Insurtech: It’s not Just for Carriers Anymore

Until recently, insurtech not only was perceived as a competitive threat to independent agents, there was little startup activity dedicated to tackling the operational needs of insurance agents and brokers. That’s not the case anymore, according to one industry professional …

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Missouri Senate Backs New Limits on Punitive Damages

Missouri’s Republican-led Senate swiftly advanced a bill tightening standards for punitive damages in liability lawsuits after an all-night filibuster by Democrats successfully blocked a separate bill limiting lawsuits over asbestos-related illnesses. Democrats, who had opposed previous versions of the punitive …

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Illinois Limousine Service to Pay $30K to Settle EEOC Disability Lawsuit

M&M Limousine Service in Des Plaines, Ill., will pay a deaf job applicant $30,000 to settle a federal disability discrimination lawsuit. The lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC) charged M&M Limousine with violating federal discrimination law …

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Arkema, Executives Accused of Failures in Chemical Fire at Texas Plant

Jurors in the criminal case against the U.S. arm of a French company on Feb. 27 heard it routinely stored combustible chemicals where floodwaters could reach them and failed to alert emergency workers as toxic fires erupted. Arkema SA’s U.S. …

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Georgia Charcoal Company Cited, Fined $339.7K for Safety Hazards at Missouri Plants

Federal officials have cited a Georgia-based charcoal manufacturer for exposing employees to safety and health hazards at two Missouri plants. The Occupational Safety and Health Administration is recommending fines of $339,702 against Royal Oak Enterprises, based in Roswell, Georgia, for …

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Davis Named President of Texas’ Service Insurance Holdings

Service Insurance Holdings, based in Austin, Texas, has made changes to its executive leadership team, completing a long-planned transition to provide executive leadership for all insurance operations. The company provides casualty products and services through its subsidiaries, Service Lloyds Insurance …

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California Worries About Drought and Wildfires Amid Dry Winter

California officials are bracing for the potential of another drought and an early and more intense wildfire season amid a record-breaking warm and dry February. February is shaping up to be driest on record for much of the state, with …

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California Public Utilities Commission Fines PG&E $2.1B over Wildfires

The California Public Utilities Commission has issued an administrative law judge decision imposing $2.137 billion in penalties against Pacific Gas and Electric Company for the utility’s role in the catastrophic 2017 and 2018 wildfires. If PG&E agrees to the modified …

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Q4 Earnings Briefs: State Auto, National General, Donegal, Safety, Protective

State Auto Financial State Auto Financial Corp. (STFC) reported fourth-quarter net income of $32.7 million, after reporting a loss in the same period a year earlier. The Columbus, Ohio-based company said it had net income of 72 cents per share. …

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Opioid Firms Warn Lawyers’ Bid for 7% Fee Jeopardizes Settlement

Johnson & Johnson and other drug companies facing thousands of lawsuits over their role in the opioid epidemic have warned that settlement talks will be “severely” jeopardized if plaintiffs’ lawyers are allowed to assess a fee payment worth billions of …

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The Hilb Group Acquires Assets of Rhode Island’s D.F. Dwyer & Associates

The Hilb Group LLC (THG) has acquired certain assets of Rhode Island-based D. F. Dwyer & Associates LLC (DFD). The transaction became effective February 1, 2020. Based in Newport, R.I., DFD provides a full range of property and casualty insurance …

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New York Governor Wants $40M to Respond to Coronavirus

New York’s governor says he will ask state lawmakers in coming days to approve $40 million to help state health officials respond to the deadly coronavirus outbreak. Governor Andrew Cuomo, a Democrat, told reporters Wednesday that the funding will help …

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Reckless Drivers Could Lose Vehicles Under New NYC Law

New York City drivers who get five camera-issued red light tickets or 15 camera-issued speeding tickets in a 12-month period will have to take a traffic safety course or risk losing their vehicles under a bill signed by Mayor Bill …

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Global Insurers Face Hefty Claims if Coronavirus Forces Olympics Cancellation

Global insurers face a hefty bill if the coronavirus forces the cancellation of the Summer Olympics in Tokyo, with estimates of the cost of insuring the sporting showpiece running into billions of dollars. Japan has more than 200 cases of …

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UK Threatens to Walk Away from EU Trade Talks if Quick Progress Isn’t Made

Britain published its opening demands for trade talks with the European Union on Thursday, delivering a blunt threat to walk away from the table if there is no progress within four months. The two sides appear headed for a rocky …

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Catastrophe Bond Prices Signal Coronavirus Nearing Pandemic Status

The World Health Organization says the coronavirus isn’t yet a global pandemic. Bonds that insure against just such a catastrophe say that it probably is. The bonds, sold in 2017 by the World Bank to raise money for poor countries …

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Former Neon Exec Conway Joins TigerRisk’s Bermuda Reinsurance, Retro Teams

TigerRisk Partners LLC, the Stamford, Conn.-based re/insurance broker, announced it has appointed Christopher Conway to a newly created senior role strategically positioned across both TigerRisk’s Reinsurance and Retro teams in Bermuda. Conway will report to Alex Bridges, partner and head …

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California Father And Son Charged With Auto Insurance Fraud

A father and son from California have been charged with felony counts of auto insurance fraud after allegedly falsifying an insurance claim in order to receive an undeserved payout from an insurance company. The charges were filed this week against …

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Arizona Court Rules Workers’ Comp OK for Cops’ High-Stress Situations

An Arizona court ruling stemming from a sheriff’s deputy’s encounter with a shotgun-wielding man says law enforcement officers can claim workers’ compensation benefits if diagnosed with PTSD or other mental conditions because of extraordinary high stressful incidents on the job. …

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Fired Arizona State University Associate Athletic Director Files $1.5M Claim

A former senior associate athletics director at Arizona State has filed a $1.5 million claim against the university over his firing last December. David Cohen said in his claim – which is the precursor to a lawsuit – that an …

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The Hagar Group, Bruening Insurance Agency Join Renaissance Alliance in Florida

Renaissance Alliance Insurance Services, a membership alliance for independent insurance agencies, has added two new independent insurance agencies to its Florida network. The new agencies include Bruening Insurance Agency of Weston, Fla., and The Hagar Group of Inverness, Fla. Bruening …

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Georgia to Receive $347M in Long-Awaited Hurricane Michael Relief

Georgia’s governor and agriculture commissioner on Wednesday announced that $347 million in federal disaster relief funding would soon be available to farmers, nearly a year and a half after Hurricane Michael caused billions of dollars in damage to southwest Georgia. …

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Nationwide, Generali Form Joint Venture N2G to Sell International Commercial Lines

Trieste, Italy meet Columbus, Ohio. Ciao! Hello! Two large insurers — Ohio’s Nationwide and Italy’s Generali — are teaming up to serve commercial insurance customers with global needs. The insurers announced they have formed a joint venture called N2G to …

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IMA Group Acquires Behavioral Health Firm PsyBar

Tarrytown, N.Y-based employment services firm The IMA Group (IMA) has acquired PsyBar, a specialty provider of behavioral health, independent medical exams and other employment-related services nationally. Edina, Minn.-based PsyBar’s specialists include national board-certified psychologists, neuropsychologists and psychiatrists. Financial terms of …

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Windhaven Insurance Ceasing Operations, Assets to be Auctioned Off

Auto and home insurer Windhaven Insurance has alerted its agents and employees in Florida that it is winding down the insurance operations of its entities, including Windhaven National Insurance Co., ClutchAnalytics and The Hearth Group, and that its assets are …

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California Wildfire Victims Fear They’ll Be Last in Payout

A $13.5 billion settlement between victims of California’s catastrophic wildfires and the utility blamed for causing them was supposed to bring some peace and hope to people still reeling from the devastation. Instead, the deal has sparked confusion, resentment, suspicion …

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Congress Urged to Uphold, Not Override, State Privacy Laws

California Attorney General Xavier Becerra on Tuesday sent a letter to four top U.S. lawmakers urging them not to pre-empt the state’s new privacy law with a watered down federal legislation. The California Consumer Privacy Act (CCPA), effective since the …

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AM Best Downgrades Argo’s Credit Ratings After a Disappointing Q4

Argo Group International Holdings, already reeling from a tough 2019 fourth quarter and year, now must deal with downgraded credit ratings from AM Best. The Bermuda-based specialty insurer and reinsurer had its long-term issuer credit ratings downgraded for the main …

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Supreme Court Rejects Stricter Deadline for Employee Claims Against Retirement Plans

The U.S. Supreme Court on Wednesday refused to back stricter deadlines for workers to sue retirement plans over alleged mismanagement, ruling Intel Corp. cannot avoid a suit accusing it of unlawfully making high-risk investments that cost retirement plan beneficiaries hundreds …

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Broker Investor Group Selects 12 Insurtechs for First Cohort

BrokerTech Ventures, an investor group and accelerator program led by nine insurance brokerages, has selected 12 insurtechs for its first cohort that convenes March 2 in Des Moines, Iowa, for a five-week curriculum. BrokerTech Ventures offers the cohort insights into …

