People Moves: Everest Promotes Mesagaes to Reinsurance Head of Renewable Energy; Westfield Specialty International Taps Arch’s Poulteney and Kailia for Offshore Energy
Everest Promotes Mesagaes as Reinsurance Head of Renewable Energy Everest Reinsurance, the reinsurance division of Everest Group Ltd., announced that Jonathan Mesagaes has been named head of Renewable Energy. He will report to John Hyland, head of Underwriting and Marine, …
German Reinsurers Report Q1 Profits Down Sharply on Los Angeles Wildfire Claims
Germany’s largest reinsurers, Munich Re and Hannover Re, reported sharp declines in first-quarter profit on Tuesday after a combined 1.7 billion euros ($1.89 billion) in claims relating to the Los Angeles wildfires this year. The wildfires killed nearly 30 people …
Marks & Spencer Says Hackers Have Stolen Some Customer Data
Marks & Spencer Group Plc said some personal customer data was stolen by hackers as the British retailer continues to investigate and manage a highly-damaging “cyber incident.” The stolen data does not include “useable payment or card details” and there …
FM Clients to Receive Share of $1 Billion in ‘Membership Credits’
Commercial property insurer FM announced an enhanced $1 billion membership credit for eligible mutual policyholders, allowing client-owners to receive more credit sooner. Johnston, Rhode Island-based FM said May 5 that with this year’s credit, FM will have returned more than …
SEC Chair Says Agency Plans to Create New Rules for Crypto Tokens
Paul Atkins, the chair of the Securities and Exchange Commission, laid out his vision for overhauling the agency’s cryptocurrency policies on Monday, saying he plans to establish guidelines for distributions of crypto tokens that are securities and consider whether additional …
Appeals Court: Florida Deputy Used Excessive Force and is Not Immune from Suit
A Sarasota County sheriff’s deputy used excessive force on a handicapped, 100-pound driver in 2020 and is not entitled to immunity from lawsuits, a federal appeals court ruled in a case that could affect officers’ insurance coverage in similar cases. …
Labor Department Suing USPS Over Fired Texas Worker Who Reported Injury
The U.S. Department of Labor has filed a lawsuit against the U.S. Postal Service for what it says is the wrongful termination of an employee who fell while delivering mail and reported the work-related injury. An investigation by the department’s …
Wisconsin Republicans Kill Cannabis Legalization And Tax Increases for Millionaires
Republicans who control the Wisconsin Legislature voted to kill most of the top spending priorities of Democratic Gov. Tony Evers, including legalizing marijuana, even as both sides negotiate a tax cut. The Legislature’s Republican-controlled budget committee voted late last week …
Texas Insurance Fraudster Given Prison Sentence and $350K Fine
A federal judge sentenced a McAllen woman who reportedly helped commit property and title fraud schemes to 24 months in prison and three years of supervised release. Chief U.S. District Judge Randy Crane also ordered Mayela Saby Cantu to pay …
Family of Helicopter Pilot Killed in California Wildfire Reaches $15M Settlement
The family of a helicopter pilot who died when his helicopter crashed while fighting a wildfire in Southern California reached a $15 million settlement with the company that maintained the aircraft, their attorneys said. Michael Fournier was making water drops …
Illinois Chemical Manufacturer Reaches $400K Settlement With EPA
The U.S. Environmental Protection Agency announced a settlement for alleged violations of the Clean Air Act with Nalco Production LLC and Nalco Co. LLC. The companies manufacture polymer blend chemicals at their facility at 6216 W. 66th Place in Chicago, …
Patriot Growth Partners With Texas’ Ladd Gardner Aviation Insurance
Patriot Growth Insurance Services announce its partnership with Ladd Gardner Aviation Insurance (LGA), an aviation insurance agency based in Addison, Texas. Founded in 2007 by aviation enthusiast and industry veteran, Ladd Gardner, the agency brings deep expertise, a client-centric approach, …
Texas Legislators Seek Solutions to Rising Home Insurance Rates
Texas lawmakers hope to rein in homeowners’ rising insurance bills even as they acknowledge there’s only so much they can do to tackle costs. Legislators have advanced bills to limit how much insurance companies can hike rates and help homeowners …
People Moves: SiriusPoint Promotes Fenn to Global Head of Marine; Arch Insurance International Promotes Mansouri to UK PI Underwriting Manager
SiriusPoint Promotes Fenn to Global Head of Marine SiriusPoint Ltd., the Bermuda-based specialty insurer and reinsurer, announced the promotion of Chris Fenn to global head of Marine, in addition to two strategic appointments to strengthen its global marine offering. Previously …
Business Moves: Clear Group’s Shape Underwriting Acquires HNW Specialist Protect Underwriting; Optio Buys UK PI Specialist MGA, Custodian Management
Clear Group’s Shape Underwriting Acquires HNW Specialist Protect Shape Underwriting, the London-headquartered managing general agent, has acquired Protect Underwriting LLP, a specialist MGA in private client high-net-worth business. Financial details of the deal were not disclosed. This transaction marks Shape …
Minnesota YMCA to Pay $140K to Settle Sexual Harassment Lawsuit
The St. Cloud Area Family YMCA will pay $140,000 and provide other relief to settle a sexual harassment lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced this week. The EEOC charged in its suit …
Abu Dhabi’s IHC, BlackRock Start $1 Billion Reinsurance Firm
International Holding Co., Abu Dhabi’s largest listed company that’s overseen by a key member of the emirate’s royal family, is setting up a $1 billion reinsurance venture with BlackRock Inc. The yet-to-be-named firm will launch with more than $1 billion …
20 Charged in Alleged Theft of 126 Cars Worth $4.6 Million in NYC and Suburbs
New York law enforcement officials reported that 20 men and women have been indicted and charged with participating in a scheme to steal cars throughout New York City and its suburbs. The vehicles — which officials said were valued at …
New Mexico Utilities Tell Residents to Prepare for Outages When Fire Risk is High
Electric providers in New Mexico told the state’s utility regulator at citizens at a hearing on Thursday in Santa Fe that residents should be prepared to potentially lose power when high winds and dry conditions raise wildfire risk in their …
Why Trump’s Plan to Stop Tallying Weather Losses Matters to the Insurance Industry
Extreme weather is an increasingly expensive problem in the US. Last year, fires, droughts and storms caused more than $182 billion in damages — but going forward, the federal government won’t be keeping track. The National Oceanic and Atmospheric Administration, …