September 24, 2021

Fri, 24 Sep 2021 14:29:10 +0000
Federal lawmakers introduced legislation this week that would change 19th century maritime liability rules in response to the 2019 boat fire off the coast of Southern California that killed 34 people. The bill would update the Limitation of Liability A...
Fri, 24 Sep 2021 14:27:36 +0000
A former insurance broker is going to prison for defrauding insurance companies and individual investors out of more than $1 million. U.S. Attorney James P. Kennedy, Jr. announced that Brian Bartz of Rochester, New York, who was convicted of wire …
Fri, 24 Sep 2021 14:26:11 +0000
The U.S. government released projections Wednesday that indicate an even more troubling outlook for a river that serves 40 million people in the American West. The Bureau of Reclamation recently declared the first-ever shortage on the Colorado River, w...
Fri, 24 Sep 2021 14:14:21 +0000
Bolton Street Programs, a new Woodbury, New York-based program administrator that creates and administers affinity programs, is working to integrate insurtech, resinsurance, E&S options and loss control throughout its suite of programs. The announcemen...
Fri, 24 Sep 2021 13:53:28 +0000
After being pummeled by two tropical storms that submerged basements, cracked home foundations and destroyed belongings, Northeastern U.S. residents still in the throes of recovery are being hit with another unexpected blow: Thousands of families are n...
Fri, 24 Sep 2021 13:19:48 +0000
Insurance company FWD Group Holdings Ltd., owned by Hong Kong billionaire Richard Li, made its filing for a stock market listing in the United States public on Thursday, revealing a jump in revenue last year. The insurer, which will list …
Fri, 24 Sep 2021 13:11:09 +0000
The head of the U.S. cybersecurity enforcement agency “is a huge supporter” of bipartisan legislation to mandate that operators of critical infrastructure report data breaches to the government. Jen Easterly, director of the Cybersecurity and Infrastru...
Fri, 24 Sep 2021 12:55:05 +0000
Two storms that raged across Alberta and Saskatchewan in Canada in July and August caused C$120 million (US$94.5 million) in insured damage, while the August wildfire in White Rock Lake, British Columbia is now estimated to have caused damages of …
Fri, 24 Sep 2021 12:50:26 +0000
Northwestern University has received the largest gift in its history, $480 million, from Patrick G. Ryan, founder and former long-time CEO of Aon Corp, and now chair of Ryan Specialty Group, and his wife, Shirley W. Ryan, co-founder and long-time …
Fri, 24 Sep 2021 12:25:11 +0000
Deanne Criswell, the first woman to lead the Federal Emergency Management Agency, in April took over a 20,000-person operation exhausted by managing responses to disasters linked to global warming: wildfires and the 2020 hurricane season, the most acti...
Fri, 24 Sep 2021 12:13:30 +0000
JPMorgan Chase & Co. agreed to pay $15.7 million in cash to settle a class action lawsuit by investors who accused the largest U.S. bank of intentionally manipulating prices of U.S. Treasury futures and options. The settlement disclosed late Wednesday …
Fri, 24 Sep 2021 11:56:19 +0000
California Governor Gavin Newsom on Wednesday signed a bill that limits warehouse employers like Amazon.com Inc. from setting productivity quotas, the first legislation of its kind in the United States. The new provisions require all companies using wa...
Fri, 24 Sep 2021 11:14:14 +0000
JBA Risk Management Ltd. announced its collaboration with Reinsurance Solutions Intermediary Services (RSIS), an African-based reinsurance broker that will use the JBA global flood modeling capability to provide flood risk analytics and catastrophe mod...
Fri, 24 Sep 2021 10:40:13 +0000
SHANGHAI/BEIJING – As fears of contagion from any default by China Evergrande Group mounted this month, some Chinese banks, insurers, and shadow banks stopped offering new credit to property developers, and ran urgent checks on their exposure to the ...
Fri, 24 Sep 2021 09:49:00 +0000
Italy’s Mediobanca SpA strengthened its grip over insurer Assicurazioni Generali SpA, boosting its stake to more than 17% just days before a board meeting that could decide the future of embattled Chief Executive Officer Philippe Donnet. The investment...
