Insurers Expect Major Loss Event From Floods in Southern Germany
Insurers are preparing for an above-average loss event as a result of floods hitting in southern Germany. “The pictures from Bavaria and Baden-Württemberg foreshadow the worst. Our companies are already receiving many claims reports,” according to Jörg Asmussen, managing director …
Orchestrator of $60 Million New York Auto Insurance Fraud Gets 10 Years in Prison
A New Jersey man who orchestrated a 13-year long, $60 million no-fault automobile insurance scam in New York has been sentenced to 10 years in prison. Bradley Pierre was sentenced by U.S. District Judge Paul G. Gardephe for conspiracy to …
J&J Must Pay $260 Million in Latest Talc Trial
Johnson & Johnson must pay $260 million to an Oregon woman who said she got mesothelioma, a deadly cancer linked to asbestos exposure, from inhaling the company’s talc powder, a jury found on Monday. The verdict in the 4th Judicial …
US Farmers Opt for Soy to Limit Losses as All Crop Prices Slump
Mark Tuttle planted more soy and less corn on his northern Illinois farm this spring as prices for both crops hover near three-year lows and soybeans’ lower production costs offered him the best chance of turning a profit in the …
Gang Member Who Led Violent Takeover of Fire Restoration Industry Sentenced
A gang leader who recruited other gang members and used violence, threats of violence, and extortion to take over the fire restoration business in New York City and defraud insurance companies has been sentenced to 12 years in prison. Jatiek …
Broker Verlingue Launches Dedicated Construction Practice in UK
Chartered insurance broker Verlingue Ltd. has established a new dedicated construction practice to serve the UK’s fast-growing construction industry. The practice, led by Harvey Monk, sales director South, brings together a team of specialists from across Verlingue in one streamlined …
Regulators Raid Toyota Offices Over Safety Scandal, Sending Stock Down
Toyota Motor Corp. and other carmakers embroiled in a fresh certification scandal halted shipments of a handful of models and saw their offices raided by government officials, but the impact on their customers and operations appears to be limited. Honda …
Increased NFIP Discounts Coming to East Baton Rouge
In Louisiana, East Baton Rouge Parish residents and business owners will be eligible for an increased discount on their flood insurance premiums this fall. According to a press release from the City of Baton Rouge, beginning Oct. 1, homeowners and …
Russian Oil Finds New Site for Controversial Cargo Switching
Under pressure from Greece’s navy, traders of Russian oil have found a new place to switch cargoes of crude in the Mediterranean sea, a sign of how hard it will be to clamp down on an activity that has alarmed …
Canadian Billionaire Prem Watsa to Step Down as Chairman of Fairfax India
Fairfax India Holdings Corp. on Monday said Prem Watsa, popularly known as “Canada’s Warren Buffett,” will step down as the investment firm’s chairman. He will be replaced by his son Benjamin Watsa, effective July 1, as chair but will continue …
AXA XL Realigns Operations in the Americas; Redundancies Caused by Moves
AXA XL said it streamlined its underwriting operations in the Americas, which will now be three segments—large commercial, middle-market and professional. The realignment is “resulting in redundancies,” confirmed a company spokesperson via email. “We’ll work closely with all impacted colleagues …
Judge Lets More Than 70,000 Zantac Lawsuits Go Forward
A Delaware judge has allowed more than 70,000 lawsuits over discontinued heartburn drug Zantac to go forward, ruling that expert witnesses can testify in court that the drug may cause cancer. The ruling on Friday by Judge Vivian Medinilla of …
US Cyber Chief Sees ‘Very Aggressive’ Chinese Hacking Strategy
A top US spy chief said China is increasingly using its companies to find vulnerabilities in their own computer networks and then tapping that knowledge to target foreign nations and industries. “We’re really seeing China be very aggressive,” General Timothy …
People Moves: InsureTrust Names Kozel Senior VP
InsureTrust, an Atlanta-based specialty broker specializing in cyber risk, has named Sonja Kozel as senior vice president. Kozel, with 10 years in the business, previously led sales for Cowbell, a cyber insurance company, and for Markel Specialty. She graduated from …
Tallahassee Mayor Says Tornado Costs Now Top $50 Million
TALLAHASSEE, Fla. (AP) — Recovery from a May 10 tornado outbreak has cost Florida’s capital city $50 million so far, Tallahassee Mayor John Dailey said Friday. Florida officials have requested that the Federal Emergency Management Agency declare a major disaster, …
New Hampshire Won’t Reinstate License of Trucker Acquitted in Deadly Crash
New Hampshire safety officials last Thursday upheld the license suspension of a commercial truck driver who was acquitted in the 2019 deaths of seven motorcyclists but said another hearing will be held to determine how long the suspension will last. …
Oregon Utility Regulator Rejects PacifiCorp Request to Limit Liability in Wildfire Suits
Oregon utility regulators have rejected a request from PacifiCorp that sought to limit its liability in wildfire lawsuits. Under the proposal, PacifiCorp would only have been responsible for paying out actual economic damages in lawsuit awards. The company submitted the …
University to Pay $9 Million Over Campus Shooting That Killed 3, Wounded 2
The University of Virginia will pay $9 million in a settlement related to a 2022 campus shooting that killed three football players and wounded two students, a lawyer representing some of the victims and their families said last Friday. But …
People Moves: IMA Financial Group Adds Hennessey as EVP, Regional Sales Leader
IMA Financial Group, Inc. named Matt Hennessey executive vice president, Pacific Northwest region sales leader of Parker, Smith & Feek. Hennessey will be based in Seattle and work out of the Bellevue office. Hennessey has nearly 30 years of insurance …
AccuWeather: Year’s First Big Heatwave Raises Wildfire Risk in West
Severe heat will raise the risk of brush and grassfires from central and northern California, also bringing a moderate to and high risk of wildfires in parts of Arizona and New Mexico, a forecast out on Monday shows. The first …
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