A federal judge in Pennsylvania has given the green light to a racketeering lawsuit by Uber Technologies, Inc. and Federal Express Corp. alleging that a Philadelphia law firm and a group of medical providers conspired to create false medical records and inflate injury claims related to motor vehicle accidents involving their drivers. Justice Mark Kearney of the U.S. District Court for Eastern Pennsylvania found that the two transportation firms provided ample facts and enough detailed allegations at this stage to allow the court to infer a plausible basis for their varied racketeering claims. Consequently. he denied a motion to dismiss…
Author: Awais
The Oregon Occupational Safety and Health Division is warning employers about scams to steal money. Oregon OSHA said it has learned of several recent cases of fraudulent activity involving two types of scams. One scam involves people calling employers with a recent Oregon OSHA inspection opened. Callers claim to represent a consulting firm, telling employers they will ensure the inspection results in no violations if the employers send money. The other scam involves people calling employers and claiming to represent Oregon OSHA. They tell employers they can settle an enforcement penalty at a reduced amount and to just send them…
Northern Re, the collateralized reinsurance company that provides investors with access to the returns of its long-tail casualty underwriting business, has expanded its use of Ultrassure’s platform from an initial pilot to production deployment for contract workflows across its reinsurance operations.Ultrassure is an AI contract intelligence platform that’s purpose-built for insurers, reinsurers, managing general agents (MGAs), and brokers. Headquartered in Toronto, Ultrassure transforms complex policies, treaties, binders, endorsements, brokerage documents, and related materials into structured, searchable, evidence-linked intelligence, which helps teams to review, compare, analyse, negotiate, and audit insurance contracts with greater speed, consistency, and control. According to the announcement,…
Trucordia has acquired the assets of Richardson Insurance in Idaho. Richardson Insurance is a personal and commercial lines firm based founded in 1988 by Randy Richardson. Lindon, Utah-based Trucordia is the group name for a group of companies that offers an array of commercial and personal lines, life and health, and employee benefits insurance services. Topics Mergers & Acquisitions Was this article valuable? Yes No Here are more articles you may enjoy. Interested in Mergers? Get automatic alerts for this topic.
The 2026 Atlantic hurricane season is projected to be quieter than many of the hyperactive years that preceded it. Six of the past seven seasons produced above-average Atlantic activity, including the record-setting 2020 season, which had 30 named storms. But lower storm counts can create a dangerous illusion that fewer hurricanes mean less risk. Some of the most devastating impacts in recent years have come not from the strongest storms on the traditional Saffir-Simpson scale, but from secondary threats such as inland flooding, storm surge, extreme rainfall and tornadoes. That disconnect is becoming increasingly difficult for insurers trying to assess…
The bigger story may be how quickly Bäte’s medium-term ambitions are coming into view. At Allianz’s Capital Markets Day in December 2024, the group laid out targets for the 2025-2027 period including 7%-9% EPS growth annually, a core return on equity of at least 17%, and 2027 operating profit goals of €9.5 billion for property-casualty and around €6 billion for life and health.
In life, protection premiums climbed 9% across EMEA, Latin America and Asia Pacific, more than offsetting easing savings sales in Spain. Farmers Management Services lifted underlying fee income by 4%, with the Farmers Exchanges adding around 84,000 policies in the quarter and a further 49,000 in April.
Typhoon activity in the Northwest Pacific Ocean is expected to be the highest this year since 2015, according to commercial forecaster Tropical Storm Risk. The projection for 2026 is 25% above the historical average, driven by an emerging El Niño and stronger-than-normal westerly winds, the London-based group said in its first outlook for the season published this week. It forecast 18 typhoons forming, of which 11 will be intense, higher than the 10-year average of 14.2 and 8.4, respectively. The European Centre for Medium-Range Weather Forecasts is also predicting an above-normal number of tropical storms in the Northwest Pacific this…
Clients of the drug middleman can pay monthly fees per member that aren’t linked to manufacturers’ list prices or prescription volume.
The U.S. Department of Justice said on Tuesday it had reached a settlement with PayPal to resolve an investigation into a 2020 investment program that the department described as giving “unlawful” preferences to Black and minority-owned businesses. Under the settlement, PayPal will launch a new initiative that waives processing fees on $1 billion in transactions — valued at about $30 million — for eligible U.S. small businesses that are veteran-owned or operate in farming, manufacturing or technology, the department said in a statement. “For more than two decades, PayPal has helped small businesses start, scale, and thrive by expanding access…
Inszone Insurance Services announced the acquisition of Smith & Company Insurance, Inc. This strategic acquisition brings an agency with roots dating back to 1904 into the Inszone organization, continuing to strengthen its footprint across the state of Arkansas. With its earliest documentation tracing back over a century to 1904, Smith & Company Insurance has a long and storied history of serving its local communities. The Smith family officially purchased the agency in 1971, building it into a trusted local institution. Today, the agency is co-owned by Mark Smith, Drew Higginbothom, and William Smith who have expanded the business while maintaining…
Global organization are moving from risk mitigation to a risk-led strategy as business leaders shift their approach to risk, influenced by geopolitical instability, economic uncertainty, and technological disruption. According to Worldwide Broker Network’s (WBN) “New Risk Reality Report,” resilience has become a competitive advantage, said senior business executives surveyed across the U.S., United Kingdom, Canada, France, Germany, and Spain. Olga Collins “As organizations navigate uncertainty, risk management has never been more mission critical, yet it remains one of the most misunderstood and undervalued levers of corporate resilience,” Olga Collins, CEO of the independent insurance broking and employee benefits network, in…
The impact of the energy crisis on the global economy in recent months is showing up in gauges of supply-chain stress that flashed red during the pandemic, adding to reasons for central banks to be on guard for a recurrence of high inflation. The following dashboard of logistics activity shows that some gauges are at their highest since the 2020-23 period, when economies locked down, shortages emerged and shipping snarls persisted. While the indexes are still far from their COVID highs, they reflect disruptions to global trade from the Iran war that bear some similarities to what happened back then.…
W. R. Berkley Corporation, the US-headquartered insurance holding company, once again reported higher premiums being ceded to its Lifson Re collateralized reinsurance sidecar for Q1 2026, while the company also recognised more fee income being earned from the structure.Recall that W. R. Berkley capitalised the Lifson Re sidecar to the tune of $418 million for 2025, which marked the vehicle’s largest capital raise at the time. There’s been no change for the 2026 underwriting year, with the sidecar’s capitalisation remaining static and W. R. Berkley’s stake and the quota share cession ratio both remaining at 32.5%. But steadily, W. R.…