Industry News

Claims Journal

Cuban Tanker En Route to Venezuela Reports Missing Sailor at Sea

May 13, 2021 A crew member aboard a Cuba-flagged oil tanker on its way from a Mexican shipyard to Venezuela was reported missing this week, according to a shipping report...

Cloudy D&O Policy Language May Force Insurer to Pay for Defense of Investor Suit

May 13, 2021 Because of “ambiguous” policy language in a complicated insurance contract, a directors and officers insurer may be liable for more...

DarkSide Hackers Mint Money With Ransomware Franchise

May 12, 2021 When a new ransomware group popped up on the scene last year, the hackers did what’s in vogue for digital extortion organizations these days: They issued a press release...

With $2,300 Phone Calls, Purdue Runs Up Huge Bankruptcy Tab

May 12, 2021 One phone call with the Department of Justice: $2,300. Two days at the Ritz-Carlton: $830. Oh, and a lengthy cab ride to and from the court in White Plains, New York...

Insurance Journal

Medical Professional Liability Market Facing Difficult Times

May 13, 2021 Despite a slight improvement in net income in 2020, U.S. medical professional liability (MPL) insurers saw their sixth consecutive year of underwriting losses,...

What Cyber Insurers Should Know About the Federal Ransomware Advisories

May 13, 2021 As the COVID-19 pandemic and the switch to remote work have highlighted cyber risks and drawn attention to the various methods cyber attackers are using,...

Nevada Police Officer Suspended for Tweets Seeks $1M

May 13, 2021 A Sparks, Nev. police officer who is accusing the city of violating his free speech rights is seeking $1 million in damages after he was suspended for four days for making...

Washington Commissioner’s Captive Insurer Bill Signed into Law

May 13, 2021 A bill to provide a framework to captive insurers doing business in Washington became law after Gov. Jay Inslee signed the legislation on Wednesday. Second Substitute...

Best's Reviews

Aegon CFO: Mortality Rises on COVID-19, Offset by Lower Long-Term Care Morbidity

May 12, 2021 Aegon N.V.’s net result fell to €386 million ($466 million) in the first quarter, compared with €1.27 billion a year earlier, stung...

AM Best Downgrades ICR of Universal North America Ins Co; Affirms Credit Ratings of Universal Ins Co and Universal Life Ins Co

May 12, 2021 AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (...

Wyoming Lawmakers Get Another Shot at Medicaid Expansion

May 12, 2021 Weeks after Wyoming lawmakers turned back a bill to expand Medicaid, a joint legislative committee agreed to put it back on the table for a special session...

Allianz CFO: Low Catastrophe Activity, Rate Rises Lead to 83.4% Profit Rise

May 12, 2021 Allianz SE is seeing rate improvements across its property/catastrophe lines as that and lower catastrophe losses led to a 83.4% rise in...