Articles by Andrew G. Simpson

Court Finds Travelers Crime Policy Covers Money Transfer Loss Due to Email Spoofing

For the second time in about a week, a federal appeal court has sided with a commercial policyholder where the insurer denied coverage under a computer fraud provision of a crime insurance policy for a money transfer involving fraudulent emails. …

P/C Insurers Double Q1 Profit on Tax Changes, Growing Economy, Lower Cat Losses

Tax reform, a growing economy and lower catastrophe losses helped U.S. property/casualty insurers more than double their first quarter profit this year. Insurers’ net income after taxes surpassed $17 billion during the first three months of the year, compared to …

Impact of Court Ruling Chubb Unit’s Crime Policy Covers ‘Spoofed’ Wire Transfer

In a closely-watched case on insurance coverage in an age of expanding cyber risk, a federal appeals court in New York has upheld a lower court ruling that a commercial crime insurance policy covers wire transfer losses resulting from a …

Fireworks Facts: 8 Deaths, 12,900 Injuries in 2017; $900M Sales Expected as States Ease Curbs

At least eight people lost their lives in fireworks mishaps in 2017 while another 12,900 ended up in hospital emergency rooms with injuries. The deaths in 2017 included a four-year old Wisconsin girl who died from shrapnel when a metal …

Lloyd’s CEO Beale to Exit Next Year

Lloyd’s of London today announced that Chief Executive Officer Inga Beale will step down next year after leading the global insurance and reinsurance market for five years. An exact departure date has not yet been set. Beale joined Lloyd’s in …

Senate Passes Farm, Crop Insurance Bill with Flood Insurance Extension

The U.S. Senate passed (86-11) a Farm Bill that continues subsidies for farmers along with the federal crop insurance and food stamp programs for five years. The $867 billion Senate bill also contains an amendment to prevent the National Flood …

AmTrust Shareholders Approve Revised $2.95 Billion Plan to Go Private

Insurer AmTrust Financial Services said that AmTrust stockholders have approved a deal for it to become a private entity, a deal that values it at $2.95 billion and was negotiated after activist investor Carl Icahn opposed a previous proposal. The …

Two P/C Insurance Trade Groups — AIA and PCI — Plan to Merge

Two leading U.S. property/casualty insurance carrier trade groups are talking about merging. The American Insurance Association (AIA) and the Property Casualty Insurers Association of America (PCI) said their respective boards have approved moving ahead with merger talks and due diligence, …

Chubb Insists No Insurance for Weinstein, Who Wants Jury to Settle Coverage Issues

Hollywood movie mogul Harvey Weinstein is asking that a jury decide whether his insurer must defend him against 14 lawsuits accusing him of sexually harassing and assaulting women over several decades. Weinstein contends that Federal Insurance Co., a Chubb subsidiary, …

Digital Insurance Agency EverQuote Launches IPO

Cambridge, Mass.-based online insurance agency EverQuote Inc. has commenced an initial public offering it hopes will produce $43.2 million in net proceeds for the company. EverQuote is offering 3,125,000 shares of its Class A common stock at an initial public …