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HDI Group Takes Stake in German Cyber-Security Start-Up Enginsight

The HDI Group, the Hannover, Germany-based subsidiary of Talanx Group, has taken a stake in the cyber-security start-up Enginsight in Jena, Germany. Financial details of the transaction were not disclosed. Enginsight offers companies fully automated protection against attacks on their …

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UK Financial Services Sector Could Take Back Seat to Fishing in EU Trade Talks

Britain will likely secure only temporary access to the European Union financial market under a broader trade deal in which finance may take a back seat to sectors such as fishing, financial industry officials said on Wednesday. Britain and the …

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QBE Promotes Postlewhite to Managing Director of QBE Re

QBE has appointed Stephen Postlewhite as managing director, QBE Re. He will start the new role from April 1, taking over from Jonathan Parry, who will retire in 2021. With more than 20 years’ experience in the industry, Postlewhite joined …

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New York’s Greene & Associates Hires Fischer to Production Team

Greene & Associates, an East Aurora, N.Y.-based underwriting manager and wholesaler broker, recently announced the addition of Seth Fischer to its production team. Fischer brings 25 years of specialty underwriting, marketing, product development, portfolio management and leadership experience to Greene. …

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New York DFS Announces Settlement with Global Provider of Mobile Insurance

The New York State Department of Financial Services (DFS) has fined Asurion Insurance Services Inc. and Asurion Protection Services LLC (Asurion) four million dollars for providing inadequate consumer disclosures for insurance offerings for mobile phones, tablets and other wireless communication …

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New Hampshire Insurance Department Confirms Nicolopoulos as Commissioner

The New Hampshire Insurance Department has confirmed Chris Nicolopoulos as insurance commissioner succeeding John Elias, who resigned in December less than two years after his appointment. Nicolopoulos was nominated by New Hampshire Governor Chris T. Sununu following Elias’ resignation and …

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Bank of England’s Carney Warns Investors to Get Serious About Climate Change

In a world facing a climate crisis, investors need to start taking account of carbon emissions and rising temperatures in their decisions, according to Bank of England Governor Mark Carney. The shift in thinking will be key to the industry’s …

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AXIS Chairman, Co-Founder Butt to Retire; Smith Named Chairman-Elect

AXIS Capital Holdings Ltd. announced that Michael Butt, chairman of the board of directors, will retire from the company, effective Sept. 16, 2020. A co-founder of AXIS and member of the Insurance Hall of Fame, Butt is a recognized industry …

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Oklahoma Senate Passes Bill Requiring All Children to Wear Seat Belts

The Oklahoma Senate has passed legislation that would require any child under the age of 17 to wear a seat belt while riding in the back seat of a vehicle. Current Oklahoma law only requires children under the age of …

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J.M. Wilson Hires Pov as Assistant P/C Underwriter in Michigan

J.M. Wilson has added Kim Pov as an assistant property/casualty underwriter in its Madison, Wisconsin, office. Pov is responsible for assisting underwriters on a wide variety of property and casualty risks, as well as quoting new and renewal business and …

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39 States Investigating E-Cigarette Maker Juul Over Marketing to Underage Users

A group of 39 state attorneys general on Tuesday announced an investigation into Juul Labs Inc.’s marketing practices, adding to mounting legal and regulatory problems for the e-cigarette maker over its role in the nation’s youth vaping epidemic. The probe, …

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Time Warner Cable Will Pay $18.8M in California Internet Case

Time Warner Cable will pay $18.8 million to settle a lawsuit that claimed it misled more than 170,000 California customers who paid for high-speed internet service that they didn’t receive, prosecutors said. Eligible customers will receive about $16.9 million in …

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How Draining the Reservoir Can Help Mitigate Flooding

Persistent rains have been pounding the Southeast, and a week ago, the Pearl River in Jackson, Mississippi, spilled over its banks, submerging a dozen city blocks in several feet of water. The river had crested at 36.7 feet—its third-highest level …

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Arizona Gets Court Order Blocking Vaping Firm’s Products

Arizona’s attorney general has obtained an injunction against a New Jersey-based vaping company he recently sued that bars the company from marketing or selling any of its products in the state. The injunction against Eonsmoke was announced by Attorney General …

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Northern California Sting Brings Insurance Fraud Charges in Auto Body Repair Bust

An operation by a crime task force in Northern California targeting auto body repair facilities resulted in eight felony counts of insurance fraud against four individuals The California Department of Insurance, Contra Costa County District Attorney’s Office and the National …

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Idaho Man Sentenced for Fabricating Bill of Sale on $700 Mercedes

An Idaho man was sentenced for insurance fraud in violation of Idaho code after reportedly purchasing a 1992 Mercedes for $700 and then adding the vehicle to an existing policy with GEICO. Hester then filed a claim for damages done …

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Marsh JLT Specialty Names Hanrahan Global Head of Aviation, Succeeding Harker

Insurance broker Marsh announced the appointment of Garrett Hanrahan as global head of Aviation, Marsh JLT Specialty. Hanrahan is succeeding Simon Harker who is retiring after 44 years in the industry. Based in Dallas, Hanrahan will report to Lucy Clarke, …

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Cooper & McCloskey Opens New California Office, Moves Yap to Larger Role

Cooper & McCloskey Inc. Insurance Brokers has opened a new office in Walnut Creek, Calif., and has moved Jessi Yap into a full-time post in that office. Yap rejoined the firm in October on a limited bases, but has increased …

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Safety Board Hits Tesla Autopilot Design, Regulator’s ‘Misguided’ Approach

The National Transportation Safety Board on Tuesday sharply criticized Tesla Inc.’s lack of system safeguards in a fatal 2018 Autopilot crash in California and called U.S. regulators’ approach in overseeing the driver assistance systems “misguided.” NTSB board members questioned Tesla’s …

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Toyota to Offer Nationwide’s Auto Insurance Product with Telematics

Toyota car owners can buy insurance that promises them up to 40 percent savings for safe driving. Toyota Insurance Management Solutions (TIMS) has teamed up with Nationwide to launch what they are calling TIMS BrightDrive, a telematics offering that uses …

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School Bus Crash in Upstate New York; Five Children, Two Adults Injured

Five children aged six to 17 and two adults were injured in a school bus accident Thursday about 60 miles northwest of New York City, according to state police. Troopers said a pick-up truck apparently rear-ended the eastbound bus on …

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Insurance Office of America Appoints Tresidder as Director of Surety

Insurance Office of America (IOA) has added Michael J. Tresidder to its team. Tresidder has been appointed director of surety, which is a newly created position, and he will be based in IOA’s Syracuse, N.Y, office. Tresidder has more than …

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Lawsuit Alleges University of Maryland Fed Gluten to Student with Celiac Disease

A student who has celiac disease says in a lawsuit that a Maryland state university deliberately served her food containing gluten. The lawsuit from Allegany County native Hannah Smith said the University of Maryland, College Park, violated the Americans with …

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Markets Are Overreacting to Threat of Coronavirus: Allianz CEO Baete

Markets are overreacting to the threat of the rapidly spreading coronavirus and the global economy will only see a short-term impact, said the head of Allianz SE, Europe’s biggest insurer. Chief Executive Officer Oliver Baete said the firm was more …

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QIC Global Names van der Straaten as Chief Executive Officer

QIC Global, the specialty insurance and reinsurance subsidiary of Qatar Insurance Group, announced the appointment of Michael van der Straaten, as CEO of QIC Global (International), effective March 1, 2020. van der Straaten will remain CEO of Qatar Re. Joe …

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Zurich Insurance Partners with Cyber-Security Specialist CYE

Zurich Insurance Group has created a new offering together with cyber-security company CYE to shield businesses against the growing risks of cyber crime. With the partnership, Zurich’s specialist cyber insurance and risk engineering capabilities are combining with CYE’s artificial intelligence-based …

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Singapore Prepares for Worst of Climate Change with $72B Defense Plan

Singapore has a reputation for planning ahead. When it comes to climate change, it’s planning for the worst. While governments around the world are struggling to meet the goals of the Paris agreement — keeping the global temperature increase to …

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Coronavirus’ Hits to Supply Chains Could Surpass Natural Disasters: Opinion

Everyone is wondering when China will return to work. While it may be tempting to consider past epidemics or labor strikes to gauge how quickly that could happen, the industrial shutdown from the coronavirus is looking more like a natural …

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BHSI Expands Team in Spain, Tapping Lovera from Chubb, RSA’s Sanchez

Berkshire Hathaway Specialty Insurance (BHSI) announced two appointments in Spain, naming Alejandro Lovera as head of Executive and Professional Lines and Silvia Sanchez as head of Operations. Lovera has spent nearly 15 years in the commercial insurance industry, most of …

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Distinguished Programs Adds Schmitt as Sales Executive for Oklahoma, Texas

Distinguished Programs, a national insurance program manager, has hired Erick Schmitt as the new regional sales executive for Texas and Oklahoma. He is based in Dallas. Schmitt brings nearly 16 years of industry experience to his new executive role at …

