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Archive: April 2024

US to Require New Cars to Have Emergency Braking Systems by 2029
Insurance Journal | April 30, 2024
US to Require New Cars to Have Emergency Braking Systems by 2029
Nearly all new passenger cars and trucks sold in the United States will be required to have automatic emergency braking systems by September 2029, the National Highway Traffic Safety Administration (NHTSA) said on Monday, saying that the rule will save …
Vale, BHP Offer $25B Settlement for Mining Disaster, but Brazil Authorities Want More
Insurance Journal | April 30, 2024
Vale, BHP Offer $25B Settlement for Mining Disaster, but Brazil Authorities Want More
Vale, BHP and their joint venture Samarco have presented Brazilian authorities with a settlement proposal related to reparations for the 2015 Mariana tailings dam burst, but local prosecutors still want them to bump up their offer. The proposal, the Brazilian …
Fla. Regulators’ Effort to Remove Insurer Execs May Not Pass Constitutional Muster
Insurance Journal | April 30, 2024
Fla. Regulators’ Effort to Remove Insurer Execs May Not Pass Constitutional Muster
Current and former leaders with Florida property insurers have had some strong reactions to state regulators’ recent efforts to oust company executives who previously helmed now-insolvent carriers. Some have called the unprecedented regulatory action unfair, misguided and impossible to substantiate, …
People Moves: Smith Joins Alliant as Specialty Lending Practice EVP; Braniff, Jr. Named EVP, Alliant Americas
Insurance Journal | April 29, 2024
People Moves: Smith Joins Alliant as Specialty Lending Practice EVP; Braniff, Jr. Named EVP, Alliant Americas
Smith Joins Alliant Insurance Services as Specialty Lending Practice EVP Alliant Insurance Services, headquartered in Irvine, California, named Michael R. Smith as executive vice president, Alliant Specialty, in the firm’s Financial Institutions industry vertical. Smith is based in Dallas. Smith …
Minneapolis to Pay $150K Settlement to Witness in George Floyd Murder
Insurance Journal | April 29, 2024
Minneapolis to Pay $150K Settlement to Witness in George Floyd Murder
MINNEAPOLIS (AP) — The Minneapolis City Council has agreed to pay a $150,000 settlement to an eyewitness who tried to intervene to prevent George Floyd’s murder and who says he suffers from post-traumatic stress disorder as a result. Donald Williams, …
Florida Governor Signs Wind-Mitigation Funding Bills for Homes, Condos
Insurance Journal | April 29, 2024
Florida Governor Signs Wind-Mitigation Funding Bills for Homes, Condos
Florida’s governor has signed two bills that will provide more matching grants for homeowners and condominium associations to fortify properties against the growing threat of windstorms. Senate Bill 7028 will send an additional $200 million to the My Safe Florida …
Williams-Sonoma Must Pay Nearly $3.2M for Violating ‘Made in USA’ Order
Insurance Journal | April 29, 2024
Williams-Sonoma Must Pay Nearly $3.2M for Violating ‘Made in USA’ Order
Home products retailer Williams-Sonoma will have to pay almost $3.2 million for violating a Federal Trade Commission “Made in USA” order. Williams-Sonoma was charged with advertising multiple products as being “Made in USA” when they were in fact manufactured in …
People Moves: AEGIS London Hires AIG’s Johnson and Lambert for New Cyber Underwriting Team; Markel Promotes Gordge to Head of Terrorism in London
Insurance Journal | April 19, 2024
People Moves: AEGIS London Hires AIG’s Johnson and Lambert for New Cyber Underwriting Team; Markel Promotes Gordge to Head of Terrorism in London
This edition of International People Moves details appointments at Lloyd’s syndicate AEGIS London and Markel, the insurance operations within Markel Group. A summary of these new hires follows here. AEGIS London Hires AIG’s Johnson and Lambert for New Cyber Underwriting …
Fleming Acquires James River’s Casualty Reinsurance Business, Ending Legal Dispute
Insurance Journal | April 19, 2024
Fleming Acquires James River’s Casualty Reinsurance Business, Ending Legal Dispute
James River Group Holdings Ltd. announced that Fleming Intermediate Holdings has completed the $277 million acquisition of James River’s casualty reinsurance business – after a period of legal wrangling that had threatened to derail the deal. The transaction, which was …
People Moves: Chubb Names Scheffler COO of Personal Risk Services; AXIS Appoints Morley Head of US E&O
Insurance Journal | April 19, 2024
People Moves: Chubb Names Scheffler COO of Personal Risk Services; AXIS Appoints Morley Head of US E&O
Chubb said it has promoted Melissa Scheffler to chief operating officer of Personal Risk Services (PRS). Currently, Scheffler serves as regional executive officer for the Mid-Atlantic region. In a corresponding move, Bryce Graham, who currently serves as the Philadelphia and …