Fri, 24 Sep 2021 09:29:50 +0000
European energy firms Centrica and Galp, food group Nestle and watchmaker Swatch are among 50 companies worldwide that are highly exposed to physical climate risks, investors with $10 trillion in assets said on Thursday. The companies, which are involv...
Fri, 24 Sep 2021 08:50:26 +0000
This edition of International People Moves details appointments at UK insurer Aviva, broker Price Forbes Bermuda and the London Market Group. A summary of these new hires follows. Aviva Strengthens Exec Committee with Chief Risk Officer Montague and CI...
Fri, 24 Sep 2021 07:55:03 +0000
Reinsurers’ estimates of their exposure to natural catastrophe risk could be underestimated by 33%-50%, according to a report published by S&P Global Ratings. “Unmodeled risks and the inherent difficulties in attributing extreme events to climate chang...
Fri, 24 Sep 2021 06:30:53 +0000
A man who was punched and kicked in the head by Georgia police officers during a traffic stop four years ago has filed a lawsuit alleging the stop was unjustified and the officers used excessive force against him. Gwinnett County …
Fri, 24 Sep 2021 06:00:43 +0000
A top Southern Baptist Convention committee agreed to fund a third-party investigation into its handling of sexual abuse allegations but held off on waiving its attorney-client privilege for the probe, delaying for the future a decision seen as a key …
Fri, 24 Sep 2021 05:00:56 +0000
WASHINGTON (AP) — The Biden administration is moving to protect workers and communities from extreme heat after a dangerously hot summer that spurred an onslaught of drought-worsened wildfires and caused hundreds of deaths from the Pacific Northwest to...
Fri, 24 Sep 2021 05:00:39 +0000
U.S. motorists drove 11.5% more miles in July as driving nearly matched pre-COVID levels and more Americans returned to offices and took leisure trips. The Federal Highway Administration said Thursday motorists drove 290.1 billion miles in July, up 30 ...
Thu, 23 Sep 2021 20:44:28 +0000
A report from the Mortgage Bankers Association says there’s little doubt that climate change will impact housing and the housing finance industry, and while just how great that impact will be is as of yet unknown, the authors take a …
Thu, 23 Sep 2021 16:54:12 +0000
Three members of a South Dakota family accused of bilking millions from farmers due to risky speculation in the grain business have been sentenced to time behind bars. Jared Steffensen and his wife, Tami Steffensen, pleaded guilty earlier to theft …
Thu, 23 Sep 2021 16:49:57 +0000
A man who stole $2 million from Kankakee, Illinois, and a regional wastewater agency was sentenced to nine months in federal prison and two years of home confinement. Richard Simms, 74, acknowledged diverting money through a fraudulent software invoici...
Thu, 23 Sep 2021 16:42:36 +0000
Federal workplace safety officials cited a Fort Worth, Texas-based masonry company for continuing to put its workers at risk for falls and fined the firm more than $216,000. OSHA said a March 2021 inspection revealed RM Masonry and Stucco Inc. …
Thu, 23 Sep 2021 16:41:25 +0000
A lawsuit alleges that Louisiana’s largest electric utility used a “bubble gum and super glue” approach to maintenance and construction that left customers sweltering in the dark without adequate sewage treatment after Hurricane Ida. The suit was filed...
Thu, 23 Sep 2021 16:38:54 +0000
HDI Global USA Appoints Sapia Director of Liability Underwriting Chicago-based HDI Global Insurance Co. (HDI Global USA) appointed David Sapia director of liability underwriting. In this new role, Sapia will be responsible for the profitability, growth...
Thu, 23 Sep 2021 16:36:38 +0000
Biggs Joins Oklahoma Workers’ Comp Commission The Oklahoma Workers’ Compensation Commission (WCC) added Scott Biggs as its newest commissioner. The WCC and its three commissioners are tasked with carrying out the adjudicative, administrative, and regul...
Thu, 23 Sep 2021 16:07:00 +0000
This edition of International People Moves details appointments at the broker Howden and two Lloyd’s insurers: Apollo Syndicate Management and Atrium Underwriting. A summary of these new hires follows here. Howden Appoints Swiss Re’s Cochrane as Head o...