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Ohio Bill Would Lift Pain-and-Suffering Caps in Rape Cases

Proposed legislation in the Ohio House would lift caps on pain-and-suffering awards in lawsuits brought by rape victims. The bill introduced this month by two Democratic lawmakers stems from a 2016 Ohio Supreme Court ruling that threw out a $3.6 …

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Grange Insurance’s Hammonds Adds Community Relations to AVP Role

Grange Insurance in Columbus, Ohio, has named Priscilla Hammonds as assistant vice president, Diversity & Inclusion and Community Relations. Hammonds has served as assistant vice president, Diversity & Inclusion since joining Grange in 2015. She adds the community relations role …

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NFP Names Ongkiko Managing Director of Utah Office

NFP has named Michael Ongkiko managing director of its Utah Office. Ongkiko will lead the Utah office and be responsible for developing new business opportunities, expanding relationships and growing the NFP service capabilities in the greater Utah market. Ongkiko will …

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Insurance Coverage for Losses Stemming from the Coronavirus

The coronavirus has not only sickened tens of thousands of people, killed several hundred, and disrupted life for millions, but has also sharply impacted the second-largest economy in the world. Many Chinese companies have suspended operations, and international companies like …

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Georgia Senate Approves Easing Restrictions for Home Builds Below Dams

Georgia senators voted Monday to let people build homes that could be flooded by dams without raising safety standards for the upstream dam. The state Senate voted 47-6 to pass Senate Bill 319, sending it to the House for more …

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AssuredPartners Acquires Superior Benefits of Florida

AssuredPartners, Inc. has acquired Superior Benefits, Inc. of Tampa, Fla., a national employee benefits agency with $1.5 million in annualized revenues. Superior Benefits staff will remain under the operational leadership of Joe Stagliano. stated AssuredPartners President and COO Tom Riley …

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West Virginia to Receive More Funds for 2016 Flood Recovery

President Donald Trump has increased the federal share of costs to help West Virginia recover from floods that ravaged the state in June 2016. Gov. Jim Justice’s office said Friday that Trump approved his request to increase the federal share …

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Kobe Bryant’s Widow Files Wrongful Death Suit Against Helicopter Operator

Kobe Bryant’s widow sued the owner and operator of the helicopter that crashed in fog and killed the former Los Angeles Lakers star and their 13-year-old daughter last month as she publicly mourned their deaths Monday in an emotional public …

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Progressive Continues Hiring Drive‚ Looking for 8,000 New Employees Across Country

Insurer Progressive said it intends to hire up to 8,000 new employees in 2020. With an increase in customers and total revenues topping $39 billion, the company said it needs more employees to support continued growth in auto, property, commercial …

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Texas Sues TPC Group, Owner of Port Neches Chemical Plant That Exploded

Texas Attorney General Ken Paxton has sued TPC Group over environmental violations associated with the Nov. 27 explosion at the company’s Port Neches chemical plant, a blast that prompted widespread mandatory evacuations during the Thanksgiving holiday week. The suit, filed …

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USI Insurance Services Acquires Forté Benefits in Texas

USI Insurance Services has acquired Fort Worth, Texas-based Forté Benefits, a full-service employee benefit broker-consulting firm. All of the agency’s employees and four partners — Logan Dickinson, Jeff Farmer, David Farrell and Bill Hester — will be joining USI. Terms …

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Missouri’s POWERS Insurance & Risk Management Launches Surety Bonds Division

St. Louis, Missouri-based POWERS Insurance & Risk Management has opened a new division: POWERS Surety Bonds. The new national division will focus on bond products and services for all surety programs to help safeguard the financial well-being of construction clients. …

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NFP Rebrands Canadian Brokerages Under NFP Name

Insurance broker NFP Canada Corp. (NFP) announced that several of its Canadian insurance brokerages are adopting the NFP business name in each of the provinces and territories of Canada, where permitted by law. They include Capital Benefit Financial Group, Corporate …

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Residents of Anchorage, Other Nearby Alaskan Towns Feel Small Quake

Residents of Anchorage, Kenai, Sterling and Soldotna felt a small earthquake that struck the region Sunday morning, the Alaska Earthquake Center confirmed. The magnitude 3.5 earthquake hit at 7:15 a.m. and was centered in a spot 9 miles southwest of …

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Feds to Look into California Bus Rollover That Killed 3

Federal investigators are sending a team to the scene of a charter bus crash crash that killed three people and injured 18 others on a rain-slicked highway near San Diego, officials said. The bus was on Interstate 15 in Pala …

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Britain’s Financial Conduct Regulator Admits Data Breach

Britain’s Financial Conduct Authority (FCA) has admitted an accidental leak of confidential information, including the names and some contact details of people who had made complaints against the watchdog in 2018 and 2019, on its website. The FCA said on …

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Board Finalizes Rule Scaling Back Joint Employer Liability for Franchisees, Contractors

A U.S. labor board on Tuesday finalized a rule that will make it more difficult to hold companies liable for unlawful labor practices by franchisees and contractors, reversing a more worker-friendly Obama-era standard criticized by business groups. The rule by …

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Aviation Safety Whistleblower to Get $90K

The Federal Aviation Administration (FAA) agreed to pay $90,000 to an aviation safety inspector who faced retaliation for raising concerns about unqualified flight safety inspectors, a U.S. agency said Monday. The U.S. Office of Special Counsel (OSC) said the whistleblower …

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Coronavirus Fears Drive Up Credit Risk for Gulf Crude Exporters

The cost of insuring against sovereign debt defaults by Gulf Arab states has risen in recent days as markets price the risk the coronavirus outbreak represents for the crude export-dependent region. Conventional spreads on the five-year credit default swaps (CDS) …

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Coronavirus Update: On Decline in China But of Rising Concern in South Korea, Italy, Iran

Iran’s coronavirus death toll rose to 16 on Tuesday, the most outside China, heightening its international isolation as dozens of worst-hit nations from South Korea to Italy accelerated emergency measures to curb the epidemic’s global spread. Believed to come from …

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Grant Will Help Virginia Test Schools for Lead in Water

The Environmental Protection Agency on Thursday announced it was awarding Virginia over $700,000 in grant funding to assist with identifying sources of lead in drinking water in schools and child care facilities. The $737,000 will go to the Department of …

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Federal Appeals Court in New York Approves of $6.7M Award to Graffiti Artists

A federal appeals court in New York gave its approval Thursday to a $6.7 million award for nearly two dozen graffiti artists whose spray paintings at a once-famous site that attracted thousands of spectators were destroyed to make room for …

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Vermont House Advances Climate Change Bill to Reduce State’s Greenhouse Gas Emissions

The Vermont House has given preliminary approval to legislation that sets requirements and deadlines for reducing greenhouse gas emissions in the state. The so-called Global Warming Solutions Act was up for final approval on Friday. The bill would require that …

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2 Tropical Cyclones Trigger Heavy Rainfall, Flooding in Jakarta

Parts of Indonesian capital and its suburbs were flooded after two tropical cyclones off the nation’s coast triggered heavy rainfall overnight, inundating houses in low-lying areas and causing a power outage. More than 80 spots of flooding were reported in …

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Arch Capital to Buy 29.5% Stake in French Credit Insurer Coface

Arch Capital Group Ltd. has entered into a share purchase agreement with Natixis regarding the acquisition of a 29.5% stake in Coface, a France-based trade credit insurer. The transaction will be completed at a price of €10.70 per share, corresponding …

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Newfront in California Names Cannabis Specialist Word Head of Agribusiness

Newfront Insurance in San Francisco, Calif., has named Seth Word principal and head of agribusiness. At Newfront, he’ll oversee all aspects of cannabis as well as agriculture and horticulture coverage. Prior to joining Newfront, Word founded and lead Cultivate Insurance …

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LP Insurance Services in Nevada Names Cushard Vice President

Reno, Nev.-based LP Insurance Services LLC has named Brian Cushard vice president of strategic growth. Cushard will concentrate on acquisitions, operational enhancements and growth throughout LP Insurance Services. He was with Woodruff Sawyer and Beecher Carlson in before joining LP …

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Buffett Warns of Corporate Directors Too Beholden to CEO

Warren Buffett on Saturday called on corporate America to make their boards of directors more accountable to shareholders and less beholden to chief executive officers, perhaps by reducing their pay and requiring that they buy more stock. In his annual …

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Report: Kentucky Highway Traffic Fatalities Increased in 2019

Highway traffic fatalities in Kentucky increased by 10 last year, according to a preliminary count. According to initial data, there were 734 fatalities in 2019, compared to 724 in 2018, the Kentucky Transportation Cabinet’s Office of Highway Safety said in …

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Florida Carriers Seek Staggering Rate Increases Amid Market Turmoil

It’s no surprise that Florida carriers are raising homeowners’ insurance rates given several years of catastrophes and losses from litigation related to assignment of benefits and water damage claims. What may be surprising for insureds, however, is how substantial the …

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300 Residents Evacuated, Dozens Treated After Pipe Rupture in Mississippi

