Ohio Manufacturing Facility Cited for Unsafe Conditions; Fined $119K

A Ohio manufacturer of power distribution products has been cited for 11 serious workplace safety violations and faces $119,000 in penalties, federal workplace safety officials said. In response to a January 2021 complaint, the Occupational Safety and Health Administration investigated …

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K2 Insurance Services Acquires Montana’s Loss Run Pro

K2 Insurance Services, based in San Diego, Calif., has invested in Loss Run Pro LLC, headquartered in Missoula, Montana. LRP, founded in early 2020 by Reghan Brandt, was a participant in BrokerTech Ventures’ (BTV) 2020 Accelerator. LRP is a subscription …

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Midwest People Moves: The Horton Group; Ohio Mutual; MJ Insurance; Lockton

The Horton Group The Horton Group in Chicago has hired Casey Warnecke as chief growth officer. Warnecke will be responsible for maximizing efforts around new business growth and the retention of existing clients, recruiting top talent, and implementing a strong …

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NTSB: Speed an Issue in 2019 Houston Ship Channel Crash

Federal transportation safety officials say one of the vessels involved in the 2019 Houston Ship Channel collision that resulted in the release of more than 11,000 barrels of petrochemicals into Galveston Bay was going too fast. The National Transportation Safety …

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Union Cheers as Court Halts Trump Hog Slaughter Line Speed Rule

The largest U.S. meatpacking union celebrated a victory in federal court on Wednesday that it said invalidated a Trump-era rule allowing hog slaughter plants to run without line speed limits. A lawsuit brought against the U.S. Department of Agriculture (USDA) …

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Alaska Could See ‘California Style’ Blackouts in Face of Climate Change

Alaska could face “California-style” blackouts as climate change increases the state’s wildfire risk. That’s according to an article this week in the Anchorage Daily News. The article centers on Alaska’s record-breaking 2019 wildfire season and the McKinley Fire, believed to …

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Champion Risk in California Names Neal Director of Operations, Peretz Marketing & Communications Director

San Diego, Calif.-based Champion Risk & Insurance Services has hired Kristy Neal as director of operations and Rachel Peretz to lead thee marketing and communications department Neal is charged with making the agency more efficient, and building momentum for growth …

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SPAC Mania Anxiety Grows; Bankers, Regulators, Insurers Try to Keep Pace

Anxiety is growing that the wellspring of special-purpose acquisition companies, a 2020s echo of the dot-com mania of the 1990s, is bumping up against the limits of both Wall Street and Washington. The pipeline of SPACs rushing to market is …

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‘Not Over Yet,’ But Crews Gaining Control of South Dakota Wildfires

Firefighters have begun to gain control of wildfires in the Black Hills of South Dakota that have forced the evacuation of more than 400 homes and closed the Mount Rushmore National Memorial. Three separate wildfires were burning near Rapid City, …

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More Rain Comes to Tennessee After Historic Flooding

Flash flooding in Tennessee has claimed a fifth victim after authorities said a man drove his car around barricades and apparently drowned. The latest death occurred Sunday night in Ashland City, just west of Nashville, when the man in his …

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COVID-19 Liability Bill for Florida Businesses, Healthcare Providers Signed by Gov

Florida businesses, governments and healthcare providers will be protected from coronavirus lawsuits if they made a good effort to follow guidelines to prevent the spread of COVID-19 under a bill signed by Republican Gov. Ron DeSantis on Monday. The legislation …

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Alaska Backcountry Helicopter Crash Killed 5 on Ski Trip

A contracted helicopter carrying guides and guests from a lodge on a heli-skiing trip in Alaska’s backcountry crashed, killing the pilot and four others, authorities said. The only other person onboard was in serious condition but stable Sunday at an …

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Mother of Black Student Seeking Damages Against California School for Racist Rant

The mother of a Black 12-year-old boy is seeking damages against a Southern California school district after her son’s teacher went on a half-hour tirade laced with racism and profanity. Katura Stokes filed a damage claim, typically a precursor to …

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Lawmakers from California Want U.S. Departments to Be Year-Round Wildfire Agencies

California’s U.S. senators and nearly two-dozen representatives are asking the Agriculture and Interior departments to transition their agencies to a year-round wildland workforce because blazes are no longer limited to traditional fire seasons. The move would require reclassifying more seasonal …

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Distracted Driving Behaviors Increased During Pandemic. Are Bosses to Blame?

One in four drivers thinks that roads are safer today than they were before the pandemic, yet a growing number of drivers are texting or emailing while driving– in part as more of them feel pressured to be available for …

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Supreme Court Could Use TransUnion ‘Terrorist List’ Case to Curb Class Actions

The U.S. Supreme Court on Tuesday signaled it could narrow the scope of a class action lawsuit against TransUnion in which thousands of people sought damages after the credit reporting company flagged their names as matching those on a government …

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Hong Kong Developing SPAC Framework – But Lack of D&O Insurance Could Be Issue

Hong Kong is expected to have its own blank check company listing framework ready in June for public feedback and targets allowing deals to start by the end of this year, according to people familiar with the matter. The city …

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Tech Firms Under More Scrutiny and Unhappy with Their D&O Insurance

With premiums rising and carriers narrowing their terms and conditions, technology companies’ satisfaction with their directors and officers (D&O) liability insurance has plummeted in 2021. Insurance broker Marsh found in a new study that only about 45 percent of customers …

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It’s Time to Rewrite The Rules That Make U.S. Roads So Deadly: Viewpoint

A 25-year-old Yale Law student. A crossing guard. A 78-year-old woman. A high-school teacher. These are but four of the pedestrians and bikers counted among the 310 motor-vehicle-related deaths seen in 2020 in Connecticut, where I live. Our state saw …

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What the ‘New Normal’ Means for Cyber Insurers, Coverage

More than a year has passed since pandemic-related government restrictions began, causing many businesses around the world to shift their workforce to remote. With increased reliance on technology, new work environments and greater use of at-home devices and networks in …

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Lloyd’s Expects Large Loss from Suez Canal Blockage

The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 …

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Formal Investigations Begin into How Container Ship Ran Around in Suez Canal

ISMAILIA, Egypt – Formal investigations into how the giant container ship Ever Given ran aground in the Suez Canal, shutting down shipping in the major global waterway for almost a week, begin on Wednesday, a canal official told Reuters. The …

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Severe Thunderstorms Roar Through New Jersey; Thousands Lose Power

Severe thunderstorms that roared through New Jersey left thousands without power and brought down dozens of trees that damaged homes and businesses, but no injuries were reported. The storms hit the state shortly after dusk on Sunday and continued for …

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Vermont State Agency Offers to Assist Residents After Rare Tornado

State officials in Vermont say they’re ready to assist residents with insurance claims as they cleanup and rebuild following Friday’s tornado, which injured at least two people. The state Department of Financial Regulation said Saturday that residents who experienced property …

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Brown Thayer Shedd Insurance Agency Rebrands as Cross Private Client Insurance

Brown Thayer Shedd Insurance Agency (BTS Insurance Agency), a Darien, Connecticut-based division of Cross Insurance, has rebranded as Cross Private Client Insurance (CPCI). Cross Insurance is a subsidiary of Cross Financial Corp and an independent insurance provider in New England …

