Author: completebodyneeds

The North Carolina regulator who raised the first red flags about now-imprisoned insurance executive Greg Lindberg’s business practices has decided to retire after 30 years with the state Department of Insurance. Jackie Obusek, who has been chief deputy insurance commissioner since 2022, will step down Oct. 1. “I am grateful for the dedication Jackie has given the department for 30 years,” Commissioner Mike Causey said in a statement. “Jackie’s depth of financial experience and leadership will be missed.” Obusek Obusek joined the department in 1996 as a financial examiner before moving into regulatory leadership roles, the DOI said. She was…

Someone will have to pick up the tab for the damage wrought by Europe’s increasingly volatile weather, and with the bulk of those economic losses uninsured, that will be the public purse unless immediate action is taken. This year’s wildfires in southwestern Europe and the severe flooding that hit Spain in 2024 and Germany and its neighbors in 2021 show how climate damage is adding to a list of strains on Europe’s finances that already includes higher defense spending and rising costs associated with an aging population. “The problem is that they’re becoming more recurrent,” Federico Barriga-Salazar, head of Western…

A car crash that claimed the lives of five teenagers in Ireland early Sunday has raised police concerns about the role social media plays in dangerous driving incidents in the country. The teenage boys were driving in a car on the wrong side of a motorway outside Dublin when they collided head-on with another vehicle carrying three women and a boy, according to a statement by the Gardai, Ireland’s police service. Garda Commissioner Justin Kelly said Sunday that in some cases of reckless driving it is “being done for social media likes regardless of the potentially devastating impact it might…

David Duffy Guy Carpenter, a business of Marsh, appointed David Duffy as global property leader and Chris Ross as global casualty leader. Based in New York, Duffy and Ross will report to John Trace, CEO of North America and chief broking officer, Guy Carpenter. In these newly created roles, Duffy and Ross will mobilize Guy Carpenter’s best practices to deliver risk transfer solutions for clients in the property and casualty (re)insurance market. Chris Ross Duffy and Ross each have more than 25 years of experience across a range of macroeconomic and (re)insurance market conditions and have led some of Guy…

ZestyAI said it looked at tens of thousands of home, auto, and commercial property rate filings in all 50 states and found just how long regulator objections can hold up the approval process. About 44%, or 8,776, of filings analyzed drew at least one objection from a state regulator, adding a median of 38 days to the approval process and delaying an insurer’s application for what it thinks is an adequate rate. “Every month a filing sits in objection is a month the carrier is writing business at a rate it has already demonstrated is inadequate,” Bryan Rehor, senior director…

Luigi Mangione’s New York State murder trial in the killing of UnitedHealthcare CEO Brian Thompson, which was slated to begin Sept. 8, has been postponed indefinitely as his lawyers seek to have the case thrown out on double jeopardy grounds following his guilty plea last week to federal charges. Judge Gregory Carro issued an order Monday canceling the trial and giving the Manhattan District Attorney’s office, which is prosecuting the state case, until Oct. 9 to respond to the defense’s double jeopardy claims. A hearing will be held on Dec. 10, Carro said, about a week before Mangione is scheduled…

A federal judge in New York has dismissed a racketeering lawsuit by ride-sharing firm Uber against several injury law firms, doctors and pain clinics alleging they conspired to extract inflated auto insurance claims payments through staged accidents, unnecessary surgeries and lawsuits. Judge Orelia E. Merchant in Brooklyn ruled that Uber failed to show that the defendants were part of a conspiracy to defraud Uber and failed to plausibly allege injury, as required to prove a violation under the federal Racketeer Influenced and Corrupt Organizations Act (RICO). In order for RICO claims to survive a motion to dismiss, a plaintiff must…

As sweeping U.S. crypto legislation stalls, President Donald Trump’s regulators are set to fill the void, but efforts to write favorable rules for the digital asset industry will be contentious and could be overturned by future administrations. Deep-pocketed crypto companies have spent hundreds of millions of dollars over several years campaigning for legislation they say will put them on solid legal ground, but that effort is now stalled, with little time for lawmakers to reach a deal before the new Congress next year. That impasse has put the onus on Trump’s crypto-friendly regulators, particularly the Securities and Exchange Commission and…

This edition of International People Moves details appointments at the brokers Aon and Miller Bermuda. A summary of these new hires follows here. Aon CFO Reese Steps Down After 2 Years, Succeeded by Virana in Interim Role Insurance broker Aon plc announced that Edmund Reese is stepping down from his role as executive Vice President and Chief Financial Officer, effective immediately, to pursue opportunities outside the firm. He first joined Aon in Edmund Reese Aon appointed Nadin Virani as interim CFO, effective immediately, and Reese will serve as senior adviser to Aon President and CEO Greg Case, through August 16,…

Munich Re has reclaimed its position from Swiss Re as the largest of global reinsurers that use IFRS-17 accounting standards, while Lloyd’s has moved to the top ranking of non-IFRS-17 reinsurers, according to AM Best. Among IFRS-17 reporters, Munich Re is followed by Swiss Re, Hannover Re and SCOR, at second, third and fourth places, respectively, while Lloyd’s (in the non-IFRS-17 group of reinsurers) is followed by Berkshire Hathaway at number two, Reinsurance Group of America Inc. (RGA) in third place and Everest Re coming in at number four. The most notable change among the IFRS-17 reporting reinsurers is Munich…