Authorities say they’re testing the air quality after a pipe ruptured, prompting the evacuations of more than 300 residents and sending dozens of people to hospitals. The Mississippi Department of Emergency Management said 46 people were treated at area hospitals …

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Safety Board to Report on Tesla Autopilot Crash, Issue Safety Recommendations

The National Transportation Safety Board will hold a public hearing on Tuesday to establish the probable cause of a fatal March 2018 Tesla Autopilot crash in California and will issue a series of safety recommendations, two people briefed on the …

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Small Businesses Hope Employees Like Wellness Benefits Enough to Stay

Every month, the 30 staffers at Chris Boehlke’s public relations firm each get $100 to pay for anything that contributes to their wellness. And not just for typical expenditures like gym memberships or yoga classes. “You can get nails done, …

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Oregon Wrestles With Building Facilities in Tsunami Zones

Experts say the big one is coming to the Pacific Northwest: a massive earthquake that will cause buildings and bridges to collapse and unleash a tsunami that will devastate the coast. But, doubling down on its decision last year to …

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Wells Fargo to Pay $3B to U.S. to Settle Fake Accounts Scandal

Wells Fargo & Co. has agreed to pay $3 billion to resolve criminal and civil probes into fraudulent sales practices and has admitted to pressuring employees in a fake-accounts scandal, U.S. officials said on Friday, wrapping up one of the …

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Brazil’s Vale Knew Deadly Tailings Dam Was Unsafe as Far Back as 2003: Report

An independent investigation requested by Brazilian iron ore miner Vale SA into the causes of the Brumadinho tailings dam disaster that killed 270 people a year ago found the company knew about the problem but failed to deal with it. …

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Buffett Says Combs Likely to Head GEICO Only Temporarily

Warren Buffett doesn’t expect Todd Combs, one of his two key investing deputies, to be at auto insurer Geico long. Buffett’s Berkshire Hathaway Inc. tapped Combs in December to become chief executive officer of its Geico unit. He replaced Bill …

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Aon Names Andersen President, While Former Co-President O’Connor Exits

Aon plc named Eric Andersen as president of Aon, reporting to Greg Case, the firm’s CEO. Since May 2018, Andersen and Michael O’Connor had served as Aon co-presidents. Aon said O’Connor is departing Aon to pursue new opportunities after 12 …

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Berkshire Hathaway P/C Insurance Profit Down in 2019

Full-year insurance results at Berkshire Hathaway disappointed in 2019, with after-tax earnings from underwriting falling to $325 million in 2019 compared to $1.6 billion in 2018. Earnings from primary insurance operations were lower in 2019 and losses from reinsurance were …

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Insurtech Startup Blackboard Insurance Receives Approval in Virginia

Blackboard Insurance has announced the approval of its commercial insurance package in Virginia, bringing capabilities to middle market customers in 47 states and territories. Blackboard’s commercial insurance package includes property, general liability, auto, and umbrella across the manufacturing, real estate, …

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Man Arrested in Series of Burlington Fires Causing About $74K in Damage

Police in Vermont’s largest city have arrested a man accused of setting a series of fires that caused about $74,000 in damage. Robert Barbin, 57, is facing charges of arson and reckless endangerment. Burlington police say he ignited a fire …

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Vermont Reaches Settlement with Nursing Homes After Fatality

Vermont’s attorney general announced a settlement with three of the state’s nursing homes over allegations of neglect that resulted in serious injuries to three residents and the death of a fourth. The settlement with the three Genesis Healthcare subsidiary-operated nursing …

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Federal Judge Dismisses Lawsuit Involving Firefighter Deaths in Delaware

A federal judge has dismissed a lawsuit against Delaware’s largest city involving deaths and injuries of firefighters who responded to an arson. The lawsuit sought to hold Wilmington officials liable for the deaths of three firefighters and serious injuries suffered …

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Saudi Arabia’s Regulator Plans to Raise Capital Requirements for Insurers

Saudi Arabia is working on new regulations that would raise capital requirements for the kingdom’s overcrowded insurance sector, its central bank governor said in an interview with Bloomberg TV. The new rules would “make the market more attractive to foreign …

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Korean Re to Open Office in Bogota, Colombia, for Latin America Growth

Korean Reinsurance Co. obtained approval on Feb. 18, 2020 to open a representative office in Bogota, Colombia. This move is in line with its corporate strategy to further diversify into the Latin American markets, the company said in a statement. …

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Financial Services Firms Risk $1 Trillion in Losses from Climate Change: Report

The world’s financial services sector risks losses of up to $1 trillion if it fails to respond quickly to climate change and is hit by policy shifts such as the introduction of a carbon tax, a new report shows. The …

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Australia Regulator Seeks to Understand Financial Risks of Climate Change

Australia’s prudential regulator said on Monday it was looking to better understand the financial risks of climate change and would begin undertaking deeper assessments of the industry’s vulnerabilities to improve resilience. The Australian Prudential Regulation Authority (APRA) will develop industry …

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Danske Bank Ex-CEO Faces $387M Lawsuit over Money Laundering Scandal

The ousted chief executive of Danske Bank A/S, Thomas Borgen, has been personally targeted in an investor lawsuit arguing he withheld information about potential money laundering that subsequently destroyed the lender’s market value. Deminor, a Brussels-based law firm, said on …

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Illinois Parents Allege Daughter, 6, Was Sexually Assaulted At Recess

The parents of a 6-year-old southern Illinois girl are suing local school officials, alleging that their daughter was sexually assaulted by another kindergartner during recess. The lawsuit names the Edwardsville School District 7 as the defendant and alleges that the …

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But Wait. Here’s ‘The Rest of The Story’ on Buffett’s Lubrizol

In his firm’s annual report released this weekend, Berkshire Hathaway CEO Warren Buffett included a side note on one of the companies his conglomerate bought in 2011 for $9 billion, a company called Lubrizol. Lubrizol is an Ohio-based global specialty …

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Colorado Excessive Force Lawsuit Settled for $125K

Fort Collins, Colo. has reached a $125,000 settlement with a woman who sued the city after an off-duty police officer pinned her to the ground outside her apartment complex. The Coloradoan reports a city spokeswoman confirmed the settlement with Kimberly …

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National Insurance Crime Bureau Says Arizona Leads Nation in Auto Glass Claims

Arizona leads the nation in auto glass claims despite being 14th in total population, according to the National Insurance Crime Bureau. Insurance industry data shows that between 2015 and 2019, 10% of the nation’s auto glass claims were in Arizona. …

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James River Accuses 52 South Carolina Residents of Faking Uber Accidents

Some South Carolina residents deliberately caused hit-and-run accidents while in Uber rides as part of an insurance scam, a car insurance company says in a lawsuit. The lawsuit from James River Insurance says 52 people were involved in an insurance …

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Kentucky House Clears the Way for Legalizing Medical Marijuana

After years of setbacks, medical marijuana advocates cleared a historic hurdle Thursday when the Kentucky House voted to legalize the use of cannabis for medical purposes. The measure won House passage on a 65-30 vote after an emotional debate, sending …

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4 Arrested in $230K Staged Accident Scheme in Florida

Four people in Florida have been arrested on charges of racketeering and conspiracy to commit racketeering for allegedly staging automobile accidents in order to file nearly $230,000 in fraudulent insurance claims, according to a statement from the Florida Department of …

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Minnesota Governor Wants $30M to Replenish State Disaster Aid Fund

With the threat of spring flooding looming, Minnesota Gov. Tim Walz has asked lawmakers to approve $30 million to replenish a state disaster aid fund that was drained by a string of disasters last year. Walz said an updated flood …

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State Auto Financial in Ohio Reports 4Q Net Income of $32.7M

State Auto Financial Corp. reported fourth-quarter net income of $32.7 million, after reporting a loss in the same period a year earlier. The Columbus, Ohio-based company said it had net income of 72 cents per share. Earnings, adjusted for investment …

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California FAIR Plan Can Offer Only Fire Insurance, Judge Says

A fund that offers only fire insurance to California residents in wildfire-prone areas can’t be required to provide coverage for other hazards such as flooding or theft, a judge ruled this week. Superior Court Judge Mary Strobel this week issued …

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New Mexico AG Sues Google for Collecting Personal Data of School Children

New Mexico Attorney General Hector Balderas has filed a lawsuit against Google LLC alleging the tech giant is illegally collecting personal information from New Mexico school children under 13 in violation of the Federal Children’s Online Privacy Protection Act and …

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Examining the Higher Death Rate for Older Workers: Viewpoint

U.S. workplaces have gotten a lot safer over the course of the past century. In 1913, the Bureau of Labor Statistics estimated that there were 23,000 “industrial deaths,” or 61 for every 100,000 workers. In 2018, the number of what …

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Swiss Re Will Absorb Poor 2019 Earnings, Says S&P

S&P Global Ratings said that even though Swiss Re performed materially below expectation for its 2019 earnings, the ratings agency expects the group to maintain its risk-based capital above the “AA” level, which supports the “AA-” long-term ratings and stable …