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Houston Company to Pay $50.9K to Settle Federal Age Discrimination Suit

A Houston-based engineering and construction company will pay a former employee $50,960 to resolve an age discrimination lawsuit, federal officials say. The lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), alleges Burrow Global Services LLC fired an employee …

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City of London Financial Center Likely to See Most Workers Return After Pandemic

LONDON – The City of London financial center, which has resembled a ghost town since the coronavirus swept the world last year, is likely to see most workers return to their offices after the pandemic, the City’s political leader said …

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Gen Xers Pass Boomers in Wealth; Inequality on Basis of Race Persists

Crammed between the cultural extremes of the baby boomers and the millennials, members of Generation X saw their wealth jump during the Trump administration and through the coronavirus pandemic as they hit their prime earning years during a record bull …

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2020’s P/C Insurance Industry Results and What They Mean for 2021

The most recent tallies of financial results by rating agency analysts reveal that the property/casualty insurance industry weathered the storms of catastrophe losses and COVID, with one segment actually reporting better combined ratios and higher income than in 2019. A …

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Former California Agent Arraigned After Allegedly Stealing from Client

Formerly licensed insurance agent, Mandy Pruitt, 42, of Visalia, Calif., was arraigned today on one count of grand theft after she allegedly stole more than $4,400 from a client and used the money to pay for personal expenses. The alleged …

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Fire Danger Alerts, Red Flag Warnings Issued in Midwest States

Strong winds, warmer conditions and low humidity are combining to create a fire danger across several states, including parts of Nebraska, Kansas, Iowa and Missouri. The National Weather Service on March 29 issued red flag watches and warnings for most …

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South Dakota Wildfires: 400 Homes Evacuated; Mount Rushmore ClosedSouth Dakota Wildfires: 400 Homes Evacuated; Mount Rushmore Closed

Three separate wildfires in the Black Hills of South Dakota have forced evacuations of more than 400 homes northwest of Rapid City and shut down Mount Rushmore, authorities said. A fire that started near Schroeder Road in the Nemo area, …

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Lengthy Legal Battles Expected from Suez Canal’s Longest Closure in Almost 50 Years

The Suez Canal may be open again, but the battle over damages from the waterway’s longest closure in almost half a century is just beginning. With cargoes delayed for weeks if not months, the blockage could unleash a flood of …

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Indiana Sandwich Shop to Pay $28.7K to Settle Disability Discrimination Suit

A Bloomington, Ind., fast-food sandwich shop will settle a federal disability discrimination lawsuit for $28,700, authorities say. The U.S. Equal Employment Opportunity Commission (EEOC) charged in its suit that Ranrae Inc., doing business as Subway violated federal law by rejecting …

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Regulators, Watchdog at Odds With Insurance Actuaries Over Withdrawn Documents

A task force of the National Association of Insurance Commissioners is asking the board of directors of the Casualty Actuarial Society to reverse a decision rescinding a “statement of principles” of the profession, Carrier Management recently reported. The CAS action …

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Texas Legislation Would Overhaul State’s Electricity Market, Require Weatherization

The Texas Senate has unanimously approved a sweeping bill that would overhaul the state’s electricity industry and infrastructure, including mandating that power plants prepare for extreme weather and outlawing risky indexed retail electric plans. Senate Bill 3, filed by Republican …

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Global Insurers Paid $89 Billion for Natural, Manmade Disasters in 2020: Swiss Re

Natural and man-made catastrophes cost the insurance industry US$89 billion in 2020, in the fifth costliest year since 1970, according to a report from Swiss Re’s sigma. Of that total, US$81 billion related to claims from natural catastrophes, with the …

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Insurance Techknowledgy: Marble Opens Up Wallet; AXA Funds Idelic’s Analytics; Markel Backs Counterpart Platform

Insurtechs focused on consumer management of insurance policies and commercial fleet analytics are expanding their reach following funding rounds. Also, a new platform for offering management liability insurance to small firms debuts with backing from Markel. Marble Digital insurance policy …

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Hawaii Teen Gets $150K Settlement for Arrest by Classmate’s Dad

The Honolulu City Council has approved a $150,000 settlement in a lawsuit that accused a police officer of improperly arresting a boy who had a personal dispute with his son. The family’s federal lawsuit alleged that Officer Kirk Uemura had …

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Washington School District Agrees to $4.25M Sex Assault Settlement

A suburban Seattle, Wash., school district this week agreed to pay $4.25 million to settle a lawsuit that accuses a former middle school teacher of sexually assaulting his student for nearly a decade. According to the lawsuit, drama teacher Richard …

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California County Paying $4M in Misconduct Suits

San Diego County has so far spent more than $4 million to settle a dozen lawsuits brought after a sheriff’s deputy admitted to on-duty misconduct with 16 women, a newspaper reported Sunday. The Union-Tribune cited documents that show lawyers for …

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Police Say New York Construction Worker Killed in Trench Collapse

A construction worker was killed when a trench collapsed on him while he was working in a residential development in the Hudson Valley community of Woodbury, New York, police said. The 43-year-old worker was digging in a 10-foot ditch when …

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Pennsylvania Gas Driller to Pay $1.9M for Damage to Wetlands, Waterways

One of the most active natural gas exploration firms in Pennsylvania has agreed to pay $1.9 million after it disclosed in 2014 that its construction work had damaged waterways and wetlands, without proper permits, according to paperwork filed in federal …

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People Moves: Cole from XS Brokers to Rockwood; Westchester’s Roberts, Fred C. Church’s Sanderson Promoted

Rockwood Programs Names Cole as Chief Marketing Officer Rockwood Programs Inc., a full-service managing general agency, has appointed Carol Cole to chief marketing officer. In this role, Cole is responsible for marketing employment practices liability, insurance agents errors and omissions, …

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Despite Soy Rally, Farmers Bet on Corn Backed by High Crop Insurance Guarantee

CHICAGO— A 45% rally in soybean prices in 11 months was not enough to convince South Dakota farmer DuWayne Bosse to give up any corn acreage on his farm this spring. “For our farm, we are looking at maxing out …

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Boeing Directors Seek Dismissal of Investors’ Lawsuit Over 737 MAX Safety

Boeing Co. asked a Delaware court to throw out a shareholders’ lawsuit over the safety of its 737 MAX following fatal crashes, saying the board engaged in “robust and well-established” oversight of jet’s development. In an amended complaint unsealed in …

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Guy Carpenter Launches Asia Pacific Capital Advisory Group

Guy Carpenter & Co., reinsurance specialist and a unit of Marsh McLennan, announced the launch of its Capital Advisory Group in Asia Pacific, with the appointments of Michael Owen and Hussain Ahmad to lead this new operation. The capital pressures …

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Japan Chipmaker Renesas Says Normal Production at Fire-Hit Plant to Take 100-120 Days

TOKYO – Japanese chipmaker Renesas Electronics said on Tuesday it would take at least 100 days to get back to normal production at its fire-hit plant, even as the government urged some Taiwanese companies to help with alternative chip production. …

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Britain Shouldn’t Blindly Adopt EU Rules Just to Keep Business in London: BoE’s Brazier

LONDON – Britain should not be “short-sighted” and copy European Union rules just to keep financial activity in London, Bank of England executive director for financial stability Alex Brazier said on Monday. The City of London was cut adrift from …

