February 24, 2020
Mon, 24 Feb 2020 14:22:00 +0000
Wells Fargo & Co. has agreed to pay $3 billion to resolve criminal and civil probes into fraudulent sales practices and has admitted to pressuring employees in a fake-accounts scandal, U.S. officials said on Friday, wrapping up one of the …
Mon, 24 Feb 2020 14:08:47 +0000
An independent investigation requested by Brazilian iron ore miner Vale SA into the causes of the Brumadinho tailings dam disaster that killed 270 people a year ago found the company knew about the problem but failed to deal with it. …
Mon, 24 Feb 2020 14:06:44 +0000
Warren Buffett doesn’t expect Todd Combs, one of his two key investing deputies, to be at auto insurer Geico long. Buffett’s Berkshire Hathaway Inc. tapped Combs in December to become chief executive officer of its Geico unit. He replaced Bill …
Mon, 24 Feb 2020 13:32:28 +0000
Aon plc named Eric Andersen as president of Aon, reporting to Greg Case, the firm’s CEO. Since May 2018, Andersen and Michael O’Connor had served as Aon co-presidents. Aon said O’Connor is departing Aon to pursue new opportunities after 12 …
Mon, 24 Feb 2020 13:23:41 +0000
Full-year insurance results at Berkshire Hathaway disappointed in 2019, with after-tax earnings from underwriting falling to $325 million in 2019 compared to $1.6 billion in 2018. Earnings from primary insurance operations were lower in 2019 and losses...
Mon, 24 Feb 2020 12:28:29 +0000
Blackboard Insurance has announced the approval of its commercial insurance package in Virginia, bringing capabilities to middle market customers in 47 states and territories. Blackboard’s commercial insurance package includes property, general liabili...
Mon, 24 Feb 2020 12:25:18 +0000
Police in Vermont’s largest city have arrested a man accused of setting a series of fires that caused about $74,000 in damage. Robert Barbin, 57, is facing charges of arson and reckless endangerment. Burlington police say he ignited a fire …
Mon, 24 Feb 2020 12:18:44 +0000
Vermont’s attorney general announced a settlement with three of the state’s nursing homes over allegations of neglect that resulted in serious injuries to three residents and the death of a fourth. The settlement with the three Genesis Healthcare subsi...
Mon, 24 Feb 2020 12:12:00 +0000
A federal judge has dismissed a lawsuit against Delaware’s largest city involving deaths and injuries of firefighters who responded to an arson. The lawsuit sought to hold Wilmington officials liable for the deaths of three firefighters and serious inj...
Mon, 24 Feb 2020 11:50:37 +0000
Saudi Arabia is working on new regulations that would raise capital requirements for the kingdom’s overcrowded insurance sector, its central bank governor said in an interview with Bloomberg TV. The new rules would “make the market more attractive to f...
Mon, 24 Feb 2020 11:32:14 +0000
Korean Reinsurance Co. obtained approval on Feb. 18, 2020 to open a representative office in Bogota, Colombia. This move is in line with its corporate strategy to further diversify into the Latin American markets, the company said in a statement. …
Mon, 24 Feb 2020 10:32:16 +0000
The world’s financial services sector risks losses of up to $1 trillion if it fails to respond quickly to climate change and is hit by policy shifts such as the introduction of a carbon tax, a new report shows. The …
Mon, 24 Feb 2020 10:11:12 +0000
Australia’s prudential regulator said on Monday it was looking to better understand the financial risks of climate change and would begin undertaking deeper assessments of the industry’s vulnerabilities to improve resilience. The Australian Prudential ...
Mon, 24 Feb 2020 09:55:44 +0000
The ousted chief executive of Danske Bank A/S, Thomas Borgen, has been personally targeted in an investor lawsuit arguing he withheld information about potential money laundering that subsequently destroyed the lender’s market value. Deminor, a Brussel...
Mon, 24 Feb 2020 06:00:39 +0000
The parents of a 6-year-old southern Illinois girl are suing local school officials, alleging that their daughter was sexually assaulted by another kindergartner during recess. The lawsuit names the Edwardsville School District 7 as the defendant and a...
