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Insuring Cyber Podcast: What the ‘New Normal’ Means for Cyber Insurers, Coverage

More than a year has passed since pandemic-related government restrictions began, causing many businesses around the world to shift their workforce to remote. With increased reliance on technology, new work environments and greater use of at-home devices and networks in … Source: Insurance News

Xenia Broking to Acquire UK-Based Credit Insurance Alliance (Brokers)

14Apriladmin

Xenia Broking Group, the London-based credit insurance and surety specialist, announced it has entered into an agreement to acquire Credit Insurance Alliance (Brokers) Ltd. (CIA). An independent trade credit insurance broker based in the West Midlands, England, CIA specializes in … Source: Insurance News

Egyptian Court Allows Seizure of Ship that Blocked Suez, Pending $900M Compensation

13Apriladmin

An Egyptian court issued a seizure order for the ship that blocked the Suez Canal last month after a request from the waterway’s operator, which is demanding $900 million in compensation, according to local media. A court in the city … Source: Insurance News

U.S. Recommends Pausing Use of J&J COVID Vaccine over Rare Blood Clots

13Apriladmin

U.S. federal health agencies on Tuesday recommended pausing the use of Johnson & Johnson’s COVID-19 vaccine after six recipients developed a rare disorder involving blood clots, in a fresh setback to global efforts to tackle the pandemic. The move comes … Source: Insurance News

Insurance Startup Clearcover Raises $200M, Creating Unicorn Valued at $1B: Reuters

13Apriladmin

Clearcover has raised $200 million in fresh capital as part of a late-stage financing round led by Eldridge, the investment firm helmed by Los Angeles Dodgers owner Todd Boehly, the digital car-insurance startup will announce on Tuesday. In a statement … Source: Insurance News

U.S. Raises Average Number of Named Storms for Atlantic Hurricane Season

12Apriladmin

The U.S. National Oceanic and Atmospheric Administration (NOAA) has changed the number of storms that constitute an average Atlantic hurricane season, the agency said in a statement on Friday. NOAA’s Climate Prediction Center is using 1991-2020 as the 30-year period-of-record … Source: Insurance News

Hathaway to Lead RT Specialty Transportation; Beecher Named President at Interstate

12Apriladmin

Doug Hathaway has been appointed as head of RT Specialty’s National Transportation Practice as well as its commercial transport program: Interstate Insurance Management (Interstate). Hathaway has served as chief underwriting officer at Interstate since February 2020. Prior to that he … Source: Insurance News

Aon Offers Concessions to Gain EU Antitrust Approval for $30B Willis Bid

12Apriladmin

BRUSSELS – Insurance broker Aon has offered concessions to gain EU antitrust approval for its $30 billion bid for rival Willis Towers Watson, a European Commission filing showed on Monday. The sector’s biggest deal ever comes as insurers grapple with … Source: Insurance News

Los Angeles Paying $1.6M to Settle Suits Alleging Police Wrongdoing

9Apriladmin

Los Angeles will pay nearly $1.6 million to settle three lawsuits involving alleged wrongdoing by the city’s police department, a newspaper reported. The City Council voted 12-1 this week to approve the payouts, which include $1.15 million for the shooting … Source: Insurance News

IRS Urges Participants in ‘Abusive’ Micro-Captives to Get Out Now

9Apriladmin

Internal Revenue Service officials are again urging participants in “abusive” micro-captive insurance arrangements to exit these transactions as soon as possible. The IRS considers that many micro-captive arrangements are not really about insurance. The IRS has stepped up examinations of … Source: Insurance News