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News – Insurance Journal

Travelers Offers Artificial Intelligence for Companies to Assess Worker Safety

25 Sep 2020 12:26


The Travelers Companies said it has started using artificial intelligence to offer business customers virtual and onsite ergonomic assessments. Travelers claims to be the first insurance carrier to provide the service. According to the insurer, the new offering combines AI-based …


New Crash Test Dummy Is a 3-Year Old

25 Sep 2020 11:29


The National Highway Traffic Safety Administration has a new crash test dummy. Known as the Q3s, the new crash test dummy represents a 3-year-old child and is the first child side impact dummy in federal regulations. Q3 was specifically designed …


Swiss Re Announces Plans to Streamline Structure of Group

25 Sep 2020 07:19


Swiss Re announced further streamlining of the legal entity structure of the group. Following the announcement on June 19, 2020 that the Life Capital Business Unit will be disbanded, Swiss Re also intends to reorganize the legal entity structure of …


Formation of More ‘Class of 2020’ Reinsurers Unlikely

25 Sep 2020 06:03


The Class of 2020 already has a new member, but it’s not a true startup, the chair of the company said recently. Speaking at the KBW Insurance Conference in early September, Sid Sankaran, chair of Third Point Re, was referring …


What Ever Happened to Hedge Fund Reinsurers?

25 Sep 2020 06:02


The latest group of reinsurers to emerge in the Bermuda market is starting to look different. Even the name that once described the cohort has changed in the past five years. And at least one member of the group of …


Alabama City Officials Drop Chemical Contamination Lawsuit

25 Sep 2020 05:25


Officials in the northwest Alabama city of Guin have dropped a lawsuit against chemical giant 3M that alleged chemicals from its manufacturing plant had entered a creek that supplies drinking water to the community. The Guin Water works & Sewer …


A.J. Gallagher Alleges Alliant’s Poaching ‘Playbook’ Has Cost It Employees, Clients

25 Sep 2020 05:00


California-based insurance broker Alliant is again being sued over an alleged poaching scam, this time by rival Arthur J. Gallagher & Co. Gallagher claims Alliant, with assistance and capital from its private equity partner Stone Point Capital, has engaged in …


Lloyd’s CEO Neal Sees Appeal of COVID Business Insurance Ruling Coming

25 Sep 2020 05:00


Lloyd’s of London Chief Executive John Neal said on Thursday he expected a London judgment, which ordered some insurers to compensate struggling businesses for losses during the COVID-19 pandemic, to be appealed. London judges ruled that some of the world’s …


Court Nixes Opioid Proposal That Would Have Included Cities That Have Not Sued

25 Sep 2020 05:00


A federal appeals court on Thursday overturned a judge’s approval of a novel plan by lawyers representing cities and counties suing drug companies over the U.S. opioid crisis that would bring every community nationally into their settlement talks. The 6th …


Brazil’s State-Owned Caixa Again Postpones IPO of Its Insurance Unit

25 Sep 2020 05:00


Brazilian state-owned lender Caixa Economica Federal said on Thursday that it had indefinitely postponed plans for an initial public offering of its insurance unit Caixa Seguridade, the second time this year the high-profile deal has been put off. Caixa Economica …


Arch Forms Underwriting Partnership with ProHost for Restaurant Industry Program

25 Sep 2020 04:46


Arch Insurance has formed an underwriting partnership with ProHost USA, a Minneapolis-based insurance program administrator providing specialty packages to the restaurant industry. ProHost USA is part of Distinguished Programs, a national program administrator. Retail agents can now learn about and …


Chinese Companies Lag Far Behind in Climate Risk Disclosure

24 Sep 2020 23:00


A report on the current state of climate risk disclosures among the largest companies in China and the United States found that Chinese companies lag significantly behind their global peers in the S&P 500 in climate risk disclosures and need …


New York, California Could be Fastest Growing States for Renewables

24 Sep 2020 20:21


U.S. environmental policies will drive long-term demand for renewable energy, Moody’s Investors Service said in a new report. The report depicts a “a credit positive for renewable energy developers” in the U.S. despite a downturn in demand for electricity during …


Wisconsin Home Improvement Chain Appeals Jury Award for Woman’s Injury

24 Sep 2020 16:51


Menard Inc. is appealing a jury award to a woman who was injured when she fell over a flatbed cart at its store in Minot, North Dakota. A jury last year awarded nearly $40,000 to Darlene Johnson, plus about $145,000 …


North Carolina Governor to Ease Restrictions on Outdoor Venues

24 Sep 2020 16:49


College and professional sports teams in North Carolina may soon be allowed to host a few thousand fans in outdoor stadiums, Democratic Gov. Roy Cooper announced on Tuesday. If the state’s coronavirus numbers continue to improve or remain flat, Cooper …


