Artemis has learned that fronting specialist Clear Blue Insurance has filed a lawsuit against broking giant Aon, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo.
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Truist Revamps CRC Wholesale Operation into Two Divisions
Truist Insurance Holdings is splitting its CRC wholesale operations into two distinct divisions – wholesale and underwriting – with the former led by Neil Kessler and the new underwriting division led by Bill Goldstein.
War Risk Insurance Rates Edge Up After Surge in Red Sea Ship Attacks
War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on Monday.
U.S. Crop Insurance Provides Billions in Profit for Insurers: Government Agency
Roughly one-third of U.S. government spending to insure the nation’s crops since 2011 has gone to insurance companies that derive more than $1 billion in profit from the program each year, according to a government watchdog’s report released on Monday.
23andMe Sees Personal Data on 6.9M Customers Stolen by Hackers
Hackers stole personal data belonging to 6.9 million people who used services from the genetic testing company 23andMe in October, a company spokesperson confirmed to Axios on Monday.
Berkley Design Professional’s BDP Risk® Learning Management System Wins Gold in 2023 Brandon Hall Group Excellence Awards
The BDP Risk® Learning Management System (LMS) from Berkley Design Professional, a division of Berkley Alliance Managers, a Berkley Company, has won a Brandon Hall Group Excellence Award for Learning for the fifth consecutive year.
NAIC Executive Committee Adopts AI Bulletin Leaving ‘Bias’ in Text
The National Association of Insurance Commissioners Executive Committee and plenary approved a model bulletin on the use of algorithms, predictive models and artificial intelligence by insurers that includes the word “bias,” which trade groups said does not meet the legal standard used by the industry.
Supreme Court Weighs Purdue Pharma’s $6 Billion Opioid Settlement
Supreme Court justices wrestled Monday with the uncomfortable bargain struck between most victims of the opioid crisis and the Sackler family, whose Purdue Pharma promoted the addictive painkiller OxyContin: providing timely compensation for survivors in exchange for granting the wealthy family immunity from future civil lawsuits.
AM Best Maintains Negative Outlook on U.S. Personal Lines Insurance Segment
AM Best is maintaining its negative market segment outlook on the U.S. personal lines insurance segment for 2024, citing the ongoing deterioration in results for the personal auto and homeowners’ lines of business, along with rising loss costs that are being driven by inflationary pressures.
Swiss Re Institute: Natural Cats Will Likely Cost Insurers $100B or More in 2023
Natural catastrophe insured losses in 2023 should reach or exceed $100 billion for the fourth consecutive year, according to a new Swiss Re Institute Sigma report.