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Category: Insurance Journal

FWD to Buy Majority Stake in Malaysian Insurer Ahead of Planned IPO
Insurance Journal | February 20, 2023
FWD to Buy Majority Stake in Malaysian Insurer Ahead of Planned IPO
FWD Group Holdings Ltd., the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has agreed to buy a majority stake in Gibraltar BSN Life Bhd., a move that allows it to tap into the Southeast Asian market’s growth …
Orderly Runoff Didn’t Work. Florida’s United P&C Now Insolvent, Headed for Liquidation
Insurance Journal | February 20, 2023
Orderly Runoff Didn’t Work. Florida’s United P&C Now Insolvent, Headed for Liquidation
Just days after some 90,000 policies from troubled United Property & Casualty Insurance Co. were transferred to Slide Insurance as part of a wind-down of the carrier, it was announced that UPC is officially broke and will soon be liquidated. …
Washington Man Ordered to Repay $127K in Workers’ Comp Scam
Insurance Journal | February 20, 2023
Washington Man Ordered to Repay $127K in Workers’ Comp Scam
A Washington contractor who claimed he was too injured to work despite reportedly running his own construction company was ordered to pay back the state more than $127,000. Daniel Joseph Lesieur, of Washougal, pleaded guilty to felony second-degree theft for …
Nevada Supreme Court Upholds Temporary Ban on Insurers Using Credit Scores
Insurance Journal | February 17, 2023
Nevada Supreme Court Upholds Temporary Ban on Insurers Using Credit Scores
The Nevada Supreme Court upheld the Nevada Division of Insurance’s temporary ban on using credit information to help set insurance rates. The division in 2020 imposed the temporary ban, concluding that the pandemic had a disproportionately negative impact on policyholders’ …
Illinois Supreme Court: BIPA Claims Accrue With Each Scan
Insurance Journal | February 17, 2023
Illinois Supreme Court: BIPA Claims Accrue With Each Scan
The Illinois Supreme Court ruled Friday that a separate claim accrues each time a business unlawfully scans or transmits an individual’s biometric identifier or information, a decision that could drive up class action settlements against repeated Biometric Information Privacy Act …
QBE Insurance Announces $1.9 Billion Loss Portfolio Transfer With Enstar
Insurance Journal | February 17, 2023
QBE Insurance Announces $1.9 Billion Loss Portfolio Transfer With Enstar
QBE Insurance Group announced a reinsurance transaction with legacy acquisition specialist Enstar, designed to de-risk the group’s exposure to portfolio reserves totaling US$1.9 billion. “This portfolio includes reserves primarily relating to North America and international financial lines, discontinued programs and …
Two More Louisiana Residents Sentenced in Staged Auto Accident Conspiracy
Insurance Journal | February 17, 2023
Two More Louisiana Residents Sentenced in Staged Auto Accident Conspiracy
Two more Louisiana citizens were sentenced for conspiring to stage automobile accidents in order to defraud insurance and trucking companies. United States Attorney Duane A. Evans announced that John Diggs age 62, of Thibodaux, Louisiana, and James Williams, age 68, …
Cinematographer’s Ukrainian Relatives Sue Baldwin over New Mexico Set Shooting
Insurance Journal | February 10, 2023
Cinematographer’s Ukrainian Relatives Sue Baldwin over New Mexico Set Shooting
The Ukraine-based relatives of a slain cinematographer are seeking damages in her death from actor Alec Baldwin in connection with a fatal shooting on the set of a Western movie, under a civil lawsuit filed Thursday in Los Angeles. The …
New Zealand Braces for Cyclone Gabrielle, Just Days After Devastating Floods
Insurance Journal | February 10, 2023
New Zealand Braces for Cyclone Gabrielle, Just Days After Devastating Floods
Residents of Auckland, New Zealand’s largest city, are being asked to prepare for further bad weather as a system described as potentially “the most serious storm to impact New Zealand this century” is forecast to hit in coming days. The …
Judge Rejects Family Members’ Bid to Reopen Boeing 737 MAX Plea Deal
Insurance Journal | February 10, 2023
Judge Rejects Family Members’ Bid to Reopen Boeing 737 MAX Plea Deal
A U.S. judge in Texas late on Thursday denied a legal bid by families of the victims of two Boeing 737 MAX crashes to reopen or reject a January 2021 deferred prosecution agreement. Boeing won immunity from criminal prosecution as …