6/11/2020 | This week in Business Insurance Risk Management Topics, Lawmakers consider bill to limit liability in pandemic which would help insurers facing a tide of claims. Meanwhile, a Coronavirus-related suit against Fox News dismissed and Insurtech deals up, funding down amid pandemic: Willis – Editor
RISK Management Top Stories
Some work issues still unclear after Supreme Court’s LGBTQ ruling
The U.S. Supreme Court’s somewhat surprising ruling barring workplace discrimination based on sexual orientation or gender identity finally gives the country a uniform federal law, but employers should brace themselves for additional claims in areas of remaining ambiguity, including medical coverage and the ruling’s applicability to religious institutions, experts say.
Suit against Berkshire argues virus exclusions should be barred
A coronavirus business interruption suit filed against Berkshire Hathaway Inc. alleges that virus exclusions that have been used by insurers since 2006 should be ruled invalid because the policy wordings organizations that devised them made misrepresentations to regulators.
Firm that promised accurate COVID tests sued
A putative class-action directors and officers liability lawsuit filed in federal district court charges that a biopharmaceutical company falsely claimed a 100% accurate COVID-19 test while company officials made millions dumping their stock.
Higginbotham buys entertainment brokerage
Higginbotham Insurance Group Inc. has acquired Ascend Insurance Brokerage, a Dallas-based firm specializing in placing insurance for the entertainment industry.
Rulings on AssuredPartners M&A litigation mixed
A Delaware judge, ruling for two different state courts, is permitting some charges filed by the previous owners of a Virginia brokerage acquired by AssuredPartners Inc. to continue, while dismissing others, in mixed rulings.
GOP senators push FCC to act on Trump social media order
Four Republican U.S. senators on Tuesday urged the Federal Communications Commission to review whether to revise liability protections for internet companies after President Donald Trump urged action.
Chipmaker MaxLinear hit by ‘Maze’ ransomware attack
Radio-frequency chipmaker MaxLinear Inc. said on Tuesday it was hit by a cyberattack, with a hacker releasing some proprietary information about the company online.
Ex-eBay employees charged with cyberstalking couple
Six former eBay Inc. employees have been criminally charged with cyberstalking a Massachusetts couple who published an online newsletter viewed as critical of the e-commerce company, federal prosecutors in Boston said on Monday.
Small firms launch claim against Hiscox over pandemic cover
A small business group has launched a £40 million ($50.06 million) insurance claim against insurer Hiscox over disputed cover for business disruption caused by the coronavirus pandemic, it said on Monday.
Aon forms economic recovery coalition
Aon PLC on Monday said it has formed a coalition of Chicago-area employers and organizations from a range of industry sectors to work together to help move the economy forward in the recovery phase of COVID-19.
Some insurtech firms reduce staffing
Layoffs have begun to hit the insurtech sector as both Slice Labs Inc. and Bold Penguin Inc. moved to reduce staffing this week.
Insurance startup Lemonade files for IPO
Tech-driven insurance startup Lemonade Inc. filed for its U.S. initial public offering on Monday, looking to take advantage of a recent recovery in the market after the coronavirus crisis slammed the brakes on new listings.
The Institutes set to buy III as trade group mergers continue
The Institutes is in talks to acquire the New York-based Insurance Information Institute, one of the few remaining independent trade associations representing the property/casualty industry, sources say.
McLarens buys energy loss adjuster Lloyd Warwick International
Global claims manager McLarens said Friday it has acquired London-based Lloyd Warwick International Ltd., a specialist energy loss adjuster jointly owned by its employees and Crawford & Co.
Commercial insurance rate hikes slow in May: Ivans
Commercial insurance prices rose in most lines last month, but the pace of increases was down slightly compared with the prior month, according to insurance exchange Ivans Insurance Services.
Commercial prices up sharply in first quarter: Willis
Aggregate commercial insurance pricing changes topped 6% for the first quarter, compared with the year-earlier period, according to Willis Towers Watson PLC’s Commercial Lines Insurance Pricing Survey, released Monday.
Ransomware attacks against Beazley clients up 25%
Ransomware attacks against Beazley PLC clients increased 25% between last year’s fourth quarter and this year’s first quarter overall, with the manufacturing sector reporting a 156% increase, says a report issued Tuesday.
Honda plants resume production after suspected cyberattack
Japan’s Honda Motor Co has resumed production at automobile and motorcycle plants in the United States and other countries after they were hit by a suspected cyberattack this week, a spokesman said on Friday.
Lawmakers consider bill to limit liability in pandemic
Louisiana lawmakers are considering a bill that would limit liability on several fronts during the COVID-19 public emergency, limiting the ability for people to sue businesses over virus exposure.
Coronavirus-related suit against Fox News dismissed
A lawsuit filed against Fox News for its allegedly “erroneous” and “incomplete” coronavirus coverage violates its First Amendment protections, a state court ruled in dismissing the litigation.
Insurtech deals up, funding down amid pandemic: Willis
More insurtech deals were completed in the first quarter, compared with the year-earlier period, but overall funding declined 54% to $912 million amid the coronavirus pandemic, according to Willis Towers Watson’s Quarterly InsurTech Briefing released Monday.
Insurtech broker approved as Lloyd’s trucking coverholder
Cover Whale Insurance Solutions Inc. has been approved as a coverholder at Lloyd’s of London and is working with Lloyd’s syndicates to provide commercial auto coverage for trucks in the U.S., the Rancho Santa Margarita, California-based insurtech broker said in a statement Monday.
France’s Covea backs out of purchase of Exor’s PartnerRe
French insurer Covea has walked away from its planned $9 billion purchase of PartnerRe, the Bermuda-based reinsurer owned by Exor, the holding firm of Italy’s Agnelli family, saying it could no longer buy under the terms of their agreement.
AssuredPartners expands Florida footprint
AssuredPartners Inc. has acquired Cypress Insurance Group Inc., a commercial and personal lines agency in Fort Lauderdale, Florida.
Commercial property/casualty rates jump 9.3% in Q1
Commercial property/casualty rates increased an average of 9.3% across all lines in the first quarter, according to the Council of Insurance Agents & Brokers’ latest pricing survey, which was issued Tuesday.
Rates seen rising across most commercial lines: Willis
By Claire Wilkinson North American commercial insurance buyers will continue to pay more across most lines of business and see their coverage terms and conditions scrutinized, as the industry braces for a potential loss of up to $80 billion from COVID-19, according to a report issued Thursday by Willis Towers Watson PLC. Despite the decline […]
Google tells employees: Take a seat, or a new desk
The employer that brought free cooking classes and ping pong tables to the office is giving employees a $1,000 expense account to spiff up their home workspaces, according to a letter addressed to “Googlers” from CEO Sundar Pichai.
ACLU sues biometrics company under Illinois privacy law
The American Civil Liberties Union and other organizations filed suit in state court in Illinois Thursday charging a company that collects biometric data for law enforcement with violating the Illinois Biometric Privacy Act.
Swiss Re introduces parametric hail coverage
Swiss Re Corporate Solutions has launched a parametric hail coverage designed to protect U.S. businesses in hail-prone states from the financial impact of a significant storm and to address gaps in traditional insurance coverage.
New York bills would provide COVID-19 death benefits
Lawmakers in New York introduced legislation that would provide death benefits for public employees who have died after contracting COVID-19 in the workplace.
