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08, 2016
Just 2% of China’s July Floods Covered by Insurance, vs. Nearly 70% in U.S.: Aon
China’s seasonal “Mei-Yu” rainfall in July led to the worst flooding since 1998, bringing total combined economic losses of an estimated US$33 billion, according to a report published by Impact Forecasting, Aon Benfield’s catastrophe model development team. Affecting the Yangtze …
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08, 2016
Third Point Re’s Q2 Net Income Rises to $53.4M in Biggest Profit Since 2013
Third Point Reinsurance Ltd., the company that counts on hedge fund manager Dan Loeb to oversee investments, posted its biggest profit since 2013 as his portfolio rebounded. Second-quarter net income more than tripled to $53.4 million, or 51 cents a …
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08, 2016
NYC Officer Charged with Insurance Fraud
The FBI says a New York City police officer had his Range Rover doused with gasoline and lit it on fire to collect $34,000 in insurance money. Special agent Jason Wake wrote in an August complaint that Carlos Becker discussed …
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08, 2016
Reeves to Join Neon as Chief Risk Officer, in Move from RM Role at Lloyd’s
Specialist Lloyd’s insurer Neon has appointed Olly Reeves to the role of chief risk officer. He will join Neon on Nov. 1, 2016 from his current role as head of Risk Management at Lloyd’s of London. Subject to regulatory approval, …
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08, 2016
Liberty Mutual Q2 Results Zapped by Energy Investments
Liberty Mutual Holding Co. Inc. reported net income of $15 million for the second quarter, a 94 percent drop from the $254 million recorded for last year’s second quarter. Energy investments were largely to blame for the drop-off— pre-tax losses …
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08, 2016
Estimated Cost of Southern California Gas Leak Reaches $717M
Southern California Gas Co. reported that costs related to the massive leak of natural gas from its Aliso Canyon storage facility near Los Angeles have risen to $717 million. The new estimate is contained in Thursday’s release of second-quarter earnings by …
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08, 2016
Series of Small Quakes Hit Rural Northern California Area
A series of small earthquakes rattled a rural area of Northern California overnight. The U.S. Geological Survey says a magnitude-4.7 quake struck at 9:55 p.m. Wednesday about 20 miles east of Janesville in Lassen County. It was followed within minutes …
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08, 2016
Insurer Hires Firm to Resume Work at Hartford Stadium
Hartford’s mayor says work is set to resume on the city’s problem-plagued minor league baseball stadium, months after it was scheduled to open. Mayor Luke Bronin says the surety bonding company, Arch Insurance, has hired an architectural firm to complete …
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08, 2016
Traffic Safety Investigators Probing California Bus Crash That Killed 4
Federal safety investigators converged this week in central California to investigate a highway wreck that nearly sliced a bus in half, killed four people and injured 23. “At this point we don’t know what occurred immediately before the crash,” said Don …
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08, 2016
Connecticut High Court Blocks Injury Suit Against Contractor
Two workers injured in a power plant explosion that killed six other people in 2010 cannot sue a contractor for negligence, the state Connecticut Supreme Court recently ruled. Justices issued a 6-1 decision saying O&G Industries of Torrington is immune …