Markets/Coverages: NJM Introduces Commercial Package Policy in New Jersey

NJM Insurance Group is now writing commercial package policies in New Jersey with policy effective dates beginning July 1, 2022. The NJM ProPack Commercial Package Policy protects mid-to-large-sized businesses against property and liability risks, including crime, inland marine, and industry-specific … Source: Insurance News

Vermont Creates Panel to Oversee Opioid Settlement Spending

Vermont Gov. Phil Scott has signed legislation into law that creates an advisory committee to make recommendations on how to spend the state’s share of settlement money with drug manufacturers and distribution companies over the toll of prescription opioids. The … Source: Insurance News

Rochester Diocese Offers $147M to Settle Sexual Abuse Claims

The Diocese of Rochester, New York, and its insurers have submitted a proposal to bankruptcy court to settle 471 sexual abuse claims against them for $147 million. The settlement includes $107,750,000 from insurers and $40,500,000 from the Catholic diocese and … Source: Insurance News

Insurer FWD Wins Approval for Hong Kong IPO

FWD Group Holdings Ltd., the Asian insurer backed by Hong Kong billionaire Richard Li, has won approval for its planned initial public offering in the city, according to a person with knowledge of the matter. The company received the green … Source: Insurance News

Explosion at Wisconsin Marine Construction Company Injures 6

A huge fire set off by an explosion burned Thursday at a marine construction company in southeast Wisconsin. Three civilians and three firefighters were injured at Summerset Marine Construction in the small Waukesha County community of Eagle, about 35 miles … Source: Insurance News