Wed.Nov 27, 2024

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Cyberattacks Cost UK Businesses £44 Billion During Past 5 Years, Howden Survey

Insurance Journal

Cyberattacks cost UK businesses approximately £44 billion (US$55.3 billion) in lost revenue over the past five years, according to research published by Howden, the London-based insurance intermediary group. Half of those businesses (52%), or 1.

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Appraisal Award Vacated Due to Appraiser’s “Flat Fee” Schedule that Functions as a Prohibited Contingency Fee

Property Insurance Coverage Law

A recent federal court decision from the Eastern District of Louisiana provides an important warning about appraiser fee arrangements that could invalidate an entire appraisal award.1 In Kennedy v. GeoVera Specialty Insurance Company, the court granted the insurer’s motion to strike a $146,436.65 appraisal award after finding the policyholder’s appraiser’s fee arrangement violated policy requirements … The post Appraisal Award Vacated Due to Appraiser’s “Flat

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Wisconsin Man Charged With Crop Insurance Fraud

Insurance Journal

A Wisconsin man has been charged with defrauding the Federal Crop Insurance Program, the U.S. Attorney’s Office for the Western District of Wisconsin announced. Lance G. Meier, 52, Ogema, is charged with defrauding the federal crop insurance program.

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Quotes only work if YOU do!

Your Journey With Jennie

Snarky? Maybe. True? 100%! Hi, I’m Jennie Wolek, and I know that building success in this business isn’t easy—but it’s worth every bit of effort. I’m working on and in my business EVERY SINGLE DAY, focusing on improvement for myself, my team, and the systems that keep us moving forward. Here’s the truth: The hustle doesn’t stop —not at the start, and not even when you’ve "made it.

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Aon to Purchase In-House Insurance Agency of Mitsubishi Chemical Group in Japan

Insurance Journal

Insurance broker Aon plc announced it has signed a definitive agreement to acquire the in-house insurance agency business of Mitsubishi Chemical Group (MCG), enhancing Aon’s risk and health capability offering in Japan. Financial details of the deal were not disclosed.

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Maritime Partners celebrates closing new financing solution for shipping

Splash: Finance and Insurance

Louisiana-based Maritime Partners is celebrating the closing of a $750m, first-of-its-kind warehouse facility, which will be collateralised by three wholly owned business lines within one of its managed funds with a syndicate of lenders led by ATLAS SP Partners.

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Prevent disaster: 16 safety tips for auto service repair shops.

Frankenmuth Insurance

Whether you’re installing a new part, completing a paint job, or rebuilding a vehicle, no two auto service repair shop jobs are the same. Each one brings different risks and challenges, which is why protecting your employees, and your business, should be your top priority. Not sure where to start? We’re sharing our expert tips for auto service repair shops: Wear shoes with non-slip soles.

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Lawsuit Seeks OSHA Records on Deaths of 3 Amazon Workers

Insurance Journal

A worker activist has sued the Department of Labor (DOL) to force the release of records surrounding the deaths of three workers at New Jersey Amazon workplaces in 2022.

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“Russian” sailing vessel stuck in France, wants to be desanctioned

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post “Russian” sailing vessel stuck in France, wants to be desanctioned appeared first on Insurance Marine News.

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UBS Acquitted Over Credit Suisse Criminal Money Laundering Case

Insurance Journal

Credit Suisse’s 2022 conviction for failing to prevent the money laundering of a cocaine dealer’s profits was overturned by a Swiss appeals court following the death of one of its former employees who was found guilty in the case. A.

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Marine fuel problems persist, a full five years on from IMO 2020

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Marine fuel problems persist, a full five years on from IMO 2020 appeared first on Insurance Marine News.

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Everest Launches Italian Insurance Business

Insurance Journal

Everest announced its expansion into the Italian market, following regulatory approval to operate in Italy, trading as Everest Insurance (Ireland) DAC, Succursale Italiana.

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Misunderstanding General Average concepts could harm offshore energy sector operators

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Misunderstanding General Average concepts could harm offshore energy sector operators appeared first on Insurance Marine News.

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Unite and Conquer: How the Insurance Industry Can Deflate Social Inflation

Insurance Journal

At one of the early meetings of American Legal Connections, Rich Henderson, a senior vice president for reinsurer TransRe, bumped into a concerned client from a hospital insurance company who brought his team members to the event.

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New Zealand delays restart of live export trade

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post New Zealand delays restart of live export trade appeared first on Insurance Marine News.

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Louisiana Gov. Landry Raises Concerns Over $3B Coastal Restoration Project

Insurance Journal

NEW ORLEANS (AP) — Louisiana Gov.

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Bermuda watchdog poised to demand more transparency from insurers

Elmore

Consultation by insurance regulator comes amid growing scrutiny of risks building in offshore reinsurance deals The post Bermuda watchdog poised to demand more transparency from insurers appeared first on Elmore Insurance Brokers.

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Maine Joins States Suing Big Oil to Recover Costs of Climate Change ‘Deception’

Insurance Journal

Maine Attorney General Aaron Frey has filed suit in state court against Exxon, Shell, Chevron, BP, Sunoco, and the American Petroleum Institute for allegedly “deceiving Mainers for decades about the role of their fossil fuel products in causing climate change.

