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Penn State and Insurer Settle Fight Over Payments to Sandusky Sex Abuse Victims

Penn State has settled a court fight with its insurer over payments to victims of the Jerry Sandusky child sex abuse scandal, a case that revealed new allegations about how early late Penn State football coach Joe Paterno knew of …

Maine Headquartered MEMIC Promotes Meinke

The MEMIC Group, a Portland, Maine, headquartered workers’ compensation specialty insurer, has promoted Scott Meinke to executive underwriter for the Atlantic region. Meinke initially joined MEMIC in 2014 as a senior production underwriter, in which he worked to develop business …

Cyber Risk Costs Not Big Enough to Spur Investment by Businesses

The cost of a typical cyber breach to an American company is much less than has been generally estimated, providing one possible explanation for why companies do not invest more to improve computer security, according to a new RAND Corp. …

Aspen Re Names Hough as Managing Director for Asia Pacific

Aspen Insurance Holdings Ltd. announced that its reinsurance segment, Aspen Re, has appointed Philip Hough as managing director, Asia Pacific. Hough will be based in Singapore and will report to Aspen Re Chief Executive Officer Thomas Lillelund. Hough joined Aspen …

Independent Insurance Agents & Brokers of America Elects Costello to Executive Committee

Independent Insurance Agents & Brokers of America (IIABA) has announced that John Costello has been elected as an at-large executive committee member. In this role, Costello will work to provide general direction and guidance as a member of the IIABA executive …

Trump Hotels Settles with New York Attorney General Over Data Breaches

Trump International Hotels Management LLC agreed to pay $50,000 to settle with New York State over data breaches that exposed 70,000 credit card numbers and other personal information, New York Attorney General Eric Schneiderman announced on Friday. The company, which …

Suit Against Yahoo Claims ‘Gross Negligence’ Over Data Breach

Yahoo Inc. was sued on Friday by a user who accused it of gross negligence over a massive 2014 hacking in which information was stolen from at least 500 million accounts. The lawsuit was filed in the federal court in …

ArgoGlobal Launches Cyber Division; Heaton Named Cyber Class Underwriter

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, announced the launch of its Cyber division with the appointment of Russell Heaton as cyber class underwriter. He takes up his role with immediate effect and reports to Ryan Barnes, head …

Brit Receives Preliminary Approval from Lloyd’s to Launch Syndicate 2988

Brit Ltd., the London-based specialty insurer, has received in principle approval* from the Lloyd’s Franchise Board to launch a new syndicate, Syndicate 2988. The syndicate plans to begin underwriting business attaching on or after January 2017, subject to completion of …

More than 3/4s of UK CEOs Mull Moving Headquarters as Result of Brexit: KPMG

The U.K.’s vote to leave the European Union has left more than three-quarters of chief executive officers saying they would consider moving their headquarters or operations outside Britain, according to a survey of 100 business leaders by the accountancy firm …

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