Aviation reinsurance rates rose by up to 250% at the key Jan. 1 renewal date, broker Willis Re said in a report on Monday, with the market still reeling from the impact of Boeing 737 MAX crashes two years ago. …
BRASILIA – Brazilian petrochemical company Braskem SA said on Wednesday it reached a 9.1 billion reais ($1.75 billion) deal to settle lawsuits over cracks and sinking ground near its salt mines in the city of Maceio that requires thousands to …
SEOUL – Production at Hyundai Motor’s factory in Ulsan, South Korea, was halted on Monday after a worker died in an accident, shortly after the plant was refitted to manufacture a new electric vehicle, a labor ministry official and union …
Commercial lines insurer CNA Financial Corp. and Enstar on Dec. 30, 2020 said they had reached an agreement to have a subsidiary of Enstar reinsure a legacy portfolio of excess workers’ compensation policies, representing $690 million in prior-year loss reserves. …
JOHANNESBURG – South African insurer Santam will begin assessing payouts for some previously rejected coronavirus-related claims after recent court judgments on such cases but still intends to challenge one finding against it. Like other insurers around the world, Santam had …
Fast-growing specialty lines insurer Applied Underwriters announced the creation of a U.S. based division of its Applied Financial Lines business unit to provide directors and officers (D&O) coverages in the U.S. The new D&O division will be under the direction …
Independent specialty managing general agent (MGA) Nexus Group announced it completed the acquisition of the Hiscox MGA Marine business (HMM) from Hiscox MGA Ltd. Completed on Dec. 30, 2020 via an asset purchase into Millstream Underwriting Ltd., a Nexus Group …
Wholesale insurance brokerage AmWINS Group has rebranded its agency aggregator subsidiary Networked Insurance Agents to AmWINS Access – Admitted Placement Services. AmWINS Access is a nationwide binding platform for small property/casualty business comprising three segments: Excess & Surplus Small Commercial, …
CBIZ Inc., a provider of financial, insurance and advisory services, has acquired Borden Perlman Insurance Agency Inc. (BP) of Ewing, N.J., effective December 31, 2020. Founded more than 100 years ago, BP is a fourth generation, family owned property/casualty insurance …
An aquaculture worker who got hurt tending to salmon raised in offshore pens is covered under state law, but not under the federal law that defines some of the rights for mariners, Maine’s supreme court ruled. The court ruled unanimously …