Howden hires former CAC Specialty exec as EVP, financial lines claims
Howden on Wednesday named former CAC Specialty executive Elizabeth Neumann as executive vice president, financial lines claims leader.
Ryan Specialty unit forms public sector MGU
Ryan Specialty Underwriting Managers, a division of Ryan Specialty, announced Wednesday it formed Ryan Specialty Public Entity, a managing general underwriter focused on the public sector.
Downturn in economy top near-term risk for US business leaders: Survey
Economic downturn remains the top near-term risk for U.S. business leaders, according to a World Economic Forum survey released Wednesday.
Baldwin CEO expects ‘meaningful momentum’ from proposed CAC buy
Baldwin Group CEO Trevor Baldwin expects to capture “meaningful momentum” from the broker’s planned acquisition of CAC Group.
Geopolitical tension, AI among emerging D&O risk sources
Geopolitical tensions, cyberattacks and risks related to artificial intelligence are emerging as new sources of liability claims against directors and officers, according to a report released Wednesday by Allianz Commercial.
Worker’s amputation from laceration infection compensable: judge
A Tennessee workers compensation judge has ordered a transportation company to pay nearly $750,000 in medical bills and provide ongoing care for a truck driver who lost his arm to a “flesh-eating” infection that began with a minor scratch suffered on the job.
Raccoon has wild night in liquor store
A raccoon was caught red-handed and three sheets to the wind after breaking into a liquor store in Ashland, Virginia, getting drunk and passing out in the bathroom.
Texas appeals court reverses rejection of worker’s petition
A Texas appellate court reinstated a worker’s challenge of a determination on the scope of her compensable injuries, finding that a trial judge erred in treating her petition as untimely.
Wrongful-death lawsuit in UPS cargo jet crash planned by victims’ families
Families of the victims of a UPS cargo jet crash plan to file a wrongful-death lawsuit on Wednesday, according to one of the law firms representing the victims.
Reinsurers expected to absorb most of Hong Kong fire losses
Most of the more than $200 million in losses from the deadly Wang Fuk Court apartment fire in Hong Kong is expected to fall to reinsurers, according to A.M. Best, Reinsurance News reported. Financial impact from the blaze is expected to affect multiple business lines including property, engineering and public liability.
Losses mount as floods grind supply chains to a halt
Mass flooding in Thailand’s south has nearly halted shipments of high-tech components and auto parts to Malaysia and could cause $400 million in losses per month if conditions persist, Claims Journal reports, citing Bloomberg. The Ministry of Commerce said Hat Yai has become a bottleneck as major roads are impassable and rail links still suspended, […]
Beazley upsizes cyber cat bond to $280 million
U.K.-based Beazley plc is increasing the size of its latest cyber catastrophe bond to $280 million, up from an initial $200 million target, Artemis reported. The transaction comprises three tranches of notes that attach at $1 billion and provide three years of per-occurrence, indemnity cyber reinsurance coverage.
Japan’s commercial insurance sector hardens
Japan’s major property and casualty insurers are imposing stricter underwriting terms on commercial policies as the market hardens, according to Aon plc, Insurance Asia reported. These insurers, which write 90% of the market, are raising prices, increasing deductibles and reducing limits for large property and liability placements. Some are adding exclusions for punitive damages, terrorism […]
Taiwan charges Tokyo Electron over trade-secret theft
Taiwanese prosecutors charged Tokyo Electron Ltd. for allegedly failing to stop employees from stealing trade secrets from rival Taiwan Semiconductor Manufacturing Company Ltd.’, Taipei Times reports, citing Bloomberg. The indictment follows charges against three individuals who allegedly conspired to steal intellectual property from the chipmaker.
South Korea pushes tougher penalties after e-commerce breach
South Korean President Lee Jae Myung called for tougher penalties for corporate negligence in data breaches after a leak at e-commerce giant Coupang Inc. exposed 33 million customers’ personal data, Reuters reported. Current law allows for fines of up to 3% of revenue, which could exceed 1 trillion Korean won ($680 million) for the company […]
Ukraine-linked hackers target Russian defense supply chain
Ukraine-linked hackers are increasing cyberattacks on Russian aerospace and defense-related companies to steal internal data, Cyber Security News reported. The operation has hit major contractors, logistics firms and suppliers, with stolen data exposing parts shortages, delivery delays and software flaws in Russia’s weapons production chain.
Brown & Brown unit Arrowhead names CEO for international
Arrowhead Intermediaries, a unit of Brown & Brown, announced Wednesday that it appointed Steven Beard, formerly with Charles Taylor, as CEO, International.
Rivian to recall nearly 35,000 US delivery vans over seat belt issue
Rivian Automotive is recalling 34,824 electric delivery vehicles in the U.S. as their seat belt system may fail to properly restrain the driver, increasing the risk of injury during a crash, the EV maker said in a filing with the U.S. National Highway Traffic Safety Administration on Tuesday.
COVID comp claims keep landing in courts, with trend seen continuing
Five years after the onset of the COVID-19 pandemic, workers compensation litigation over the virus continues to move through jurisdictions.