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News Archives - Insurance Journal
Maine Agency Faces Backlash, Loses 3 Carriers After Juneteenth Posting
An independent insurance agency in Millinocket, Maine has lost three of its carrier partners and continues to face backlash on social media and in its community after posting a racially-charged sign on its door on Monday, the Juneteenth holiday. “Juneteenth …
POSTED JUNE 24, 2022 4:13 PM |
Cyber Insurtechs and Insurers ‘In This Together,’ Not in Competition
Insurtechs and insurance companies are “breaking down the wall” that stood between them as competitors in favor of working together to tackle dynamic cyber risk. “We’re all trying to solve the same problem,” said Lori Bailey, chief insurance officer at …
POSTED JUNE 24, 2022 4:12 PM |
People Moves: McGriff Names Curtis VP for Captives, Alternative Risks
McGriff Insurance Services, a retail insurance broker based in Huntsville, Alabama, has named Bud Curtis vice president and alternative risk business development manager. McGriff, a subsidiary of Truist Insurance Holdings, the sixth largest insurance broker in the U.S., said in …
POSTED JUNE 24, 2022 4:08 PM |
Acrisure Acquires Ohio’s QuickInsured Agency
Acrisure, a fintech company that runs a global insurance broker, announced that it has acquired Columbus, Ohio-based QuickInsured, a tech-centered insurance agency. Acrisure will now have use of QuickInsured’s proprietary digital “sales funnel,” which customizes insurance offerings for customers, and …
POSTED JUNE 24, 2022 3:49 PM |
Walgreens Reaches $105 Million Settlement With Shareholders
Walgreens Boots Alliance Inc. agreed to pay $105 million to settle a long-running class-action lawsuit accusing it of misleading shareholders about how rising generic drug prices and reimbursement pressures would hurt its pharmacy business. The preliminary all-cash settlement was filed …
POSTED JUNE 24, 2022 3:40 PM |
Marijuana Banking Overhaul Removed from China Competition Bill
Lawmakers have dropped language aimed at making banking services easier for state-authorized marijuana businesses from a bill on US innovation and China competitiveness. The broad House-passed legislation included the SAFE Banking Act, which would prohibit federal banking regulators from penalizing …
POSTED JUNE 24, 2022 3:34 PM |
Carnival Cruise Pays $5M, Gives Up Insurance Licenses in New York Over Data Breach
New York’s financial services regulator has fined Carnival Corp. $5 million for violations of the state’s cybersecurity regulations that the state says caused four cyber breaches and the exposure of personal data belonging to its customers, including New York consumers. …
POSTED JUNE 24, 2022 3:24 PM |
Florida’s Citizens Insurance Could Spend $100M on Defense Legal Fees This Year
Citizens Property Insurance Corp. could spend $100 million this year on attorneys who defend claims litigation against the insurer, a significant increase from previous years. The Miami Herald reported that the insurer of last resort’s claims committee met Thursday and …
POSTED JUNE 24, 2022 3:23 PM |
Flood Alert in China’s Manufacturing Hub at Highest Level
China’s manufacturing hub of Guangdong raised its flood warning to the highest level due to the worst rains in decades, spurring more evacuations and threatening further supply chain disruptions in an economy reeling from Covid-related lockdowns. Guangdong province raised its …
POSTED JUNE 24, 2022 2:28 PM |
Emerging Risks: Quantum Computing, Lower Construction Quality, Legal Tech etc.
The global community continues to deal with known challenges such as the pandemic, the war in Ukraine, economic turmoil and failing trust in established social institutions. But a report from Swiss Re reminds re/insurers there are new emerging risks on …
POSTED JUNE 24, 2022 2:28 PM |
News Archives - Claims Journal
Viewpoint: The Case of the Chipped Diamond
Diamonds are one of the most coveted gemstones in the world. They symbolize love and commitment, embody strength, and have been represented in ancient and modern lore, poetry, and fiction. While every diamond is unique, there were no terms or …
POSTED JUNE 25, 2022 5:00 AM |
Hertz Makes Settlement Offers to End False Arrest Lawsuits
Hertz Corp. has offered to settle about three dozen cases filed by renters that say they were wrongly arrested for auto theft, the company said.The settlement push comes after Colleen Batcheler took over as general counsel for the rental company. …
POSTED JUNE 24, 2022 4:14 PM |
Toyota, Subaru Shares Drop on “Embarrassing” Recalls of First EVs
TOKYO —Toyota Motor shares slipped after it recalled some of its first mass-made all-electric cars, launched two months ago, because of a risk of wheels coming loose, a setback to its ambitions to electrify its model range. Toyota, the world’s …
POSTED JUNE 24, 2022 3:54 PM |
Nursing Home Owner Whose Residents Suffered in Ida Arrested
NEW ORLEANS (AP) — The owner of seven Louisiana nursing homes who sent more than 800 of his elderly residents to a crowded, ill-equipped warehouse to ride out Hurricane Ida last year was arrested Wednesday on fraud and cruelty charges …
POSTED JUNE 24, 2022 3:43 PM |
Judge Approves $1B+ Deal in Deadly Florida Condo Collapse
MIAMI (AP) — A judge gave final approval Thursday to a settlement topping $1 billion for victims of the collapse of a Florida beachfront condominium building that killed 98 people, one of the deadliest building failures in U.S. history. The …
POSTED JUNE 24, 2022 3:34 PM |
Jury Awards $595,000 to Lummi Tribe for Salmon Pen Collapse
SEATTLE (AP) — A Washington state jury on Wednesday awarded the Lummi Indian tribe $595,000 over the 2017 collapse of a net pen where Atlantic salmon were being raised — an event that elicited fears of damage to wild salmon …
POSTED JUNE 24, 2022 3:27 PM |
Turkey Battles Wind-Driven Wildfire Near Resort For 3rd Day
ANKARA, Turkey (AP) — Firefighting crews battle for a third day on Thursday a wind-driven wildfire that has blackened swaths of pine forest near a popular resort in southwestern Turkey and driven dozens of people from their homes. More than …
POSTED JUNE 24, 2022 3:21 PM |
Special Report: How a Bankruptcy ‘Innovation’ Halted Thousands of Lawsuits
Attorney Greg Gordon sat before a packed hotel ballroom of bankruptcy lawyers who had come to hear him hold court on his pioneering strategy for companies seeking to dodge billion-dollar lawsuits: the “Texas two-step.” The tactic has made the Jones …
POSTED JUNE 24, 2022 5:00 AM |
Arkansas Supreme Clears Way for Class-Action Suit Against Shelter Mutual
A divided Arkansas Supreme Court ruled Thursday that plaintiffs may proceed with a class-action lawsuit that accuses Shelter Mutual Insurance Co. of illegally discounting payments for medical treatment provided to automobile insurance claimants. In a 4-3 decision, the high court …
POSTED JUNE 24, 2022 5:00 AM |
Unlocked Doors Were ‘First Line of Defense’ at Uvalde School
The Uvalde massacre began after the 18-year-old gunman entered the school through a door that could only be locked from the outside and then got inside a classroom that had a busted lock, experts testified Tuesday. Securing doors has long …
POSTED JUNE 23, 2022 5:06 PM |
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