Chubb names new treasurer, CFO of North America Insurance

Chubb Ltd. on Friday named Drew Spitzer as treasurer, replacing Mark Hammond who is leaving the company. Kevin Harkin will succeed Mr. Spitzer as chief financial officer for North America Insurance.

Both appointments are effective March 1.

Mr. Spitzer will report to Peter Enns, executive vice president, Chubb Group, and CFO of the insurer.

As CFO for Chubb’s North American operations, Mr. Harkin will report to John Lupica, vice chairman, Chubb Group, and president, North America Insurance, and to Mr. Enns. Mr. Harkin currently serves as senior vice president, North America financial operations.

Mr. Hammond will remain with Chubb until March 1, the insurer said.

Mr. Spitzer joined Chubb, then Ace Ltd., in 2006 as senior vice president and deputy chief accounting officer and has more than 25 years of experience in finance, accounting and insurance. Prior to serving as CFO of Chubb’s North American operations he was CFO of

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Bills seek to deny comp benefits to undocumented immigrants

New Jersey lawmakers have brought back a proposal to exclude undocumented immigrants from receiving workers compensation benefits for workplace injuries and illnesses.

S.B. 156 and A.B. 693 include language that has been introduced 10 times in the Senate since 2002 and 12 times in the Assembly since 1998 in response to a 1991 court decision holding immigration status does not dictate eligibility to receive benefits under the state’s temporary disability law.

Both measures would exclude from the definition of people covered by workers compensation “employees who are aliens unless they were lawfully admitted for permanent residence at the time the employment was performed, were lawfully present for the purpose of performing the employment, or otherwise were permanently residing in the United States under color of law at the time the employment was performed.”

A legislative statement included with both bills states the measures would exclude “illegal aliens” from workers comp

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Q4 cat losses expected to be manageable: BofA

Fourth-quarter catastrophe losses are expected to be manageable for the U.S. insurance industry as the impact of economic and social inflation on loss costs and pricing will remain key topics for commercial lines insurers, according to a report Friday from BofA Securities Inc., a global brand for BofA Global Research.

The Friday note added that substantial pandemic losses are not anticipated. “We do not expect material losses from the COVID-19 pandemic for P&C carriers,” BofA Securities Inc said in its Friday report.

Brokers can expect to see “solid” organic growth on an improving macroeconomic backdrop and a favorable year-over-year comparison given more limited economic activity in fourth quarter last year. Margins, however, are modeled to see “modest expansion.”

The report also noted challenges to the insurtech sector “following a quarter of stark stock underperformance.”

BofA Securities’ modeled results for individual companies varied widely.

For Chubb Inc., “We expect $428 million

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Insurtech CEO says data, technology to evolve small business insurance in 2022

➤ Business interruption coverage is likely to stay a “fairly nascent” product until more data can better determine pricing for severity and frequency, Coterie’s CEO said.

➤ Coterie’s top executive expects further advancements around business interruption, a product that can be difficult for many business owners to afford.

A few years before the COVID-19 pandemic started, CEO David McFarland co-founded Coterie, an insurtech that focuses on small business insurance. The company recently completed a $50 million series B financing round.

S&P Global Market Intelligence spoke with McFarland to discuss how small business insurance might evolve in 2022, Coterie’s future plans and the impact COVID-19 had on the company’s products and operation.

S&P Global Market Intelligence: How did the pandemic lead to an evolution in the products you offer?

Coterie CEO and co-founder David McFarland
Source: Coterie

David McFarland: Before the pandemic hit, we were pretty much at the beginning of

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2. Data breaches hit the insurance brokerage sector

Advising companies on how to protect their data from cyberattacks has been one of the fastest growing business lines for insurance brokers in recent years, but in 2021 some of those companies found they needed help themselves.

One of the more nefarious side effects of the COVID-19 pandemic has been the increase in cybercrime. Experts blamed the rise in part on the huge number of people who quickly moved from a corporate office to a home office — or kitchen table — as lockdowns were enforced. Outside of a controlled environment, information technology staff could not protect company systems as effectively as before the pandemic.

