Marsh McLennan Reports Better Than Expected First Quarter Profit
Marsh McLennan reported a better-than-expected quarterly profit on Thursday, helped by an increase in interest income the insurance brokerage earned from funds held on behalf of clients. The company’s shares rose about 2% to $201 before the bell. The U.S. …
CFC Acquires Solution Underwriting in Australia
CFC, the London-based specialist insurer, announced it has agreed to acquire Australian managing general agent, Solution Underwriting. Financial details of the deal, which is expected to complete on April 30, 2024, were not disclosed. CFC has been trading in Australia …
Investor Climate Group Sets Target for Assets in Private Equity, Debt
The world’s leading group of asset owners committed to turning their investment portfolios green said on Thursday it had set guidance for private assets for the first time and would also look to improve assessment of emissions tied to sovereign …
Arthur J. Gallagher & Co. Acquires Louisiana’s Fontenelle & Goodreau
Arthur J. Gallagher & Co. announced the acquisition of Metairie, Louisiana-based Fontenelle & Goodreau Insurance, LLC. Terms of the transaction were not disclosed. Fontenelle & Goodreau Insurance offers commercial property/casualty coverages specializing in large apartment accounts in the Louisiana market …
Texas DWC Adopts Amendments to Accident Prevention Services
The Texas Department of Insurance, Division of Workers’ Compensation (DWC) announced this week that it has adopted amendments the 28 Texas Administrative Code concerning certain submission requirements for insurance companies about their accident prevention services (APS). The rule will be …
People Moves: McGill Expands Global Property Team; Lawrence Joins Alliant; Berkshire Specialty Promotes Bowman
McGill Hires Milne and Cabot to US Property Team McGill and Partners, headquartered in London, appointed Duncan Milne and Cabot Lyman as partners to the firm’s U.S. property team. Milne joins the firm as a partner and head of U.S. …
Global Insured Natural Disaster Claims Again Dominated by Severe US Storms: Gallagher
Global insured losses from natural catastrophes in the first quarter were estimated at $20 billion, with US claims accounting for more than $15 billion, or 75%, of the Q1 total, according to a Gallagher Re in a report. Despite a …
Survey Shows Majority of Florida, California Homeowners Seeing Higher Insurance Costs
Few people in Florida and California will be surprises to hear that the majority of homeowners in those states have been affected by rising property insurance costs. A survey by Redfin, a U.S. real estate broker, found that just over …
Attorney Wants Footage of Fatal Chase in Mississippi But Town Says None Exists
JACKSON, Miss. (AP) — Civil rights attorney Ben Crump demanded Tuesday that police in a small town in Mississippi release camera footage of a chase that ended in the death of a Black teenager, but the city attorney said the …
NC Governor’s Pandemic Rules for Bar Closures Were ‘Illogical’ Court Says
RALEIGH, N.C. (AP) — North Carolina Gov. Roy Cooper’s orders during the COVID-19 pandemic that directed standalone bars to remain shuttered for safety while restaurants that serve alcohol got to reopen were “illogical” and violated the state constitution, an appeals …
3 Construction Workers Killed Doing Overnight Sealing on I-83, Police Say
LEWISBERRY, Pa. (AP) — Three construction workers on a maintenance project along a Pennsylvania interstate were struck and killed by a truck early Wednesday, state police said. Investigators said a 24-year-old man was driving a large box truck at about …
Brooklyn Diocese Settles with New York AG for Mishandling Clergy Sex Abuse Cases
New York Attorney General Letitia James announced an agreement with the Roman Catholic Diocese of Brooklyn to address years of reported mismanaging clergy sexual abuse cases. According to the Office of the Attorney General, its investigation found the diocese failed …
El Niño to Trigger Drought Insurance Payouts in Four Southern African Countries
A drought driven by the El Nino weather pattern is likely to trigger insurance payouts to four southern African countries who took out cover with an agency of the African Union. Malawi, Zambia, Zimbabwe and Mozambique will receive payments at …
United Airlines Says Boeing to Compensate for Damages Caused by MAX 9 Grounding
United Airlines will receive compensation from planemaker Boeing for financial damages incurred in the first quarter due to the grounding of 737 MAX 9 aircraft, the carrier said on Wednesday. U.S. regulators had in January grounded some Boeing 737 MAX …
Google Fires 28 Workers Protesting $1.2 Billion Israeli Contract
Alphabet Inc.’s Google has fired 28 employees after they were involved in protests against Project Nimbus, a $1.2 billion joint contract with Amazon.com Inc. to provide the Israeli government with AI and cloud services. The protests, which were led by …
Update: Nord Stream Insurers Deny Policies Covered War Risks in UK Lawsuit
Nord Stream’s insurers have denied that their policies provide cover for gas pipelines damaged by blasts in 2022 because the damage was caused by war, in their written defense to a lawsuit filed at London’s High Court. Nord Stream is …
Wisconsin Republicans Ignore Governor’s Call to Spend $125M to Combat PFAS
MADISON, Wis . (AP) — Wisconsin Republicans on Tuesday ignored the latest call from Democratic Gov. Tony Evers to spend $125 million to combat so-called forever chemicals, leading Evers to say he might sue over the issue. The moves are …
Bayer Pushes Legislation in Multiple States for Legal Shield Against Lawsuits
DES MOINES, Iowa (AP) — Stung by paying billions of dollars for settlements and trials, chemical giant Bayer has been lobbying lawmakers in three states to pass bills providing it a legal shield from lawsuits that claim its popular weedkiller …
Climate Change to Cause $38 Trillion a Year in Damages by 2049
Climate change will inflict losses to the global economy worth an annual $38 trillion by 2049, as extreme weather ravages agricultural yields, harms labor productivity and destroys infrastructure, according to researchers at the Potsdam Institute for Climate Impact Research (PIK). …
Britain’s Insurers Under Pressure Over Spike in Car Insurance Premiums
The rising cost of car insurance has triggered a barrage of complaints in the cost of living crisis, Britain’s financial watchdog told lawmakers on Wednesday, as the sector insisted that prices remain at 2018 levels in real terms. Matt Brewis, …