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Latest Top (25) News

The Death of Underwriting and Underwriters
Underwriting is not dying. It is just being automated into digital algorithms versus analog human beings. Technology’s effect on life insurance underwriting is easiest to show by example. It is also further advanced in many ways. For example, what if …

Fri, 23 Mar 2018 16:33:09 +0000

IAT Insurance Acquires Excess and Umbrella Business from Rockhill Insurance
IAT Insurance Group (IAT) has reached a definitive agreement to acquire the renewal rights and certain associated assets for a book of surplus lines excess and umbrella insurance business from Rockhill Insurance Group. Rockhill is a subsidiary of State Auto …

Fri, 23 Mar 2018 16:22:48 +0000

Liquidation Order Issued for Auto Insurer with More Than 42K Policies in Pennsylvania
A Texas court has issued an order of liquidation for Access Insurance Company, an auto insurer that has 42,785 policies in Pennsylvania. This means Pennsylvanians that currently have auto insurance through Access Insurance will have no later than April 12 …

Fri, 23 Mar 2018 16:18:42 +0000

Hamilton Re’s Chief Underwriting Officer Lefebvre to Leave Company
Hamilton Re Ltd., the Bermuda platform for Hamilton Insurance Group, announced that Claude Lefebvre, chief underwriting officer, Partnerships & Casualty Reinsurance, will be leaving the company to pursue other interests. Lefebvre, who was a founding member of Hamilton Re, has …

Fri, 23 Mar 2018 16:15:16 +0000

Chinese Tech Giant Baidu to Test Self-Driving Cars in Beijing
China’s capital city has given the green light to tech giant Baidu Inc to test self-driving cars on city streets, an important step as the country looks to bolster its position in the global race for autonomous vehicles. Beijing has …

Fri, 23 Mar 2018 15:54:52 +0000

Bank of England Will Soon Update Insurers, Banks on Latest Brexit Approach
The Bank of England said it would update banks and insurers next week on its approach to Brexit given that Britain and the European Union have now adopted a transition deal. “The Bank of England welcomes the EU Council’s conclusion …

Fri, 23 Mar 2018 15:01:01 +0000

Utah Subway Shop Suit over Wrongly Accused Worker Dismissed
A judge has dismissed a defamation lawsuit filed by owners of a Utah Subway shop where a worker was wrongly accused of drugging a police officer’s drink. U.S. District Judge Dee Benson ruled that police in Layton did not implicate …

Fri, 23 Mar 2018 14:58:01 +0000

Utah Governor Signs Legislation Allowing Terminally Ill to Use Pot
Utah Gov. Gary Herbert has signed a bill allowing terminally ill people to use certain forms of marijuana. Herbert’s office announced Wednesday that he signed the measure allowing people to use the drug if a doctor has determined they have …

Fri, 23 Mar 2018 14:55:44 +0000

California Chief Justice Expects an Influx of Wildfire Claims
California courts are preparing for an influx of lawsuits tied to last year’s historically destructive wildfires and mudslides, Chief Justice Tani Cantil-Sakauye told lawmakers this week in her annual “state of the judiciary” address. Cantil-Sakauye, who has sparred with President …

Fri, 23 Mar 2018 14:54:04 +0000

Arsenic in Groundwater? Virginia Coal Ash Case Before Court
Virginia’s largest electric utility asked a federal appeals court Wednesday to overturn a judge’s ruling that the company is violating federal law by discharging arsenic through groundwater into surrounding waters from a coal ash storage site. Dominion Energy argued before …

Fri, 23 Mar 2018 13:21:08 +0000

Thousands Without Power in New Jersey After Latest Storm
Thousands of utility customers remain without power in New Jersey following the fourth major storm to hit the state in three weeks. The storm dropped around a foot of snow in some parts before leaving the region early Thursday, with …

Fri, 23 Mar 2018 13:15:11 +0000

Walgreens Agrees to $5.5M Settlement with Massachusetts
Pharmacy chain Walgreens Co. has agreed to pay $5.5 million to resolve allegations that it overcharged for prescriptions covered by the Massachusetts workers’ compensation insurance system. State Attorney General Maura Healey says the “settlement ensures that Walgreens does not profit …

Fri, 23 Mar 2018 13:11:01 +0000

Attritional Losses Take Their Toll at Lloyd’s, Along with 2017’s Natural Catastrophes
The Lloyd’s market’s pre-tax loss of £2 billion (US$2.8 billion) in 2017 was partly due to hurricanes and wildfires in the third and fourth quarters. But these losses were exacerbated by the continued deterioration in its attritional, or non-catastrophe losses …

