SterlingRisk Promotes Waterman, Beres
SterlingRisk announced that Marci Waterman has been promoted to deputy chief executive officer while retaining her role as president of Sterling Analytics, and John S. Beres has been elevated to chief operating officer. Waterman, a 2013 hire, previously served as COO, and Beres, who joined in 2017, most recently acted as chief business officer and director of client services. The moves give the New York‑based broker fresh leadership for both strategic growth and day‑to‑day operations. SterlingRisk is currently the 57th largest U.S. insurance broker, according to Business Insurance.
Ohio Appeals Court Revives Worker’s Claim over Disputed Subrogation Fee
An Ohio Court of Appeals revived Lamar Thomas’s challenge to a $6,044 subrogation lien imposed by the Ohio Bureau of Workers’ Compensation. The court held that the $120 fee for an independent medical exam was not a recoverable subrogation interest...
Africa Trade Insurer Seeks $500 Million to Help with Iran War Cost Hike
Africa’s leading multilateral trade‑risk insurer, African Trade & Investment Development Insurance (ATIDI), is seeking roughly $500 million in new capital to raise its balance sheet from about $1 billion to $1.5 billion. The push follows the February U.S.–Israeli airstrikes on Iran, which have...
Hamilton Launches Casualty Reinsurance Sidecar
Hamilton Insurance Group announced the launch of its first casualty reinsurance sidecar, targeting roughly $300 million of ceded premium over several years. The sidecar will be capitalized by investment firm Sixth Street, which will also shape the overall asset strategy. Concurrently, Hamilton...
Maersk Hikes Cargo Insurance Rates up to 450%
Maersk announced a dramatic increase in cargo insurance rates, lifting premiums by as much as 450% for new contracts. The surge reflects heightened exposure to geopolitical tensions in the Middle East, especially rerouting around the Strait of Hormuz, and recent...
Volcano Disruption Halts Flights, Closes Roads
Japan’s most active volcano erupted Saturday afternoon, spewing ash that blanketed Kagoshima. The eruption forced the grounding and delay of all flights at Kagoshima Airport and triggered widespread road closures across the city and surrounding areas. Authorities warned of reduced...
Aon Raises Capacity for Data Program
Aon increased capacity for its Data Center Lifecycle Insurance Program by $1 billion, bringing total coverage to $3.5 billion. The expansion now covers existing data centers beyond the first year, adding construction, delay, operational damage, cyber, liability, and cargo protections. The program...
Air Ambulance Costs Soar Despite Limited Use in Workers Compensation
Air ambulance transports remain rare in workers‑comp claims, affecting fewer than 1.2% of rural lost‑time cases, yet they dominate cost drivers. Average payments have surged more than 60% since 2013, topping $25,000 per flight by 2022. Utilization spikes in very...
EU Agencies Push Cat Pool Backed by ILS
European regulators, led by the European Commission and EIOPA, are advancing a new catastrophe‑reinsurance pool that will be financed with insurance‑linked securities. The pool is slated to be underpinned by a €500 million (≈ $540 million) ILS tranche, providing fresh capital for natural‑disaster...
Court Rules for Berkshire Unit in COVID Fraud Coverage Case
A federal court ruled that National Liability & Fire Insurance Co., a Berkshire Hathaway unit, has no duty to defend or indemnify attorney Manfred Sternberg in a fraud lawsuit alleging diversion of nearly $2 million intended for COVID‑19 test kits. The...
Battery Maker Fined $224,000, Shut Down After Lead Exposure Violations
Washington state battery maker Dyno Battery was fined $224,320 after the Department of Labor & Industries cited 16 safety violations, including lead dust buildup in air filtration systems and contamination of lunchroom surfaces. The company ignored more than a dozen...
Zurich Expands Into Poland
Zurich Insurance Group announced a strategic expansion into Poland, acquiring a local insurer and committing roughly €150 million (about $162 million) to establish a new regional hub. The move will broaden Zurich’s portfolio in the country, focusing on commercial, cyber and specialty...
Insurer Can’t Sue Its Own Defense Lawyers for Malpractice: Court
A Washington appeals court ruled that a liability insurer cannot sue its own defense lawyers for malpractice. The decision reversed a lower court ruling, emphasizing that defense counsel’s duty lies solely with the insured, not the insurer. Great American E&S...
Insurer Must Cover Mental Health Facility in Sex Harassment Case: Court
A federal appeals court ruled that Allied World Specialty Insurance must defend American Behavioral Health Systems against sexual‑harassment allegations, rejecting the insurer’s claim that a policy exclusion for sexual abuse barred coverage. The 9th U.S. Circuit held that a complaint can...
Marsh Risk Raises Capacity in Excess Cyber Facility
Marsh Risk announced a $1.5 billion increase in capacity for its excess cyber insurance facility, expanding coverage for large‑scale cyber events. The boost, underwritten with Lloyd’s syndicate and Munich Re, adds a $250 million aggregate limit per event and targets mid‑size enterprises...
