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News – Insurance Journal

Mortgage Company Staffer in New Jersey Who Stole $2M Gets Prison Term
A mortgage company staffer who created hundreds of fraudulent wire transfers to steal roughly $2 million from the firm has been sentenced to nearly four years in federal prison. Dilcia Mercedes of Camden, N.J., will also have to serve three …

POSTED FEBRUARY 21, 2020 12:12 PM
Lawsuit Settled Between Virginia Tech, Former Student Over Hazing Suspension
A lawsuit has been settled between Virginia Tech and a former student who was accused of overseeing a ceremony that violated the school’s hazing policy. The federal lawsuit filed last month “has been resolved to the mutual satisfaction of both …

POSTED FEBRUARY 21, 2020 12:08 PM
New York Stenographer Arrested for Extensive Overbilling Scheme
New York State Inspector General Letizia Tagliafierro has announced the arrest and arraignment of an Oswego County court stenographer who routinely added zeros to billing invoices to insurance carrier clients over the course of several years, resulting in her alleged …

POSTED FEBRUARY 21, 2020 11:55 AM
New York’s SterlingRisk Insurance Hires Friedman as Alternative Market Leader
SterlingRisk Insurance, a Woodbury, N.Y.-based independently owned insurance brokerage, has hired Kaitlin Friedman as alternative market leader. A licensed property and casualty insurance broker, Friedman also provides wholesale support to the SterlingRisk Programs Department. Much of Friedman’s experience centers on …

POSTED FEBRUARY 21, 2020 11:42 AM
UK Insurers Could See Underwriting Losses After Storms Ciara, Dennis: Fitch
Losses from storms Ciara and Dennis, which brought strong winds, torrential rain and widespread flooding to the UK, will increase pressure on UK household insurers’ profits in 2020, said Fitch Ratings. While the claims are unlikely to exceed £500 million …

POSTED FEBRUARY 21, 2020 10:52 AM
Russia Blamed for Massive Cyber Attack Against Nation of Georgia in 2019
Georgia accused Russian military intelligence of organizing a “paralyzing” cyber attack last year and called for a reaction by the international community. Russia’s GRU was behind the “large-scale” October 2019 attack that targeted the presidential administration, various government bodies and …

POSTED FEBRUARY 21, 2020 10:05 AM
China Ends Two-Year State Custody of Troubled Anbang Insurance
China’s two-year state custody of Anbang Insurance Group Co., the group that became a poster child for private companies with too much debt and lofty global ambitions, is set to end this weekend. Authorities took control of the 2 trillion …

POSTED FEBRUARY 21, 2020 9:41 AM
Allianz Raises 2020 Profit Target After 9.5% Jump in Q4 Results
German insurance group Allianz announced a more ambitious profit target for this year after posting a better than expected 9.5% jump in fourth-quarter net profit on Friday. The profit increase was largely driven by an improved investment margin in its …

POSTED FEBRUARY 21, 2020 8:58 AM
Tennessee Licenses 200th Captive Insurance Company
The Tennessee Department of Commerce & Insurance (TDCI) is marking the licensing of its 200th captive insurance company, Mattoon Insurance Co., making the state the seventh-largest captive domicile in the U.S., according to a statement from the department. Mattoon is …

POSTED FEBRUARY 21, 2020 6:52 AM
Medical Marijuana Bill Clears Alabama Senate Committee
A bill to allow medical marijuana cleared its first hurdle Wednesday in the Alabama Legislature, giving hope to advocates after years of setbacks. Audience members applauded as the Senate Judiciary Committee voted 8-1 for the bill, putting it in line …

POSTED FEBRUARY 21, 2020 6:35 AM

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