Boeing, Honeywell sued by Air India crash victim families
The families of four passengers who died in the June crash of Air India Flight 171 sued Boeing and Honeywell, blaming their negligence and a faulty fuel cutoff switch for the accident, which killed 260 people.
SEC hands victory to IPO issuers who want to avoid class-action lawsuits
A divided Securities and Exchange Commission on Wednesday handed a victory to companies that want to shield themselves from investor class action lawsuits, making it easier for firms seeking to go public to require that investors resolve claims of fraud or other false statements through arbitration rather than in court.
HDI hires former Everest exec as head of casualty
HDI Global Insurance, the U.S. carrier of specialty insurer HDI Global, on Wednesday named former Everest Insurance executive Bruce Griffin as head of casualty.
DOL cites contractor for fall hazards
The U.S. Department of Labor fined a Florida roofing contractor $752,846 for allegedly exposing workers to fall hazards by not requiring them to wear fall protection.
Comp rate hike proposed in Washington state
The Washington State Department of Labor and Industries is proposing to increase by 4.9% the average hourly rate employers and workers pay for workers’ compensation coverage.
Swedish Club partners with Ping An to expand in China
The Swedish Club has signed a strategic partnership with Ping An Property and Casualty Insurance Company of China Ltd. to expand its footprint in the Chinese market, ScandAsia reported. Announced on Sept. 15, the first partnership of its kind for The Swedish Club in China gives the marine insurer access to Ping An’s nationwide network […]
Jerusalem Insurance takes majority stake in Arabia Insurance Jordan
Jerusalem Insurance Company PSC has completed the acquisition of a 72% stake in Arabia Insurance Company Jordan PSC after securing regulatory approvals, Middle East Insurance Review reported. The two companies will merge under a unified structure and operations, aiming to improve service, optimize resources and enhance competitiveness in the local market.
Aggregate reinsurance makes cautious return as market softens
Property aggregate reinsurance is re-emerging after being largely unavailable since 2020 and may return more broadly at the Jan. 1 renewal season, though at higher attachment points and under stricter conditions, according to Arthur J. Gallagher (UK) Ltd., Artemis reported. The firm noted that expanded market capacity, supported by two years of strong underwriting profits […]
Shipowner detained over Beirut blast that killed hundreds
Bulgarian police have arrested Igor Grechushkin, a Russian businessman based in Cyprus, for possible extradition to Lebanon over his alleged role in the 2020 Beirut port explosion that killed more than 200 people, Hellenic Shipping News reports, citing Reuters. Grechushkin, who owned the ship that carried the explosive material, has been on Interpol’s wanted […]
Turkic World Insurance Union launched to build industry
The Turkic World Insurance Union with Azerbaijan, Turkey, Kazakhstan, Uzbekistan and Kyrgyzstan as founding members, Middle East Insurance Review reported. Hungary, Turkmenistan and the Turkish Republic of Northern Cyprus joined as observers. The union aims to foster cooperation in insurance and reinsurance through personnel exchanges, joint insurance and reinsurance pools, digitalization and technology transfer, particularly […]
Fidelis-backed MGA expands into surety and credit risk
U.K.-based Pine Walk Capital Ltd., a subsidiary of Bermuda firm The Fidelis Partnership, has launched Arenite Specialty, a managing general agent focused on surety and credit risk insurance, Reinsurance News reported. Arenite will initially target business in Australia, Asia-Pacific and Latin America under the leadership of Chief Executive Officer Teji Gobran.
Swiss Re sees consolidation ahead amid industry changes
Urs Baertschi, chief executive officer of property and casualty reinsurance at Switzerland-based Swiss Re Ltd., said further consolidation in the reinsurance sector is likely as climate risks and technology reshape the market, Reinsurance News reported. He noted that large reinsurers already account for a greater share of premium volume than a decade ago and expects […]
Allianz Trade appoints new CEO for Hong Kong, South Korea and Taiwan
France-based Allianz Trade has appointed Hassan Omaish as chief executive officer for Hong Kong, South Korea and Taiwan, effective Oct. 1, Insurance Asia reported. He succeeds Edmond Lee, who is retiring after 12 years with the company.
Miller Insurance rolls out parametric earthquake product
Specialty Program Group Canada Inc. has partnered with U.K.-based Miller Insurance Services LLP and NormanMax Syndicate 3939 to launch the first parametric earthquake insurance product for British Columbia, Canada, Artemis reported. The binder grants Specialty Program Group Canada full underwriting authority, allowing it to offer payouts triggered by pre-defined seismic intensities without the need for […]
Microsoft seizes 340 websites linked to growing phishing subscription service
Microsoft said on Tuesday it seized nearly 340 websites tied to a rapidly growing Nigerian-based service that allowed users to carry out phishing operations that stole at least 5,000 Microsoft user credentials.
Going public with a privacy test
The U.S. did the same this year as last in an online global test of cybersecurity and privacy awareness but fell in a world ranking.
Tesla settles two lawsuits on 2019 crashes related to Autopilot software
Tesla has reached confidential deals to resolve two lawsuits over deaths in two separate California crashes in 2019 involving the company’s Autopilot advanced-driver-assistance software, according to court documents.
Insurers boosting E&S investments
Insurers are ramping up their investments in the excess and surplus lines market as premium growth remains strong and demand rises for coverage of hard-to-place risks.