Haute Cyber? Attackers Are Strutting Into 2024 with More Sophistication
Ransomware has been a hot topic in the cyber industry for several years, but cyber criminals are finding ways to keep it relevant. “Ransomware, I would say, is decreasing in [frequency] and going further into sophistication,” said Dr. Magda Chelly, …
Swiss Re Buys Cyber Market’s 1st Retrocession ILW, Brokered by Gallagher Re
Swiss Re has purchased the cyber market’s first retrocession industry loss warranty (ILW), brokered by Gallagher Re and supported by a number of specialist reinsurers. Swiss Re secured $50 million of catastrophic US cyber insurance event protection, including cover against …
Shell’s Appeal of Landmark Climate Ruling to Begin in April
Shell Plc’s appeal against a landmark ruling that ordered the oil and gas giant to cut its carbon emissions by 45% over the next decade will begin in April. The London-based oil and gas giant is seeking to reverse what …
Hezbollah, Russia-Linked Hackers Step Up Cyberattacks on Israel: Cybersecurity Firm
The Iran-backed Hezbollah militant group in Lebanon and Russia-linked hackers have stepped up cyberattacks against Israel since the war with Hamas began, according to the chief technology officer of Israel-founded cybersecurity company Check Point Software Technologies Ltd. “While a lot …
Insurers Seek to Exclude US, UK Ships From Red Sea Coverage
Some ship insurers are starting to avoid covering US and UK merchant ships against war risks when they navigate the southern Red Sea, another sign of blowback since the two nations’ airstrikes on Yemen last week. Houthi militants have stepped …
People Moves: Guy Carpenter Names Wolfe Chief Commercial Officer, N. A.; Verisk Forms Claims Advisory Board; Chamberlain to Lead DUAL Specialty Healthcare
Guy Carpenter appointed Keith Wolfe to the newly created role of chief commercial officer, North America, effective immediately. Wolfe joins Guy Carpenter after 27 years with Swiss Re and its predecessor companies, where he held several leadership positions, most recently …
Cyber Threats Top Global Business Risk Concern for 2024: Allianz
Cyber-related incidents such as ransomware attacks, data breaches and IT disruptions are the biggest worry for companies globally in 2024, according to the Allianz Risk Barometer. Business interruption ranked second, while natural catastrophes ranked third (up from #6) on business’ …
Insurtech Foxquilt Announces Capacity Partnership With Markel
Foxquilt, a digital managing general agent specializing in embedded small business insurance technology, announced a strategic and long-term capacity relationship with global specialty insurance provider, Markel. Foxquilt said it utilizes a full-stack underwriting platform, powered by data analytics, to recommend …
As DEI Comes Under Legal Attack, Companies Alter Their Programs
Sophia Danner-Okotie’s has ambitious plans for her Nigerian-inspired clothing line but a sense of dread has punctured her optimism as she watches a legal battle being waged against a small venture capital firm that has provided funding instrumental to her …
Allstate Doesn’t Owe for Diminished Value; Farm Bureau Barred from Subro, Courts Say
Two court rulings in Southeastern states have underscored insurers’ responsibilities under uninsured motorist laws. In a Mississippi class-action lawsuit, the U.S. 5th Circuit Court of Appeals found that Allstate Property & Casualty Insurance Co. had not violated state law by …
California Has Lowest Number of Fire Departments Per 100K People, Report Shows
California topped the ranking for the states with the fewest fire departments per 100,000 people, a new study shows. The study out this week shows California tied with Florida, and Nevada ranking second and Arizona ranking third. The report, commissioned …
Mayday Call From Burning Cargo Ship Prompted Doomed Rescue Effort
The Grande Costa D’Avorio cargo ship was being loaded with 1,200 West Africa-bound cars at Port Newark last July when a deadly fire began. Dense black smoke limited visibility to about 3 feet, and the floor was so hot it …
Alliant in California Launches Student Health Specialty for Higher Ed
Alliant Insurance Services launched a student health specialty within Alliant Public Entity, offering student medical insurance for domestic and international students. The firm says its program helps higher educational institutions counter high claims trends, while providing resources to make health …
Grubhub to Pay $3.5M to Massachusetts Restaurants for Overcharging During COVID
Massachusetts Attorney General Andrea Campbell announced a $3.5 million settlement Friday with the online food delivery service platform Grubhub. The settlement resolves a 2021 lawsuit brought by Campbell alleging Grubhub illegally overcharged fees to Massachusetts restaurants in violation of a …
Vermont Continued to See Steady Growth in Captives in 2023
The Vermont Department of Economic Development reported the state licensed a total of 38 new captive insurance companies in 2023, making it now home to 659 captives. That growth made 2023 one of the best years since Vermont licensed its …
Wildfire Prevention, Helping Maui Recover Top Agenda for Hawaii Lawmakers
Hawaii lawmakers convened this week for the first time since the burning of historic Lahaina awakened the state to the deadly and costly threat posed by wildfires in an age of climate change. The tragedy refocused the attention of lawmakers. …
Red Sea War Risk Insurance Rises With More Ships in Firing Line
War risk insurance premiums for shipments through the Red Sea are rising after further attacks on merchant vessels by Yemen’s Houthi movement and the expectation that ships with a UK or U.S. connection will be targeted, insurance sources said on …
Nebraska Jury Awards $335K to Deaf Truck Driver in Disability Discrimination Case
Trucking companies Werner Enterprises, Inc. and Drivers Management, LLC must pay $335,682 to a deaf truck driver months after an Omaha, Nebraska jury found in favor of the U.S. Equal Employment Opportunity Commission (EEOC) on disability discrimination claims, a federal …
Ukraine in Talks With Marsh on War Risk Insurance for Air Transport
Ukraine is discussing military risk insurance for air transportation with insurance broker Marsh and consulting firm Oliver Wyman, Ukraine’s National Security and Defense Council said on Friday. Air traffic over Ukraine has been suspended since Russia’s full-scale invasion in February …
Judge Limits Delaware’s Sweeping Climate Change Lawsuit Against Fossil Fuel Companies
A judge has rejected several claims lodged by Delaware’s attorney general in a lawsuit alleging that the fossil fuel industry has downplayed the risks of climate change. Tuesday’s ruling significantly narrows the scope of the suit seeking to hold the …
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