A backdated policy change and an MCS-90 fight reshape who pays for a $1m trucking default
Author: Awais
Today is the 27th anniversary of the official launch of Artemis, so as usual for our celebratory official-birthday article (which is on the date for once) we wanted to highlight that since beginning to track catastrophe bond and insurance-linked security (ILS) issuance activity we’ve analysed and included nearly $220 billion of transaction volume in our extensive Deal Directory.Artemis was actually live prior to May 11th 1999, but that was the date it was unveiled to an audience of reinsurance and capital market focused executives at an event held in Bermuda. At that time, Bermuda did not have much of an…
Child paid premiums for nearly 20 years. When she eventually filed a claim citing her bathing, dressing, toileting, transferring, continence, eating, and mobility needs, Unum denied it. Those limitations existed on day one, and the existing-loss provision applied.
More than 90% of employers agreed a rebate-free approach is easier to understand and would improve drug price transparency, according to the survey conducted for Evernorth, which operates a pharmacy benefit manager.
The triggering incident took place on April 20, when an unoccupied Waymo robotaxi operating on a 40 mph highway approached a lane submerged in water. Despite its onboard sensors registering the flooding as potentially impassable, the vehicle slowed and continued through anyway. Reuters identified the location as San Antonio, Texas, where local reports noted the company briefly suspended service the following day amid heavy rainfall.
The mid-year 2026 reinsurance renewal for American Coastal Insurance Company (AmCoastal) is “effectively complete” its CEO Brad Martz has explained, with the top of the tower lifting to over $1.6bn, while the company has added more aggregate protection as well.A year ago, American Coastal Insurance (AmCoastal) renewed its core catastrophe reinsurance program with first event limit of $1.33 billion at the June 2025 renewal. Then, at the January 2026 renewals, AmCoastal grew its all other perils cover slightly and also refreshed its catastrophe aggregate coverage at the same size as the prior year. In addition, in February 2026 AmCoastal ventured…
Insurance Journal’s Risky Future series is hosting the “AI Tools for Homeowners Data” Demo Day, a series of free AI tool demonstrations designed exclusively for home insurers. This event features property data platforms and AI tools designed to enhance homeowners underwriting, catastrophe modeling, inspection and analysis, and more. In partnership with Insurance Journal, Risky Future’s AI Tools for Homeowners Data Demo Day will be held on Wednesday, May 13. Beginning at 1pm ET, AI technology experts will present and demo their products to attendees. Vendors will demonstrate property attribute enrichment, wildfire/hail/wind modeling, roof condition analysis, replacement cost tools, and real-time…
Connecticut has enacted legislation addressing wage theft in the building trades, job protections for services workers, and compensation for workers who are assaulted on the job, including nurses and teachers. The new law also requires employers to disclose position wage ranges and general benefit descriptions in job postings. Governor Ned Lamont signed into law Public Act 26-12, noting that the omnibus bill passed with bipartisan support. He called the new provisions “commonsense safeguards on behalf of those who keep our state and our economy running.” The omnibus measure includes enhanced workers’ compensation for assaulted workers. Teachers, health care providers, and…
Appealing to voters’ anxieties about the soaring cost of living is central to Democrats’ messaging in their hopes of big wins in this year’s midterm elections. In Oregon, a question on the primary ballot is complicating that strategy. The Democratic-controlled Legislature raised the state gas tax and a range of fees last fall as a way to pay for road improvements and plug a hole in the state’s transportation budget. Republicans responded with a petition to repeal the increases, leading to a referendum that will land before voters just as the Iran war is causing the price of gas to…
New York City’s Rent Guidelines Board voted to set a 0% to 2% range for rent increases for roughly one million stabilized apartments, putting Mayor Zohran Mamdani’s pledged freeze within reach. The nine-member panel approved the preliminary range for one-year leases Thursday and set a range of 0% to 4% for two-year leases. The initial vote doesn’t set rents. A final decision will be made in June by the board, which will choose one percentage within the range as the limit for rent hikes. Mamdani’s focus on rents helped launch the 34-year-old Democratic socialist to City Hall in November amid…
Makary’s exit ends a turbulent run marred by leadership upheaval, mass layoffs, political pressure and public spats with drugmakers.
The mechanism behind the headlines The source of the confusion is a contractual provision called the notice of cancellation – built into every war risk policy as the mechanism by which underwriters reprice cover when the risk landscape changes materially. When hostilities escalated, P&I clubs including the American Club, Gard, Skuld, NorthStandard and the London P&I Club received such notices from their reinsurers, relating to limited circumstances in which the clubs provided war-risk coverage in the Persian Gulf and adjacent waters, and in turn issued similar notices to their members. Typically under notice periods of between three and seven days …
Brown & Brown late last week received a measured victory when a Minnesota judge granted the broker a temporary restraining order against rival broker Howden US, who stands accused of taking hundreds of employees from Brown & Brown. According to court records from the Hennepin County (Minn.) District Court, the temporary restraining order bars 16 of Brown & Brown’s former employees, now at Howden, from soliciting customers or recruiting staff. The former employees must also adhere to confidentiality agreements with Minneapolis-based Hays Companies, which Brown & Brown bought in 2018. The order stopped short of stopping the former Brown &…
Illinois Attorney General Kwame Raoul filed a lawsuit against B.E.S.T. GDR LLC, doing business as Premium Home Service, and its Chief Executive Officer Yosef Bernath, alleging the business created thousands of online business profiles for home repair companies that did not exist. The U.S. Department of Justice (DOJ) joined Raoul in filing the lawsuit against the online business based in Westchester, Illinois. The Attorney General’s office collaborated with the Federal Trade Commission (FTC) and DOJ on the lawsuit. Raoul’s lawsuit alleges Premium Home Service’s scheme lures consumers in with local phone numbers for what consumers think are local home repair…