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Hamilton Re to Buy Canopius’ Excess Casualty Renewal Rights
Hamilton Re, the Bermuda-based platform of Hamilton Insurance Group, announced it has agreed to acquire the renewal rights to Canopius Underwriting Bermuda Ltd.’s excess casualty insurance book of business. The transaction is expected to close mid-year. In addition, Sompo Canopius …

POSTED APRIL 24, 2017 9:18 AM
Society Must Prepare for Disruptive New Techologies, Warns Alibaba Chairman
Alibaba Group Holding Ltd. Chairman Jack Ma said society should prepare for decades of pain as the internet disrupts the economy. The world must change education systems and establish how to work with robots to help soften the blow caused by automation …

POSTED APRIL 24, 2017 8:41 AM
At Least 2 Bidders Interested in IDB Unit, Tel-Aviv-Based Clal Insurance
Eduardo Elsztain, the Argentine real estate developer who controls Israeli conglomerate IDB Development Corp., said he has at least two bidders for the company’s insurance unit, Clal Insurance Enterprises Holdings Ltd. Elsztain is fighting a sale of the company in …

POSTED APRIL 24, 2017 7:58 AM
Tesla Pushes Back on Class Action Alleging Its Autopilot Software Is Dangerous
Tesla Inc. is facing its first legal challenge over self-driving technology in a case alleging the electric carmaker sold 47,000 vehicles with Autopilot software that’s “dangerously defective” when engaged. Drivers have “become beta testers of half-baked software that renders Tesla …

POSTED APRIL 24, 2017 5:00 AM
AIG Study Shows How, Why M&A Insurance Claims Frequency Is Rising
The frequency of insurance claims surrounding mergers and acquisitions (M&As) is rising as large deals prove risky and the average payout on the most severe category of claims tops $20 million, according to an American International Group, Inc. study. AIG’s Global …

POSTED APRIL 24, 2017 5:00 AM
States to Get $485 Million for Prescription Drug Monitoring Programs
The federal government will provide states nearly half a billion dollars for prevention and treatment programs aimed at confronting the opioid epidemic, which Health and Human Services Secretary Tom Price described last week as a “crisis.” Price made the announcement …

POSTED APRIL 24, 2017 5:00 AM
Intellectual Property Coverage Presents Challenges in Private D&O
Physical property damage due to natural disasters, weather-related or man-made incidents, can be relatively straightforward to assess, but understanding how a different form of property causes damage can be a little more ambiguous, according to panelists at the recent Professional …

POSTED APRIL 24, 2017 5:00 AM
New Modeling Product From AIR Worldwide Analyzes Client Cyber Risk
Catastrophe modeling firm AIR Worldwide has released a new cyber risk modeling application for the insurance and reinsurance markets. ARC (Analytics of Risk from Cyber) is designed to evaluate any commercial policy (including those vulnerable to silent cyber), measure and …

POSTED APRIL 24, 2017 4:22 AM
Q&A With Florida Commissioner Altmaier, an Agent Turned Regulator
Florida Insurance Commissioner David Altmaier is just about to complete his first full year in the position since taking over for Kevin McCarty last May, and there hasn’t been a dull moment since he took the post. Altmaier, 35, is …

POSTED APRIL 24, 2017 4:18 AM
South Carolina Stripper Shot on Job to Get New Workers’ Comp Hearing
The quibbling continues over how much a South Carolina stripper should be compensated after being shot while on the job, with the state’s highest court on Wednesday ordering a new hearing in the woman’s case. The decision comes two years …

POSTED APRIL 24, 2017 4:16 AM
Willis Towers Watson Names Peiser Head of Broking North America
Global insurance broker and consultant Willis Towers Watson has named Joe Peiser as head of Broking, North America. Peiser will be responsible for the company’s broking strategy in North America, working with the insurance carriers to obtain the best markets, price …

POSTED APRIL 24, 2017 1:03 AM
Allied World to Offer Drone Loss Control Services to Policyholders
Allied World North America has expanded its risk management offerings to policyholders to include access to discounted unmanned aerial systems (UAS) services through DataWing, a UAS service provider led by former U.S. Air Force fighter pilots that provides end-to-end options …

POSTED APRIL 21, 2017 4:56 PM
Wyoming Flood Preparations Follow Flood Predictions
Fremont County, Wyo. residents and disaster response officials are making preparations for spring flooding. Predictions are that the county could see its biggest runoff from the mountain snowpack in decades. National Weather Service hydrologists say the Wind and Little Wind …

POSTED APRIL 21, 2017 3:43 PM
Idaho Governor Issues Warnings over Potential Flood Disasters
Idaho Gov. C.L. “Butch” Otter says residents facing possible flooding in some areas of the state aren’t taking what he calls a potential disaster seriously. About a dozen state and federal officials at a news conference Wednesday in Boise described …

POSTED APRIL 21, 2017 3:41 PM
Managers Made Errors in Handling California Dam Crisis
Late in the afternoon of Feb. 12, Sheriff Kory Honea was at the emergency operations center for the tallest dam in America when he overheard someone say something that stopped him in his tracks: “This is not good.” Over six …

POSTED APRIL 21, 2017 3:26 PM
Pennsylvania Says It Busted Up Fraudulent License Plate Ring
Pennsylvania’s attorney general’s office on Wednesday charged a dozen people as part of an organized crime ring that it said had made millions of dollars renting out fraudulently obtained license plates, primarily in New York City. The people who rented …

