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News – Insurance Journal

Aviva in Talks to Sell Units in France, Poland and Italy, CEO Confirms

30 Nov 2020 13:05


Aviva Plc Chief Executive Officer Amanda Blanc confirmed the company was in talks to sell units in France, Poland and Italy as part of her overhaul of the insurance giant. The company is still in the “early stages for considering …


Latest Tesla Safety Probe Involves 115,000 Vehicles Over Front Suspension

30 Nov 2020 13:05


The U.S. National Highway Traffic Safety Administration (NHTSA) on Friday said it had opened a formal investigation into around 115,0000 Tesla vehicles over a front suspension safety issue. The auto safety regulator said it was opening a preliminary evaluation into …


Q&A on Mental Health Issues Among Employees and How AI Might Help

30 Nov 2020 12:57


We are all familiar with the challenges of 2020, but we may still be underestimating how deep and wide they go. Seven in 10 employees say this has been the most stressful year of their working lives, according to a …


Ant Group’s Massive, Suspended IPO May Not Be Revived Until 2022

30 Nov 2020 12:08


The chances that Jack Ma’s Ant Group Co. will be able to revive its massive stock listing next year are looking increasingly slim as China overhauls rules governing the fintech industry, according to regulatory officials familiar with the matter. Ant …


Lloyd’s Gets Nod to Transfer European Policies to Lloyd’s Europe in Time for Brexit

30 Nov 2020 11:39


Lloyd’s, the world’s leading insurance and reinsurance market, has received final approval from the High Court of England and Wales to transfer policies in the European Economic Area to Lloyd’s Insurance Co. SA (Lloyd’s Europe), with its registered office in …


HDI Global Specialty Renews Agreement with German MGA AMANIKI

30 Nov 2020 11:12


HDI Global Specialty SE has announced the renewal of its underwriting agency agreement with German M&A insurance specialist MGA, AMANIKI. The agreement also sees AMANIKI move from a co-insurance panel of capacity providers to a 100% exclusive binder with HDI …


Ki Syndicate 1618 Binds 1st Risk with AmWINS’ Broking Unit THB

30 Nov 2020 10:37


Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, announced it has bound its first risk with THB, the International broking arm of global specialty wholesale broker, AmWINS Group Inc. The risk was bound by Ki on its Lloyd’s …


AXA Sells Persian Gulf Business for $269 Million to Kuwaiti-Based Group

30 Nov 2020 09:35


AXA SA sold its Persian Gulf business for $269 million to a Kuwait-based group, as the French insurance giant shifts its focus and exits some overseas investments to shore up its finances amid the coronavirus pandemic. The Paris-based insurer said …


Vienna Insurance Bolsters Position in E. Europe with Purchase of Aegon Unit

30 Nov 2020 09:22


Vienna Insurance Group AG bolstered its position as the biggest insurer in central and eastern Europe by agreeing to buy Aegon NV’s business in the region and in Turkey for 830 million euros ($990 million), outbidding NN Group NV and …


Europeans Buy Older Cars to Avoid Public Transport During Pandemic

30 Nov 2020 09:06


LONDON/MADRID – Want a cheap used car to nip around town without running the gauntlet of coronavirus on public transport? Welcome to Pandemic Motors, we have just what you need. Across Europe, people are snapping up old bangers, clunkers, Klapperkasten, …


Insurers Winning Most, But Not All, Covid-19 Business Interruption Lawsuits

30 Nov 2020 06:00


In the multibillion-dollar fight over insurance coverage for pandemic-related business losses, a Florida gynecologist succeeded where more than a dozen professional baseball teams and an iconic Hollywood restaurant failed. Since Covid-19 sparked government-ordered shutdowns in March, judges have dismissed more …


Meatpacking Plants Linked to Up to 8% of Early U.S. COVID Cases

27 Nov 2020 06:00


As many as one in 12 cases of Covid-19 in the early stage of the pandemic in the U.S. can be tied to outbreaks at meatpacking plants and subsequent spread in surrounding communities, according to a study. The findings highlight …


Nevada Supreme Court Rules Undocumented Injured Worker Can Get Benefits

25 Nov 2020 21:03


The Nevada Supreme Court has ruled that an undocumented worker is entitled to permanent disability. The court ruled on Nov. 23 that an undocumented worker suffering trauma due to a workplace accident is entitled to permanent total disability, despite a …


California OKs Workers’ Comp Advisory Rates, No Virus Adjustment for Now

25 Nov 2020 19:11


California Insurance Commissioner Ricardo Lara has adopted and issued a revised average advisory pure premium rate, lowering the benchmark to $1.45 per $100 of payroll for workers’ compensation insurance, effective Jan. 1, 2021. This marks the tenth consecutive reduction to …


Louisiana School Superintendents Seeking Looser Quarantine Rules

25 Nov 2020 17:31


Leaders of several Louisiana public school systems have called on state officials to relax coronavirus quarantine rules that have sent thousands of students home from school because they have been in close proximity to someone who tested positive for COVID-19. …


