AIG General Insurance Chairman McElroy to Retire May 1
American International Group (AIG) today announced a top executive will retire in less than two weeks. David McElroy will retire from AIG on May 1. “Mr. McElroy has agreed with AIG to accelerate his...
View ArticleWells Fargo Bond Saleswoman Sues Over ‘Unapologetically Sexist’ Workplace
Wells Fargo was accused of sex discrimination in a lawsuit by a bond saleswoman who said the fourth-largest U.S. bank denied pay and promotions available to men and tolerated an “unapologetically...
View ArticleFTX Investors Settle With Bankman-Fried to Pursue Promoters
A group of FTX investors and customers has agreed to drop their claims against co-founder Sam Bankman-Fried in exchange for his cooperation against other defendants in a sprawling set of lawsuits over...
View ArticleChubb to Acquire MGA Healthy Paws From Aon
Chubb said it is acquiring managing general agent Healthy Paws from Aon plc. Whitehouse Station, New Jersey-based Chubb has been the exclusive underwriter of Healthy Paws’ pet insurance program for Aon...
View ArticlePoll: Climate Change Concerns Grow, but Few Believe Biden’s Climate Law Will...
A poll from the Associated Press-NORC Center for Public Affairs Research shows 45% of U.S. adults say they have become more concerned about climate change over the past year (six-in-10 Democrats and...
View ArticleSanofi to Pay $100 Million to Settle Zantac Cancer Lawsuits
Sanofi will pay more than $100 million to settle about 4,000 lawsuits accusing the French drugmaker of failing to warn users that its Zantac heartburn medicine could cause cancer, according to people...
View ArticleW.R. Berkley Reports 50.4% Increase in Q1 Net Income
First quarter net income at W.R. Berkley Corp. increased about 50% compared to the same period the prior year to about $442.5 million on pretax underwriting income growth of 31.8% to $309 million. The...
View ArticleOPTIS: Insurance Agency M&A Down 18% in Q1 2024
The first quarter of 2024 was the slowest for insurance agency mergers and acquisitions since the middle of the pandemic, according to investment banking and financial firm OPTIS Partners. OPTIS...
View ArticleRisk Perception Drops After Hurricanes: Study
As time passes after hurricanes, new analysis by Stanford University researchers shows perception of personal risk, including the likelihood of injury and home damage, decline. The findings suggest...
View ArticleWhat to Know About New Rights for Pregnant Workers
Pregnant employees have the right to a wide range of accommodations under new federal regulations for enforcing the Pregnant Workers Fairness Act that supporters say could change workplace culture for...
View ArticleChubb Records 13.3% Uptick in Q1 Net Income on Underwriting
Chubb started 2024 off with first quarter net income up 13.3%, compared to the same time a year ago, to about $2.1 billion. The first three months of 2024 followed a year Chubb CEO Evan G. Greenberg...
View ArticleUnitedHealth Says Hackers Possibly Stole Large Number of Americans’ Data
UnitedHealth Group said on Monday that hackers stole health and personal data of potentially a “substantial proportion” of Americans from its systems in February, as the largest U.S. health insurer...
View ArticleCEO Viewpoint: Unlocking the Potential of Generative AI in Insurance
Generative artificial intelligence (AI) has sparked a lot of interest from insurers and reinsurers because of its potential to revolutionize innovation, cut costs and improve the customer experience....
View ArticleJury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
Zurich North America was ordered by a California jury to pay three former employees a total of about $80.2 million to end a wrongful termination case earlier this month. Melinda Brantley, Nicholas...
View ArticleJury Weighing Military Contractor’s Claim of Immunity for Abu Ghraib Abuse
A lawyer for the military contractor being sued by three survivors of the notorious Abu Ghraib prison in Iraq told jurors Monday that the plaintiffs are suing the wrong people. “If you believe they...
View ArticleChamber of Commerce Sues to Block FTC’s Non-Compete Ban
Business groups led by the US Chamber of Commerce sued the Federal Trade Commission Wednesday seeking to block a rule finalized this week that would outlaw non-compete provisions that prohibit workers...
View ArticleBerkley CEO: Property E&S Momentum Slows but ‘Some More Hay’ to Be Made
When it comes to observations of the excess and surplus lines market, there is a difference between the momentum of liability and property lines, said W.R. Berkley CEO W. Robert Berkley, Jr. Addressing...
View ArticleMarsh McLennan Agency to Buy Fisher Brown Bottrell for About $316M
Marsh McLennan Agency, a subsidiary of Marsh, said it has a definitive agreement to acquire one of the largest agencies in the Southeast—Fisher Brown Bottrell Insurance, Inc. Marsh McLennan Agency will...
View ArticleGM Ends OnStar Driver Safety Program After Privacy Complaints
General Motors Co. has ended its OnStar Smart Driver program after customers complained it violated their privacy. OnStar had cut deals with LexisNexis and Verisk to share personal driving data as part...
View ArticleViewpoint: Insurers Face Added Role in Curbing Workplace Violence With...
New legislation aimed at reducing workplace violence in California vastly increases employers’ responsibilities and hands workers’ compensation insurers an unprecedented oversight role that is likely...
View ArticleMcKinsey Faces US Criminal Probe Over Opioids Work, Sources Say
McKinsey & Co is under criminal investigation in the United States over allegations that the consulting firm played a key role in fueling the opioid epidemic, with federal prosecutors homing in on...
View ArticlePeople Moves: Zurich NA Names Higginbotham Head of Pro Liability & Cyber; FM...
Zurich NA Names Higginbotham Head of Professional Liability & Cyber Zurich North America, headquartered in Schaumburg, Illinois, has named Kara Higginbotham as head of professional liability and...
View ArticleChubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
According to Chubb CEO Evan G. Greenberg, the insurance industry’s underwriting practices for a number of financial lines are “simply dumb.” In a call with analysts to discuss Chubb’s earnings for the...
View ArticleAon Completes $13B Acquisition of Middle-Market Broker NFP
Aon plc said late Thursday that it has completed its $13 billion acquisition of middle-market P/C broker NFP. The purchase price will be funded by $7 billion in cash and $6 billion of Aon stock....
View ArticlePrice or Safety? Priorities Change for Small Businesses After a Workers Comp...
Previous workers’ compensation claims can present an opportunity for agents serving small-business clients. The Hanover’s “2024 Small Business Risk Report: A Focus on Workers’ Compensation,” which...
View ArticleLockton Re: Hypothetical Cyber Event Offers Carriers an Opportunity to Review...
A simulated cyber catastrophe highlights the benefits and problems cyber insurance carriers will encounter as a result, according to a report released by Lockton Re. The report, “A Kaleidoscope of...
View ArticleUS Revives Net Neutrality to Establish Authority Over Internet
US regulators reinstated net neutrality rules that aim to ensure everything on the internet is equally accessible, reclaiming authority over broadband service and setting the stage for legal...
View ArticleReport: Cybercrime ‘A Thriving Business’ as US Claims Frequency Rises
Cyber claims frequency in the U.S. rose 13% last year, a new report shows. According to Coalition’s 2024 Cyber Claims Report, released this week, cybercrime is “a thriving business that adversely...
View ArticleBan on Worker Noncompetes Faces Uphill Legal Battle
The U.S. Federal Trade Commission’s ban on “noncompete” agreements commonly signed by workers is likely vulnerable to legal challenges, experts said, as some courts have grown increasingly skeptical of...
View ArticleUS Probes Tesla Recall of 2 Million Vehicles Over Autopilot, Citing Concerns
U.S. auto safety regulators said Friday they have opened an investigation into whether Tesla’s recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is...
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