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Florida School District to Pay $2M Over Chicken Nugget Choking Death of Student

The family of a 19-year-old student with autism will receive a $2 million settlement from a Florida school district a year and a half after he choked on a chicken nugget and died. The settlement approved by the Palm Beach …

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‘Treating Us Like Robots’: Alabama Amazon Workers Seek Union

Linda Burns was excited at first to land a job at the Amazon warehouse outside Birmingham, Alabama. The former nursing assistant had always enjoyed ordering from the company, Now, she would be working for them. A cog in a fast-moving …

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Illinois Governor Vetoes Personal Injury Prejudgment Interest Legislation

Illinois Gov. J.B. Pritzker has vetoed a bill that would have provided for prejudgment interest in the recovery of damages in personal injury or wrongful death lawsuits. House Bill 3360 “provides for the recovery of prejudgment interest on all damages …

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Insurance Unlikely to Cover all Shipowers’ Expenses Incurred from Suez Closure Chaos

The owners and charterers of ships unable to sail through the the Suez Canal for nearly a week face at least $24 million in expenses they will be unable to recoup as their insurance policies do not cover them, industry …

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Supreme Court Grapples With Investor Class Actions in Goldman Sachs Securities Case

U.S. Supreme Court justices on Monday struggled in a case involving Goldman Sachs Group Inc. over how judges should determine when shareholders can collectively sue publicly traded companies for fraudulent statements that keep their stock prices artificially high. The justices …

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Number of Independent Agencies Dips a Bit: Future One Study

Despite continued robust agency mergers and acquisitions activity, the number of independent insurance agencies has remained stable at 36,000, a number slightly below the last tally of 36,500 in 2018. That’s according to the 2020 Agency Universe Study from Future …

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Study: Nearly 70% of ERCOT Customers Lost Power During Texas Winter Storm

Last month’s disastrous and deadly winter storm impacted most Texans served by the state’s main power grid, with almost 70% of those people losing power in subfreezing temperatures and almost half experiencing a water outage, according to a new report …

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OSHA Sues Texas Hotel Operator for Whistleblower Law, Other Violations

Federal officials have sued the operator of a hotel in Waller, Texas, after it fired an employee who sought medical help after being exposed to carbon monoxide and reported the incident. According to U.S. Department of Labor’s Occupational Safety and …

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Bill to Legalize Recreational Pot Dies in North Dakota Senate

North Dakota’s Republican-led Senate has killed legislation to legalize recreational marijuana in the state. Only 10 of the chamber’s 47 senators voted for the measure. The bill passed the GOP-led House last month with a 56-38 vote for approval. Backers …

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Judge: Austin Can Require Masks Despite Lifting of Texas’ Statewide Mandate

A Texas judge is allowing the City of Austin to continue to require face coverings in local businesses weeks after Republican Gov. Greg Abbott ended a statewide mask mandate and other COVID-19 safety measures. The ruling by state District Judge …

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Private Equity Firm Odyssey Partners With Management to Acquire SIAA

Private equity firm Odyssey Investment Partners has joined with management of SIAA (Strategic Insurance Agency Alliance), the nation’s largest alliance of independent insurance agencies, to acquire the company. New Hampshire-headquartered SIAA says its model and operations will remain unchanged under …

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Allstate’s Sale of New York Unit to Wilton Re to Complete Exit from Life, Annuity Business

The Allstate Corp. said it has agreed to sell its New York life insurance and annuity operation to Wilton Re for $220 million. The selling of Allstate Life Insurance Company of New York (ALNY), along with the previously announced agreement …

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Underground Electrical Blast Rocks New Jersey’s Asbury Park

Utility crews restored service after an underground electrical fire rocked the New Jersey shore city made famous by Bruce Springsteen’s music. Thursday’s blast caused two manhole covers to come out of the ground and forced the evacuation of some businesses …

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New Jersey Governor Nominates Thompson as Insurance Fraud Prosecutor

New Jersey Governor Phil Murphy has announced his nomination of Tracy Thompson as insurance fraud prosecutor. Thompson has led the Office of the Insurance Fraud Prosecutor in an acting capacity since March 2018. Her nomination, which will be formally submitted …

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Tornado Touches Down in Vermont, Injuring at Least Two

A tornado with an estimated wind speed of 110 mph touched down in Vermont on Friday afternoon, injuring at least two people. A statement from the National Weather Service in Burlington, Vermont, says the tornado threw a barrel into a …

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Caesars in Nevada Puts Pandemic Losses At $2B, Wants Insurers to Pay

Casino giant Caesars Entertainment Inc. is putting its losses because of the coronavirus pandemic in 2020 at more than $2 billion, and is suing a long list of insurance carriers it accuses of balking at paying its business interruption costs. …

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Utah Passes Law Requiring Pilot Insurance Following Plan Crash

The lawsuit from a 2017 crash of an airplane on 1900 West in Roy lingers on, more than three years after it was filed. The pilot, apparently, was not insured, leaving Samantha Sandoval – hit in her car in the …

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Judge Considering Requiring PG&E in California to Turn off Power More Often

A federal judge overseeing Pacific Gas & Electric’s criminal probation said Tuesday that he is considering requiring the utility to be more aggressive about turning off its electricity lines near tall trees, a plan that could double the number of …

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Former California Uber Driver Convicted of Raping Passengers

A former Uber driver in Central California was found guilty of sexually assaulting and stealing from five passengers. Jurors took less than three hours to convict Alfonso Alarcon Nunez of 13 felonies, including three charges of rape, the San Luis …

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Chubb ‘Disappointed’ in Hartford’s Rejection of Merger Offer, Talks

Global insurer Chubb Ltd. today issued a statement that it is “disappointed that The Hartford chose not to engage in discussions regarding a strategic business combination.” However, the disappointed insurer said it will continue to seek opportunities for acquisitions. Chubb’s …

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FEMA Knows About Trying to Build Back Better Infrastructure

Lawmakers in Washington are gearing up for the Biden administration’s first major legislative challenge: a set of measures on long-term economic priorities, including infrastructure and jobs, expected to cost roughly $3 trillion. Key to President Joe Biden’s Build Back Better …

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Analysts Affirm CNA Ratings As Insurer Continues Recovery From Cyber Attack

CNA Financial Corp.’s financial ratings have not been affected by the insurer’s recent cyber attack. AM Best, S&P Global Ratings and Fitch Ratings all affirmed their current ratings and outlooks for CNA and its subsidiaries and said they believes the …

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Suez Canal Blockage Likely to Bring Large Losses for Global Reinsurers: Fitch

The blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event for the reinsurance industry, according to Fitch Ratings. This event will reduce global reinsurers’ earnings but should not materially affect …

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SPACs Have Rocketed in U.S. but Europe Has Moved More Slowly. Here’s Why.

STOCKHOLM — “I get an email almost every morning from some SPAC seller telling me to do a SPAC with them,” said Johnny Boufarhat, CEO of Hopin, a virtual events platform. “It’s interesting, but it also doesn’t make sense for …

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Software Developers Launching Type of Insurance Cover for Cryptocurrencies

Adventurers in what is perhaps the most lucrative and risky corner of the cryptocurrency world are starting to see a bit of a safety net. In the past year, scores of investors big and small have poured billions into decentralized-finance …

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What Has changed After Brexit for London’s Financial Center?

