Ryan Specialty acquires MGUs from Ethos Specialty
Ryan Specialty Holdings Inc. announced Tuesday the acquisition of property/casualty managing general underwriters owned by Ethos Specialty Insurance LLC from Ascot Group Ltd.
Moody’s shifts outlook for global reinsurance sector to positive
Moody’s Investors Service Inc. Monday shifted its outlook for the global reinsurance sector to positive.
Alera Group President Jim Blue to be elevated to CEO
Alera Group said Tuesday that Jim Blue, president, will become CEO on Jan. 1, 2025.
Appeals court orders new trial in lung injuries from chemical exposure
The Ohio Court of Appeals on Tuesday vacated a judgment awarded to workers who allege they suffered lung injuries from exposure to the flavoring chemical diacetyl.
Zurich North America names regional executives
Zurich North America Tuesday promoted Ben Forster and Jana Maddox to regional executives for the insurer’s new East and South Central distribution regions, respectively.
HDI Global unit announces coverage program for real estate developers
HDI Global SE unit Falcon Risk Services announced Tuesday the launch of Falcon Cornerstone, an insurance program designed for real estate developers.
WTW announces Canopius-led E&S property facility
Willis Towers Watson PLC on Tuesday announced the launch of a facility led by Canopius U.S. Insurance Inc. providing up to $25 million in property capacity underwritten on its excess and surplus lines paper.
Warhol fakes pops family’s dream of selling $6 million in art: lawsuit
An obvious fake email address in a message to a Miami art gallery allegedly from the Andy Warhol Foundation was among the proof that a family had spent nearly $6 million in what they now believe to be fake Andy Warhol paintings, according to a report in the New York Times.
Comer accuses PBM leaders of perjury, threatens fines or jail time
House Oversight Committee Chairman James Comer, R-Kentucky, has accused the leaders of the three largest pharmacy benefit managers of lying during a July congressional hearing, threatening them with fines or jail time if they do not correct their statements by September 11, Healthcare Dive reports. Comer alleges that Patrick Conway (Optum Rx), Adam Kautzner (Express […]
Anthem fined $850,000 for denying gender-affirming care
Anthem Blue Cross has been fined $850,000 for illegally denying gender-affirming care, marking the California’s largest-ever penalty for such violations, Cal Matters reports. The insurer must now hire a dedicated case manager for gender dysphoria patients and review over 150 denied cases, most of which have already been reversed.
Health insurance rates to rise by 8.4% for small firms
Health insurance rates in New York will rise by an average of 8.4% for small group plans next year and 12.7% for individuals, lower than the nearly 19% and 17% increases insurers had sought, LoHud.com repots. State officials attribute the hikes to rising medical care costs, including hospital stays and drug prices, while maintaining insurers’ […]
Major drug distributors reach $300 million opioid settlement
The three largest U.S. drug distributors – McKesson Corp, Cencora Inc, and Cardinal Health Inc – have agreed to a $300 million settlement to resolve claims by health insurers and benefit plans that they contributed to the U.S. opioid epidemic, Reuters reports. This proposed class action settlement, disclosed in federal court in Cleveland, requires judicial […]
Employer-sponsored health plan costs rose 6.1% in 2023
Medical expenses for enrollees in fully insured employer-sponsored group health plans rose by 6.1% in 2023, reaching $472 per member per month, according to Mark Farrah Associates, BenefitsPro reports. This increase is higher than the 4.1% rise for managed Medicaid plans, but lower than the 8.5% surge for Medicare Advantage plans.
Home Depot sued for alleged misuse of 401(k) plan forfeitures
Home Depot Inc. is being sued by a former employee, Guadalupe Cano, for allegedly misusing 401(k) plan forfeitures to reduce employer contributions, violating the Employee Retirement Income Security Act, Plansponsor reports. The lawsuit, filed in U.S. District Court for the Northern District of Georgia, claims Home Depot failed to use forfeited funds for plan administrative […]
Santam’s net income jumps 34%
South African insurer Santam Ltd.’s net income grew by 34% year-on-year to 1.72 billion South African rand ($96.27 million) in the first half of this year, Moonstone reported. The insurer’s gross written premiums grew by over 8% compared to the year-ago period.
HP to pursue $4 billion lawsuit against late UK billionaire’s estate
U.S.-based Hewlett Packard Enterprise Co. said on Sept. 2 it will pursue a $4 billion legal claim against the estate of British tech billionaire Mike Lynch, who died when his yacht sank in a storm off Sicily in August, Reuters reported. HP is seeking compensation over its acquisition of Autonomy Corp., and has accused its […]
Global reinsurers show rising appetite for property cat risks: S&P
According to an S&P Global Ratings Inc., rising demand, higher pricing, and more favorable terms and conditions increased the appetite of reinsurance firms for property catastrophe risk, Asia Insurance Review reported. The rating agency noted that while reinsurers’ appetite for natural catastrophe risk has diverged in previous years, most of the 19 largest global reinsurers […]
Africa Re’s net income up over 75%
Nigeria-based African Reinsurance Corp.’s overall net income grew by over 75% year-on-year to $85.1 million in the second quarter of this year, Reinsurance News reported. The reinsurer’s net underwriting result increased by over 69% year-on-year to $54.04 million, while its gross written premiums increased by nearly 6% year-on-year to $558.7 million.
Cathay Pacific cancels 70 flights after engine component failure
Hong Kong’s flag carrier Cathay Pacific Airways Ltd. has canceled almost 70 flights since Sept. 2, including routes linking the region to Singapore, Sydney, Tokyo, Bangkok, Taipei, and Seoul, after a plane heading to Zurich was forced to turn around due to an engine problem, BBC reported. The firm said that after inspection of all […]
Tropical Storm Yagi wreaks havoc
Tropical Storm Yagi caused flooding and landslides that killed at least 14 people which swept in the Philippines’ Ilocos Norte province, Business Standard reported. The storm left thousands of travelers stranded after sea travel was temporarily halted in several ports and 34 domestic flights were suspended due to the extreme weather.