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Roehler Succeeds Theis on Allianz Board of Management

Axel Theis (62), member of the board of Allianz SE responsible for insurance in German-speaking countries and Central and Eastern Europe, is retiring at his own request on March 31, 2020 after more than 33 years at Allianz. The Allianz …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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Idaho Insurance Agent Sentenced for Mishandling Funds

A licensed insurance producer from Emmett, Idaho, has been sentenced for misappropriation of fiduciary funds. Casandara H. Aune admitted to receiving cash for a client’s premium payment but reportedly did not apply the payment to the client’s account. Aune admitted …

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Black Woman, County Settle New Mexico Profiling Lawsuit for $100K

New Mexico’s largest county has reached a racial profiling settlement with a black woman who was stopped by deputies three times in less than a month but never cited. Bernalillo County and Sherese Crawford reached a $100,000 settlement agreement in …

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Parents of Oregon Man Who Died in Fire File $6M Suit

The parents of a man who died in a fire in Portland, Ore., have filed a nearly $6 million lawsuit against the apartment owners and the man accused of setting the fire. Batool and Ali Alhaji have filed a lawsuit …

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Ohio Megachurch Ex-Pastor Settles Lawsuit Alleging Sex Abuse

A confidential settlement was reached in a former Ohio megachurch pastor’s lawsuit alleging televangelist Ernest Angley sexually abused and harassed him over a decade, starting in 2004. The allegations by Brock Miller, of Myrtle Beach, South Carolina, included that Angley …

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Missouri School District Sued for $2.4M Over Girl’s Arrest

A woman whose daughter was wrongfully arrested at a middle school is suing the Columbia school district and police department. Kandas Holmes-Barnes is seeking a total of $2.4 million from the Columbia Public Schools and the Columbia Police Department after …

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Fort Lauderdale Fined $1.8M by Florida Officials After Multiple Sewage Spills

The state of Florida is fining the city of Fort Lauderdale $1.8 million for a series of massive sewage spills that have sent sent toxic sewage onto streets and into waterways since December. The Florida Department of Environmental Protection sent …

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PG&E Banking on Big Profits After Utility Leaves Bankruptcy

Pacific Gas and Electric says it expects to become more profitable than ever after it emerges from bankruptcy and pays off more than $25 billion in losses sustained in catastrophic wildfires ignited by its outdated equipment. The nation’s largest utility …

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Ex-Student, University of Arkansas, Settle Rape Lawsuit

The University of Arkansas and a former student reached a settlement agreement in a lawsuit alleging school officials acted with “deliberate indifference” after she reported being sexually assaulted by another student on campus. The student will receive $100,000 in the …

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Coronavirus Raises Insurance Questions But Catastrophe-Tested Insurers Are Prepared

As the coronavirus outbreak continues to cause concern around the globe, the insurance industry is facing a potentially far-reaching impact but has the experience to handle what might come its way. Based on what the industry has learned from historical …

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Nebraska Theater Bar Could Lose License for Serving Tainted Drinks

Nebraska’s liquor control agency has called a movie theater bar in suburban Omaha to account for accidentally serving two customers cocktails that contained cleaning solution. The Alamo Drafthouse in La Vista could have its liquor license suspended, canceled or revoked …

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Wendy’s Pays $400K to Resolve Child Labor Law Allegations in Massachusetts

Fast-food chain Wendy’s has agreed to pay $400,000 to resolve allegations that it violated child labor laws by having teenage employees at dozens of Massachusetts restaurants work later and longer than allowed, the state attorney general’s office announced Tuesday. The …

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Massachusetts’ J.E.D. Insurance & Financial Service Agency Joins SAN Group

J.E.D. Insurance & Financial Service Agency recently joined Satellite Agency Network (SAN) Group Inc., an alliance of independent insurance agencies in the Northeast. The full-service agency specializes in home, automobile, life and business insurance. J.E.D. Insurance is located in the …

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Cannabis Insurance Group Expands Coverages, Adds Managing General Agent

Garnet Underwriting Managers (GUM), the managing general underwriter assigned to manage Garnet Casualty Insurance Corporation, has signed its first managing general agent, Conway E&S of Warrendale, Penn. This is a step in Garnet Underwriting Managers’ continued advancement of its cannabis …

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BHSI Taps Swiss Re’s Weinmann to Head Customer & Broker Engagement in Germany

Berkshire Hathaway Specialty Insurance (BHSI) announced further expansion of its European team, naming Daniel Weinmann as head of Customer & Broker Engagement in Germany. Weinmann comes to BHSI with more than 20 years of insurance industry experience. He was most …

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China’s Ping An Insurance Says Coronavirus Outbreak Could Hit Business

Ping An Insurance Group Co. of China Ltd., China’s largest insurer by market value, said on Thursday that the coronavirus may have an impact on its business. Ping An’s comments on the virus were included in its annual results, where …

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AXA Appoints Chubb’s Gunter as CEO of AXA XL, Replacing Hendrick

AXA announced the appointment of Scott Gunter as chief executive officer of AXA XL. He will replace Greg Hendrick, who has decided to pursue other opportunities outside the group. Gunter was previously senior vice president of Chubb Group and president …

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Activist Hedge Fund Elliott Investment Builds Stake in Dutch Insurer NN Group

Elliott Investment Management, U.S. billionaire Paul Singer’s activist hedge fund firm, has built up a 3.04% stake in Dutch insurer NN Group, a filing by the Dutch financial regulator AFM showed on Thursday. Elliott’s move sent NN Group shares up …

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Swiss Re 2019 Profit Hit by Natural Disasters, U.S. Casualty Claims

Reinsurer Swiss Re reported on Thursday a smaller-than-expected profit in 2019 due to claims for a series of man-made and natural disasters, as well as expenses for its U.S. casualty business, sending its shares lower. Net profit in the year …

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AXA Lowers 2020 Profit Guidance for XL Unit

French insurer AXA lowered its 2020 profit guidance for its companies-focused XL unit and named a new boss for the division, as it stepped up measures to reduce exposure to risks stemming from natural disasters that become more frequent. Insurers …

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Tennessee Teen Kidnapped by Teacher Settles with School District for $650K

A lawsuit has been settled between a Tennessee school district and a former student who was kidnapped by a teacher when she was 15. Tad Cummins sparked a 39-day nationwide manhunt when he fled the state with the former Culleoka …

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Tennessee Grand Jury Wants Criminal Investigation Into Coal Ash Worker Illnesses

A grand jury in Tennessee said it would support a criminal investigation into claims that a Tennessee Valley Authority contractor failed to protect workers cleaning up a massive coal ash spill, many of whom later fell ill and some of …

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Farmers Insurance Expands Into South Carolina with Online Auto Insurance Policy

Farmers Insurance has launched its first auto insurance product in South Carolina, delivered exclusively through a new digital and customizable auto insurance policy available on Farmersdirect.com. The digital auto insurance product in South Carolina offers quick quoting and a self-serve …

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Suit Against Army Corps for Post-Harvey Flooding Dismissed by Federal Judge

A federal judge has ruled that the U.S. Army Corps of Engineers isn’t liable for flood damage to thousands of Houston homes after the agency cracked open the gates on two massive dams in the wake of Hurricane Harvey. In …

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Employee Accused of Stealing from Nebraska Insurance Agency Fined $400

A woman accused of stealing from a Beatrice, Neb., insurance agency has been fined $400. Gage County Court records say Nicole Nelson paid the fine; the 45-year-old had pleaded no contest to a misdemeanor theft charge. She originally was charged …

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Viewpoint: 4 Things Insurance Firms Can Do to Improve Efficiency, Data Use

Digital transformation is making it possible for the insurance industry to engage customers with personalized interactions that lead to products and services tailored to their individual insurance needs. Unfortunately, the industry isn’t exactly made up of a bunch of early …

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OSHA Fines Companies After 2 Killed at Oregon Festival

The Oregon Occupational Safety and Health Administration has fined two companies for safety violations that led to the deaths of two workers at a Portland, Ore., area music festival. OSHA issued $31,000 in fines to Pickathon LLC and GuildWorks LLC …

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Insurers Finding It Increasingly Difficult to Fill Vacant Positions

Most insurance companies plan to either maintain current staffing or add new employees over the next 12 months, The Jacobson Group and Aon have found. At the same time, their new Semi-Annual U.S. Insurance Labor Outlook Study determined that companies …

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Oregon Bar Sued for $2.1M for Over-Serving Man Who Killed 2

The estate of a man who was killed in a drunken driving crash in 2017 and a crash victim who survived are suing the Prineville, Ore., bar that over-served driver Justin Bittick. The estate of Stephan Mitchell Leader-Bowles filed suit …

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Arizona Flood Control Project Receives Federal Funding

Flagstaff, Ariz.’s mayor hailed a federal agency’s commitment of $52 million for a major flood control project, saying it will protect the northern Arizona city from potentially catastrophic effects of flooding from storm runoff while promoting economic development of currently …

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Everest Insurance Adds 4 Underwriters to E&S Casualty Excess Group