LONDON — Britain and the European Union agreed a new post-Brexit financial services pact on Friday that will allow them to cooperate on regulation but does little to improve the City of London’s access to the bloc. Britain left the …

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Stranded Container Ship Partially Re-floated: Suez Canal Authority

CAIRO – A massive container ship blocking Egypt’s Suez Canal for nearly a week has been partially refloated, the Suez Canal Authority (SCA) said, raising hopes the busy waterway will soon be reopened. The 400-meter (430-yard) long Ever Given became …

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Midwest People Moves: J.M. Wilson; AF Group

J.M. Wilson Portage, Mich.-based managing general agency and surplus lines broker, J.M. Wilson, has added Rebecca Green as chief financial officer. Green is replacing Mark Sundstrand who retired after 42 years of service. She is responsible for strategy and leadership …

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Photographer Wins Copyright Claim Over Warhol Art

A U.S. appeals court sided with a photographer Friday in a copyright dispute over how a foundation has marketed a series of Andy Warhol works of art based on one of her pictures of Prince. The New York-based 2nd U.S. …

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Allianz Privately Mulls Counteroffer for The Hartford After Chubb’s Offer

Chubb Ltd.’s $23 billion takeover offer for Hartford Financial Services Group Inc. has prompted Germany’s Allianz SE to study the feasibility of a counteroffer, according to people familiar with the matter. Europe’s biggest insurer is discussing its options with potential …

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Regulators Weigh Model Law for Pet Insurance to Address Consumer Peeves

U.S. insurance regulators are close to creating a legal standard for pet insurance that would address long-standing consumer complaints that insurers rarely pay up when their furry friends are not well. A National Association of Insurance Commissioners (NAIC) committee is …

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Bail Bond Insurance Industry Spends to Defend Profitable Business Against Critics

Insurance companies have spent $17 million to defeat proposals to weaken or abolish the for-profit bail industry in the United States, a system that brings insurers $15 billion in business a year, according to a Reuters analysis of campaign contributions, …

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RSA Names Former Aviva Executive Hodges as Chair of UK, International Businesses

RSA has named appointments for chair and CFO of its UK and International business entities, following the completion of Intact Financial Corp.’s proposed takeover. Mark Hodges, former CEO of Aviva’s UK business and former CEO of British Gas, will take …

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Element Risk Management Acquires Henderson Insurance, Our Legacy Insurance

Element Risk Management has acquired Henderson Insurance of Harrisburg, Pennsylvania, and Our Legacy Insurance of Front Royal, Virginia. Henderson Insurance, founded by Jim Henderson in 1978, has served the central Pennsylvania community for more than 40 years. The Henderson staff …

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Former New York Postal Worker Sentenced for Workers’ Comp Fraud

A former postal employee has been sentenced to serve three years on probation for workers’ compensation fraud. Christine O’Neill, 61, of Johnson City, New York, was sentenced by Senior United States District Judge Thomas J. McAvoy for defrauding the U.S. …

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Insurtech Funding News: $118M for Pie; $30M for Snapsheet

There have been two notable funding rounds by insurtechs this week. Workers’ compensation provider Pie Insurance has raised $118 million in new funding, including financing from Allianz and others. Snapsheet, a claims management platform insurtech, raised $30 million in new …

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City of London Is Realizing that EU Will Limit Access for Financial Services: Lawmaker

LONDON – There is a growing realization that Britain should not wait for unlikely European Union access for financial services but get on with building a more competitive City of London, a senior lawmaker said on Thursday. Britain left the …

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Brokerslink Expands in Balkans with Addition of Broker in Bosnia and Herzegovina

Global broking network, Brokerslink, has further expanded its presence in the Balkan Peninsula with the addition of independent broker Advantis Insurance Broker, based in Bosnia and Herzegovina. Established in 2015, Advantis offers clients access to a wide range of product …

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Fate of Florida Insurance Reforms Uncertain as Lawmakers Weigh Industry-Backed Bills

Two bills designed to deal with Florida’s crumbling property insurance market have embarked on divergent paths in the state legislature as lawmakers approach the final weeks of the 2021 session. Senate Bill 76 and House Bill 305, both originally supported …

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Minnesota Recreational Marijuana Bill Advances in House

Minnesota lawmakers have advanced a proposal that would allow recreational marijuana use for adults and automatically expunge minor convictions related to cannabis, inching the state closer toward legalization. The legislation, authored by Democratic House Majority Leader Ryan Winkler, of Golden …

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North Dakota Seed Company to Pay $225K OSHA Penalty After Employee Injury

A Fargo, N. D., birdseed production company has reached a settlement with a federal agency that investigated a severe and life-altering injury to an employee. The probe by the Occupational Safety and Health Administration stemmed from an incident in August …

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Private Equity Firm CVC Nears Deal to Buy Insurance Arm of National Bank of Greece

CVC Capital Partners is nearing a deal to acquire National Bank of Greece SA’s insurance business after a years-long search for a buyer, people familiar with the matter said. The private equity firm could announce an agreement as soon as …

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Germany’s Allianz Emerges as Frontrunner to Buy Aviva Poland for $2.9B: Sources

Allianz SE, Europe’s largest insurer, has emerged as the frontrunner to buy the Polish operations of Aviva Plc in one of the most competitive insurance auctions in the region this year, people with knowledge of the matter said. The British …

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Gender Pay Gap in Australia Is Worst in Insurance and Finance Industries: Study

Australia is losing momentum in efforts to bring equality to the workforce, with a new study finding that it will probably take another 26 years until women are paid the same as men. The gender pay gap is worst in …

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South Central People Moves: Texas’ BSBD Group Adds Williamson as VP

Dallas-based independent retail brokerage firm, Boyd, Shackelford, Barnett & Dixon (BSBD Group). has hired Lad Williamson as vice president of Employee Benefits. Williamson will help oversee the employee benefits operations by tailoring customized employee benefit plans for middle market and …

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Former Student Accuses Washington Teacher of Sex Abuse

A woman has accused her former teacher of sexual abuse in a lawsuit filed against the Marysville School District. The lawsuit accuses longtime art teacher Kurt Hollstein of sexually abusing her around 1985, when the woman was about 14, The …

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Supreme Court Rejects Ford Stance in Product Liability Venue Dispute

The U.S. Supreme Court on Thursday unanimously ruled against Ford Motor Co. in a case in which the second-largest U.S. automaker had sought to bar two state courts from hearing product liability suits involving a pair of serious crashes. Ford …

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Contractor Fined $74K Over Asbestos-Tainted Debris at Oregon Site

A company has been fined over $74,000 for improperly sending asbestos-tainted debris to a landfill in Southern Oregon. The Oregon Department of Environmental Quality described the violations as “major magnitude violations,” but said the problems have since been “properly abated …

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Arizona City’s Computer System Slowly Recovering From Cyberattack

Officials in Kingman say the city’s computer system is slowly getting back to fully operational after a recent cyberattack. The city also said it has insurance to help with the process. The Feb. 26 attack from an unknown source knocked …

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When Lights Go Out as They Did in Texas, Insurance Coverage Could Turn On

