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Archive: July 2024

Purdue Pharma Secures Litigation Ceasefire After Supreme Court Ruling
Insurance Journal | July 10, 2024
Purdue Pharma Secures Litigation Ceasefire After Supreme Court Ruling
Purdue Pharma on Tuesday received U.S. court approval for a 60-day freeze on lawsuits against its owners, members of the wealthy Sackler family, in its first court appearance since a landmark Supreme Court ruling upended its bankruptcy settlement. U.S. Bankruptcy …
PwC Starts Mass China Layoffs After Losing Dozens of Clients
Insurance Journal | July 10, 2024
PwC Starts Mass China Layoffs After Losing Dozens of Clients
PricewaterhouseCoopers LLP is cutting staff across its China operations, according to people familiar with the matter, after an exodus of corporate clients diminished the accounting firm’s revenue prospects in the country. At least 100 staffers from different teams at PwC …
Caribbean Braces for Economic Punch After Season’s Deadly 1st Hurricane
Insurance Journal | July 10, 2024
Caribbean Braces for Economic Punch After Season’s Deadly 1st Hurricane
Leaders across the Caribbean were still tallying the financial toll wrought by the earliest Atlantic storm on record to intensify to the maximum Category 5 level, after it left a trail of destruction on Jamaica and islands of the eastern …
UK Hospital Hack Leaves Kidney Patients at Higher Risk of Heart Failure
Insurance Journal | July 10, 2024
UK Hospital Hack Leaves Kidney Patients at Higher Risk of Heart Failure
Regular blood tests are critical for 46-year-old Londoner Amit Sanchadev, who relies on dialysis to keep him alive after his only functioning kidney failed in 2016. He wakes up at 6 a.m. three times a week to plug himself into …
People Moves: Incline P&C Group appoints Galiardo as Chief Actuary/Chief Underwriting Officer and Urban as Chief Development Officer
Insurance Journal | July 10, 2024
People Moves: Incline P&C Group appoints Galiardo as Chief Actuary/Chief Underwriting Officer and Urban as Chief Development Officer
Incline P&C Group, headquartered in Austin, Texas, appointed Scott Galiardo as chief actuary and chief underwriting officer for commercial and specialty lines and Tony Urban as the chief development officer. In this newly created role, Galiardo will develop Incline P&C …
Canada Insurers Investing in Fossil Fuels as Climate Risks Grow: Shareholder Group
Insurance Journal | July 10, 2024
Canada Insurers Investing in Fossil Fuels as Climate Risks Grow: Shareholder Group
Canada’s top property and casualty insurers have invested more than C$19.5 billion ($14.30 billion) in fossil fuels production at a time when climate change is driving up risks for the industry, according to a report by a shareholder advocacy group. …
Insurance Broker TWFG Aims to Raise Up to $176M in IPO
Insurance Journal | July 10, 2024
Insurance Broker TWFG Aims to Raise Up to $176M in IPO
Insurance broker TWFG, backed by reinsurer RenaissanceRe, said on Tuesday it is aiming to raise as much as $176 million in its initial public offering in the United States. TWFG is offering 11 million shares at a price range of …
Viewpoint: Premium Audits Help Insurers Navigate Regulatory Compliance
Insurance Journal | July 10, 2024
Viewpoint: Premium Audits Help Insurers Navigate Regulatory Compliance
Leading carriers and managing general agents (MGAs) are increasingly seeking to assess their premium income via audits to ensure exposures are reported accurately, while tackling potential premium leakage and addressing possible non-compliance with state regulatory and rating bureau guidelines. How …
Marsh McLennan Agency to Acquire The Horton Group
Insurance Journal | July 10, 2024
Marsh McLennan Agency to Acquire The Horton Group
Marsh McLennan Agency said it has a definite agreement to buy Illinois-based brokerage The Horton Group, Inc. Terms were not disclosed. The deal is expected to close during the third quarter 2024. “We have been impressed by the Horton team …
CSU Research Team Increases Atlantic Hurricane Forecast
Insurance Journal | July 10, 2024
CSU Research Team Increases Atlantic Hurricane Forecast
Hurricane Beryl got the respected team of researchers at Colorado State University to rethink its forecast for the Atlantic hurricane season, which has already seen three named storms. CSU’s Department of Atmospheric Science now calls for an “extremely active” total …