Travelers sued over ransom payment claim denial; Dutch pet insurance deal

TOP NEWS IN GLOBAL INSURANCE

* Luxury British jeweler Graff Diamonds Corp. has filed a lawsuit against The Travelers Cos. Inc. after the insurer declined a claim relating to a ransom payment, Bloomberg News reported, citing a London lawsuit. Graff Diamonds paid a $7.5 million ransom in bitcoin to Russian hackers who leaked data about its clients. The jeweler says the payment should be covered by its insurance policy.

* Jab Holding Co. SARL's Pinnacle Pet Group has agreed to acquire 100% of the shares in Veterfina Verzekeringsmaatschappij NV and its European subsidiaries for undisclosed terms. The target is a pet insurance business headquartered in the Netherlands. The transaction is expected to close in the fourth quarter, subject to customary closing conditions, including regulatory approvals.

➤ Texas sees significant homeowners rate hikes in May

Regulators in Texas signed off on nine rate increases in May, which are estimated to result in an additional $73.2 million in cumulative premiums.

PROPERTY AND CASUALTY

* Insurers have received 4,360 claims related to the significant storm and flooding in New South Wales since July 1, according to the Insurance Council of Australia. Of the claims received, 84% have been for property and 14.5% for motor, although it is too early to estimate the cost of the insured damage, the council added.

* State Farm Mutual Automobile Insurance Co. has settled a lawsuit filed against it alleging that the company acted in bad faith against two of its own insureds.

* Marsh McLennan Agency has acquired Chicago-based CS Insurance Strategies Inc. for undisclosed terms.

* Nigerian insurer Mutual Benefits Assurance PLC was unable to file its audited financial statements for the year ended Dec. 31, 2021, by the June 30, 2022, extended deadline and was thus also unable to file its first-quarter results.

REINSURANCE

* Insurance Australia Group Ltd. has finalized its aggregate reinsurance cover for the financial year ending June 30, 2023. The aggregate cover provides protection of A$350 million in excess of A$500 million, with individual qualifying events capped at A$200 million in excess of A$50 million per event.

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