INSURANCE NEWS

Ki Enters Partnership With Beazley, Expanding Capacity for Digital Follow Syndicate

Ki, the digital and algorithmically driven Lloyd’s syndicate, announced a partnership with Beazley whereby Ki will offer additional follow capacity from Beazley syndicate 2623/623 through its digital platform from April 2, 2024. Ki said this is another major milestone in …
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Institutional Investor GIC Finalizes Acquisition of Insurance Broker Miller

Miller, the London-based independent specialist re/insurance broker, announced that GIC, Singapore’s sovereign wealth fund, has completed the acquisition of Cinven’s shares in Miller. GIC and private equity firm Cinven acquired Miller in 2021 from Willis Towers Watson. Since then, Miller …
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J&J to Pay $75 Million to Settle Mississippi’s Baby Powder Suit

Johnson & Johnson will pay $75 million to settle a consumer protection lawsuit filed by Mississippi over the company’s talc-based baby powder, according to people familiar with the matter, resolving litigation in which the state had sought as much as …
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Fidelis Partnership Gets ‘In Principle’ Approval From Lloyd’s to Launch Syndicate

The Fidelis Partnership, the Bermuda-based managing general underwriter, announced that Lloyd’s has granted “in principle” approval for the launch of Syndicate 3123 in collaboration with Fidelis Insurance Holdings Ltd. and Hampden Agencies, the largest provider of private capital to Lloyd’s. …
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Yellen Sees Insurance Payouts Helping Fund New Baltimore Bridge

Treasury Secretary Janet Yellen said she expects insurers’ payouts to help cover some of the costs of rebuilding the Baltimore bridge that collapsed earlier this week. “My expectation would be that, ultimately, there’ll be insurance payments in part to cover …
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Berkeley to Halt Ban on Natural Gas Piping in New Buildings

The city of Berkeley, California, has agreed to halt enforcement of a ban on natural gas piping in new homes and buildings that was successfully opposed in court by the California Restaurant Association, the organization said. The settlement follows the …
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UK Court Rules That $10 Billion Jet Dispute Should Be Heard in London, Not Moscow

A $10 billion battle between reinsurers and aircraft leasing companies seeking payouts for more than 200 jets stuck in Russia should be heard in London rather than Moscow, London’s High Court ruled on Thursday. Aircraft lessors, including Ireland’s AerCap and …
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Boston Settles Wrongful Death Suit Over Police Shooting of Mentally Ill Man for $4.6M

The city of Boston will pay about $4.6 million to settle a wrongful death lawsuit stemming from the police killing of a mentally ill man in 2016. The mother of Terrence Coleman, 31, filed the federal lawsuit six years ago. …
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Automated Braking Would Not Have Prevented Pennsylvania Train Crash

The collision of three Norfolk Southern trains in Pennsylvania early this month highlights the shortcomings of the automated braking system that was created to prevent such crashes. None of the circumstances the National Transportation Safety Board described Tuesday in its …
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FBI: Murdaugh Lied About Where Stolen Money Went and Who Helped Him Steal

Convicted killer Alex Murdaugh didn’t tell the truth when FBI agents repeatedly asked him where more than $6 million he stole ended up and whether another attorney not yet identified helped him steal from clients and his law firm, federal …
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Biden’s Biofuel Push Risks Dethroning Corn as King of US Crops

American farmers will plant more corn than soybeans in 2024 — as they have in most years for over a century. But beyond that, a green diesel boom threatens to dethrone the king of all crops. President Joe Biden’s decarbonization …
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Baltimore Bridge May Trigger Historic Marine Loss, Lloyd’s of London Says

Insurance payouts for the Tuesday’s collapse of the Francis Scott Key Bridge in Baltimore could be among the largest ever in marine insurance, according to Lloyd’s of London Chief Executive Officer John Neal. “This has the potential to be one …
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