Industry News

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AXIS’ A.M. Best Ratings Revised to Negative; Insurance Arm Blamed
February 20, 2018
AXIS Capital Holdings’ money-losing insurance segment has drawn the attention of A.M. Best, which revised its outlooks for the Bermuda-based carrier to negative from stable, based largely on its performance. “The revised outlooks are based on unfavor …

Growing Number of Firms Sell Telematics Data, Including Israeli Startup Otonomo
February 20, 2018
The road to profits is paved with good data. Every hour, a modern car processes about 25 gigabytes of information — the equivalent of about seven full-length high-definition movies — on everything from engine temperature and tire pressure to what’s … …

India’s City Union Bank Hit by Cyber Heist via SWIFT Payments System
February 20, 2018
India’s City Union Bank said on Sunday that “cyber criminals” had hacked its systems and transferred nearly $2 million through three unauthorized remittances to lenders overseas via the SWIFT financial platform. The comments come after the small priv …

Flood Warnings in Effect Along Ohio River in West Virginia
February 20, 2018
Flood warnings continue along the Ohio River in West Virginia following recent heavy rains. The National Weather Service says the Ohio River was nearly seven feet above flood stage Sunday at Point Pleasant. It was expected to fall below flood …

What 11 Top Executives Think About Insurance Careers
February 20, 2018
The third annual Insurance Careers Month kicked off with the annual Insurance Careers Movement (ICM) Town Hall on Feb. 1 in Chicago. Co-hosted by A.M. Best and ICM, the virtual event assembled executives from companies around the world. Since 2016, … …

Shareholder Suit Alleges GE Hid Insurance Liabilities, SEC Probe
February 20, 2018
General Electric Co. was sued on Friday by a shareholder who accused the conglomerate of concealing mounting insurance liabilities and a U.S. Securities and Exchange Commission probe, saying it cost shareholders tens of billions of dollars. The compl …

Google Upheld in Firing of Conservative Employee Who Criticized Diversity Policies
February 20, 2018
Google’s firing of an engineer over his controversial memo criticizing its diversity policies and “politically correct monoculture” didn’t violate U.S. labor law, a federal agency lawyer concluded. Statements in James Damore’s 3,000-word memo “regard …

Multiple Sinkholes Open in Florida Retirement Community
February 20, 2018
A Florida woman called police because she thought she heard a prowler. She actually was hearing the first of several sinkholes that have opened up in a Florida retirement community, displacing seven people. The Villages resident Doris Morrill says sh …

NAS Insurance Adds Miscellaneous E&O Coverage for Architects, Engineers
February 20, 2018
NAS Insurance Services has released a new miscellaneous E&O architects and engineers (A&E) insurance product that includes coverage for technology services and cyber liability coverage. NAS’ Architects and Engineers insurance provides three i …

Kemper Corp. Acquires Infinity Property & Casualty of Alabama for $1.4B
February 20, 2018
Birmingham, Ala.-based Infinity Property and Casualty were bought for $1.4 billion. Kemper Corp. acquired the auto insurance provider in a cash and stock transaction, making it one of the largest nonstandard auto insurers in the country, Al.com repor …

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