International Underwriting Association Names Convex’s Butt as Chair Theo Butt, chief Executive Officer, UK for Convex Insurance, has been elected as the new chair of the International Underwriting Association (IUA). He will take over from Claire McDonald, chief executive officer of SCOR Business Solutions, who is stepping down at the end of a fixed two-year … Read more
Internet domain registrar GoDaddy GDDY.N owes a patent owner $170 million for violating its rights in website-building technology, a Delaware federal jury said in a verdict made public on Friday. The jury agreed with Express Mobile that GoDaddy’s web-design tools infringe two of its patents. GoDaddy said in a statement that it disagrees with the … Read more
More than six years after a Boeing 737 Max jetliner crashed in Ethiopia, the first civil trial related to the disaster that killed all 157 people on board was set to proceed. Boeing has settled most of the dozens of wrongful death lawsuits that families of the victims filed against the aircraft maker after the … Read more
A former South Carolina state lawmaker and injury lawyer has been indicted on federal allegations that he schemed to defraud his legal clients. According to court papers, a federal grand jury on Wednesday indicted former Rep. Marvin Pendarvis, a Democrat and attorney, on 10 charges including wire fraud, aggravated identity theft and money laundering. Federal … Read more
AM Best has placed under review with positive implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Louisiana Farm Bureau Mutual Insurance Company (Louisiana Farm Bureau), an action that follows the announcement that that Louisiana Farm Bureau and Southern Farm Bureau Casualty Insurance Company (Southern Farm … Read more
An explosion at a hydrogen and nitrogen product manufacturer in Mississippi on Wednesday caused an ammonia leak and forced nearby residents to evacuate, officials said. Mississippi Gov. Tate Reeves said in a post on the social platform X that emergency officials from across the state were responding to the anhydrous ammonia leak at CF Industries’ … Read more
The Fidelis Partnership (TFP), the Bermuda-based managing general underwriter, announced the launch of a consortium that targets risks associated with the construction of AI data centers. With estimates suggesting that the AI data center market could rapidly represent billions in new premium a year, the consortium will target excess layers in construction risk where there … Read more
Adam Balentine Marsh McLennan Agency (MMA), headquartered in White Plains, New York, appointed Adam Balentine as President of National Business Insurance. Based in Kansas City, Missouri, Balentine leads the development of strategic growth initiatives for MMA’s property and casualty business, oversees the national claims group and manages specialized risk practices, proprietary products and programs. With … Read more
Investors in Jamaica’s catastrophe bond now face a 100% payout after Hurricane Melissa set off a full trigger event, according to the World Bank. Jamaica’s $150 million cat bond, which was arranged by the World Bank, is designed to provide funds to pay for only the most extreme weather events and is in addition to … Read more
The Caribbean parametric insurer, CCRIF SPC, announced it will make a second payout of US$21.1 million to the government of Jamaica – a policy triggered by excess rainfall from Hurricane Melissa. This payout follows the CCRIF’s first record payment of US$70.8 million to Jamaica to cover damages from Hurricane Melissa triggered by modeled losses from … Read more