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Arch Capital Estimates Q1 Catastrophe Losses Could Reach $190 Million
News – Insurance Journal Apr 19, 2021 | 08:30 amArch Capital Group Ltd. estimated a range of pretax catastrophe losses of $180 million to $190 million for the first quarter across its property casualty insurance and reinsurance segments. A major reason for the claims during Q1 will be January’s[…]
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Helix Underwriting to Write Excess Casualty, Forming Agency Agreement with Watford
News – Insurance Journal Apr 19, 2021 | 08:13 amHelix Underwriting Partners Ltd., the Bermuda-based managing general agency, has expanded its agency platform into the excess casualty insurance segment. The move will see Tim Hadler join as chief underwriting officer to lead the new program, which has received regulatory[…]
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Two Die in Tesla Crash in Texas
News – Insurance Journal Apr 19, 2021 | 08:12 amTwo men died after a Tesla vehicle, which was believed to be operating without anyone in the driver’s seat, crashed into a tree on Saturday night north of Houston, authorities said. “There was no one in the driver’s seat,” Sgt.[…]
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FDA Halts Manufacturing at Plant Where Vaccines Were Ruined
News – Insurance Journal Apr 19, 2021 | 07:45 amThe U.S. Food and Drug Administration has asked Emergent BioSolutions Inc. to stop manufacturing new drug material at its plant in Baltimore, which was responsible for millions of ruined COVID-19 vaccine doses earlier this month. The U.S government had put[…]
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China Launches 1st Class-Action Lawsuit as Regulators Vow to Fight Accounting Fraud
News – Insurance Journal Apr 19, 2021 | 07:11 amSHANGHAI – China launched the country’s first class-action lawsuit against a listed company on Friday, targeting Kangmei Pharmaceutical Co, as regulators vowed “zero tolerance” against accounting fraud and other capital markets “tumors.” The China Securities Investor Service Centre (CSISC), a[…]
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P/C Insurers Need to Hike Key Commercial Rates Even More: A.M. Best
News – Insurance Journal Apr 19, 2021 | 07:08 amThe environment for many of the U.S. property/casualty (P/C) insurers lines remains competitive despite the need for rate increases for key commercial lines of coverage such as property catastrophe, commercial automobile, general and professional liability, and medical professional liability. For[…]
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Guy Carpenter Names Co-Heads of Cyber, Hiring Swiss Re’s Cordonnier, Promoting Davis
News – Insurance Journal Apr 19, 2021 | 06:57 amGuy Carpenter & Co., the reinsurance brokerage business of Marsh McLennan, announced the appointment of Anthony Cordonnier as managing director and global co-head of Cyber, effective the second half of 2021, and the promotion of Erica Davis to global co-head[…]
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Arthur J. Gallagher Invests in Broker ACE via Partnership with Dubai’s MIG Group
News – Insurance Journal Apr 19, 2021 | 06:31 amArthur J. Gallagher & Co., the Rolling Meadows, Ill.-based broker, announced that it has agreed to a strategic partnership with MIG Holding Ltd. (MIG Group), which will see the company take a minority interest in Middle East & North Africa[…]
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SCOR Reports 4.3% Increase in Reinsurance Prices During April Renewals
News – Insurance Journal Apr 19, 2021 | 06:03 amFrench reinsurer SCOR said it benefited strongly from continued improvements in pricing and terms and conditions, during the April 1, 2021 reinsurance renewals – a continuation of trends already seen during the January renewals. SCOR’s gross premiums, up for renewal,[…]
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China’s Ant Eyes Options to Divest Founder’s Stake as Beijing Pressure Grows: Sources
News – Insurance Journal Apr 19, 2021 | 05:15 amHONG KONG – Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control, as meetings with Chinese regulators signaled to the company that the move could help draw[…]
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3 House Fires in Savannah, Georgia Linked to Arsons
News – Insurance Journal Apr 19, 2021 | 02:21 amThree houses that burned in Savannah earlier this month are believed to have been set on fire by burglars. Georgia Insurance Commissioner John King said Thursday that investigators have ruled the fires to be arsons and believe they are linked.[…]
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People Moves: Burkhart to Lead Michigan Big ‘I’; J.M. Wilson Promotes 3, Adds VanderMaiden
News – Insurance Journal Apr 19, 2021 | 01:48 amBig ‘I’ of Michigan Jared Burkhart will be the next CEO of Big “I” Michigan (MAIA), the association announced. Burkhart joins the Big “I” team on May 3 and succeeds the current CEO, Bev Barney, who is retiring Aug. 31.[…]
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Pandemic-Delayed Trials Over Drugmakers’ Marketing of Opioids to Begin
News – Insurance Journal Apr 19, 2021 | 01:00 amFour drugmakers, including Johnson & Johnson and Teva Pharmaceutical Industries Ltd., will go to trial on Monday over claims they helped fuel an opioid crisis that has resulted in nearly 500,000 overdose deaths in the United States. The trial is[…]
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People Moves: INSUREtrust Hires Ye, Yarbrough; Engle Martin Picks Stewart as COO; Oakbridge Adds Mahler as VP of Technology
News – Insurance Journal Apr 19, 2021 | 00:09 amINSUREtrust Hires Le, Yarbrough Atlanta-based INSUREtrust has hired Beveryly Le as an account manager. She will be responsible for developing and maintaining relationships with clients. Additionally, the company named Kyle Yarbrough as an operations specialist. Before joining INSUREtrust, Yarbrough worked[…]
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Wright National, Zurich Expand Flood Coverage into California
News – Insurance Journal Apr 19, 2021 | 00:06 amWright National Flood Insurance Services LLC and Zurich Insurance are now offering Zurich’s Residential Private Flood Insurance in California. The stand-alone product has previously been launched in Florida, New Jersey, South Carolina and Virginia, with anticipated plans to expand to[…]
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California Siblings Arraigned in $1.4M Workers’ Comp Scheme
News – Insurance Journal Apr 16, 2021 | 17:27 pmCalifornia farm labor company owners and siblings Elias Perez, 40, of Greenfield, and Alejandra Perez, 37, of Soledad, were arraigned on over 20 felony counts of insurance and tax fraud after allegedly underreporting payroll by over $17 million resulting in[…]
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Tennessee Insurance Dept. Receives NAIC Accreditation
News – Insurance Journal Apr 16, 2021 | 12:57 pmThe Tennessee Department of Commerce and Insurance (TDCI) has received accreditation from the National Association of Insurance Commissioners (NAIC). The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50[…]
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Mississippi Seeks Federal Disaster Aid After Winter Storms
News – Insurance Journal Apr 16, 2021 | 12:52 pmMississippi is asking President Joe Biden to approve a major disaster declaration to help local governments and nonprofit groups recover costs from responding to winter storms that brought large parts of the state to a standstill. Gov. Tate Reeves’ office[…]
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Texas Energy Companies Against Berkshire Hathaway’s $8B Backup Power Plan
News – Insurance Journal Apr 16, 2021 | 12:48 pmAn $8.3 billion idea by Warren Buffett’s Berkshire Hathaway Energy to build 10 new natural gas power plants across the state for emergency use turned into formal legislation on April 15, when the proposal was introduced during a state Senate[…]
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Louisiana Accuses Alabama Agency, Owner of Fraudulent Marketing, Submissions
News – Insurance Journal Apr 16, 2021 | 12:25 pmThe Louisiana Department of Insurance (LDI) has issued a cease and desist order to a Birmingham, Ala., insurance agency, Senior Care Services LLC, alleging the company uses false or misrepresentative facts and information such as submitting fraudulent applications for insurance[…]
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