POSTED APRIL 21, 2017 1:04 PM
Connecticut Insurance Department Launches Licensing Site
The Connecticut Insurance Department has launched a new licensing web site, designed to improve customer service for the nearly 200,000 agents, brokers, adjusters and other licensees who conduct business with the department. The new licensing site features online tools that …

POSTED APRIL 21, 2017 12:53 PM
Texas Roadhouse to Pay $12M to Settle Age Discrimination Suit Filed in Massachusetts
Texas Roadhouse, a national, Kentucky-based restaurant chain, will pay $12 million and furnish other relief to settle an age discrimin­ation lawsuit brought by the U.S. Equal Employment Oppor­tunity Commission (EEOC), the federal agency announced. The EEOC had filed suit seeking …

POSTED APRIL 21, 2017 12:39 PM
How Meteorologists View 2017 Atlantic Hurricane Season
Most meteorologists forecast the 2017 Atlantic hurricane season will be less active than a year ago, with the number of named storms and hurricanes near average. A few meteorologists, however, expect this season to be more active than normal with one, Global Weather …

POSTED APRIL 21, 2017 12:17 PM
Trump to Order Review of Dodd-Frank Reforms, Taxes for Insurers, Banks
President Donald Trump will order the Treasury on Friday to find and reduce tax burdens and review post-financial crisis reforms that banks and insurance companies have said hinder their ability to do business. A White House official said on Thursday that Trump …

POSTED APRIL 21, 2017 11:29 AM
French Regulator Links Sanofi Epilepsy Drug to Birth Defects
Up to 4,100 children in France suffered major malformations in the womb after their mothers took a treatment against epilepsy and bipolar disorders known as valproate between 1967 and 2016, France’s drug regulator said. Valproate, which has been manufactured in …

POSTED APRIL 21, 2017 10:22 AM
Uber Faces Hike in London License Fees, in Latest Blow for Ride-Hailing Firm
Taxi app Uber could face an increase in operator license fees in London under proposed changes by the city’s transport authority, the latest in a series of moves by regulators to rein in a firm that has disrupted the traditional taxi industry. …

POSTED APRIL 21, 2017 9:53 AM
AXA Taps Telefonica’s Benjamins as CDO, Head of Data Innovation Lab
AXA has appointed Richard Benjamins as chief data officer (CDO) of the AXA Group and head of the Data Innovation Lab (DIL), effective May 2. Benjamins will report to Benoît Claveranne, chief transformation officer (CTO) and a member of the …

POSTED APRIL 21, 2017 9:33 AM
‘Flying Taxi’ Successfully Tested in Germany by Start-Up Lilium Jet
A Bavarian start-up is developing a five-seat “flying taxi” after successful test flights over Germany of a smaller version of the electric jet, the company said on Thursday. Munich-based Lilium, backed by investors who include Skype co-founder Niklas Zennstrom, said the …

POSTED APRIL 21, 2017 9:10 AM
MGA Nirvana Targets Media, Technology & Cyber Risks on Castel Platform
Nirvana Risk Partners has launched as an underwriting cell on Castel Underwriting Agencies’ MGA formation platform, targeting media, technology and cyber liability risks. Nirvana will underwrite risks for small and large enterprises on a global basis with a particular emphasis …

POSTED APRIL 21, 2017 8:52 AM
Aon, JLT, Marsh, UIB, Willis Investigated by UK Regulator over Aviation Broking
Britain’s financial watchdog is investigating five insurance brokers over information-sharing on aviation insurance, the companies said, in one of the first cases of its kind by the watchdog. Aon, Jardine Lloyd Thompson (JLT), Marsh , UIB and Willis Towers Watson issued statements …

POSTED APRIL 21, 2017 8:27 AM
Global Insurance Industry Set to Grow by 4.5% in 2017-2018: Munich Re
The global insurance industry is set to grow more strongly at 4.5 percent per annum on average (3.0 percent in real terms, or adjusted for inflation) during 2017 and 2018, according to Munich Re. While premium income is likely to …

POSTED APRIL 21, 2017 8:18 AM
Florida Lawmakers Move Toward Repealing PIP Mandate
Florida may change the kinds of auto insurance drivers must purchase. The Florida House on Wednesday voted 89-29 to repeal a requirement that motorists carry a type of auto insurance known as personal injury protection. Under Florida’s no-fault insurance law …

POSTED APRIL 21, 2017 5:34 AM
Coal Mining Company Proposes Turning Kentucky Mine Into Solar Farm
A former strip mine would be converted into a solar farm under a proposal announced Tuesday by an Appalachian coal company that says it wants to place hundreds of thousands of panels in the Kentucky mountains. The Berkeley Energy Group, …

POSTED APRIL 21, 2017 5:18 AM
Private Firms Lose Privacy When Liability Battles Reach Courtroom
“It’s like a Kardashian episode.” That outburst from an unidentified person spoke to the fact that private companies can make their affairs very public in bitter courtroom battles over management liability. The comment came during a panel discussion entitled “Is …

POSTED APRIL 21, 2017 5:00 AM

NOTICE: The links and articles found on or within this news center are simply for informational purposes that we believe may be of benefit to our clients and/or website visitors. By providing these links on our website, we are not recommending or endorsing the use of the particular products or services these third parties offer. Nor does Heil and Kay Insurance Agency Inc. confirm, corroborate or agree to the statistics or opinions on these links and articles. We urge you to review each website’s Privacy Policy, Disclaimers, and develop an independent opinion of the service or product for any link pursued.

 

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