Fri, 23 Mar 2018 12:30:00 +0000

Cloud-Based Insurtech Startup Insly Raises €2.2M ($2.7M) in Funding
Insly, a cloud-based insurance platform, announced an investment of €2.2 million (US$2.7 million), led by Concentric and Black Pearls VC. Founded in 2015, Insly offers insurance policy management for insurance brokers and agents, as well as MGAs and wholesale. The …

Fri, 23 Mar 2018 08:58:46 +0000

China’s Fosun Still Interested in Acquiring Greek Insurer if Winning Bid Collapses
Fosun International Ltd came up short in its bid to buy National Bank of Greece SA’s insurance unit, but the Chinese conglomerate is still willing to swoop in if the winning bid collapses, albeit at a different price this time. …

Fri, 23 Mar 2018 08:36:26 +0000

Ohio Manufacturer Agrees to $1M Penalty for Health, Safety Violations
An Ohio auto parts manufacturer has agreed to a settlement that includes a $1 million penalty resulting from workplace health and safety violations, federal safety officials said. The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) said in …

Fri, 23 Mar 2018 06:30:29 +0000

Houston Considering New Floodplain Rules after Harvey
More than 80 percent of homes damaged by Hurricane Harvey in Houston’s floodplains could’ve been spared if they were at the higher elevation now being proposed by the mayor, according to a new report. The figures come from a new …

Fri, 23 Mar 2018 06:24:20 +0000

Arkansas Judge Tosses Licensing Process for Medical Pot Growers
An Arkansas judge on March 21 struck down the state’s decision to issue its first licenses to grow medical marijuana, ruling that the process for awarding the permits and the rankings of applicants were unconstitutional. Pulaski County Circuit Judge Wendell …

Fri, 23 Mar 2018 06:21:14 +0000

Indiana Governor Signs Bill Allowing Sale of CBD Oil
Indiana Gov. Eric Holcomb has signed a bill that allows for the widespread sale of a cannabis-derived oil. Cannabidiol, commonly referred to as CBD, is derived from marijuana and hemp and is believed to have therapeutic benefits, but it lacks …

Fri, 23 Mar 2018 06:18:44 +0000

Opioid Crisis Leads Arkansas Cities, Counties to Sue Drug Makers
A coalition of cities and counties around Arkansas announced it had sued dozens of makers and distributors of opioids, arguing that the companies should bear the cost of drug abuse in the state. The Association of Arkansas Counties and the …

Fri, 23 Mar 2018 06:15:50 +0000

Settlement Reached in Suit Against Minnesota Hospital over Discarded Baby Remains
A settlement has been reached in the lawsuit filed against a St. Paul hospital after staff accidentally discarded a woman’s stillborn baby in dirty laundry instead of cremating the remains. Regions Hospital’s attorney informed the judge presiding over the case …

Fri, 23 Mar 2018 06:12:42 +0000

Facebook User Sues Over Personal Data Release to Cambridge Analytica
A Facebook Inc. user sued the social network and a data research firm that played a role in the election of President Donald Trump alleging that her privacy was violated when information on some 50 million users was improperly disclosed. …

Fri, 23 Mar 2018 05:00:56 +0000

Weather Service: At Least 9 Tornado Tracks Found in Alabama
The National Weather Service says there’s evidence that multiple tornadoes struck Alabama earlier this week, and it’s still counting. The weather service says survey teams have found tracks showing nine twisters touched down in the northern part of the state …

Fri, 23 Mar 2018 04:57:05 +0000

Endeavour Launches Deductible Buyback Program for Construction Wraps
Delegated authority specialist and Lloyd’s broker Endeavour Insurance Services has launched a subcontractor deductible buyback program for large construction wraps designed to support local contractors in the USA. Distributed through Endeavour’s local USA partner via an online web portal, the …

Fri, 23 Mar 2018 04:40:20 +0000

Tennessee AG: State, Local Opioid Suits Complicating Settlement Efforts
The Tennessee attorney general says lawsuits by local prosecutors over the opioid epidemic are complicating his efforts to reach a multistate settlement with drug companies. In response, the prosecutors, who represent about half of Tennessee’s counties, say local communities lose …

Fri, 23 Mar 2018 04:13:06 +0000

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