy and unlawfully selling their personal data. As a result of the …
In SW Florida, High Home Insurance Rates Are Driving Away Would-Be Buyers
(Bloomberg) — Florida’s southwestern coast — long one of America’s fastest-growing regions — is losing some of its boomtown swagger as a home-insurance crisis and other soaring costs make homes unaffordable. Homeowners from Sarasota south to Naples, known for its …
Continued Growth for Surplus Lines in 2023 as Premiums Up 14.6%
The excess and surplus lines market continued to grow in 2023, with premium reaching nearly $73 billion according to data from 15 state surplus lines office release by the Wholesale & Specialty Insurance Association (WSIA). 2023 premiums reflected a 14.6% …
US Seizes 747 Cargo Plane that Iran Sold to Venezuelan Firm, Plans to ‘Dispose’ of it
(AP) — The U.S. government has seized a Boeing 747 cargo plane that officials say was previously sold by a sanctioned Iranian airline to a state-owned Venezuelan firm in violation of American export control laws. The Justice Department said Monday …
Kentucky Attorney General Sues Kroger, Alleging Role in Opioid Crisis
FRANKFORT, Ky. (AP) — Kentucky Attorney General Russell Coleman filed a lawsuit Monday against one of the nation’s largest grocery chains, claiming its pharmacies helped fuel the state’s deadly opioid addiction crisis. The lawsuit against the Kroger Co. says its …
Columbia University Sued by Jewish Student Over Campus Antisemitism
Columbia University was sued by a Jewish graduate student who claims the campus experienced an “explosion” of antisemitism since the Oct. 7 attack by Hamas on Israel. Mackenzie Forrest, 23, claims she faced discrimination because she’s an Orthodox Jew and …
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