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News – Insurance Journal

AIG Consolidates Reinsurance into New AIG Re; Taps Marsh’s Schaper as CEO
American International Group announced the formation of AIG Re, which consolidates the company’s assumed reinsurance operations, including Validus Re, AlphaCat and Talbot Treaty, into one global business. AIG completed its acquisition of Bermuda reinsurer and specialist insurer Validus Holdings last …

POSTED JUNE 20, 2019 12:05 AM
New York Effort to Legalize Marijuana Fails; Decriminalization Possible
New York state lawmakers couldn’t approve marijuana legalization this session, and the legislature is now considering a back-up bill that would expand access to the drug for medical reasons and decriminalize its possession for recreational purposes. As the legislature planned …

POSTED JUNE 19, 2019 10:18 PM
Latest Shift in Growth Strategy at Lloyd’s Calls for More U.S. Business
Lloyd’s of London Ltd. is meeting with major U.S. insurers about driving more business through its global insurance market, Chief Executive Officer John Neal said on Wednesday. The 330-year-old insurance market, which launched its most recent modernization effort in May, …

POSTED JUNE 19, 2019 7:58 PM
Aspen Insurance Launches Cyber Risk Management Platform ‘SSIMPLE’
Aspen Insurance, the insurance segment of Aspen Insurance Holdings Ltd., announced the launch of its cyber risk management platform, SSIMPLE, which was developed to assist clients in the prevention and detection of, and response to, privacy and network security incidents. …

POSTED JUNE 19, 2019 5:12 PM
State Farm Bets on ‘Real Time’ Telematics as GEICO Scoffs
The nation’s largest insurer has stepped up its investment in telematics, announcing this week an upgrade to its usage-based insurance program that allows policyholders to check on their driving habits trip-by-trip instead of waiting for a periodic score card. State …

POSTED JUNE 19, 2019 3:51 PM
Officials: Better Driver Standards Might Have Helped Prevent Deaths in Iowa Bus Fire
Federal safety investigators say enforcing better school bus driver standards and installing a fire suppression system may have prevented the deaths in a 2017 school bus fire in western Iowa. National Transportation Safety Board Chairman Robert Sumwalt said that the …

POSTED JUNE 19, 2019 3:47 PM
Federal Officials Looking at Flood Issues in Review of Texas Derailment
Investigators will consider storm-related flooding to help determine what caused an April 24 freight train derailment in North Texas that sent 25 tanker cars off the tracks. The National Transportation Safety Board on Monday issued a preliminary report on the …

POSTED JUNE 19, 2019 3:42 PM
Police Say Defects May Have Caused Balcony Collapse that Injured Utah Couple, 5 Kids
A Utah couple and five of their nine children are recovering from injuries after the balcony on their home collapsed. Spring City police say the accident occurred about 9:30 p.m. Sunday. The Salt Lake Tribune reports Adam Burningham, his wife …

POSTED JUNE 19, 2019 3:11 PM
Nevada’s Attorney General Files Wide-Ranging Opioid Lawsuit
Nevada’s attorney general expanded the state’s lawsuit against the maker of the opioid OxyContin this week to include the company’s former president, his family, other drugmakers, distributors and drugstores, including Walgreens, CVS and Walmart. The lawsuit naming more than 40 …

POSTED JUNE 19, 2019 2:58 PM
California Warehouse Fire Defendant Says No One Was in Charge
The San Francisco Bay Area warehouse where a fire killed 36 people more than two years ago was an artist enclave where nobody was fully in charge, one of two men blamed for the fire testified this week. Max Harris …

POSTED JUNE 19, 2019 2:55 PM

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