Former Florida Fire Captain Charged with Padding Living Expenses on Citizens Claim
A retired south Florida fire captain has been arrested for insurance fraud, charged with vastly overstating the number of nights he was forced to stay in a resort hotel while his home was under repair. Florida’s chief financial officer said …
Hiscox Appoints Plymouth Rock’s Boyd to US CEO
Hiscox appointed Mary Boyd CEO of its U.S. business unit to replace Kevin Kerridge, who is stepping down after 30 years in the business. Boyd, who will join specialist insurer Hiscox on June 24, was CEO of Plymouth Rock Assurance’s …
People Moves: Ames & Gough Adds Risk Strategies’ McGrath and Markel’s Stanchina
Virginia-based specialty insurance broker Ames & Gough has appointed Kevin McGrath as a client executive and vice president focusing on design firm clients. Based in Boston, McGrath began his career in insurance in 2014, serving as claims manager with Beazley …
Elon Musk Withdraws Lawsuit Against OpenAI
Billionaire entrepreneur Elon Musk on Tuesday moved to dismiss his lawsuit accusing ChatGPT maker OpenAI and its CEO Sam Altman of abandoning the startup’s original mission of developing artificial intelligence for the benefit of humanity and not for profit. Attorneys …
Insurance Helped 46,000 Indian Women Avoid Deadly Work During Heat Waves
In the city of Ahmedabad in western India, temperatures climbed above 43C (109F) every day between May 19 and May 25, creating deadly hot working conditions for many of the laborers who keep the local economy humming. For 40-year-old Lataben …
Massachusetts Town Loses $446,000 in Cyber Attack
The Massachusetts town of Arlington reports it has lost $445,945 in funds intended for a contractor working on a high school building project that were instead diverted to hackers orchestrating a wire fraud scam. Town Manager Jim Feeney alerted the …
Wyoming Pass Landslide Brings Mountain-Sized Headache to Commuting Tourist Town Workers
A landslide that wiped out a vital two-lane road in western Wyoming is causing a mountain of headaches for thousands of commuting tourist town workers at the outset of the Yellowstone region’s busy summer season. After the slide sent both …
Key Emerging Risks: Cascading Effects of Natural Disasters, Supply Chain Resilience
Key emerging risks facing global economies, businesses and the re/insurance industry include the cascading effects of natural disasters, the weakening resilience of supply chains and the repercussions of persistent underfunding of healthcare systems, according to Swiss Re’s 12th SONAR — …
Marsh McLennan Unit Mercer to Buy UK Pension Fund Manager Cardano
Insurance brokerage firm Marsh McLennan’s unit Mercer has agreed to buy Cardano, a London-based pension fund manager that oversees $66 billion of assets, to widen its foothold in the UK market. The deal, unveiled on Tuesday, will allow Mercer to …
Aon Launches $350M Insurance Program to Boost Capital Investments in Ukraine
Insurance broker Aon plc announced a $350 million, first-of-its kind insurance program with the U.S. International Development Finance Corporation, designed to build insurance capacity and accelerate new capital investment and economic recovery in Ukraine. As one of the largest global …
Carmakers Face UK ‘Dieselgate’ Lawsuits Worth at Least $7.6B, Lawyers Say
Some of the world’s biggest carmakers are facing 1.5 million lawsuits in Britain for allegedly cheating emissions tests that could cost them at least 6 billion pounds ($7.6 billion), claimants’ lawyers told London’s High Court on Tuesday. The claims, brought …
A London Hospital Is Asking Its Own Workers for Blood After Cyberattack
A London hospital, facing blood supply disruptions after a cyberattack last week paralyzed operations, is asking its own clinical workers for blood. King’s College Hospital is calling on staff with the blood type O to schedule donations, according to an …
P/C Insurers Record $9.3 Billion Q1 Underwriting Gain: AM Best
The U.S. property/casualty industry recorded a $9.3 billion net underwriting gain in the first three months of 2024, according to a recently published AM Best report. The gain marks a reversal of an $8.5 billion loss recorded in the same …
Hard-to-Come-By Trust Is Top Driver of Auto Insurance Customer Satisfaction: J.D. Power
Rate increases do not necessarily erode customer satisfaction with auto insurers, according to the J.D. Power 2024 U.S. Auto Insurance Study. The consumer intelligence company reported that when customers have a high level of trust in their insurer, customer satisfaction …
As Supreme Court Decisions Loom, a Legal Assault Is Weakening SEC’s Power
A legal assault on the U.S. Securities and Exchange Commission is chipping away at its powers to oversee Wall Street and is likely to intensify with two imminent Supreme Court rulings. A U.S. appeals court last week overturned a major …
Viewpoint: Why Insurers Should Have Confidence in Machine Learning Capability
Executive Summary: While insurance leaders plan to use machine learning capability in their pricing and underwriting processes, only a small proportion actually have embraced the technology. They need to take the next step because these are essential tools that will …
PointeNorth Acquires McCrary-Daniels in Georgia, its Fifth Expansion This Year
PointeNorth Insurance Group, one of the largest independent insurance agencies in the Southeast, has acquired McCrary-Daniels Insurance, based in Douglas, Georgia. It’s the fifth acquisition this year and the second in southern Georgia, PointeNorth officials said in a news release. …
Allied American Named Designated Claims Administrator for Lloyd’s
Allied American USA, a national claims management firm based in Tampa, is now a designated claims administrator for Lloyd’s of London. Allied, in business for more than 20 years, called the designation a “prestigious milestone,” allowing the firm to adjust …
California Is Sitting on Millions That Could Boost Wage Theft Response
As lobbyists for businesses and labor groups negotiate with Gov. Gavin Newsom’s administration on how to amend a unique California labor law that allows workers to sue their bosses, the two sides seem to agree on at least one puzzling …
Fatal House Explosion in Virginia Blamed on Man Igniting Gasoline
A man who died in a house explosion six months ago outside the nation’s capital deliberately detonated gasoline canisters in his basement that caused the blast, authorities said Friday. Arlington County police in Virginia went to the home of 56-year-old …
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