Articles by Andrew G. Simpson

U.S. Appeals Court Upholds Dismissal of Zoloft Lawsuits Against Pfizer

The Third U.S. Circuit Court of Appeals in Philadelphia upheld a lower court’s dismissal last year of more than 300 product liability suits against drug maker Pfizer over its antidepressant Zoloft. The lawsuits alleged that Zoloft was responsible for birth …

Study: Expected Increase in Tornadoes Raises Risk to Mobile Homes

Tornadoes and mobile homes don’t mix to begin with, but throw in the volatility of climate change and the potential for massive property damage and deaths is even higher in coming decades, indicates a new study by Michigan State University …

Here’s What the House Has in Mind for Revamping Flood Insurance Program

A much-anticipated House subcommittee proposal on flood insurance promises to reauthorize the National Flood Insurance Program (NFIP) for five years beyond its September 30 expiration date. The proposal would introduce reforms to put the NFIP on stronger financial footing; provide …

Insurance Groups Welcome Delay in Liability Insurance Law Restatement

Insurance groups breathed a sigh of relief this week after legal scholars delayed a vote on a controversial restatement of liability insurance law. As reported by Insurance Journal, the American Legal Institute (ALI) on Tuesday formally decided to postpone a …

Toyota, MIT Lab Eye Using Blockchain in Insurance Rating of Driverless and Shared Vehicles

The Toyota Research Institute (TRI) is exploring blockchain and distributed ledger technology (BC/DL) for use in the development of driverless cars. TRI is collaborating with the MIT Media Lab and other industry partners on ways that both businesses and consumers …

WannaCry Attack Could Be Opportunity for Cautious Insurance Industry: A.M. Best

According to a rating agency A.M. Best, the the recent WannaCry ransomware attack could be a benefit to the insurance industry if it leads to better-crafted policies with clear language that provide the desired protection for policyholders. A.M. Best said …

Update: Insurers Sound Alarm Over Liability Law Restatement; Vote Delayed

Liability insurers, their lawyers and their regulators are holding their collective breath that a scheduled vote this week on a proposed restatement of law regarding liability insurance will not happen. If approved, the controversial restatement would give policyholders more clout …

Startup Next Insurance Raises $29 Million from Insurers, Other Investors

Next Insurance, a digital insurance company for small to medium businesses, said it has raised $29 million in a Series A funding round led by Munich Re/HSB Ventures along with Markel, Nationwide and other existing investors. Next said the funding …

Canadian P/C Insurer Intact Financial to Acquire OneBeacon for $1.7 Billion

Canada’s largest property/casualty insurer, Intact Financial Corp., has agreed to acquire U.S. specialty insurer OneBeacon from White Mountains Insurance Group for US$1.7 billion. The merger will create a North American specialty lines insurer with more than $2 billion in specialty …

Virginia Tech Scientists: BP Oil Spill Caused $17.2B in Natural Resource Damage

The 2010 BP Deepwater Horizon oil spill did $17.2 billion in damage to the natural resources in the Gulf of Mexico, a team of scientists recently found after a six-year study of the impact of the largest oil spill in …