SpaceX sued the U.S. government’s labor board a day after an official at the agency accused the company of violating a federal workplace law by firing employees who circulated a letter critical of Elon Musk.
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Florida Is First State Allowed to Import Drugs from Canada in Bid to Reduce Costs
The Food and Drug Administration has decided to allow the first state to import drugs from Canada, a move that would change the way Americans obtain prescription medicines and could reduce their cost.
Buyers Driving Terms on Cyber Reinsurance Renewals
It was a buyers’ market for cyber reinsurance at Jan. 1, driven by improved results in the primary market and more options for transferring risk, according to recent broker reports.
Majesco Acquires DRC, Adding to Its Growing MGA/MGU Customer Base
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the acquisition of the Decision Research Corporation (DRC) business, a SaaS-based insurance software company delivering market-leading enterprise rating, a reinsurance solution, and core for the P&C insurance market.
U.S. P&C Insurers Cut Expenses in the Wake of Deteriorating Personal Lines Results
Despite ongoing pressure from catastrophe-related and secondary peril losses, insurers within the U.S. property/casualty (P/C) industry have been able to bolster their bottom-line financial results by cutting underwriting expenses, according to a new AM Best report. The U.S. P/C industry segment has cut 2.6 percentage points from its underwriting expense ratio over the past decade,… Continue reading U.S. P&C Insurers Cut Expenses in the Wake of Deteriorating Personal Lines Results
Over $80M in Crypto Stolen in Cyber-Attack on Orbit Chain
Over $80m worth of cryptocurrency has been stolen following a cyber-attack on cross-chain bridge project Orbit Chain.
Japan Airlines Expects $105M Loss from Collision, AIG Reported as Lead Insurer on Aviation Policy
Insurance industry sources have told Reuters that AIG is the lead insurer on a $130 million “all-risks” policy for the Japan Airlines airbus 350 that was destroyed in a collision with a Japan Coast Guard plane at Tokyo’s Haneda airport on Tuesday.
Travelers Completes Acquisition of Corvus Insurance
The Travelers Companies, Inc. completed its previously announced acquisition of Corvus Insurance Holdings, Inc., an industry-leading cyber insurance managing general underwriter that is powered by proprietary technology.
Florida Lawmakers Propose Ideas to Fix State’s Homeowners Insurance Crisis
As Florida’s state lawmakers reconvene for the annual legislative session this month, one of the top issues they’re hearing from constituents about is the state’s homeowners insurance crisis. Naturally, some lawmakers and officials have ideas.
Aon: Higher Profitability, Retro Capacity Contributed to ‘Smooth’ Jan. 1 Renewals
Jan. 1 renewals were smooth compared with the previous year as the market saw greater profitability and retrocession capacity among other positive trends, said broker Aon plc.