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Swiss Re’s UK Unit ReAssure to Be Valued at up to $4.2B in IPO
UK life assurance business ReAssure will be valued at up to 3.3 billion pounds ($4.2 billion) when it floats on the London Stock Exchange, its largest shareholder Swiss Re said on Thursday. Swiss Re, the world’s second-largest reinsurance company, set …

POSTED JUNE 27, 2019 8:31 AM
Michigan Democratic Leader Says Businesses, Heavy Trucks Must Fix Roads
With Republicans firmly opposed to a 45-cents-a-gallon fuel tax hike, Democratic lawmakers want businesses to do more to help fix the roads. A new $1.2 billion proposal from House Democrats would raise the state’s corporate tax, create a new 6-cents-a-mile …

POSTED JUNE 27, 2019 5:59 AM
National Weather Service Confirms Rare West Virginia Tornado
The National Weather Service says storm-related damage indicates that a rare tornado touched down in West Virginia. The weather service tweeted that a tornado hit the Alum Creek area Monday night along U.S. Route 119 southwest of Charleston. A survey …

POSTED JUNE 27, 2019 5:37 AM
What Passed, What Didn’t: New Florida Laws Taking Effect July 1
The Florida Legislature looked at and passed many pieces of legislation in the 2019 session that will impact the insurance industry. The following are summaries of what passed — and what didn’t. What Passed HB 7065 – AOB Reform Provides …

POSTED JUNE 27, 2019 5:26 AM
Discovery of New Risk with Boeing 737 to Prolong Grounding
The U.S. Federal Aviation Administration has identified a new risk that Boeing Co. must address on its 737 MAX before the grounded jet can return to service, the agency said on Wednesday. The risk was discovered during a simulator test …

POSTED JUNE 27, 2019 5:00 AM
Georgia Court: Insurer Can’t Deny Coverage Despite Misinformation on Application
An insurer that extended its workers’ compensation coverage for 90 days after discovering the employer had violated the terms of its policy could not then deny coverage for a claim on the grounds that those terms had been violated, the …

POSTED JUNE 27, 2019 4:37 AM
Former Washington Agent Pleads Guilty to Writing Fake Auto Policies
Lilibeth Brulotte, a former Washington insurance agent, pleaded guilty in Pierce County Superior Court to third-degree theft in connection with writing fake auto insurance policies. Brulotte’s sentence was deferred for two years and will be dismissed if she commits no …

POSTED JUNE 26, 2019 8:06 PM
Supreme Court Denies Injured Seaman’s Bid for Punitive Damages
The Supreme Court has ruled that an injured merchant seaman can’t seek punitive damages based on the common-law maritime claim of unseaworthiness. The ruling settled a difference of opinion in the courts over whether punitive damages are available for unseaworthiness …

POSTED JUNE 26, 2019 7:00 PM
California Workers’ Comp Bureau Submits 2020 Regulatory Filing
The Workers’ Compensation Insurance Rating Bureau of California on Wednesday submitted a Jan. 1, 2020, regulatory filing to the California Insurance Commissioner. The filing contains the following proposals: Amendments to the California Workers’ Compensation Uniform Statistical Reporting Plan—1995, including amendments …

POSTED JUNE 26, 2019 6:27 PM
Third Point Makes Equity Investment in California-based Noblr
Third Point Reinsurance Ltd. has entered into a relationship with Noblr Inc. through a combination of a minority equity investment and reinsurance, the company announced. Terms of the deal weren’t disclosed. San Francisco, Calif.-based Noblr is a technology-driven company co-founded …

POSTED JUNE 26, 2019 6:22 PM

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