Texas Proposes Changes to Agent, Adjuster CE Requirements

25 Nov 2020 17:25


Texas is proposing changes to continuing education (CE) requirements for agents and adjusters, and is seeking comments on the proposals. Among the CE changes proposed by the Texas Department of Insurance are: An expanded list of approved course topics. Allowing …


Next Virus Shutdown May Cost Washington Restaurants $800M

25 Nov 2020 15:20


A four-week shutdown on indoor service at restaurants and bars prompted by an alarming statewide spike in COVID-19 cases is expected to cost the industry some $800 million, a representative said Monday. Anthony Anton, chief executive of the Washington Hospitality …


AIA Cuts Coal Investments as Scrutiny Grows on Financial Firms’ Carbon Assets

25 Nov 2020 15:18


AIA Group Ltd. said it’s paring coal-related investment as financial firms globally face pressure to reduce their carbon assets. The Hong Kong-based insurer said it decided to end all direct equity investments in coal mining and coal-fired power producers earlier …


PrimeOne Insurance Co. in Utah Has Ratings Outlooks Revised to Stable

25 Nov 2020 15:15


AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of PrimeOne Insurance Co. in Salt Lake City, Utah. The Credit Ratings reflect …


California Regulator Raising Concern with PG&E’s Wildfire Safety Measures

25 Nov 2020 15:11


The California Public Utilities Commission has raised concerns over certain deficiencies that it says could affect PG&E Corp.’s ability to provide safe and reliable service, the power provider disclosed in a regulatory filing on Wednesday. The regulator, in a letter …


Established Insurers Could See Market Share Squeezed by Fintechs, EU Says

25 Nov 2020 14:56


Established insurers will face a squeeze on profits and market share as new financial technology companies muscle in on the industry, a senior European Union official said on Wednesday. More fintech firms are expected to offer insurance, helped by the …


Private Equity Investors Pelican Ventures, J.C. Flowers Complete Ariel Re Deal

25 Nov 2020 14:43


Private equity investors Pelican Ventures and J.C. Flowers & Co. have completed their acquisition of Ariel Re from Argo Group. Ariel Re underwrites a global portfolio of reinsurance products in Bermuda, London and Hong Kong through its Lloyd’s platform. Under …


Starbucks Barista Who Declined to Wear Gay Pride T-Shirt Sues Over Firing

25 Nov 2020 14:22


A former Starbucks Corp. barista in New Jersey sued the coffee chain on Thursday, claiming she was fired illegally because she did not want to wear a “PRIDE” T-shirt, which she said conflicted with her religious beliefs. Betsy Fresse said …


Brokerslink, Swiss Re Collaborate on Int’l Program Administration Platform

25 Nov 2020 13:50


Global broking business Brokerslink has launched a dedicated international insurance programme management platform to drive the continued growth and digitalization of its international portfolio across the organisation’s broker network. Called Space B IPA (International Programme Administration), the platform has been …


UK Insurer and Roadside Recovery Firm, AA Plc, Accepts Private Equity Offer

25 Nov 2020 13:32


British roadside recovery company AA Plc agreed a sale to private equity groups Warburg Pincus International and TowerBrook Capital Partners on Wednesday, in a deal that digs a popular UK institution out of financial problems deepened by the coronavirus pandemic. …


Road Rage Lawsuit Has Implications for Police Shootings: Opinion

25 Nov 2020 13:30


Can you be fired from a government job for using a firearm in self-defense? That question arose in a recent decision by the U.S. Court of Appeals for the Seventh Circuit. The answer was … equivocal. Let’s first be clear …


Top Biden Tech Advisor Is Critic of Internet Firms; Helped Craft California Privacy Law

25 Nov 2020 13:19


President-elect Joe Biden’s top technology adviser helped craft California’s landmark online privacy law and recently condemned a controversial federal statute that protects internet companies from liability, indicators of how the Biden administration may come down on two key tech policy …


Brexit Trade Talks Make ‘Genuine Progress,’ but Risk of No Deal Remains

25 Nov 2020 13:10


The head of the European Union’s executive on Wednesday reported “genuine progress” in Brexit talks but said the risk of Britain leaving the EU without a new trade deal on Dec. 31 remained, an outcome she said the bloc was …


COVID-19 Vaccines Could Be Sent to States Within 24 Hours of FDA’s OK: Official

25 Nov 2020 13:05


The first Americans could receive a COVID-19 vaccine as soon as Dec. 11, the chief scientific adviser for the U.S. government’s vaccine program said on Sunday. “Within 24 hours from the approval, the vaccine will be moving and located in …


Home Depot to Pay $17.5 Million to Settle With States Over 2014 Data Breach Claims

25 Nov 2020 12:57


Home Depot Inc., the largest U.S. home improvement retailer, on Tuesday reached a $17.5 million settlement to resolve a multistate probe into a 2014 data breach where hackers accessed payment card data belonging to 40 million customers. The settlement with …

        
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