Everest Insurance has added four underwriters within its Excess & Surplus Casualty Excess group. The new members of the group include: Kelly Doyle, who joins Everest as a senior underwriter based in the company’s Chicago office. Most recently, Doyle worked …

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Insurance Underwriter Enters Race for Montana State Auditor

A third Republican said that he will run for the party’s nomination for Montana state auditor. Scott Tuxbury is an insurance underwriter who has worked to bring new insurance companies to Montana and design new insurance programs, he said in …

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Icy Roads Caused Dozens of Crashes in Utah

Icy roads caused multiple crashes and temporary highway closures in Utah on Monday, officials reported. There were at least 84 crashes statewide Monday morning since midnight, according to the Utah Highway Patrol. Most were in northern Utah. I-15 and U.S. …

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Homeland Security Reports Ransomware Attack Shut Gas Pipeline Facility for Two Days

The U.S. Department of Homeland Security has alerted energy and other infrastructure firms to review their cybersecurity after a ransomware attack interrupted a natural gas compression facility. The attack caused the unidentified pipeline facility to lose access and visibility to …

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UK Issues Severe Flood Warnings as Rivers Peak After Storm Dennis

Residents in central England and Wales braced for more flooding as rivers peaked in the wake of a weekend storm that brought up to 6 inches (150 mm) of rain to an already waterlogged region. Environment agencies in England and …

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Risk Strategies Acquires Virginia’s UNIRISC

Risk Strategies, a privately held, national insurance brokerage and risk management firm, has acquired UNIRISC Inc., a specialist in the global relocation insurance and risk management needs of corporate personnel and private individuals moving domestically and overseas. Terms of the …

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Justice Department Targets Internet Firms’ Liability Shield

Attorney General William Barr is taking aim at a legal shield enjoyed by companies such as Alphabet Inc.’s Google and Facebook Inc. as the provision comes under increasing fire from both liberals and conservatives. Barr has accused social media companies …

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Abrams Fensterman Brings Insurance Defense Group to Brooklyn

New York law firm Abrams Fensterman has expanded its Insurance Defense practice with the addition of a team of attorneys – two partners, five associates and support staff members – that specialize in insurance, including fraud and Special Investigation Unit …

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New Jersey Mall Worker Seriously Injured in 30-Foot Fall from Roof

Authorities say a worker at a New Jersey mall was seriously injured in a 30-foot fall from the roof over the weekend. Roxbury police were dispatched to the Ledgewood Mall shortly after 1 p.m. Saturday after the man, a demolition-construction …

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Global Warming Creating ‘Irreversible’ Ice Melt in Antarctica: Scientist

Global warming was leading to an “irreversible” mass melting of the Antarctic ice and purging carbon from the atmosphere was the only solution to slow the process, an Australian climate scientist told Reuters on Wednesday. Recent human activity has intensified …

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Argo Group Appoints Bradley as Chairman; Rehnberg Named CEO

Argo Group International Holdings Ltd., the Bermuda-based re/insurer, announced the appointment of Thomas A. Bradley as chairman of the board of directors upon the retirement of current board chairman Gary V. Woods, whose term concludes on April 16, 2020, following …

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FACTBOX: China Takes Steps to Bolster Coronavirus-Hit Economy

Chinese policymakers have implemented a raft of measures to support an economy jolted by a coronavirus outbreak that is expected to have a devastating impact on first-quarter growth. The People’s Bank of China (PBOC) is attempting to restore investor confidence, …

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RLI to Offer Samsara IoT Loss Control Services to Trucking, Commercial Auto Clients

RLI Transportation, a division of RLI Insurance Company, has partnered with Samsara, an industrial IoT company that provides sensors and software to manage vehicle fleets and industrial operations. The partnership will provide RLI Transportation customers within the large trucking, public …

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Suit: Iowa’s Drake U., Fraternity Negligent in Dangerous Hazing Event

A student is suing Drake University in Des Moines, along with a fraternity at the school and several fellow students for an unspecified amount after he said he nearly died from a hazing incident. Court documents filed Feb. 7 show …

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Viewpoint: 3 Ways Technology Makes Insurance Broker RFP Responses Easier

Requests for proposals (RFPs) are everywhere these days. As internet sourcing makes the market more competitive, insurance brokers who are able to quickly and accurately complete RFPs can see huge benefits and gain a strategic advantage. Though new RFPs represent …

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Texas Windstorm Insurer Sets Funding at $4.2 Billion for 2020 Cat Year

The wind and hail insurance carrier of last resort for counties along the Texas coast has determined that its 1-in-100 probable maximum loss (1:100 PML) for the 2020 catastrophe year is $4.2 billion. At a quarterly meeting in Austin on …

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Ohio Bill Would Make Using Hand-Held Device While Driving a Primary Offense

A new bill introduced in Ohio would strengthen Ohio’s laws regarding the use of wireless devices, including smartphones, while driving. The Hands-Free Ohio bill, sponsored by Sen. Stephanie Kunze (R-Hilliard) and Sen. Sean J. O’Brien (D-Bazetta) would, with limited exceptions, …

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The State of Autonomous Driving: Shuttles vs. Moonshots in Big Stakes Race

May Mobility Inc.’s boxy white-and-green self-driving shuttle pulls up to a damp corner in downtown Detroit. Its big doors swing out revealing a safety driver and six seats that face each other. It’s more comfortable than a subway car or …

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Employment Liability Insurers See Plenty to Worry About, From Biometrics to Harassment

After Back to the Future 2 was released in 1989, moviegoers could observe Marty McFly as he traveled to his version of 2015 where fingerprints were used to identify a person, to unlock the front door of a house and …

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Renaissance Alliance Insurance Services Adds 3 Agencies to Florida Network

Renaissance Alliance Insurance Services, a nationwide membership alliance for independent insurance agencies, has added three independent insurance agencies to its Florida network. The new members include: Bellken Insurance Group, LLC, Davie, Fla., is a full-service independent insurance agency providing commercial …

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Atlantic Casualty to Create 83 Jobs, Invest $11.8M in North Carolina Operations

Atlantic Casualty Insurance Co., a national provider of commercial insurance products, will create 83 jobs and invest more than $11.8 million through an expansion of its Wayne County, N.C., headquarters, according to a statement from the North Carolina Department of …

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Group Sues California Commissioner over Public Records of Dealings with Insurance Executives

A non-profit consumer group announced on Tuesday it has filed a lawsuit to compel California Insurance Commissioner Ricardo Lara and the California Department of Insurance to hand over records of Lara’s meetings and communications with insurance companies. The lawsuit was …

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California Commissioner, Lawmakers Intro ‘Hardened Homes’ Wildfire Bill Requiring Admitted Market to Offer Coverage

A newly proposed bill would clarify under California law the concept of “hardened homes” that are safer or more resistant to wildfires and then require admitted carriers to cover those homes. California’s insurance commissioner and several lawmakers on Tuesday introduced …

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Suit Alleges Ex-Pharmacist in Pennsylvania Fired for Not Trying Medical Marijuana

A former Pennsylvania pharmacist is suing the medical marijuana dispensary where she worked on allegations she was fired after refusing to illegally sample the shop’s products. Carol Kopiak, of Wilkes-Barre, filed a lawsuit Wednesday against her former employer Justice Grown, …

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Facing Hundreds of Abuse Claims, Boy Scouts of America Files for Bankruptcy

The Boy Scouts of America said on Tuesday it had filed for Chapter 11 bankruptcy amid a flood of lawsuits over allegations of child sexual abuse stretching back decades. The bankruptcy is not expected to affect the organization’s programs, which …

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QBE Insurance Names Wilkins as Chairman, Succeeding Becker Who Is Retiring

QBE Insurance Group announced that Michael (Mike) Wilkins has been elected to succeed W. Marston (Marty) Becker as chairman of the group board. Wilkins will step into the role of group chairman on March 1, 2020, and Becker will retire …

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Swiss Re’s iptiQ and IKEA Partner to Offer Home insurance

Swiss Re’s iptiQ and IKEA announced the launch of HEMSÄKER, home insurance that provides accessible protection at an affordable price, said Swiss Re in a statement. HEMSÄKER, which can be purchased online via the IKEA website, was created to extend …

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Storm Sabine (AKA Ciara) Cost Insurers $731M in Germany: GDV

Storm Sabine caused insured losses of 675 million euros ($731 million) in Germany this month, the GDV Insurance Association said on Tuesday, making it the sixth most costly storm in Europe’s largest economy since 2002. Storm Sabine, which was known …

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Arch Re to Buy Majority Stake in Australia’s Precision Marketing Asia Pacific

Arch Reinsurance, a wholly owned subsidiary of Bermuda-based Arch Capital Group Ltd., announced it has entered into an agreement in principle to obtain a majority stake in Precision Marketing Asia Pacific (PMAP), subject to regulatory and other approvals. PMAP is …

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12 Chinese Insurers Co-Launch Coverage for Businesses Hit by Coronavirus

China’s southern province of Hainan has launched the first specially designed insurance product to cover losses incurred by businesses as a result of the coronavirus outbreak in the country, the banking and insurance regulator said. The scheme has set aside …

