Bristol Myers reaches $239 million settlement over psoriasis, MS drugs
Bristol Myers Squibb reached a $239 million settlement of claims that former Celgene shareholders were defrauded about prospects for the psoriasis drug Otezla, and multiple sclerosis treatment now known as Zeposia.
Texas Mutual appoints Prateek Sangal COO
Texas Mutual Insurance on Tuesday announced that Prateek Sangal has taken on the role of chief operating officer.
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Truck driver can’t be compelled to arbitrate injury claims
A Texas appellate court ruled that a truck driver could not be compelled to arbitrate his personal injury claims against his employer, which opted not to carry workers compensation coverage.
AIG reports profit increase in busy third quarter
American International Group reported higher profits on lower catastrophe losses for the third quarter, during which it also announced two significant transactions.
Administrator launches exec liability coverage for small businesses
Diamond Head Specialty Underwriting, a program administrator that provides tailored executive liability coverage for small businesses and executives, launched Wednesday.
Marsh Japan acquires Mitsubishi Electric’s insurance subsidiary
Marsh Japan has completed its acquisition of Tokyo-based Mitsubishi Electric Insurance Service Company Ltd. from Mitsubishi Electric Corporation, Reinsurance News reported. The subsidiary has been renamed MEIS Insurance Services Inc. and is now a wholly owned unit of Marsh Japan.
Typhoon Kalmaegi causes mass destruction
Flooding from Typhoon Kalmaegi swept away cars and shipping containers and destroyed small buildings across the central Philippines, leaving streets coated in thick mud and debris, BBC reported. Entire towns on Cebu, the country’s most populated central island, were inundated and rescue crews struggled to clear blocked roads. Authorities said more than 400,000 people have […]
Greenlight Re’s premiums rise 9%
Cayman Islands-based Greenlight Capital Re Ltd.’s gross premiums written rose 9% to $184 million in the third quarter from the same period the year prior, Reinsurance News reported. Net underwriting income grew to $22 million, up from $6 million a year earlier, while the combined ratio improved to 86%. In the first nine months of […]
Postlewhite appointed Conduit’s new CUO
Bermuda-based Conduit Holdings Ltd. has appointed Stephen Postlewhite as chief underwriting officer effective Jan. 26, The Royal Gazette reported. Postlewhite brings nearly 30 years of experience, including time as a partner at U.K. firm McGill and Partners Ltd. and global chief underwriting officer and managing director at QBE Re (Europe) Ltd. in London.
Data of 1.5 million people leaked in software breach
Sweden-based IT systems supplier Miljödata AB, which services roughly 80% of Sweden’s municipalities, suffered a cyberattack that exposed data of up to 1.5 million people, BleepingComputer reported. The attackers demanded payment and later leaked the information on the dark web, including names, contact details, government IDs and dates of birth.
Marsh names new CEO for Middle East and Africa
U.S.-based Marsh & McLennan Companies Inc. has appointed Andrea Bono as chief executive officer for the Middle East and Africa, effective January 2026, Middle East Insurance Review reported. Bono joined Marsh in 2010 and has held senior leadership roles in Italy and the Eastern Mediterranean, most recently serving as CEO of both Marsh McLennan Italy […]
Insurers’ profitability to decline after strong results: Report
Australia-based Finity Consulting Pty Ltd. said industry profitability in the country is expected to ease after general insurers posted a 19% return on equity in the 2024-2025 financial year, the strongest result in a decade, Insurance News reported. The firm predicts return on equity will drop to 13% this year as premium growth moderates and […]
IAG starts search for new New Zealand CEO
Insurance Australia Group Ltd. said its New Zealand chief executive Amanda Whiting will leave the role and return to Australia for family reasons, and a recruitment process for her successor has begun, Insurance News reported. Whiting will continue leading the New Zealand business until a replacement is appointed to ensure a smooth transition. She has […]
Tanker attacked in first Somali pirate strike of the year
Armed assailants attempted a boarding attack on a Cayman Islands-flagged chemical tanker off the coast of Mogadishu in Somalia, marking the first suspected merchant-vessel pirate strike in the region since May 2024, Arab News reports, citing Reuters. Bermuda-based operator Stolt-Nielsen Ltd. confirmed the attempted attack on its vessel was unsuccessful after their onboard armed security […]
Marks & Spencer gets $130 million in insurance from cyberattack
British retailer Marks & Spencer said it will have fully recovered from April’s cyber hack by March next year, forecasting second half profit “at least” in line with last year after it slumped 55.4% in the first half.
Insurtech Exzeo raises $168 million in IPO
Insurance technology firm Exzeo Group raised $168 million in its U.S. initial public offering on Tuesday, pricing its shares within its marketed range and becoming the latest insurance company to proceed with its listing plans.
Court’s decision on firefighter’s PTSD sheds light on traumatic incident doctrines
Experts say a Pennsylvania appeals court decision that granted workers compensation benefits to a firefighter with post-traumatic stress disorder brought to the forefront the issue of what passes muster as an incident that can cause a mental injury.