Chubb’s Q2 earnings on Tuesday came in mixed as the property and casualty insurer saw robust premium revenue growth, but tangible book value took a hit as rising interest rates hampered its fixed income portfolio. Q2 core operating income of $4.20 exceeded the average analyst estimate of $3.63 and climbed from $3.62 in the year-ago… Continue reading Chubb Q2 Results Mixed Amid Strong Premium Revenue Growth, Falling Book Value
Author: Farkas Laura
Lloyd’s Insurers Preparing to Cover Ukraine Grain
Lloyd’s of London insurers and brokers are preparing to provide cover for grain shipments from Ukraine and are likely to announce their plans shortly, the commercial insurance market’s chairman said on Wednesday. Russia and Ukraine signed a deal on Friday, brokered by Turkey and the United Nations, to reopen grain and fertilizer exports that have… Continue reading Lloyd’s Insurers Preparing to Cover Ukraine Grain
Historic Flooding in St. Louis Leaves Flooded Streets, Residents Fleeing
When more than 8 inches of rain fell on St. Louis, at least one person was killed. Thunderstorms formed in Missouri overnight Monday through Tuesday morning, causing widespread flash flooding that stranded motorists and forced residents to flee their homes in St. Louis. According to Fire Chief Dennis Jenkerson, one person died after being rescued… Continue reading Historic Flooding in St. Louis Leaves Flooded Streets, Residents Fleeing
J&J’s $120M Talc Verdict Reversed by Appellate Court
Following a setback in a high-profile talcum powder case in 2019, Johnson & Johnson vowed to appeal. That strategy has now paid off. The New York Supreme Court’s appellate branch reversed an earlier decision in favor of plaintiff Donna Olson, who claimed her lifelong use of J&J’s talc caused her to develop mesothelioma. With a… Continue reading J&J’s $120M Talc Verdict Reversed by Appellate Court
Uber Acknowledges Hiding Data Breach in 2016, Avoids Prosecution in Settlement
Uber Technologies Inc on Friday accepted responsibility for covering up a 2016 data breach that affected 57 million passengers and drivers, as part of a settlement with U.S. prosecutors to avoid criminal charges. In entering a non-prosecution agreement, Uber admitted that its personnel failed to report the November 2016 hacking to the U.S. Federal Trade… Continue reading Uber Acknowledges Hiding Data Breach in 2016, Avoids Prosecution in Settlement
DOJ Sues Poultry Producers, Alleging Unfair Worker Practices
The Department of Justice (DOJ) filed a lawsuit against some of the largest poultry producers in the United States on Monday, along with a proposed settlement, to put an end to what it claims are long-standing deceptive and abusive practices for workers. The suit, filed in federal court in Maryland, names Cargill, Sanderson Farms, and… Continue reading DOJ Sues Poultry Producers, Alleging Unfair Worker Practices
Demotech Ratings Agency Downgrade of Florida Insurers Delayed
An expected potential downgrade of more than a dozen Florida insurers by the ratings agency Demotech, which was originally scheduled to be released on Tuesday, is delayed, according to the company. “Due to various circumstances, Demotech will not take any rating action, including affirmation, downgrade, or withdrawal until further notice,” stated Joe Petrelli, President of… Continue reading Demotech Ratings Agency Downgrade of Florida Insurers Delayed
Hartford, HSB Specialty Sued Over Unpaid Phishing Scheme Claims
A quasi-state agency has filed a federal lawsuit in an attempt to compel private insurance companies to cover millions of dollars lost last year in a cybercrime involving Dubai, China, and other foreign countries. The lawsuit, filed on Tuesday, claims that Hartford Fire Insurance Co. and HSB Specialty Insurance should cover the stolen funds because… Continue reading Hartford, HSB Specialty Sued Over Unpaid Phishing Scheme Claims
Beazley: Inflation Worries Businesses and Their Insurers
The war in Ukraine has rapidly disrupted global trade in key commodities like grain, oil and gas, exacerbating an existing background of energy shortages and rising costs. It is therefore not surprising that our latest Risk and Resilience survey shows inflation, in particular, is one of the key factors worrying business leaders, nor that they… Continue reading Beazley: Inflation Worries Businesses and Their Insurers
Evaluating Wildfire Risks Increasingly Difficult for Insurers
Assessing wildfire risks has become more difficult for insurers, according to experts, but a new report accusing California insurance companies of improperly restricting coverage has raised concerns that carriers are abdicating their responsibilities as the blazes become more destructive. While insurers say that finding better ways to assess risk is critical to offering insurance at… Continue reading Evaluating Wildfire Risks Increasingly Difficult for Insurers