Mon, 24 Feb 2020 06:00:24 +0000
In his firm’s annual report released this weekend, Berkshire Hathaway CEO Warren Buffett included a side note on one of the companies his conglomerate bought in 2011 for $9 billion, a company called Lubrizol. Lubrizol is an Ohio-based global specialty …
Mon, 24 Feb 2020 06:00:23 +0000
Fort Collins, Colo. has reached a $125,000 settlement with a woman who sued the city after an off-duty police officer pinned her to the ground outside her apartment complex. The Coloradoan reports a city spokeswoman confirmed the settlement with Kimber...
Mon, 24 Feb 2020 06:00:10 +0000
Arizona leads the nation in auto glass claims despite being 14th in total population, according to the National Insurance Crime Bureau. Insurance industry data shows that between 2015 and 2019, 10% of the nation’s auto glass claims were in Arizona. …
Mon, 24 Feb 2020 05:44:16 +0000
Some South Carolina residents deliberately caused hit-and-run accidents while in Uber rides as part of an insurance scam, a car insurance company says in a lawsuit. The lawsuit from James River Insurance says 52 people were involved in an insurance …
Mon, 24 Feb 2020 05:42:06 +0000
After years of setbacks, medical marijuana advocates cleared a historic hurdle Thursday when the Kentucky House voted to legalize the use of cannabis for medical purposes. The measure won House passage on a 65-30 vote after an emotional debate, sending …
Mon, 24 Feb 2020 05:35:54 +0000
Four people in Florida have been arrested on charges of racketeering and conspiracy to commit racketeering for allegedly staging automobile accidents in order to file nearly $230,000 in fraudulent insurance claims, according to a statement from the Flo...
Fri, 21 Feb 2020 17:38:50 +0000
Appalachian Underwriters, Inc. has hired Carol Ashman as its new external marketing representative for Western Florida. She will focus on building agent relationships in the Florida Panhandle. She comes to AUI with 16 years in the retail agency side of …
Fri, 21 Feb 2020 17:34:22 +0000
Some of the industry’s largest pharmaceutical companies, including Pfizer Inc. and Eli Lilly and Co., have developed a blockchain-based system to track prescription drugs across the supply chain to better halt the flow of counterfeit medicines, company...
Fri, 21 Feb 2020 17:09:23 +0000
Healthcare liability insurer ProAssurance Corp. has agreed to acquire medical professional liability insurer NORCAL Mutual Insurance Co. following NORCAL’s demutualization in a $450 million transaction. Based on available estimates of premium, the comb...
Fri, 21 Feb 2020 16:27:04 +0000
Massachusetts’ new hands-free driving law takes effect this Sunday, February 23rd. The law, signed by Governor Charlie Baker in November, is intended to reduce the number of distracted driving injuries and deaths in the state. It imposes penalties enfo...
Fri, 21 Feb 2020 15:52:04 +0000
Mark Friedlander and Kris Maccini have been appointed to senior communications positions at the Insurance Information Institute to broaden the organization’s traditional and social media operations. III’s Florida communications consultant since July 20...
Fri, 21 Feb 2020 15:46:00 +0000
Amerisafe Inc. on Wednesday reported fourth-quarter earnings of $34 million. The Deridder, Louisiana-based company said it had profit of $1.76 per share. Earnings, adjusted for investment gains, were $1.70 per share. The results topped Wall Street expe...
Fri, 21 Feb 2020 15:44:15 +0000
A federal judge has ruled the U.S. Army Corps of Engineers isn’t liable to damage to thousands of Houston homes that were inundated by two federally owned reservoirs in the days following Hurricane Harvey because they would have flooded regardless. …
Fri, 21 Feb 2020 15:43:17 +0000
U.S. legislation will be introduced in the coming weeks that could hurt technology companies’ ability to offer end-to-end encryption, two sources with knowledge of the matter said, and it aims to curb the distribution of child sexual abuse material on …
Fri, 21 Feb 2020 15:40:54 +0000
With the threat of spring flooding looming, Minnesota Gov. Tim Walz has asked lawmakers to approve $30 million to replenish a state disaster aid fund that was drained by a string of disasters last year. Walz said an updated flood …