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Generali, Great Eastern Weigh Bids for Malaysia Insurers, Part Owned by AXA: Sources

Singapore’s Great Eastern Holdings Ltd. and Assicurazioni Generali SpA are among potential bidders for the life and general insurance businesses in Malaysia that AXA SA and Affin Bank Bhd. own, according to people familiar with the matter. Great Eastern, which …

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Louisiana Student Hospitalized After Pushup Punishment Awarded $183K

A Louisiana appeals court ruled that a former high school student who was hospitalized after being ordered to perform 200 pushups as punishment was rightfully awarded more than $180,000 in damages. Former McKinley High School student Tristen Rushing was late …

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Iowa District to Pay $4.8M to Settle Suit Over Deadly School Bus Fire

A western Iowa school district will pay $4.8 million to settle a lawsuit brought by the family of 16-year-old girl who died in a 2017 school bus fire that also killed the bus driver. Riverside Community School District has reached …

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Two Employees Injured in Fire that Destroyed Iowa Towing, Auto Shop

Two people suffered minor injuries in a fire that destroyed a Fort Dodge, Iowa, towing and auto business in northwestern Iowa, officials said. The fire broke out in the afternoon on Feb. 14 in Mid Iowa Towing, television station KCCI …

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Gun-Selling Website Sued by Widow of Slain Chicago Police Commander

The widow of a slain Chicago Police Department commander has filed a lawsuit against the website used to sell the gun tied to her husband’s death. The Chicago Sun-Times reports Erin Bauer and the nonprofit gun control group Brady filed …

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In Houston, a City with No Zoning, Warehouse Blast Prompts Safety Debate

Houston’s lack of zoning restrictions has left many residents with neighbors they don’t want: petrochemical facilities and businesses that handle hazardous materials. That unease was laid bare again last month when a massive explosion leveled a metal fabricating and manufacturing …

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United Valley Adds Peterson & Grantham in Northern California

United Valley Insurance Services Inc. has added as a new member Roseville, Calif.-based Peterson & Grantham Insurance Brokers. Curtis Peterson, the sole owner and agency principal, founded the agency in 2008 with Arrow Grantham. The agency has five employees. United …

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In an About-Facebook, Zuckerberg Likes Internet Regulation As Way to Win Public Trust

For years, Facebook Inc. lobbied governments against imposing tough regulations, warning in some cases that they could harm the company’s business model. Now, it’s pleading for new rules for the good of its business. In a white paper published Monday, …

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Idaho Football Players Win Settlement in False Arrest Lawsuit

A Utah county agreed to pay more than $10,000 to settle a lawsuit filed by two Idaho State University football players who said they were falsely arrested during a bank robbery investigation. Nehemiah McFarlin and Atoatasi Fox will receive $5,100 …

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California IHOP Cook Arrested for Workers’ Compensation Fraud

California Department of Insurance detectives arrested Jonathan Quezada, 28, on multiple felony counts of insurance fraud and workers’ compensation insurance fraud after he allegedly falsified an insurance claim to receive unearned workers’ compensation benefits costing Californians over $22,000. Quezada was …

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Chubb Expands Incident Reporting Tool to Excess Casualty Clients

Chubb has expanded access of its Incident Alert tool to its Excess Casualty clients during catastrophic events. The tool, which has previously been used by Chubb environmental and cyber customers, now can assist Excess Casualty clients during a catastrophic event …

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Trial Set to Begin for North Carolina Insurance Magnate Accused of Political Corruption

The trial of an insurance company magnate and two associates on charges they conspired to bribe an elected North Carolina regulator with up to $2 million in campaign money so scrutiny of his businesses would ease is getting started. U.S. …

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Rock Slide Blamed for Fiery Derailment of Kentucky Train, Chemical Leak

A large rock slide on a rain-saturated mountain caused a fiery train derailment Thursday morning in eastern Kentucky that briefly trapped two crew members and caused a chemical leak into a river, authorities said. Two crew members of the CSX …

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2 People Injured After Ceiling Collapses Inside Atlanta Airport Restaurant

Part of a restaurant ceiling collapsed inside Atlanta’s airport Thursday, leaving a large chunk of it draped over countertops in the dining area. One person was taken to a hospital, and a second person was treated at the scene, airport …

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Officials Warn Mississippi Flooding Could Worsen as Water Continues to Rise

With the waters in the Pearl River continuing to rise in and around Mississippi’s capital city and more rain on the way this week, the governor warned residents that it would be days before flood waters start to recede. Gov. …

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HCI Approved by Florida Regulator to Replace Anchor P&C Coverage for 43K Insureds

The Florida Office of Insurance Regulation has approved a plan for Homeowners Choice Property and Casualty Insurance Company, a subsidiary of HCI Group, to provide replacement policies for Anchor Property and Casualty Insurance Co. policyholders. The approved plan provides policyholders …

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Cruise Ship Tests Coronavirus Containment As 300 Passengers Return to U.S.

TRAVIS AIR FORCE BASE, Calif./GENEVA, Feb 17 —More than 300 American cruise liner passengers, including 14 who tested positive for coronavirus, were flown home to military bases in the United States after two weeks under quarantine off Japan. The cruise …

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Jury Awards $265M to Farmer Claiming Drifting Herbicides Damaged His Orchard

A Missouri jury’s $265 million award to peach grower Bill Bader in his lawsuit against herbicide providers Bayer and BASF has raised the stakes for the two companies as at least 140 similar cases head to U.S. courts later this …

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Deepwater Horizon Oil Spill in 2010 Was Bigger Than Satellite Images Showed

Toxic and invisible oil spread well beyond the known satellite footprint of the 2010 Deepwater Horizon oil spill, according to a new study. Scientists at the University of Miami (UM) Rosenstiel school of Marine and Atmospheric Science say their findings …

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AssuredPartners Acquires Nevada West Business Insurance Agency, Inc.

AssuredPartners Inc. has acquired Nevada West Business Insurance Agency Inc. in Las Vegas, Nev. The team of five will remain under the operational leadership of Jeff Maren. Terms of the deal weren’t disclosed. Nevada West Business Insurance Agency currently reports …

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4.0-Magnitude Earthquake Hit Central California Coast

An earthquake with a preliminary magnitude of 4.0 shook California’s central coast on Wednesday but no damage or injuries were immediately reported, the U.S. Geological Survey confirmed. The quake that hit at 7:33 p.m. on the San Andreas Fault was …

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Analyst Warns Regulatory Battle Over AI Bias to Grow; Lemonade Argues It’s Fair

As insurers introduce artificial intelligence into pricing and claims handling activities, regulatory focus on disparate impact will grow into “one of the biggest topics of the next 10 years,” a well-known insurance analyst predicted at an industry conference. V.J. Dowling, …

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SCOR Buys Majority Stake in Brazil MGA with Agricultural Specialty

Global reinsurer SCOR said it has acquired a majority stake in AgroBrasil, an MGA focused on distributing fruit and grain loss of crop quality and yield insurance protection to Brazilian farmers. Neither side disclosed financial details. Paris-based SCOR has partnered …

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Insured Losses for Europe’s Storm Ciara-Sabine Estimated at $1.2B to $2.1B

Catastrophe risk modeling firm AIR Worldwide estimates that insured losses due to wind from Europe’s winter storm Ciara (also known as Sabine) will range between €1.1 billion and €1.9 billion (US$1.2 billion and US$2.1 billion), with the majority of claims …

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B3i’s Blockchain Platform Places 30 Reinsurance Contracts, Including Cat XoL Treaties

B3i Services AG, a two-year-old company owned by members of the insurance industry, announced that 30 contracts of reinsurance have been concluded on its platform, including some of the most complex catastrophe excess of loss (XoL) reinsurance treaties. Nine insurers, …

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Lawsuit Alleges Pennsylvania School District Knew About Lead, Asbestos Contamination

Current and former employees of a Pennsylvania school district claimed in a lawsuit filed Monday that officials knew for years that unsafe levels of lead and asbestos posed potential health risks for students and staff but never disclosed the information …

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Vermont Governor Announces Decreases in Workers’ Comp Rates

Vermont Governor Phil Scott announced that rates for workers’ compensation premiums will drop by about 11% when new rates take effect in April. Scott’s administration said the reductions are part of a trend in workers’ compensation rates, which have decreased …

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Man Gets 15 Years for Conspiring to Set Fire to His Business in Maryland

A man convicted of conspiring to set fire to his Maryland business to collect insurance money has been sentenced to 15 years in federal prison. The office of the U.S. Attorney in Maryland said Demetrios Stavrakis, 54, of Lutherville-Timonium, was …

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Commissioner Navarro Responds to Report of Premium Increases for Military Members

Delaware Insurance Commissioner Trinidad Navarro responded strongly to a Consumer Federation of America report that Delaware service members may return home from deployment to increased auto insurance premiums, calling the practice completely unacceptable and issuing a formal bulletin to insurance …

