Providers allege the repricing system slashed one claim by more than 88%
Author: Awais
Pilots must be given a “final and non-negotiable” say allowing them to refuse to fly over or within conflict zones without influence from commercial pressures, global union group International Federation of Air Line Pilots’ Associations (IFALPA) said. The position paper on Monday from IFALPA comes as the six-week-long Iran war is reshaping airspace across the Middle East and increasing disruptions to flights due to drone and missile attacks and interceptions, heightening safety risks for airline crew members and their passengers. Montreal-based IFALPA said airlines should recognize how conflict zone operations can create mental and emotional strain in the cockpit. “The…
King Risk Partners has acquired New England Property & Casualty, Inc., an independent insurance agency headquartered in Wallingford, Connecticut. New England Property & Casualty has served individuals and families throughout Connecticut for nearly 40 years, offering auto, home, property, and health insurance. Robert Borruso is the owner of the agency. Florida-based King Risk Partners continues to grow through partnerships and acquisitions. The firm is now the 51st-largest privately-held U.S. property/casualty insurance agency, as ranked by Insurance Journal. King Risk Partners has more than 50 locations on the Eastern seaboard from New Hampshire to Florida. This Wallingford agency is its sixth…
Embedded in deal execution Gallagher’s report describes coverage terms as broadly favorable for buyers, with insurers applying fewer policy exclusions and increasingly offering enhancements designed to reduce friction at the claims stage. Transactional insurance solutions – spanning Warranty & Indemnity (W&I), tax, contingent risk, and insurance due diligence – are now considered standard instruments across geographies, sectors and deal sizes, from enterprise values below £5 million to multi-billion-pound transactions.
Hackers have breached Jones Day and accessed the files of 10 clients, the law firm said on Monday. A prolific cybercriminal group known as Silent took credit for the attack, listing Jones Day among its victims on an extortion website. “Jones Day recently experienced a cyber ‘phishing’ incident in which an unauthorized third party accessed a limited number of dated files for 10 clients,” spokesperson Dave Petrou said in a statement. “All impacted clients have been notified.” The identities of the affected clients weren’t immediately clear. Hackers also stole data belonging to Jones Day in 2021. The law firm has…
For four years, since Larry Lewis moved to Cranberry Village in Massachusetts he’s heard the rumble of trucks and excavators from a sand excavation site owned by cranberry grower A.D. Makepeace. The noise is a nuisance, but his real concern is when sand particles from the site blow through his neighborhood of manufactured homes, collecting on cars and lingering indoors. He can’t avoid breathing it in. “For younger people, it might not be a big deal,” Lewis said, “but it could be a bigger problem for older residents like us.” Miles away, in wealthier locales like Martha’s Vineyard and Nantucket,…
China is targeting Taiwan to obtain its advanced chip manufacturing technology and talent as a way of breaking through international “containment” of the country, according to a report from the island’s top security agency. China’s scramble for chip talent and expertise has intensified as Beijing pushes for self-reliance in advanced semiconductors, amid a deepening tech rivalry with the U.S. Taiwan, which China claims as its own territory, frequently reports busting networks of Chinese firms illegally trying to poach semiconductor and high-tech talent, and has strict laws to prevent the most advanced technologies going to China. In a report to lawmakers,…
Signal Iduna Reinsurance Ltd. (SI Re), the Swiss based reinsurer that also invests in insurance-linked securities (ILS) for their diversification and return effects, has hired Simon Parten from Schroders Capital ILS as ILS Portfolio Manager, who will join the company on June 1st, 2026.In his new role, Parten will help further develop SI Re’s Insurance Linked Securities portfolio, which serves as a key diversifier within the firm’s reinsurance book. Parten’s vast expertise in the allocation of catastrophe bonds, collateralized reinsurance, quota shares, and leveraged facilities, along with his strong technological and quantitative advantages, will help to enhance SI Re’s expanding…
San Francisco’s median house price jumped to a record $2.15 million in March, up 18% from a year earlier as wealth generated by artificial intelligence startups flooded the city, according to brokerage Compass Inc. Condo prices also surged, rising 27% to $1.36 million, Compass said in a report. That was just below the $1.375 million peak of April 2022. “The economic changes created by the Iran war – such as rising interest rates and financial market volatility – have not affected the extremely heated market dynamics in San Francisco, which are being fueled by the new employment and wealth generated…
An Iowa contractor has been charged with acting as a public adjuster without a license and insurance fraud. Joseph Starr, 39, of Rockwell, was charged with two counts of acting as a public adjuster without a license and one count of insurance fraud. The charges followed an investigation by the Iowa Insurance Division’s Fraud Bureau. Criminal complaints filed by the Iowa Insurance Division’s Fraud Bureau allege Starr was an employee of Sibling Construction accused of engaging in multiple acts of unlicensed public adjusting. Starr allegedly negotiated insurance claims on behalf of clients with both Farm Bureau Financial Services and Osage…
Hydrologist Maureen Gutsch trudged through the mud and slush to confirm a grim picture: Colorado just had its worst snowpack since statewide recordkeeping began in 1941. Even more troubling, mountain snow accumulations peaked a month early and contained just half the average moisture. As a warm winter with poor skiing conditions gave way to early springtime record heat, snow is vanishing from all but the highest elevations in the West. This week’s record measurements are a clear sign that water shortages could worsen the ongoing significant drought, barring an unexpected deluge. Gutsch struggled to match the mood of the sunny,…
Connecticut lawmakers are considering placing a 5% surcharge on commercial property/casualty insurance policies for fossil fuels-related companies at a time when rising insurance premiums and utility bills are concerns. The surcharge is intended help fund local communities’ efforts to fortify their infrastructure against damage from climate change. The measure (SB 453) would levy the surcharge on policies covering fossil fuel infrastructure, including pipelines, refineries, terminals, and other related facilities, with the exception of home fuel delivery vehicles. In addition to funding grants to local communities, the resulting “climate resilience account” would be charged with disseminating flood risk data to communities…
Dozens of refineries, oil fields, gas plants, ports and other energy infrastructure have been damaged by missile and drone strikes, five weeks into the Iran war. US President Donald Trump threatened to bring “Hell” to Iran with strikes on power plants and other infrastructure if the Strait of Hormuz was not reopened. Tehran rejected the demands, and continued attacks across the region. A huge petrochemicals plant in the United Arab Emirates was halted, while Kuwait’s oil sector came under a fresh barrage of strikes. Here is a list of some of the Middle East’s most important energy facilities that have…
Iran said on Monday it wanted a lasting end to the war with the U.S. and Israel, and pushed back against pressure to reopen the Strait of Hormuz, while U.S. President Donald Trump warned the country could be “taken out” if it did not meet his Tuesday night deadline to reach a deal. Responding to a U.S. proposal through mediator Pakistan, Tehran rejected a ceasefire and said a permanent end to the war was necessary, the official IRNA news agency reported. The Iranian response consisted of 10 clauses, including an end to conflicts in the region, a protocol for safe…