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Markel Takes Minority Stake in UK-Based Tax MGA
Insurance Journal | October 20, 2023
Markel Takes Minority Stake in UK-Based Tax MGA
Markel, the insurance operation within Markel Group Inc., announced a 49% strategic investment in Certa Insurance Partners, the London-based specialist tax MGA. This move will accelerate the UK-based tax specialist’s product development and geographical expansion plans, while giving Markel further …
GEICO Lays Off 6% of Workforce and Will Require More In-Office Time
Insurance Journal | October 20, 2023
GEICO Lays Off 6% of Workforce and Will Require More In-Office Time
In a letter to employees, GEICO president and chief executive officer Todd Combs said the Berkshire Hathaway company is laying off 2,000 associates, or about 6% of the workforce. “This will allow us to become more dynamic, agile, and streamline …
Blast Reported Aboard Small Cruise Ship in Portland Harbor
Insurance Journal | October 20, 2023
Blast Reported Aboard Small Cruise Ship in Portland Harbor
One person was injured and passengers were evacuated Wednesday after an explosion in the engine room of a small cruise ship docked in Maine`s Portland Harbor, officials said. The injured person, a member of the crew, was taken to a …
New York’s Lawley Acquires Connecticut’s Shoff Darby Agency
Insurance Journal | October 20, 2023
New York’s Lawley Acquires Connecticut’s Shoff Darby Agency
Buffalo-based independent agency Lawley has acquired Connecticut-based Shoff Darby Companies, Inc., in what Lawley says is it largest acquisition to date. Lawley will add four locations and 75 employees in Connecticut, as well as increase insurance and benefit products and …
Biggest Polluting Firms Failing on Short-Term Emissions Goals: Investor Pressure Group
Insurance Journal | October 20, 2023
Biggest Polluting Firms Failing on Short-Term Emissions Goals: Investor Pressure Group
Fewer than one in five of the world’s biggest polluting companies have short-term emissions reductions targets in line with keeping global temperature rises below 1.5 degrees Celsius, an investor pressure group said on Wednesday. The number of companies pledging to …
Storm Babet Hammers Scotland With Warnings of Risk to Life, Flooding
Insurance Journal | October 20, 2023
Storm Babet Hammers Scotland With Warnings of Risk to Life, Flooding
The UK’s Met Office warned of the possibility of severe flooding and loss of life in the northern part of the country for a second day as Storm Babet continues to hammer the region. Parts of eastern Scotland remain under …
Rhine River’s Low Water Levels Provide ‘Further Evidence’ of Climate Change
Insurance Journal | October 20, 2023
Rhine River’s Low Water Levels Provide ‘Further Evidence’ of Climate Change
The cost of shipping fuel along the Rhine river has surged as low water levels curb barges’ carrying capacity following a hot, dry September. The river is fed by glaciers and rain. But Alpine ice flows are declining each year …
Oil Tanker Sails to Israeli Red Sea Port to Avoid Conflict
Insurance Journal | October 20, 2023
Oil Tanker Sails to Israeli Red Sea Port to Avoid Conflict
An oil tanker is hauling a cargo of crude toward an Israeli Red Sea port that’s seldom used for crude deliveries after the nation’s main import terminal on the Mediterranean was disrupted by the conflict with Hamas. The shipment underscores …
Ransomware Criminals Aiming at Third-Party Vendors in Hunt for ‘Big Game’
Insurance Journal | October 20, 2023
Ransomware Criminals Aiming at Third-Party Vendors in Hunt for ‘Big Game’
Ransomware victims have become less likely to pay extortion demands, but cyber criminals are changing their tactics by hitting third-party vendors and using data exfiltration instead of encryption when making ransom demands, according to a new report by cyber insurer …
AIG’s CEO Sees Pandemic, Wars and Climate Change Among Biggest Risks
Insurance Journal | October 20, 2023
AIG’s CEO Sees Pandemic, Wars and Climate Change Among Biggest Risks
American International Group Inc. Chief Executive Officer Peter Zaffino said the biggest challenge to the insurance sector over the last decade has been “unpredictable risks” including the pandemic, wars and climate change. “We’ve had 100 natural disasters reported through nine …