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Suit: Pennsylvania School District Knew About Lead, Asbestos Contamination

Current and former employees of a Pennsylvania school district have claimed in a lawsuit that officials knew for years that unsafe levels of lead and asbestos posed potential health risks for students and staff but never disclosed the information to …

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Coronavirus Epidemic Could Infect Two-Thirds of World’s Population: WHO Scientist

As the number of coronavirus cases jumps dramatically in China, a top infectious-disease scientist warns that things could get far worse: Two-thirds of the world’s population could catch it. So says Ira Longini, an adviser to the World Health Organization …

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Australia’s Central Bank Chief Warns of Economic, Financial Effects of Climate Change

Australia’s central bank chief Philip Lowe warned of wide-ranging economic and financial impacts from climate change, after his drought-stricken nation suffered some of its worst wildfires ever. Speaking on a panel with his Canadian counterpart, Lowe pointed out that drought …

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AAA Carolinas Merges with The Auto Club Group

The Auto Club Group (ACG) and AAA Carolinas have merged and combined operations, it was announced last month. With North and South Carolina part of The Auto Club Group family, the company now serves more than 13.5 million members and …

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Missouri’s Valley Insurance Agency Alliance Promotes Qaoud

Valley Insurance Agency Alliance (VIAA), based in St. Louis, Missouri, has promoted Robert Qaoud to director of Performance His responsibilities include providing resources to member agencies, integrating new members into the alliance, and maintaining relationships with strategic partner carriers and …

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Texas’ Watkins Insurance Group Names New Shareholders — Siddons, Scott

Austin, Texas-based Watkins Insurance Group has expanded its executive team with the addition of Jim Siddons and Chris Scott as new shareholders. These appointments increase Watkins Insurance Group executive team to 11. Siddons joined the insurance agency in 2014 and …

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Governor: Vermont Businesses to See Drop in Workers’ Comp Rates

Gov. Phil Scott announced that rates for workers’ compensation premiums will drop by about 11% when new rates take effect in April. Scott’s administration said the reductions are part of a trend in workers’ compensation rates, which have decreased by …

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Parts of Alabama Face Millions of Gallons of Sewage Overflow After Storms

Days of rain have left parts of Alabama awash in millions of gallons of dingy water that overflowed from sanitary sewer systems. On Wednesday, reports submitted to the Alabama Department of Environmental Management showed that more than 18.5 million gallons …

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Kentucky Inches Closer to Legalizing Medical Marijuana

After years of setbacks, medical marijuana advocates in Kentucky gained momentum Wednesday when a House committee overwhelmingly approved a bill to legalize medical cannabis. The House Judiciary Committee advanced the measure on a 17-1 vote. The bill moves to the …

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Idaho Falls Agent Pleads Guilty to Insurance Fraud

Idaho insurance agent Misty A. Adams was taken into custody this week after being sentenced for insurance fraud. A licensed insurance producer from Idaho Falls, Adams, 45, reportedly backdated her son’s auto insurance policy after he was involved in a …

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Distinguished Programs Promotes Madsen to Pacific Northwest Sales Executive

Distinguished Programs has promoted Jack Madsen to the role of regional sales executive. In his new role, Madsen will consult with retail agents and brokers across all of Distinguished Programs’ insurance products and services, covering the Pacific Northwest, including Nevada, …

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Alliant Names USI’s Parvey Vice President in Oregon

Alliant Insurance Services Inc. has named Casey Parvey vice president. The Portland, Ore.-based Parvey will provide risk and insurance solutions to a client base throughout the region. Parvey has a background in workers’ compensation, property, liability and other lines of …

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Wells Fargo Agrees to Halt Forced Arbitration for Sex Harassment Claims

Wells Fargo & Co. on Wednesday ended its forced arbitration policy for employee sexual harassment claims, opening the lender to potential lawsuits in the future. The San Francisco-based bank made the decision following a shareholder proposal from Clean Yield Asset …

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Arizona Insurance And Banking Regulator Schraad Steps Down

Arizona’s top banking and insurance regulator is stepping down for a job in the private sector. Gov. Doug Ducey announced that Keith Schraad was leaving his post Thursday as head of the Arizona Department of Insurance and Financial Institutions. He …

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Report: Death Toll in 2018 California Wildfire Likely Includes 50 More People

Doctors and other experts say at least 50 more people, many of them elderly or ill, likely died as a result of the 2018 wildfire that devastated the town of Paradise, California, but were not counted in the official death …

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AIG and P/C Underwriting Post Profit for Q4

American International Group reported fourth quarter 2019 net income of $922 million compared to a net loss of $622 million in the prior-year quarter. The results reflected improvement in its closely-watched General Insurance (property/casualty) division where the insurer posted an …

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Coronavirus Leads Companies with Supply Chain Disruptions to Invoke ‘Force Majeure’

With the coronavirus outbreak that originated in Hubei province, China, showing no signs of abating any time soon, some companies that buy and sell goods in the Chinese market are taking interest in the legal defense of “force majeure.” The …

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Coronvirus Led to Cancellation of Telecoms Meeting, but Insurance Cover Is Excluded

Companies that have spent money on a major telecoms conference in Barcelona that has been canceled after mass withdrawals due to the coronavirus outbreak cannot expect compensation under the organizers’ standard insurance, they said on Thursday. The GSMA telecoms body …

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State Lawsuit Alleges Juul Advertised Vaping on Teen Websites

E-cigarette maker Juul Labs Inc. bought online advertisements on teen-focused websites for Nickelodeon, Cartoon Network and Seventeen magazine after it launched its product in 2015, according to a lawsuit filed on Wednesday by the Massachusetts attorney general’s office. The allegations …

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Insurers Rush to Exclude Coronavirus Epidemic from Event-Cancellation Protection

Businesses looking to buy cancellation insurance for events around the world will not be able to get cover for the new coronavirus outbreak, industry sources said, as insurers rush to exclude the epidemic from their policies. The Shanghai Grand Prix …

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Argo Warns of $114M Underwriting Loss, Extra Costs From Watson’s Departure

Argo Group International Holdings Ltd. is warning that its 2019 fourth quarter will feature some “unacceptable” results, particularly a $114 million underwriting loss. Separately, there are also added expenses relating to the abrupt departure of controversial former CEO Mark Watson …

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Five Sue Driver of Trash Truck Struck by GOP Train in 2018

Two years after a train carrying Republican members of Congress collided with a garbage truck, five passengers have filed lawsuits against the driver, trash company and train conductor. Dana Naylor Jr., 32, was acquitted of involuntary manslaughter after a trial …

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National Weather Service Confirms Five Tornadoes Hit Maryland

The National Weather Service has confirmed that five tornadoes ripped through parts of Maryland on Friday. Multiple news outlets report that the tornadoes were confirmed in Carroll, Cecil, Montgomery and Frederick counties. WBAL-TV reports that the Carroll County tornado had …

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N.H. Stone Products Manufacturer Cited for Hazards Following Employee Fatality

The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has cited Quartz and Stone Creations of New Hampshire LLC for crushing and other hazards following an employee fatality on July 19, 2019. OSHA cited the Northwood, N.H., stone …

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Public Entity Specialist Patterson Joins Alliant Insurance in Dallas

Carleen Patterson has joined Alliant Insurance Services in Dallas as first vice president, practice leader within the company’s Public Entity Group. Patterson is regarded for her property/casualty expertise for large governmental and higher education clients. Additionally, she has experience working …

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Ohio’s McGowan, Allied Specialty Partner on Amusement/Entertainment Insurance

Fairview Park, Ohio-based The McGowan Companies has entered into a joint venture with Allied Specialty Insurance Inc., a subsidiary of AXA’s property/casualty and specialty risk division, AXA XL, forming McGowan Allied Specialty Insurance (McGowan Allied). The new entity is focused …

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Wisconsin’s Integrity Names Messerschmidt as Commercial Lines Underwriting Manager

Integrity Insurance, a property & casualty carrier headquartered in Appleton, Wisconsin, has promoted Lisa Messerschmidt to commercial lines underwriting manager. Messerschmidt will be responsible for leading a group of commercial lines underwriters and commercial field underwriters to ensure sustained growth, …

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Insurance Comparison Site SelectQuote Plans IPO: Reuters

SelectQuote has hired investment banks for an initial public offering (IPO) that could value the owner of the eponymous insurance policy comparison website at more than $2 billion, including debt, according to people familiar with the matter. SelectQuote is working …

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Worldwide Facilities in California Names Kaneko Executive Vice President

Los Angeles, Calif.-based Worldwide Facilities has named Garett Kaneko executive vice president in national client management and sales. Kaneko’s responsibilities will include development of the firm’s relationships with customers. He was most recently strategic lead of insurance partnerships for Newfront …

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Lockton Adds Catalano to Employee Benefits Business in California

Lockton Pacific Series has added Vinny Catalano to grow its employee benefits presence in the Sacramento, Calif., region. Catalano is part of the Lockton’s Pacific region, which encompasses eight offices throughout the Western U.S., including Portland, Sonoma, San Francisco, Sacramento, …

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