The power was still off in Texas last month when rating agencies began predicting that the weather-related catastrophe would cause unprecedented losses for insurance companies. On February 19, rating agency A.M. Best forecast that insurance companies “could suffer record first-quarter …

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White House to Require Software Firms to Disclose Breaches to Government Customers

A planned Biden administration executive order will require many software vendors to notify their federal government customers when the companies have a cybersecurity breach, according to a draft seen by Reuters. A National Security Council spokeswoman said no decision has …

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Judge Lets Massachusetts Claims Over Uber, Lyft Driver Classification Proceed

A Massachusetts judge on Thursday denied a bid to dismiss a lawsuit by the state’s attorney general challenging Uber’s and Lyft’s classification of drivers as independent contractors instead of employees entitled to sick time and other costly benefits. Suffolk County …

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At Least 111 Texans Died in During Winter Storm; Most from Hypothermia

At least 111 Texans died as a result of the February 2021 winter storm, according to updated numbers released on March 25 by the state Department of State Health Services. The newly revised number is nearly twice what the department …

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Generali Raises Bid for Aviva Poland in Battle with Dutch Insurer NN: Sources

MILAN – Italian insurer Generali has nudged up its bid for Aviva’s Polish arm, valuing the business at almost 2.5 billion euros ($3 billion), in a last-ditch effort to prevail over Dutch insurer NN, two sources familiar with the matter …

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AM Best Credit Ratings Assigned to Texas’ Upland Specialty Insurance

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Upland Specialty Insurance Co. (Upland Specialty) in Dallas. The outlook assigned to these ratings is stable. Upland Specialty is a …

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When Normal Lloyd’s Trading Returns, Brokers Urge Work Flexibility, Less ‘Stuffy’ Dress Code

LONDON – When the pandemic is over, the brokers of Lloyd’s of London could haggle with underwriters from home in their underpants, and ditch their pinstripes at the office. A trade body representing brokers took a swipe at tradition on …

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Ohio Entertainment Firm to Pay $40K in Discrimination/Retaliation Case

An entertainment and dining establishment in Avon, Ohio, will pay $40,000 and furnish equitable relief to settle a federal disability discrimination and retaliation charge. The U.S. Equal Employment Opportunity Commission (EEOC) said its investigation found reasonable cause to believe that …

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Participate in Insurance Journal’s Young Agent Survey Today

Insurance Journal is seeking young independent insurance agents – those 40 and under – to share their thoughts on the insurance industry, their job and their future as a young professional in the annual Young Agents Survey. The results will …

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North Dakota House Kills Bill That Would Strengthen Seat Belt Law

North Dakota’s House has rebuffed another attempt at changing the state’s seat belt law. The House voted 49-45 to kill the proposal to allow police to pull over drivers if they see them not wearing seat belts. The fine would …

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Battle Brews over Texas Bills Aimed at Commercial Vehicle Accident Lawsuits

A battle is brewing between trucking and insurance industry interests and trial lawyers in Texas over a pair of companion bills introduced in the Texas House and Senate that proponents say are aimed at providing consistency and uniformity in civil …

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Chemical Site Cleanup on Maine River to Cost More Than $180M

A settlement that is pending approval from a federal judge would require the former owner of a shuttered chemical plant in Maine to spend more than $180 million to clean up mercury contamination. The settlement concerns the HoltraChem Manufacturing plant …

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National Weather Service Upgrades Forecast Model

The National Weather Service has turbocharged its lagging forecast model to better predict extreme weather events such as hurricanes, blizzards and downpours, as well as day-to-day weather. By including much higher layers of the atmosphere, increased factoring of ocean waves …

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New York Proposes Guidance for Insurers on Financial Risks of Climate Change

The New York State Department of Financial Services (DFS) has issued proposed guidance for regulated insurers on managing the financial risks of climate change. The proposed guidance comes after a circular letter was issued by DFS on September 22, 2020. …

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3 Homeowners Get $1.1M for 2017 Nevada Flood Damage

A Washoe County judge in Nevada has ordered Reno to pay $1.1 million to owners of three homes that flooded north of the city four years ago as dozens of others continue to press related battles in federal court over …

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Disclosure Protections May Not Apply to Some Facebook App Records in Healey Probe

Facebook Inc. could be required to disclose some of its records identifying apps that allegedly misused customer data in a privacy investigation brought on by state Attorney General Maura Healey. The Massachusetts Supreme Court found that some of Facebook’s app …

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Huge Backlog of Ships Waits for Salvage Team to Re-Float Vessel Blocking Suez Canal

A huge backlog of ships was building up around the Suez Canal for a third day as an elite salvage team set about the monumental challenge of freeing the container vessel that’s blocking the crucial waterway. Work to re-float the …

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Towergate Buys AFL Retail Team, Following a Separate AFL Team Move Last Week

Towergate Insurance Brokers announced it has exchanged contracts to purchase the corporate retail book of business from AFL Insurance Brokers, which includes a team of 13. This deal comes on the heels of last week’s announcement that a team of …

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SEC Starting to Inquire About Risk Management of Blank Check IPOs: Reuters

The U.S. securities regulator has opened an inquiry into Wall Street’s blank check acquisition frenzy and is seeking information on how underwriters are managing the risks involved, said four people with direct knowledge of the matter. The U.S. Securities and …

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Kin Insurance to Offer Homeowners Coverage in Louisiana

Kin Insurance is expanding to offer homeowners insurance coverage in Louisiana. The company said the expansion into the underserved Louisiana market creates new opportunities for residents — especially for those in high-risk areas. Kin Insurance describes itself as an insurtech …

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Crawford & Co. Appoints Spencer as Global President of Crawford Legal Services

Crawford & Company, an independent provider of claims management and outsourcing services to carriers, brokers and corporations, has appointed Jason Spencer as global president, Crawford Legal Services. Spencer will report to Crawford President Joseph Blanco. In his new role, Spencer …

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Minnesota District to Pay $300K to Settle Transgender Student Discrimination Suit

Minnesota’s largest school district will pay $300,000 to settle a discrimination lawsuit with a transgender student who was barred from using the boys’ locker room, school officials and supporters of the student said. The Anoka-Hennepin School District also agreed to …

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W. Virginia Enacts COVID Liability Protections for Employers, Health Care Providers

West Virginia Gov. Jim Justice has signed a bill that protects employers, health care providers and others from being sued due to the coronavirus pandemic. The bill offers protection from COVID-19 lawsuits even if public health guidelines were ignored. But …

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Lawsuit Against BHP over Brazil Dam Collapse Fails on Appeal in English Court

LONDON – A 200,000-strong Brazilian claimant group said on Wednesday it had failed to resurrect a 5.0 billion pound ($6.9 billion) English lawsuit against Anglo-Australian mining giant BHP over a devastating 2015 dam failure. The Court of Appeal agreed with …

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Insurers of Container Ship Aground in Suez Canal Face Millions in Claims

LONDON – The owner and insurers of one of the world’s largest container ships stuck in the Suez Canal face claims totalling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday. The 400-meter, 224,000-tonne …

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Facebook, Google CEOs Suggest How to Reform Internet Immunity Law

Facebook Chief Executive Mark Zuckerberg laid out steps to reform a key internet law on Wednesday, saying that companies should have immunity from liability only if they follow best practices for removing damaging material from their platforms. In testimony prepared …

