Australia’s AUB Completes Acquisition of Lloyd’s Broker Tysers from PE Firm Odyssey

Australia’s AUB Group Ltd. (AUB) announced it has completed its acquisition of leading Lloyd’s wholesale broker Tysers from Odyssey Investment Partners. The acquisition, which was first announced in May 2022, has a purchase price of A$880 million (US$570.3 million) with a potential additional deferred consideration of up to A$170 million (US$110.2 million), dependent on Tysers’ … Read more

Officials Seek Possible Starter of Idaho’s Largest Wildfire

BOISE, Idaho (AP) — Authorities are searching for whoever left an unextinguished campfire they say led to the largest wildfire in Idaho this year that has drawn hundreds of firefighters, three of whom died. Wildfire officials said Wednesday that the 200-square-mile (520-square-kilometer) Moose Fire in east-central Idaho near the town of Salmon that started in … Read more

Suspected Chinese hackers tampered with Canadian chat program

(Reuters) — Suspected Chinese hackers tampered with widely used software distributed by a small Canadian customer service company, another example of a “supply chain compromise” made infamous by the hack on U.S. networking company SolarWinds. U.S. cybersecurity firm CrowdStrike will say in an upcoming blog post seen by Reuters that it had discovered malicious software … Read more

WTW Appoints Cui; Powers Promotes Sullivan

WTW appoints Cui to its Insurance Consulting and Technology business WTW has appointed Michelle Cui as director, actuarial property and casualty, in its insurance consulting and technology business. Cui joins WTW in its Chicago, Illinois, offices from Zurich North America, where she served as vice president and actuarial director. Her has held actuarial and leadership … Read more

After Ian, Florida Hospitals Evacuate Hundreds of Patients

Hundreds of hospital patients were being evacuated from facilities across the Fort Myers region Thursday after damage from Hurricane Ian cut off water supplies. One area hospital began assessing the full damage from ferocious winds that tore away parts of its roof and swamped its emergency room. Other health care systems in Ian’s path, from … Read more

FTC sues pesticide makers, alleging price scheme

(Reuters) — The U.S. Federal Trade Commission on Thursday sued two top pesticide manufacturers for allegedly entering into exclusive contracts with distributors that kept prices paid by farmers artificially high. The consumer watchdog agency was motivated to bring the case in part because rising costs and supply chain disruptions from Russia’s invasion of Ukraine have … Read more

Families of 3 Survivors File First Uvalde School Shooting Lawsuit

The families of three children who survived the Uvalde mass shooting in May have filed the first lawsuit in a federal court against the Uvalde school district, law enforcement officials, gun makers and others, alleging that their negligence and failures contributed to the massacre. The suit was filed Wednesday in Texas’ Western District Court and … Read more

KCC Projects Hurricane Ian Losses Will Top $60 Billion

Catastrophe modeler Karen Clark & Co. said Friday that Hurricane Ian will generate nearly $63 billion in losses to private insurers, which would make it the second-most expensive hurricane ever when compared to other estimates. “Hurricane Ian will be a challenging storm for insurers due to the tremendous amount of coastal flooding and the unique … Read more

Specialty Underwriting offers cover focused on real estate

Specialty Underwriting Insurance Solutions, an excess casualty managing general agent, said Friday it is introducing coverage targeted at real estate owners and real estate investment trusts with large apartment unit portfolios. There is coverage under HABX for market-rate apartments, for-rent family housing, contingent liability and lessors’ risk for retail, commercial, office, hotels and motels, warehouses … Read more

Ian Aftermath Even Harder to Fix With Supply Chain Tattered

The difficult job of rebuilding communities pummeled by Hurricane Ian is expected to be made even worse by a problem that’s lingered since the early days of the pandemic: snarled supply chains. Ian tore a path of destruction across Florida, leaving more than 2 million homes and businesses without power, after landing as one of … Read more