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Fitch Places Lloyd’s of London’s on Rating Watch Negative on COVID-19 Crisis

Fitch Ratings has placed Lloyd’s of London’s ‘AA-‘ Insurer Financial Strength (IFS) ratings on rating watch negative, on the uncertainty and increased risk to Lloyd’s earnings and underwriting performance due to claims from the COVID-19 pandemic. The negative rating watch … Source: Insurance News

Health-Care Providers See Surge in Ransomware Attacks in Europe, U.S.

3Apriladmin

When hackers broke into computers at Hammersmith Medicines Research, a London-based company that carries out clinical trials for new medicines, it was a nightmare scenario for managing director Malcolm Boyce. The coronavirus crisis was just beginning to take hold in … Source: Insurance News

Life-or-Death Decisions by Hospitals, Doctors Come With Threat of Lawsuits

2Apriladmin

Doctors and hospitals overwhelmed in the pandemic will have to make their excruciating life-or-death decisions meticulously or they risk being second-guessed by a jury when the onslaught is over. Lawyers who defend health care providers are already giving advice on … Source: Insurance News

Mass. Division of Insurance Approves 6.8% Reduction in Workers’ Comp Rates

2Apriladmin

The Massachusetts Division of Insurance has approved a 6.8% reduction in the existing overall average workers’ compensation insurance rates for policies effective on and after July 1, 2020. The rate decrease was the result of a compromise reached by the … Source: Insurance News

Everest Re Group Hires Lodge as Chief Financial Officer of Everest Insurance

2Apriladmin

Everest Re Group Ltd. has hired Dana Lodge as chief financial officer of Everest Insurance, reporting to Everest Insurance President and CEO Jonathan Zaffino as well as Everest Group CFO Craig Howie. Lodge will be based at the company’s U.S. … Source: Insurance News

China Re Is Weighing Establishing U.S. Operation: Reuters

1Apriladmin

BEIJING, April 1 (Reuters) – China Reinsurance Group Corp said on Wednesday it will carefully consider its plan to set up a business entity in the United States, based on its global strategy and the implementation of Sino-U.S. phase one … Source: Insurance News

CCG IQ Acquires Connecticut’s The UIS Group

1Apriladmin

CCG IQ, a provider of tech-enabled insurance services, has acquired The UIS Group. CCG IQ anticipates that the addition of this business will enhance its suite of services for insurance companies, according to a company press release. Connecticut-based UIS Group … Source: Insurance News

Delaware Judge Dismisses Chemours Lawsuit Against DuPont

1Apriladmin

A Delaware judge has granted the DuPont Co.’s request to dismiss a lawsuit alleging that it massively downplayed the cost of environmental liabilities imposed on spinoff company Chemours. Vice Chancellor Sam Glasscock III ruled Monday that he has no jurisdiction … Source: Insurance News

Rumbull Named Head of Willis Re Speciality in North America

31Marchadmin

Charles Rumball, currently executive vice president of Willis Re’s Specialty Reinsurance Division in Bermuda, is relocating to New York to assume the new role of head of Speciality for North America for Willis Re. Rumball brings considerable experience to his … Source: Insurance News

Massachusetts Joins Ohio, N.J. in Proposing COVID-19 Business Interruption Bill

31Marchadmin

Massachusetts is one of the latest states to propose legislation that would mandate insurers to cover COVID-19 related business interruption claims despite virus exclusions in many policies. This comes as Insurance Journal reported legislators in New Jersey and Ohio have … Source: Insurance News