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Treasury Secretary Yellen Says ‘Systemic’ Tag May Not be Right for Asset Managers

Treasury Secretary Janet Yellen said on Wednesday it is important to “look carefully” at systemic risks posed by asset managers, including BlackRock Inc., but said designating them as systematically important financial institutions may not be the right approach. Yellen’s remarks …

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Authorities Working to Free Giant Stranded Container Ship Blocking Suez Canal

The shortest shipping route from Europe to Asia remained blocked on Wednesday as eight tug boats struggled to free one of the world’s largest container ships after it ran aground in the Suez Canal. GAC, a Dubai-based marine services company, …

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California Wildfire Sparked When Tree Hit Power Line, Report Shows

A Northern California wildfire that killed four people and destroyed more than 200 buildings last year was sparked when tree branches came into contact with Pacific Gas & Electric power lines, officials said in a report. Investigators with the California …

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Insurance Broker Acrisure Raises $$3.45 Billion

Fast-growing global insurance brokerage Acrisure announced it has closed on two transactions representing a significant capital raise of $3.45 billion. BDT Capital Partners, a merchant bank, led a $3 billion investment through its affiliated investment funds into Acrisure’s senior preferred …

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People Moves: MEMIC’s Langlois, Merchants’ Makey Promoted; Camerino from Everest Re to Buckle

Langlois Promoted at The MEMIC Group Portland, Maine-headquartered workers’ compensation specialist The MEMIC Group has promoted Cameron Langlois to the role of MEMIC Express underwriter. In this role, Langlois will be responsible for developing the company’s Express book serving small …

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Two Workers Injured in 30-Foot Fall Off Slippery Roof in Massachusetts

Two workers fell about 30 feet off the roof of a duplex under construction in Massachusetts early Friday and were flown to hospitals, authorities said The Mashpee Fire Department responded to the call around 8:30 a.m., Chief Thomas Rullo told …

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Report Fuels More Debate on Connecticut Utility’s Storm Response

A draft report critical of a utility’s response to Tropical Storm Isaias has Connecticut lawmakers again calling for accountability. The report released late Friday by the state’s Public Utility Regulatory Authority concluded that Eversource’s preparations and response were inadequate and …

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People Moves: Carpenter’s Sicard Goes to New Dawn Risk; RFIB’s Stratton to Corant; Saul to BMS, and Miller Hires

This wrap-up of International People Moves details recent appointments at three brokers and an insurance group: New Dawn Risk, Corant Global, BMS and Miller. Details of these new hires follows. New Dawn Risk Group Ltd., the London-based specialist insurance intermediary, …

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Industry Loss Reserves Redundant by $28 Billion: Assured Research

Analysts at Assured Research delivered some surprises in a report on property/casualty insurance industry loss reserves Monday, finding that reserves are $28 billion redundant and predicting that some hard market pricing will stabilize or diminish this year. That industry loss …

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AstraZeneca to Publish Full COVID-19 Vaccine Clinical Trial Results on Efficacy

AstraZeneca will publish up-to-date results from its major U.S. COVID-19 vaccine trial within 48 hours after health officials publicly criticized the drugmaker for using “outdated information” to show how well the immunization worked. The rare public rebuke marks the latest …

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Boston Scientific Settles States’ Surgical Mesh Device Marketing Claims for $189M

Boston Scientific Corp. agreed to pay $188.7 million to settle claims by most U.S. states that it deceptively marketed its surgical mesh devices to consumers. The settlement with 47 states and Washington, D.C. was announced on Tuesday by several state …

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AIA Group to Buy Insurance Business of Bank of East Asia

Hong Kong-based insurer AIA Group has entered into an agreement to buy the wholly-owned life insurance unit of Bank of East Asia (BEA) and has signed a 15-year distribution partnership with the lender for a total of about $650 million. …

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Britain Proposes Requiring Large Firms to Disclose Climate Financial Risks by 2022

Britain launched a public consultation on Wednesday on proposals to require large companies as soon as 2022 to disclose the financial risks they face from climate change. The business ministry said disclosures should be in line with recommendations from the …

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Arthur J. Gallagher Acquires R&R Benefits/Risk Management in Indiana

Global insurance brokerage, risk management and consulting services firm, Arthur J. Gallagher & Co., has acquired South Bend, Indiana-based R&R Benefits/Risk Management LLC. Terms of the transaction were not disclosed. Founded in 2000, R&R Benefits is an independent insurance agency …

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Data: Florida’s Texting-While-Driving Law Rarely Enforced

A Hillsborough County sheriff’s deputy was heading east on Interstate 4 in his red Dodge Charger on a brilliantly sunny afternoon in Florida when he saw him: A young driver behind the wheel of a Jeep texting on his phone. …

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South Carolina Lawmakers Look to Combat Catalytic Converter Theft

The South Carolina House has approved a bill that would make buying or selling stolen catalytic converters a separate crime that could bring up to three years in prison. The bill that passed 94-0 on Thursday was prompted by a …

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Nashville Approves $2.25M Settlement in Fatal Shooting by Officer

Officials in Tennessee have agreed to pay $2.25 million to settle a lawsuit filed by the family of a Black man who was fatally shot by a white police officer from behind during a 2018 foot chase. The Nashville Metro …

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Reporters Without Borders Sues Facebook in France over Hate Speech, False Information

PARIS – Reporters Without Borders (RSF) has filed a lawsuit against Facebook in France over hate speech and false information, the global media watchdog said in a statement on Tuesday. RSF said that in a lawsuit filed with the public …

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Lloyd’s Launches Parametric Earthquake Insurance Policy in New Zealand

Lloyd’s has launched a parametric earthquake insurance policy in New Zealand, in partnership with start-up Bounce Insurance, which uses cutting-edge technology and real-time data to automatically pay customers within five days of a strong earthquake. The new product, also called …

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Texas Windstorm Insurer Plans for $4B in Funding for Hurricane Season

Texas’ wind and hail insurer of last resort for properties in the state’s coastal counties has determined it needs $4.03 billion in funding to prepare for this year’s hurricane season. The board of directors of the Texas Windstorm Insurance Association …

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Century Risk Advisors of Florida Names Lo Director of Marketing

Independent insurance and risk management agency Century Risk Advisors (CRA) has named Ramon Lo as director of Marketing. In this role, Ramon will spearhead CRA’s branding and marketing initiatives. Prior to joining CRA, Ramon was employed by a trade publication …

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Judge: No Dismissal of Ammo Seller from Suit over Texas School Shooting

A Tennessee-based online retailer accused of illegally selling ammunition to a student who fatally shot 10 people at a Texas high school in 2018 won’t be dismissed from a lawsuit filed by families of those killed and injured, a judge …

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Helicopter Crash Exposes Deadly Loophole for Aerial Sightseeing

The five people who signed up for a helicopter sightseeing flight above New York City three years ago might have expected that aviation regulators were looking after their safety. But the reality of that fatal flight on March 11, 2018, …

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British Report Says London Joining EU Financial Services Market May Not Be Worth It

The City of London may be better off staying out of the EU’s financial services market as it would have to sacrifice autonomy over setting rules to win full access, a report by Britain’s upper house of parliament said on …

