Tag: Chubb Insurance

Insurance Companies Under Fire After Tyler Perry’s Viral Post

Angela Linders
Tyler Perry from the Academy Awards

Tyler Perry’s Outrage Over Insurance Cancellations Hollywood mogul Tyler Perry recently expressed his frustration with home insurance companies canceling policies as Los Angeles battled catastrophic wildfires. His social media post highlighted what he described as “pure greed” from these insurers, pointing out the plight of homeowners left unprotected after faithfully paying premiums for years. Perry shared the heartbreaking story of a woman using a garden hose in a desperate attempt to save her 90-year-old parents’ home, which had lost its insurance coverage just before the fires. “Does anyone else find…

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Chubb insurance company withdraws takeover pursuit of The Hartford

Logan B.
Insurance company - Hartford Connecticut Skyline

The insurer has announced that it will no longer seek to acquire the financial services group. Insurance company giant Chubb Ltd. recently announced that it has dropped its pursuit of acquiring The Hartford Financial Services Group. This decision has concluded two turbulent months of offers and rejections between the firms. Over the last couple of months, the Chubb insurance company made three takeover offers to The Hartford Financial Services Group, each of which was turned down. The end of the insurer’s acquisition attempts also means that the city of Hartford…

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Ben Affleck movie insurance battle takes off following production delay

Nordstrom
Ben Affleck movie insurance - Ben Affleck

The film’s producers are in a coverage fight with their insurer, Chubb, over pandemic postponements. Hollywood producers have launched a battle with insurer Chubb over a Ben Affleck movie insurance policy’s coverage of pandemic delays. The producers sued the insurer last week over its refusal to extend the policy’s coverage for the delay. The Ben Affleck movie insurance policy is set to expire in October, but the film’s production has been delayed due to the COVID-19 pandemic. As a result, the producers sough to extend their insurance coverage for the…

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Chubb CEO calls COVID-19 coronavirus biggest event in insurance industry history

Nordstrom
Insurance Industry History COVID 19 Mask

Evan Greenberg cautioned that the pandemic’s impact will cause insurers to face their largest challenges. Chubb Ltd Chief Executive Officer Evan Greenberg released a statement warning that the coronavirus will be the largest event in insurance industry history. The insurance company recorded $13 million in losses linked to COVID-19 during the Q1 2020. Greenberg stated that “this event will be the largest event,” in insurance industry history, on an earnings call in which he shared Chubb’s first quarter results for 2020. The CEO pointed to both the direct impact of…

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Baltimore will purchase $20 million in cyber liability insurance coverage

H. Cutner
Cyber Liability Insurance Coverage - Baltimore

The city is taking preventative action after having already suffered a massive ransomware attack. Baltimore has just committed to purchasing $20 million in cyber liability insurance coverage. That city experienced a massive ransomware attack last spring. The city is still paying off the bills for the contractors who participated in the city’s digital recovery. The costs from the ransomware attack on Baltimore are increasingly coming due. As those expenses loom, city officials are preparing to purchase $20 million in cyber liability insurance coverage to pay for any potential disruptions that…

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Chubb insurance strategy braces for Brexit through corporate structure conversion

Logan B.
Insurance strategy - Brexit

Chubb European Group S.E and Ace Europe Life S.E have both converted to Societas Europaea. As of July 19, 2018, both Chubb European Group S.E and Ace Europe Life S.E have been converted to Societas Europaea as a part of the insurance strategy for coping with Brexit. The move makes it possible for the insurers to shift their E.U. jurisdiction out of the United Kingdom. At the same time, this insurance strategy still makes it possible for the insurers to continue to operate and do business within both the United…

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Wholesale insurance brokers face investigation conducted by UK FCA

Logan B.
Wholesale insurance brokers market investigation

The Financial Conduct Authority held a much anticipated examination of that brokering market. The United Kingdom’s Financial Conduct Authority (FCA) started an investigation into wholesale insurance brokers. This long anticipated examination of the insurance brokering market is expected to find answers regarding a number of reports. This includes claims from a top executive that there is “abusive behavior” going on. The FCA said the review’s terms of reference would be published today at 7:00 GMT. The FCA promised that it would look into the wholesale insurance brokers market as early…

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