Insurers and brokers were among those companies targeted by hackers, and a story about an April data breach at Marsh & McLennan Cos. Inc. was the second most read risk management-related story on Business Insurance’s website in 2021.

Marsh McLennan said the breach affected

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6. CNA disconnected systems after March cyberattack

The rise in ransomware attacks over the past year hit some cyber liability insurers from multiple directions.

CNA Financial Corp. said in March it had been the target of a “sophisticated cybersecurity attack” that led it “out of an abundance of caution” to disconnect certain systems from its network. The story detailing the attack was the sixth most read risk management-related story on Business Insurance’s website in 2021.

The insurer alerted law enforcement and brought in a team of third-party forensics experts to investigate and determine the incident’s full scope.

That was far from the end of the matter, however. It was not until two weeks later that CNA said its website was functioning again and that its corporate email system had been restored.  The attack was reported to have been carried out by a hacker group known as Phoenix.

The insurer reportedly paid $40 million to regain control

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How To Achieve More Organic Traffic From Google

For many SEOs, achieving more organic traffic from Google is the ultimate goal. And while there’s no one single silver bullet that will guarantee success, there are a number of steps you can take to improve your chances. In this article, you’ll discover some of the most effective methods for increasing your organic traffic from Google.

1: Identify The Keywords That Drive Your Competitor’s Traffic

In this first step, you’ll want to go after keywords that have a decent amount of search volume and are currently being under-served by your competitors. The best way to do this is by using a tool like SEMrush, which will allow you to see the keywords your competitors are targeting, as well as the search traffic they’re generating from those keywords. Once you have a list of target keywords, you can begin incorporating them into your content and website architecture in order to … Read the rest

7. Texas nonsubscriber told to pay $1 million to worker

Texas’ position as the only state that allows employers not to carry workers compensation coverage can create unusual legal wrangles for companies.

In January a nonsubscriber to Texas’ workers compensation insurance program was ordered to pay $930,000 in damages to a worker injured on the job by a forklift.

In Load Trail LLC v. Julian, the Texas Court of Appeals, Sixth District, in Texarkana affirmed a trial court’s ruling upholding an arbitrator’s decision that the employer negligently failed to provide a safe workplace.

Texas does not require most private employers to have workers compensation insurance coverage. Those that choose not to provide such coverage are referred to as nonsubscribers and can become liable for employee injuries.

“Nonsubscribers lose important legal protections, including immunity from most lawsuits by injured employees. They could also be forced to pay high damage awards if an injured employee can prove in court that the

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3. Executive’s death chilled insurance sector

The insurance industry lost a dedicated executive in 2021 when Heidi Hull was killed in a family tragedy. 

Ms. Hull was an operations senior vice president, Cleveland operations manager, for insurer FM Global when she and her two children were killed in an apparent murder and suicide involving her husband.

The story about her death was the third most read story on Business Insurance’s website in 2021.

Less than a year before her death, Ms. Hull had been named one of the Business Insurance Women to Watch. She began her career at FM Global as a temporary employee and worked there almost 20 years, becoming the first woman to be promoted to senior vice president-operations manager in the company’s 185-year history. 

She was passionate about her role at FM Global and believed strongly in her work and helping businesses and communities achieve economic resilience. 

In an interview when she

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Rebuilding residents, business owners face intimidating insurance situation

Residents and business owners who lost everything in the Marshall Fire face a daunting insurance situation in which skyrocketing property values and supply-chain shortages make it unlikely that many home or business insurance policies will cover the full cost of rebuilding.

“Statewide, we’ve had all these increases in property values, and very often the policies don’t keep up,” said Brad Levin, partner at the Denver law firm Levin Sitcoff Waneka. “It’s a real problem.”

Levin and Nelson Waneka, also a partner at Levin Sitcoff Waneka, represent policyholders against insurance companies. Their experience includes representing people who lost their homes in the October 2020 East Troublesome Fire, the second-largest fire in Colorado’s recorded history. They spoke to BizWest on Friday about the difficulties rebuilding homeowners and business people face when dealing with insurance companies.

“I feel confident in saying the vast majority of Coloradans are underinsured for their homes,” Waneka said.

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