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Farmers Insurance Now Offering Direct-to-Consumer Policies in Louisiana

Farmers Insurance has launched a range of insurance products in Louisiana that consumers can customize. The company said Louisiana customers can now access quotes and purchase auto, home, condo, and renters products in a direct-to-consumer model, combining a personalized approach …

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Steinhoff International’s Insurers Agree to Pay $93 Million for Directors’ Liability Claims

Most of the insurers that provided Steinhoff International Holdings NV with director-liability policies have agreed to pay as much as 78.1 million euros ($93 million) toward legal settlements resulting from a 2017 accounting crisis. The bulk of the money will …

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Northern California City Settles for $3.25M in Police Killing

A Northern California city has agreed to pay $3.25 million to settle a lawsuit by the daughters of an unarmed Black man killed by police in 2016, the family’s attorneys said. The federal wrongful death lawsuit they filed says Stockton …

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82 Homes Impacted by Hawaii Rain and Flooding

Three homes were destroyed in heavy rains and flooding last week, the Honolulu Department of Emergency reported. The department collected data that showed a total of 82 homes in the state were impacted by the severe weather, Hawaii News Now …

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New Mexico Lawmakers Aim to Address Rising Costs of Child-Abuse Settlements

The New Mexico state Legislature has passed a bill aimed at reducing the rehiring of abusive teachers and addressing the rising costs of child-abuse-related settlements. The Senate passed the bill 37-0 on late last week, in the last 24 hours …

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World’s 1st Catastrophe Bond for Volcanic Eruptions Aims to Improve Disaster Relief

The Danish Red Cross is offering the world’s first catastrophe bond for volcanic eruptions, which is designed to improve the provision and efficiency of humanitarian relief after eruptions of 10 volcanoes across three continents. The cat bond aims to raise …

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Derwart Named Deputy Commissioner of the Maryland Insurance Administration

Maryland Insurance Commissioner Kathleen A. Birrane has named Gregory M. Derwart as deputy commissioner of the Maryland Insurance Administration. Since July 2020, Derwart has served as chief of staff for the administration, acting as a strategic advisor to Birrane, directing …

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The Hartford Rejects Chubb’s $23 Billion Buyout Offer

The Hartford today announced that its board of directors has unanimously rejected rival insurer Chubb’s unsolicited proposal to acquire The Hartford for $23.24 billion. The Hartford said its board determined that entering into discussions regarding a strategic transaction “would not …

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New York Regulator Issues Second Enforcement Action Under Cyber Rules

The New York Department of Financial Services’ (DFS) second enforcement action to date under its cybersecurity regulation underscores the importance of promptly investigating potential cybersecurity events. It also raises questions about whether insurance coverage would be available for amounts paid …

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N.H. Supreme Finds ‘Special Relationship,’ Affirms Jury Award Against Insurance Agency

A split decision by the New Hampshire Supreme Court released Friday offers a lesson to insurance agents about the importance of checklists. Three justices overruled two dissenters to affirm a Superior Court jury’s verdict that Foy Insurance Group was negligent …

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U.S. Oversight Board Questions AstraZeneca’s COVID-19 Vaccine Safety Data

AstraZeneca may have released outdated information on its latest COVID-19 vaccine trial, giving an “incomplete” picture of its efficacy, a leading U.S. health agency said on Tuesday, casting doubt on the shot’s potential U.S. rollout and plunging its developers, once …

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Insurer Tokio Marine Expects No Material Impact on 2021 Results from Greensill Collapse

TOKYO – Japanese insurer Tokio Marine Holdings Inc said on Tuesday it currently expects no material impact on its results for the fiscal year starting next month as a result of its exposure to the fallout of Greensill Capital’s collapse. …

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Swiss Cyber Security Firm Says It Accessed Servers of a SolarWinds Hacking Group

A Swiss cyber-security firm says it has accessed servers used by a hacking group tied to the SolarWinds breach, revealing details about who the attackers targeted and how they carried out their operation. The firm, PRODAFT, also said the hackers …

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Central Europe Could Face Megadroughts as Climate Change Hits

Policy makers who are raising the alarm over water scarcity could still be underestimating the scale of droughts in store for central European economies, according to new research. More frequent dry spells over the last decade have already impacted European …

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UFG Insurance to Diversify Risk Profile by Expanding into Reinsurance Across U.S.

UFG Insurance is looking to diversify across the U.S. by expanding into assumed reinsurance business – partly via quota share arrangements, such as the recently announced deal with Topsail Re, a Cayman Islands-based reinsurer. “We’re looking to grow on a …

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$0 to $100M in 3 Years: Fast-Growing Work Comp Provider Sees Bright Future Ahead

Despite the softening of rates and the challenges of the coronavirus pandemic, one Midwest-based workers’ compensation insurance provider that opened its doors just over three years ago reports that it not only has experienced significant growth during that time, it …

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Midwest People Moves: Kapnick, J.M. Wilson

McLelland Joins Kapnick as Senior VP, Construction Practice Leader Kapnick Insurance Group in Troy, Michigan, has hired Jason McLelland as senior vice president and construction practice leader. McLelland joins Kapnick with 17 years’ professional insurance and surety bond experience. He …

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California County Adding Artificial Intelligence for Wildfires

Sonoma County officials say they will add artificial intelligence technology to help fight wildfires with a 24-7 monitor to track fire outbreaks. The technology will be added to the county’s network of wildfire detection cameras that monitor California’s backcountry to …

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The Inflation Specter Looms for Property/Casualty Insurers

Inflation, defined as the rate at which prices for goods and services are increasing, tends to occur when prices rise due to increases in production costs or when the demand for a product exceeds its supply (i.e., too much money …

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North Carolina Insurers Request Increases on Mobile Home Policy Rates

The North Carolina Rate Bureau has filed a request with the North Carolina Department of Insurance to increase insurance rates for mobile home policies. The NCRB, which represents insurance companies and is not a part of NCDOI, has requested an …

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Belisle Joins McGriff’s Executive Risk Advisors Group

Atlanta-based McGriff has hired Andrew Belisle as a senior vice president and transactional risk specialist in the firm’s Executive Risk Advisors group. Belisle joins McGriff from ASQ, a London-based transactional insurance managing general agent. He previously worked as an underwriter …

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Allianz Partners Adds Epidemic Coverage to Travel Insurance Products

Allianz Partners, a travel insurance and assistance company, has added enhancements to its travel insurance products that may provide coverage to customers who become ill with COVID-19 or a future epidemic, are individually ordered to quarantine, or are denied boarding …

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South Carolina Gov. Appoints State’s First Chief Resilience Officer

South Carolina Gov. Henry McMaster has named a longtime government employee already working on the state’s flooding recovery efforts as the state’s first chief resilience officer. Ben Duncan, who currently directs the state’s Disaster Recovery Office, will marshal the state’s …

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India Increases Limit on Foreign Direct Investment in Insurance Companies

India on Monday further opened up its insurance sector to foreigners, as the nation seeks to spur investments to give a fillip to an economy battered by the pandemic. Lawmakers approved a legislation increasing the limit on foreign direct investment …

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Man Admits Ransomware Plot Against Tesla in Nevada