Iowa Insurance Division Charges Trinity, Aliera Over Unauthorized Health Plans

24 Sep 2020 16:48


The Iowa Insurance Division’s Enforcement has filed charges against Trinity Healthshare Inc. and The Aliera Companies over offerings of unauthorized healthcare products. The department alleges that Trinity, purportedly operating as a health care sharing ministry, acted as an unauthorized insurer …


Wisconsin Says More Loan Money Available for Rebuilding Kenosha Businesses

24 Sep 2020 16:48


The state of Wisconsin is making more money available to help small businesses in Kenosha recover from damage during recent unrest over the police shooting of Jacob Blake, officials said. Gov. Tony Evers and the Wisconsin Economic Development Corporation said …


Texas Windstorm Insurer Seeks More Data on Rate Adequacy, Hurricane Modeling

24 Sep 2020 16:47


The Texas Windstorm Insurance Association’s actuarial and underwriting committee is seeking more data from TWIA staff and an actuarial consulting firm on rate adequacy and catastrophe modeling for potential hurricane losses. In a meeting on Sept. 22, the committee directed …


South Carolina Wood Pellet Plant Accused of Violating Clean Air Act

24 Sep 2020 16:43


Environmental groups threatened to sue a wood pellet factory on Tuesday, accusing it of releasing more than 100 tons of air pollution a year in violation of the Clean Air Act. A legal notice filed against Jasper Pellets says the …


NTSB: Loose Joint Caused Train Derailment that Killed Man in Texas

24 Sep 2020 16:23


A loose, improperly fastened rail joint led to a 2017 derailment in a North Texas rail switching yard that killed a worker, the National Transportation Safety Board has found. A misaligned rail joint allowed the flange of a freight car …


New Mexico Disabled Woman Getting $300K Settlement

24 Sep 2020 15:01


New Mexico State Police have reached a $300,000 settlement with a disabled woman who accused an officer of grabbing and handcuffing her after she refused to provide ID in 2016. Jessica Guttman claimed in her 2018 lawsuit that she and …


Oregon Businesses Threatening to Sue Over Virus Restrictions

24 Sep 2020 14:59


Several Oregon businesses have threatened a class action lawsuit against the state over COVID-19 restrictions implemented by Gov. Kate Brown to slow the pandemic. A lawyer representing the businesses argues that Oregon officials should draft a plan to compensate small …


Peak Re Appoints Pioneer’s Souter as Director of Markets for P/C Business

24 Sep 2020 13:55


Hong Kong-based Peak Re announced the appointment of Andrew Souter as director of markets responsible for developing the company’s property/casualty reinsurance business. Souter brings with him 18 years of experience in the finance industry. He joins Peak Re from Pioneer …


Ant Group Eyes Raising $17.5 Billion via Hong Kong IPO Without Cornerstone Investors

24 Sep 2020 13:46


China’s Ant Group plans to raise about half of its $35 billion dual listing via the Hong Kong leg, without setting up a cornerstone tranche and betting on strong demand from institutional investors even without lock-up commitments, sources said. Backed …


Most Important Climate Pledges Aren’t the Splashy Ones

24 Sep 2020 13:20


It’s Climate Week in New York, which brings with it a raft of announcements from companies outlining their new decarbonization targets and clean investment strategies. Some of the declarations are hefty, like Walmart Inc.’s plan to reach zero emissions across …


Mutual Insurer Group NAMIC Names Merchants Mutual’s Zak as Chair

24 Sep 2020 12:39


The National Association of Mutual Insurance Companies welcomed its new chairman – Robert Zak, president and chief executive officer of Merchants Mutual Insurance Co. – this week during its all-virtual 125th annual convention. Zak, a 35-year mutual insurance industry veteran, …


More Firms Turning to Insurance Captives in Tightening Market: Marsh

24 Sep 2020 12:28


More organizations are using captives for insurance protection and financial flexibility in response to today’s risk and insurance landscape. In its 2020 captive report, insurance broker Marsh says that that tightening global insurance market conditions throughout 2019 led to higher …


Next Insurance Attracts $250M in New Financing; Its $631M to Date Beats Lemonade

24 Sep 2020 12:09


Next Insurance secured another $250 million in financing designed to fuel continued national expansion of its digital small business insurance offerings. CapitalG, Alphabet/Google’s independent growth fund, led the Series D round. But existing investor Munich Re Group also participated in …


As Wildfires Spread, Public Safety Tech Startups Lack Venture Capitalists’ Backing

24 Sep 2020 11:44


Silicon Valley’s innovation engine has been slow to produce useful new tools to help firefighters like Dave Winnacker extinguish the deadly blazes that each year fill California’s skies with smoke. Winnacker, a fire district chief who led a team against …


SEC Toughens Rules on Shareholder Proposals

24 Sep 2020 11:27


The U.S. Securities and Exchange Commission (SEC) voted 3-2 on Wednesday to make it tougher for shareholders to push companies on issues such as climate change, social justice and diversity, with Democratic commissioners dissenting against the move. The rule, first …

        
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