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UK insurer Direct Line rejects £3.3bn takeover offer by Aviva

Elmore

Proposed cash and stock deal rebuffed on grounds it undervalues the company The post UK insurer Direct Line rejects £3.3bn takeover offer by Aviva appeared first on Elmore Insurance Brokers.

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Leavitt Inland Pacific Merges with Troy Insurance Agency in Idaho

Insurance Journal

Leavitt Inland Pacific is merging with Troy Insurance Agency in Idaho. Both agencies are locally owned and affiliates of Leavitt Group, a network of insurance brokers.

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Affordable Home Safety Improvements to Lower Your Insurance Premiums

TGS

TGS Insurance » Blog Affordable Home Safety Improvements to Lower Your Insurance Premiums Owning a home is a dream come true—until those monthly bills remind you of the costs involved. From utilities to maintenance to insurance premiums, it adds up quickly. But here’s the good news: making your home safer doesn’t just protect your family and property—it can also lead to lower insurance premiums.

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United Says FAA Staffing Shortages Causing Disruption at Newark Hub

Insurance Journal

United Airlines said on Tuesday that an acute shortage of air traffic controllers was causing “significant disruption” for travelers at its busy Newark, New Jersey, hub outside of New York City.

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Blog Post: DHS, DOL Make Nearly 65,000 Additional H-2B Visas Available for Fiscal Year 2025

LexisNexis

USCIS, Nov. 27, 2024 "The Department of Homeland Security (DHS) and the Department of Labor (DOL) issued a temporary final rule (TFR) making available an additional 64,716 H-2B temporary nonagricultural worker visas for fiscal year (FY) 2025. These supplemental visas are aimed at helping U.S. employers who are unable to find U.S. workers who are available, willing, and qualified to do the temporary work in industries such as hospitality and tourism, landscaping, seafood processing, and many

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AM Best Upgrades Credit Rating of Texas Mutual

Insurance Journal

AM Best has upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating to “aa-” (Superior) from “a+” (Excellent) of Texas Mutual Insurance Company (Texas Mutual) based in Austin, Texas.

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Marine round-up : 28th November 2024

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Marine round-up : 28th November 2024 appeared first on Insurance Marine News.

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Tank Containing Oil Drilling Byproducts Explodes Near GM Plant in Michigan

Insurance Journal

BRIGHTON Mich. (AP) — A tank containing byproducts from oil drilling operations exploded and caught fire Tuesday near the General Motors Proving Ground in southeastern Michigan, damaging two nearby homes but causing no injuries, a fire chief said.

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Jimmy Patronis Trades Florida’s Insurance Crisis for Congressional Bid

Property Insurance Coverage Law

Florida’s Chief Financial Officer Jimmy Patronis has decided to jump ship from overseeing Florida’s property insurance crisis to pursue what will likely be a much easier job in Congress. After receiving President-elect Trump’s enthusiastic “RUN, JIMMY, RUN!” endorsement on Truth Social, Patronis wasted no time submitting his resignation letter, effective March 31, 2025.

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People Moves: Coalition Taps Munich Re’s Foster as Head of London Mkts.; Hamilton Re Expands Into Credit, Bond & Political Risk Reinsurance With Lottimore Appointment

Insurance Journal

This edition of International People Moves details appointments at the MGA Coalition and Hamilton Re. A summary of these new hires follows here.

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Expenses Needed To Start an Insurance Agency

Insurance Journal

This post is part of a series sponsored by Darkhorse Insurance. Having to start an agency is an exciting and rewarding venture, but it’s crucial to plan for the financial commitments involved.

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People Moves: Salek and Kirby to Lead New Alliant Government Contractors Segment

Insurance Journal

Alliant Insurance Services, headquartered in Irvine, California, named senior vice presidents Bryan Salek and Angela Kirby to lead its new government contractors-focused segment within Alliant Specialty.

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6 Variations on Producer Licensing for Travel Lines

Insurance Journal

This post is part of a series sponsored by AgentSync. You and your bestie booked a once-in-a-lifetime cross-country train trip to celebrate your biggest professional accomplishment to date. What could go wrong?

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Prince Harry’s Phone-Hacking Lawsuit Against Daily Mail to Go to Trial in 2026

Insurance Journal

Prince Harry and other high-profile British figures’ privacy lawsuits against the Daily Mail newspaper’s publisher will go to trial in early 2026, London’s High Court heard on Tuesday, with the parties’ legal costs set to exceed 38 million pounds ($47.

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GM, Ford Fall on Trump Tariffs Seen Adding $3,000 to Car Prices

Insurance Journal

Shares of US automakers tumbled on worries that a new round of tariffs imposed by President-elect Donald Trump will cause sticker prices to soar even further.

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China State Media Warn Trump Against Mutually Destructive Tariff War

Insurance Journal

China’s state media warned U.S. President-elect Donald Trump his pledge to slap additional tariffs on Chinese goods over fentanyl flows could drag the world’s top two economies into a mutually destructive tariff war. Trump, who takes office on Jan.

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