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Liberty University, Jerry Falwell Jr. Settle Legal and Personal Disputes
Insurance Journal | August 1, 2024
Liberty University, Jerry Falwell Jr. Settle Legal and Personal Disputes
Four years after Jerry Falwell Jr. resigned as the head of Liberty University amid a series of personal scandals, he and the evangelical school founded by his father have announced a settlement of “all outstanding disputes on both legal and …
Appeals Court Tosses Appian’s $2 Billion Verdict Against Pegasystems
Insurance Journal | August 1, 2024
Appeals Court Tosses Appian’s $2 Billion Verdict Against Pegasystems
Software company Pegasystems convinced a Virginia appeals court on Tuesday to throw out a $2 billion jury verdict for rival Appian in a court battle over Pegasystems’ alleged theft of Appian’s trade secrets. The award from 2022 had been the …
Insurance Broker Miller Acquires Swiss Reinsurance Capital Advisory Business
Insurance Journal | August 1, 2024
Insurance Broker Miller Acquires Swiss Reinsurance Capital Advisory Business
Miller, the London-based independent specialist re/insurance broker, announced the acquisition of reinsurance capital advisory business 4809 Brokers AG. Financial details were not disclosed. As its third Continental European acquisition since 2022, Miller said, the transaction forms part of its continued …
North Macedonia Seeks EU Assistance as Wildfires Burn Across the Balkans
Insurance Journal | August 1, 2024
North Macedonia Seeks EU Assistance as Wildfires Burn Across the Balkans
SKOPJE, North Macedonia (AP) — North Macedonia said it was seeking further assistance from the European Union Tuesday to combat wildfires that continue to burn out of control in heatwave temperatures and have crossed the southern border into Greece. “Unfortunately, …
CBIZ to Acquire Accounting Firm Marcum in $2.3 Billion Deal
Insurance Journal | August 1, 2024
CBIZ to Acquire Accounting Firm Marcum in $2.3 Billion Deal
Financial services and insurance provider CBIZ said on Wednesday it would buy Marcum, one of the biggest accounting services providers in the United States, in a $2.3 billion cash-and-stock deal. The accounting market in the U.S. is dominated by the …
PFAS Liability for Water District Remediation Costs Estimated Up to $175B
Insurance Journal | August 1, 2024
PFAS Liability for Water District Remediation Costs Estimated Up to $175B
Economic liability associated with the remediation of perfluoroalkyl and polyfluoroalkyl substances (PFAS) in U.S. water districts is estimated to be between $120 billion and $175 billion, according to global consulting and actuarial firm Milliman Inc. PFAS are often referred to …
Claim on Seized Hemp Shipment Barred, Showing Trickiness of Coverage
Insurance Journal | August 1, 2024
Claim on Seized Hemp Shipment Barred, Showing Trickiness of Coverage
International treaties preempt state-based legal actions, giving an air transport company a escape from claims on what a hemp producer said was botched paperwork for an overseas hemp shipment, a federal appeals court said. The ruling by the U.S. 4th …
Are Captives the Answer for Uninsured HOAs? Utah Opens Door
Insurance Journal | August 1, 2024
Are Captives the Answer for Uninsured HOAs? Utah Opens Door
When actuary Greg Fears attended a Western Region Captive Insurance Conference in April, he expected to learn and share information about emerging uses of captives for commercial risks, including trucking captives—a recent focus of his attention. But during the last …
CrowdStrike Is Sued by Shareholders Over Huge Software Outage
Insurance Journal | July 31, 2024
CrowdStrike Is Sued by Shareholders Over Huge Software Outage
CrowdStrike has been sued by shareholders who said the cybersecurity company defrauded them by concealing how its inadequate software testing could cause the July 19 global outage that crashed more than 8 million computers. In a proposed class action filed …
AIG’s Repositioning Affects Q2 Earnings; Underlying Underwriting Income Up 2%
Insurance Journal | July 31, 2024
AIG’s Repositioning Affects Q2 Earnings; Underlying Underwriting Income Up 2%
The formal split of its life and retirement business Corebridge Financial resulted in a second quarter net loss of nearly $4 billion for American International Group (AIG). The deconsolidation and divestitures from last year affected AIG’s general insurance underwriting income, …