The NBA has suspended Phoenix Suns and Mercury owner Robert Sarver for one year and fined him $10 million following an investigation that revealed “workplace misconduct and organizational deficiencies.” The findings of the NBA’s investigation were released on Tuesday, nearly a year after the league asked a law firm to look into allegations that Sarver… Continue reading Phoenix Suns Owner Suspended for One Year, Fined $10M for Workplace Misconduct
Author: Farkas Laura
Lexington Insurance Launches Middle Market Casualty Group
Lexington Insurance Company, an American International Group, Inc. (AIG) company, announced the launch of the Lexington Middle Market Casualty team, a group of dedicated underwriters focused on providing insurance coverage exclusively to small-to-medium-sized commercial enterprises, substantially expanding the company’s market reach beyond upper middle-market andlarge enterprises. The team, which is headed by Paul McLaughlin, Senior… Continue reading Lexington Insurance Launches Middle Market Casualty Group
Life Insurance New Annualized Premium Growth Continues in 2Q 2022: LIMRA
Total U.S. life insurance new annualized premium increased 6% in the second quarter 2022, the sixth consecutive quarter of premium growth, according to LIMRA’s Second Quarter 2022 U.S. Retail Life Insurance Sales Survey. In the first six months of 2022, new premium was 11% higher than the same period in 2021. “Strong indexed universal life… Continue reading Life Insurance New Annualized Premium Growth Continues in 2Q 2022: LIMRA
Commercial Insurance Pricing Up 6%: WTW
U.S. commercial insurance prices grew again in the second quarter of 2022, according to WTW’s most recent Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies underwritten during the second quarter of 2022 to those charged for the same coverage during the same quarter in 2021. The aggregate commercial price change… Continue reading Commercial Insurance Pricing Up 6%: WTW
Looming Nationwide Rail Strike Could Further Upend an Already Fragile Supply Chain
Because of the looming strike threat on Friday, America’s freight railroads have already stopped accepting shipments of hazardous and other security-sensitive materials. Union Pacific, one of the nation’s major railroads whose operations would be halted by a strike, stated that the action is intended to “protect employees, customers, and the communities we serve.” According to… Continue reading Looming Nationwide Rail Strike Could Further Upend an Already Fragile Supply Chain
Infowars Founder Faces Connecticut Jury Weighing Defamation Damages to Sandy Hook Families
On Tuesday, a Connecticut jury is expected to begin deliberating how much Alex Jones should pay for making defamatory statements about the Sandy Hook Elementary School massacre, in a case in which victims’ families are attempting to deal the far-right media personality a new financial blow. The case was brought by families of children and… Continue reading Infowars Founder Faces Connecticut Jury Weighing Defamation Damages to Sandy Hook Families
Wells Fargo to a Pay $13M Penalty in 401(k) Case, Another $131.8M to Plan Participants
Wells Fargo & Co (WFC) announced on Monday that it would pay a $13.2 million penalty as part of a settlement with the United States Department of Labor to resolve the federal agency’s review of certain transactions involving the bank’s 401(k) retirement plans. The bank also stated that $131.8 million would be paid out to… Continue reading Wells Fargo to a Pay $13M Penalty in 401(k) Case, Another $131.8M to Plan Participants
Google Completes Acquisition of Cybersecurity Firm Mandiant
Google has announced the completion of its proposed $5.4 billion bid to acquire cybersecurity firm Mandiant. The internet behemoth announced plans to acquire publicly traded Mandiant in March, less than a year after the company was spun out of its previous owner FireEye in a $1.2 billion deal with private equity firm Symphony Technology Group.… Continue reading Google Completes Acquisition of Cybersecurity Firm Mandiant
Global Reinsurers See Inflation, Russia-Ukraine War Driving Higher Rates
Top reinsurers said at the industry’s annual meeting in Monte Carlo that global geopolitical tensions, high inflation, and climate change have increased demand for risk protection and will result in higher premiums. Reinsurers insure insurers and have raised premiums in recent years in response to higher losses. “On top of the effects of COVID-19 and… Continue reading Global Reinsurers See Inflation, Russia-Ukraine War Driving Higher Rates
USQRisk Announces New Arrangement with AXSAL Re
USQRisk, the international managing general agent focused on alternative risk transfer solutions, has entered into a new arrangement with Keystone Risk Partners, which manages AXSAL Re, a member-owned group captive designed specifically for companies that own mid-sized fleets. “Until now, group captives were only available to transportation companies and other insureds within the primary layers,”… Continue reading USQRisk Announces New Arrangement with AXSAL Re