RISK Management Top Stories
Federal workers can return to offices without vaccine
U.S. government employees should not be required to be vaccinated against COVID-19 before returning to their workplace or made to disclose their vaccination status, according to guidance from the Biden administration.
AssuredPartners buys Delaware agency
AssuredPartners Inc. has bought B&H Insurance LLC, an insurance agency with about $8 million in annual revenue.
The BI Top 10: Week of June 7, 2021
No surprise about this week’s No. 1 story — the annual list of the five highest-paid insurance executives, led by Peter Zaffino, president and CEO of American International Group Inc.
OSHA releases updated safety guidance for all industries
The Occupational Safety and Health Administration on Thursday updated its guidance for all industries, closely mirroring what is currently in place in the Centers for Disease Control and Prevention’s guidelines.
Pharma, biotech manufacturer cited in deaths
An Eatontown, New Jersey, manufacturer has been fined $13,653 for allegedly failing to protect employees adequately from workplace exposure to COVID-19 following two deaths.
Spencer Educational Foundation to honor Garvey, Roth
The Spencer Educational Foundation will honor Peter Garvey, vice chairman of Galway Insurance Holdings LLC, the holding company for EPIC Insurance Brokers & Consultants, and Mary Roth, CEO of the Risk & Insurance Management Society Inc. during its annual fundraising campaign.
Rock band goes heavy on Lloyd’s over canceled concerts
The heavy metal band Metallica has filed a suit against Lloyd’s of London over losses suffered as a result of having to twice postpone its South American tour because of COVID-19 shutdowns.
RPS offers E&O coverage for agents and brokers
Risk Placement Services Inc. has launched a professional liability program for agents and brokers underwritten by ISMIE Indemnity Co., a subsidiary of ISMIE Mutual Insurance Co.
McDonald’s in South Korea, Taiwan hit by data breach
McDonald’s Corp., the world’s largest burger chain, said on Friday that a data breach in South Korea and Taiwan has exposed some customer and employee information, making it the latest global company to be targeted by cybercriminals.
Advances in technology, processes improving claimants’ experience
From automated estimating to mobile technologies, on-demand tools and networked solutions, technology advancements introduced during Crawford’s 80-year history are improving claimants’ experience. In this Business Insurance Risk Perspective, Crawford leaders highlight some of the biggest changes in claims handling over the past eight decades.
Meatpacker JBS says it paid $11M in ransomware attack
Meatpacker JBS USA paid a ransom equivalent to $11 million following a cyberattack that disrupted its North American and Australian operations, the company’s CEO said in a statement on Wednesday.
Commercial rates continue to rise amid hardening market
Commercial insurance markets are seeing continued rate increases as the COVID-19 pandemic exacerbates already-hard market conditions across most property/casualty lines, according to a report released Thursday by USI Insurance Services LLC.
Highest-paid insurance executives 2021
Compensation changes for top executives at the largest commercial insurers varied significantly last year.
Revisions to Cal/OSHA emergency temporary standard withdrawn
The California Occupational Safety and Health Standards Board unanimously voted Wednesday night to withdraw revisions to the California Division of Occupational Safety and Health’s COVID-19 emergency temporary standard seven days after they were approved.
Cyber exposures top list of emerging risks: Insurers
Cybersecurity exposures top the list of emerging risks for insurers, which must deal with both coverage and operational issues relating to risk, a panel of chief risk officers said.
OSHA’s long-awaited ETS only applies to health care workers
The Occupational Safety and Health Administration on Thursday released the details of its long-awaited Emergency Temporary Standard, which it says will only apply to health care workers.
France’s Scor, Covea agree to bury the hatchet
Covea, the top shareholder of Scor SE, on Thursday agreed to an orderly exit from Scor as the battling insurance groups reached a settlement over a frustrated takeover attempt and ensuing legal disputes.
Greater reliance on technology here to stay: Insurance CEOs
Increased connectivity and greater use of technology will be the legacy of the pandemic, according to the CEOs of some of the world’s largest insurers.
Insurtech company secures $100M more in funding
San Francisco-based insurtech company Embroker Inc. said Wednesday it has secured an additional $100 million in funding, which will permit it to expand into becoming a licensed insurer.
Lexington names Chmieleski head of professional lines
Lexington Insurance Co., the surplus lines unit of American International Group Inc., has promoted Susan Chmieleski to the new role of head of professional lines.
Aon sees early Q3 close on Willis deal
Aon PLC plans to close its $30 billion proposed purchase of rival Willis Towers Watson PLC “as early as possible in the third quarter,” according to Aon CEO Greg Case.
NY legislature passes bill enabling civil suits against gunmakers
The New York state legislature has passed a bill that would give plaintiffs the private right of action to file civil lawsuits against gun manufacturers and dealers.
Houston Methodist announces nearly 100% vaccination rate
One of the first major hospital systems to publicly require all employees receive a COVID-19 vaccination has announced a nearly 100% vaccination rate among its staff.
IMA unit buys wholesale insurance brokerage
An IMA Financial Group Inc. unit said Wednesday it has acquired Professional Lines Underwriting Specialists Inc., an Austin, Texas-based wholesale insurance brokerage that specializes in management and professional liability.
Cyber premiums, loss ratio up sharply in 2020: Survey
Cyber premiums increased 21% in 2020 from 2019, but insurers’ loss ratio increased as well, a survey found.
OSHA to release virus emergency temporary standard
The Occupational Safety and Health Administration will release its long-awaited COVID-19 emergency temporary standard on Thursday.
Volkswagen to get $351M in dieselgate settlement
Volkswagen said Wednesday it had agreed to settle claims against four former executives, including long-time CEO Martin Winterkorn, that will see the carmaker receive €288 million ($351 million) in compensation related to its emissions scandal.
Founder Shield unit adds coverage for social media influencers
Scale Underwriting Services LLC, a managing general agent and a Founder Shield company, has launched media liability coverage for social media influencers and their agencies with up to $5 million in limits available.
The BI Interview with Kristen Peed, CBIZ Inc.
Kristen Peed, corporate director, risk management and insurance at CBIZ Inc. discusses D&O renewal strategies, increased disclosure requirements expected from the Biden administration and how virtual meetings can actually lead to deeper business relationships.
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.
