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Updated: 18 hours 9 min ago

Aspen Ceases Underwriting Property Insurance from Bermuda Platform

Fri, 02/16/2018 - 12:20
Aspen Insurance Holdings confirmed on Friday, Feb. 16 that it has ceased underwriting property insurance on its Bermuda platform, effective immediately, as a result of the company’s 2017 catastrophe losses. The move was made in response to CEO Chris O’Kane’s …

Texas Petro-Chemical Contractor Sued for Disability Discrimination

Fri, 02/16/2018 - 10:47
A blood disorder led to the unlawful firing of three laborers at a Texas-based petro-chemical contractor, federal officials say. the U.S. Equal Employment Opportunity Commission (EEOC) has charged in a lawsuit that Signature Industrial Services LLC (SIS) unlawfully fired the …

Detroit Suburb Settles Fatal Police Shooting for $1.25M

Fri, 02/16/2018 - 10:24
A Detroit suburb agreed to a $1.25 million settlement in a lawsuit filed by the family of a woman who was fatally shot by police near a shopping mall, according to a document released on Feb. 15. A Dearborn officer …

Agency Warns of Possible Hepatitis Exposure at Arkansas Restaurant

Fri, 02/16/2018 - 10:19
State health officials say people who visited a Taco Bell restaurant in northeast Arkansas may have been exposed to hepatitis A after an employee tested positive for the virus. The health department says the affected restaurant is in Corning, about …

Associated Benefits and Risk Acquiring Wisconsin’s Diversified Insurance

Fri, 02/16/2018 - 10:14
Associated Benefits and Risk Consulting (ABRC) announced it will acquire Diversified Insurance Solutions (Diversified), based in Milwaukee, Wisconsin. The transaction is expected to close next month. Terms of the transaction were not disclosed. Based in Green Bay, Wisconsin, ABRC is …

Former Texas Agent Gets Life Sentence for Insurance Scam

Fri, 02/16/2018 - 10:13
A former Lubbock, Texas, insurance agent has been sentenced to life in prison and ordered to pay back $810,000 to his victims, the Texas Department of Insurance (TDI) reported. Officers with the Texas Department of Insurance Fraud Unit found that …

Owner of Arizona Car Rental Companies Hit with $1.8M Verdict

Fri, 02/16/2018 - 09:14
A judge has ruled that the owner of two rental car companies in Phoenix, Ariz. must pay $1.85 million for defrauding Arizona consumers. The verdict was announced this week by the Arizona Attorney General’s Office. State prosecutors filed a consumer …

Coal Company Cited for Safety Issues in Wyoming Miner’s Death

Fri, 02/16/2018 - 09:12
Rocky Mountain Power has been cited with a safety violation for the death of a miner in September. Jaimie Olivas was killed in the Bridger Underground Coal Mine when part of a wall of coal collapsed on him. The Casper …

Hundreds of Illegal Pot Shops Operating in Los Angeles, Police Say

Fri, 02/16/2018 - 09:09
Los Angeles has issued licenses to nearly 100 marijuana retailers but police estimate there are at least two times that number operating illegally in the city and undercutting those who are playing by the rules. Police have shut down eight …

New York Working to Deter Fraud, Manipulation in Virtual Currency Markets

Fri, 02/16/2018 - 08:15
New York Department of Financial Services (DFS) has issued guidance reminding all virtual currency entities licensed by New York State, including those that hold a money transmitter license, that they are required to implement measures designed to detect, prevent and …

Motor Vehicle Deaths in U.S. Again Top 40,000

Fri, 02/16/2018 - 08:08
Motor vehicle accidents claimed 40,100 deaths in 2017, almost the same as in 2016 when 40,327 were reported. The National Safety Council says its preliminary 2017 estimate is six percent higher than the number of deaths in 2015 and, if …

Virginia Woman Gets Four Years for Fraud, Fake Death Notice

Fri, 02/16/2018 - 08:05
A Virginia woman has been sentenced to four years in prison for an identity fraud scheme that included publishing a fake death notice. The Daily Press reports 50-year-old Alexandra Hatcher also has to pay almost $203,000 in restitution to victims …

Maryland Man Sentenced in Felony Theft Scheme with Value of at Least $10K

Fri, 02/16/2018 - 07:43
Maryland Attorney General Brian E. Frosh has announced that Jamar Marlyn Jones, of Edgewood, Md., pleaded guilty and was sentenced on one count of a felony theft scheme having a value of at least $10,000 but less than $100,000. “Insurance …

XL Catlin Names Carpenter’s Xue as CEO/General Manager of XL Insurance (China)

Fri, 02/16/2018 - 07:35
XL Catlin announced the appointment of Phil Xue as chief executive officer (general manager) of XL Insurance (China) Co. Ltd. The appointment is pending regulatory approval. Xue will also act as country manager for XL Catlin in China, coordinating all …

Zurich, Insurtech Startup CoverWallet Offer End-to-End Insurance for Spanish SMEs

Fri, 02/16/2018 - 07:02
Zurich Insurance has launched ZurichEmpresas.es, a new digital distribution channel, which initially will provide insurance solutions for small-and-medium-sized enterprises (SMEs) in Spain. The platform, powered by CoverWallet, will provide end-to-end insurance solutions, streamlining the entire process for business owners and …

Trump’s FTC Appointee Eyes Task Force to Investigate Drug Prices

Fri, 02/16/2018 - 06:37
President Donald Trump’s nominee to lead the Federal Trade Commission said he’s “very concerned” about price increases for prescription drugs and will explore forming a task force to monitor whether higher prices are due to anti-competitive conduct. Joe Simons, a …

Europe’s Windstorm Burglind (aka Eleanor) to Cost an Estimated $802.5M: PERILS

Fri, 02/16/2018 - 05:59
Initial insured losses for Extratropical Cyclone Burglind (also known as Eleanor) are estimated at 643 million (US$802.5 million), according to PERILS, the Zurich-based organization that provides industry-wide catastrophe insurance data. On Jan. 2-3, the event caused significant damage across Austria, …

London Unveils New Rules for Uber’s Drivers, Cars; Fleet Insurance Also Eyed

Fri, 02/16/2018 - 04:34
London’s transport authority unveiled proposed new rules for private hire taxi companies such as Uber by requiring them to limit working hours for their drivers, share data on travel patterns and ensure provision of wheelchair-accessible vehicles. Companies “should ensure that …

Cyber Risk Management Fails to Measure Up to Escalating Cyber Risks: Marsh, Microsoft

Fri, 02/16/2018 - 03:37
Few organizations are highly confident in their ability to manage the risk of a cyber attack, despite viewing cyber security as a top risk management priority, according to a new global survey conducted by Marsh and Microsoft Corp. In the …

Allianz Reports 22% Drop in Q4 Profit but Still Plans Dividend Hike

Fri, 02/16/2018 - 03:19
A record year for natural-disaster insurance claims worldwide and a decline in fourth quarter profit wasn’t enough to stop Allianz SE from raising its dividend. Europe’s biggest insurer will increase the dividend for 2017 by 5.3 percent to 8 euros …

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