Articles by Chad Hemenway

NOAA Chimes in With Prediction of Above-Average Atlantic Hurricane Season

The National Oceanic and Atmospheric Administration is predicting an 85% chance of an above-average Atlantic hurricane season, with up to 25 named storms. “The upcoming Atlantic hurricane season is expected to have above-normal activity due to a confluence of factors, …

New Talc-Related Class Action Lawsuit Goes After J&J for Fraudulent Conveyance

With recent news that Johnson & Johnson is going forward with a third bankruptcy plan of a subsidiary to settle tens of thousand of lawsuits that it’s talc products cause cancer, a class-action lawsuit was filed today alleging the company’s …

S&P: 2023 Marked Stall of Rapid Growth in US Cyber Insurance

S&P Global Market Intelligence weighed in on the U.S. cyber insurance marketplace, reporting that premium dipped in 2023 to end several years of rapid growth. The overall 0.7% decline in cyber insurance direct written premiums was driven by a 3.2% …

CIAB: Commercial P/C Premiums Increase 7.7% in Q1 2024

Overall commercial property/casualty premiums increased slightly for all account sizes to 7.7% on average in the first quarter 2024. According to The Council of Insurance Agents and Brokers’ Q1 Market Survey, the 7.7% average increase in Q1 compared to 7% …

Hospital Operator Ascension ‘Making Progress’ to Restore Systems After Cyberattack

Hospital operator Ascension said on Monday that it “worked around the clocked” over the weekend to handle a recent ransomware attack that disrupted operations. “We are focused on restoring systems safely. We are making progress, however, it will take time …

Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’

According to Chubb CEO Evan G. Greenberg, the insurance industry’s underwriting practices for a number of financial lines are “simply dumb.” In a call with analysts to discuss Chubb’s earnings for the first quarter, Greenberg said rates for financial lines …

Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination

Zurich North America was ordered by a California jury to pay three former employees a total of about $80.2 million to end a wrongful termination case earlier this month. Melinda Brantley, Nicholas Lardie, and Daniel Koos worked as claims examiners …

AIG Sues Newly Launched Dellwood Insurance and Its Founders

American International Group and a group of its excess and surplus lines subsidiaries have filed suit against Dellwood Insurance Group and three former AIG executives who launched the nationwide E&S lines insurance holding company about a month ago. According to …

SEC Charges 2 Investment Firms, Doles Out $400,000 in Fines, for ‘AI Washing’

The U.S. Securities and Exchange Commission this week said it settled charges against two investment advisers related to “AI washing.” The firms, Delphia Inc. and Global Predictions Inc, will pay a total of $400,000 in civil penalties for making false …

25 Straight Quarters of Premium Increases for Commercial Lines, Survey Shows

Overall commercial property/casualty premiums increased slightly for all account sizes to 7% on average in the fourth quarter 2024, continuing a trend that has now last more than 6 years. According to The Council of Insurance Agents and Brokers’ Q4 …