Aflac investigating possible data leak after cyberattack
Health and life insurer Aflac said Friday it is investigating a breach on its U.S. network that may have exposed customers’ personal information, making it the latest insurance provider to be targeted in a cyberattack.
$177 million AT&T data breach settlement wins US court approval
A U.S. judge granted preliminary approval Friday to a $177 million settlement that resolves lawsuits against AT&T over breaches in 2024 that exposed personal information belonging to tens of millions of the telecom giant’s customers.
Workplace perk could go cold with tax-law change
A change in tax law may make companies rethink free food and drinks to entice workers, according to The Washington Post.
ICW Group launches specialty unit, names Tracey Estes CUO
ICW Group Insurance Cos. on Friday announced the launch of ICW Specialty, and the appointment of Tracey Estes as the unit’s chief underwriting officer.
Concert Group adds role for exec
Fronting insurer Concert Group Holdings Inc. on Thursday named Kenneth Carter chief risk officer in addition to his existing role as chief claims officer.
Oklahoma reduces second injury fund assessment rate
The Oklahoma Workers’ Compensation Commission announced that the assessment for the Multiple Injury Trust Fund will drop to 6.29% from 7%, effective July 1.
Rio Tinto reaches $138.8 million settlement over Mongolian mine
Rio Tinto agreed to pay $138.8 million to settle a lawsuit that accused the Anglo-Australian mining giant of defrauding investors by concealing problems with its $7 billion underground expansion of the Oyu Tolgoi copper and gold mine in Mongolia.
Ex-state trooper charged with comp fraud
A former state trooper has been arrested and charged with fraudulently collecting more than $8,000 in workers compensation benefits while employed by the Connecticut Department of Emergency Services and Public Protection.
Insurance costs nearly double for ships in the Middle East
Insurance costs for ships passing through the Strait of Hormuz, between the Persian Gulf and the Gulf of Oman, have surged over 60% since the Israel-Iran conflict began, YemenOnline reports, citing Financial Times. According to U.S.-based Marsh & McLennan Companies Inc., the cost of hull and machinery insurance has increased from 0.125% to about 0.2% […]
Newpoint Re’s premiums jump 60%
Saint Kitts and Nevis-based Newpoint Reinsurance Company Ltd. reported that written premiums surged to $400 million in 2024 from $249 million the year prior, Reinsurance News reported. Net income doubled to $8 million in 2024, up from $4 million in 2023. The firm maintained a combined ratio of 85%.
Hurricane won’t trigger $175M cat bond
Hurricane Erick made landfall in Oaxaca, Mexico, with sustained winds of 125 miles per hour, but it does not meet the threshold for a payout from the World Bank’s $175 million catastrophe bond for Pacific coast storms, Artemis reported. The parametric bond would only trigger if the storm’s pressure had reached 927 millibars or […]
Cyclone claims near $1 billion
Insurers participating in Australia’s cyclone reinsurance pool have reported more than 68,000 claims related to cyclone Alfred, with estimated insured losses reaching 1.4 billion Australian dollars ($940 million) as of June 16, Asia Insurance Review reported. Most claims involve property damage and food spoilage caused by severe winds, fallen trees and water ingress.
Clear Group buys British counterpart
U.K.-based Clear Group Holdings Ltd. has acquired C.R. Toogood Holdings Ltd., a commercial insurance broker based in East Horsley, Surrey, a county in southeast England, Insider Media reported. The deal, which also includes the trade and assets of affiliated firms Crisp Specialist Risks Ltd. and Lanning Toogood Ltd., expands Clear’s regional presence and adds gross […]
Howden names new Belgium CEO
U.K.-based Howden Group Holdings Ltd. has appointed Patrick De Baets as chief executive officer of its Belgium operations, effective immediately, Reinsurance News reported. De Baets brings over 30 years of industry experience, having previously led Foyer Assurances SA’s Belgian unit and served as CEO of Belgium-based Touring Assurances SA and BNP Paribas Cardif SA. His […]
Aircraft lessor ruling could have widespread insurer implications
A recent ruling by the High Court of Justice in London in favor of aircraft lessors in selected Russia-Ukraine war risk insurance cases could have significant implications for global insurers and reinsurers, according to Canada-based Morningstar DBRS, Reinsurance News reported. The judgment affirms a broad interpretation of “seizure” and “confiscation,” increasing the likelihood of further […]
Asia’s construction casualty market stays on course: Aon
Asia’s construction casualty insurance market remains stable, with adequate capacity and modest risk-adjusted rate reductions – typically between flat and -10%, according to a report by Aon plc, Insurance Asia reported. While softer markets like Korea and China are seeing premium declines, Japan’s market continues to harden.
SiriusPoint expands MGA partnership into continental Europe
Bermuda-based SiriusPoint Ltd. has expanded its partnership with Denmark-based managing general agent DUPI Underwriting Agencies Nordics AS into Continental Europe, Reinsurance News reported. The alliance, originally focused on brown water hull coverage in Nordic countries, now extends to specialty marine risks across a broader European footprint.
National disaster declared as floods wreak havoc
South Africa has declared a national state of disaster following severe flooding that damaged critical infrastructure across multiple provinces, The Associated Press reported. Heavy rains caused widespread destruction to roads, homes, schools and essential services, particularly in flood-prone and poorly built areas, and displaced thousands with at least 92 casualties.
The BI Top 10: Week of June 16, 2025
A story on MMA leadership appointments was our most popular this week.
Hurricane Erick leaves trail of damage
Erick weakened to a tropical storm after making landfall as a major hurricane on Mexico’s southern Pacific coast on Thursday, leaving flooded streets, damaged boats and buildings in Oaxaca as authorities warned of dangerous rains.