A Russian man has pleaded guilty in the U.S. to offering a Tesla employee $1 million to cripple the electric car company’s massive electric battery plant in Nevada with ransomware and steal company secrets for extortion, prosecutors and court records …

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$3.2M in Damage from California Fireworks Explosion

A massive fireworks explosion that left two people dead in Southern California earlier this week caused at least $3.2 million worth of damage, officials said. Residents began returning to their homes over the weekend after evacuating when Tuesday’s blasts rained …

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New Mexico Court Upheld Damages Cap in Medical Malpractice

New Mexico’s highest court has ruled that monetary limits on some types of damages due to medical malpractice are not unconstitutional. The New Mexico Supreme Court on Monday unanimously upheld the Medical Malpractice Act, which maintains non-medical and non-punitive damages …

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Insurance Techknowledgy: InsurTech NY Winners; $3M in GloveBox; Hippo’s Claims Partners; AXIS-Elpha Cyber Service

The Winners Are InsurTech NY announced the winners of its 2021 Early-Stage InsurTech Competition at the InsurTech Spring Conference on March 10. The winners received prizes worth $200K in total. Winners were selected by judging panels grouped by their background—angel …

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Pennsylvania’s Bedivere Insurance Company to Be Liquidated

The Pennsylvania Commonwealth Court has approved the liquidation of Bedivere Insurance Company, formerly One Beacon Insurance Company, recognizing that the company’s financial liabilities have exceeded its assets. Belvedere, a domestic stock property/casualty company based in Pennsylvania, has consented to the …

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Massachusetts Seeks Input on Use of Gas Explosions Settlement Money

Massachusetts is asking residents and businesses in three communities affected by a series of natural gas explosions and fires in September 2018 how to spend some of the money from a settlement with the utility found responsible for the disaster. …

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Two Arrested After Fire in Vermont Hotel Room That Injured Woman

Two people have been arrested after police responded to what they called a suspicious fire at a hotel in Berlin that critically injured a woman. A fire ignited in the 56-year-old woman’s room at the Hilltop Inn, Berlin police said. …

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Greensill Capital Collapse Exposes Less-Than-Adequate Technological Capabilities

Lex Greensill promoted his business as the future of finance, talking up a technology superior to Wall Street rivals that allowed him to lend at super-low rates based on real-time information. But former staff at Greensill Capital, as well as …

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Biden Administration Warns Firms to Quit Aiding Nord Stream 2 Pipeline

The U.S. State Department is tracking efforts to complete Russia’s Nord Stream 2 natural gas pipeline and evaluating information on entities that appear to be involved, U.S. Secretary of State Antony Blinken said on Thursday. “Any entity involved in the …

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Insurance Council of Australia Declares Catastrophe for Parts of New South Wales

The Insurance Council of Australia (ICA) has declared a Catastrophe for large parts of New South Wales, a state in southeast Australia, following the devastating storms and flooding of the last few days. The ICA’s catastrophe declaration serves to escalate …

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Australia’s Ferocious Weather: From Extreme Drought, to Bushfires, and Now Floods

Australia’s rollout of the COVID-19 vaccine is being hampered by torrential rain and flooding with thousands of residents in parts of Sydney and along the New South Wales coast evacuated as rivers overflow. The downpour is expected to cause disruptions …

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Indiana Fines Utility $1.1M for Pipeline Safety Violations

State regulators have fined Northern Indiana Public Service Co. more than $1 million — the largest in Indiana history — for pipeline safety violations the utility has faced twice in the previous four years. The Indiana Utility Regulatory Commission ordered …

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Texas Bills Address Workers’ Comp, Other Protections for First Responders

A Texas legislator has filed a package of bills he says is aimed at protecting injured first responders and their families. Rep. Jared Patterson, a freshman legislator representing District 106 in Denton County, serves on the House Committee on Business …

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Apple Says It Will Appeal $309M Jury Verdict Over Patent Infringement

A federal jury in Texas said Apple Inc must pay about $308.5 million to Personalized Media Communications LLC (PMC) for infringing a patent associated with digital rights management. The jurors late on Friday directed Apple to pay a running royalty …

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Scientists Say Advanced Nuclear Reactors Not Safer Than Conventional Plants

A new generation of so-called “advanced” nuclear power reactors that Washington believes could help fight climate change often present greater proliferation risks than conventional nuclear power, a science advocacy group said on Thursday. President Joe Biden, a Democrat, has made …

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American Family Rolls Out Rewards Program for Infrequent Drivers in Arizona

American Family Insurance has partnered with Cambridge Mobile Telematics (CMT), a smartphone telematics company, to create the MilesMyWay auto insurance program that rewards drivers for driving less. The app-based program is a pay-as-you-drive (mileage-based) telematics offering that allows drivers to …

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Florida Man Sentenced to 3 Years for Lying About Hurricane Irma Damage

A Florida man has been sentenced to three years in federal prison for lying about damage caused by Hurricane Irma. Steven Rembert, 49, of Orange County, was sentenced Monday in Orlando federal court, according to court records. He pleaded guilty …

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Amwins Launches Alarm Contractors Program

Amwins Program Underwriters has developed a new insurance coverage dedicated to alarm contractors that includes commercial general liability, professional liability, property and inland marine coverage. The new Alarm Contractors insurance program can be tailored to meet the needs of alarm …

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Florida to Hold Hearing on Proposed National Specialty 24.9% Rate Increase

The Florida Office of Insurance Regulation will conduct a virtual rate hearing this week on a proposed 24.9% rate increase filed by National Specialty Insurance Co. for its homeowners multi-peril lines of business. Velocity Risk Underwriters, LLC is the Florida …

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One Month Later, Boil Water Advisory Lifted for Jackson, Mississippi Residents

After 30 days of boiling their water to get rid of contaminants and sometimes no water at all, Jackson residents are finally able to drink the water from the tap after officials lifted a boil water advisory put in place …

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San Antonio Hotel Accused of Price-Gouging in Storm

A San Antonio hotel owner has been sued and accused the operator of price-gouging during last month’s storm that left millions of Texans without power and heat during sub-freezing temperatures, the state attorney general’s office said. The attorney general accuses …

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Former Kansas Insurance Agent Sentenced in Fraud Case

A former Johnson County, Kansas, insurance agent has been sentenced to 24 months of probation on insurance fraud charges and ordered to repay nearly $86,000 in restitution, Kansas Attorney General Derek Schmidt said. Armond R. Peghee, 42, pleaded guilty in …

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Alera Group Acquires Michigan’s Specialized Insurance Services Agency

Deerfield, Ill.-based insurance and financial services firm, Alera Group, has Specialized Insurance Services Agency Inc. (SISA), an independent insurance agency headquartered in Milford, Michigan. SISA has a focus on assisting professionals and high-net worth individuals. The agency provides professional liability …

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Trinity Healthshare to Stop Operating in Iowa After ‘Unauthorized Insurer’ Charges

Trinity Healthshare Inc. (now known as Sharity Ministries Inc.) has agreed cease operating in Iowa on June 30, 2021, the state insurance division reported. The Iowa Insurance Division says Trinity has agreed to cease operations in Iowa following charges that …

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School Bus Crash Leads to Arrest, Insurance Fraud Charges in Louisiana

Three men have been charged with insurance fraud violations after an investigation into a two-vehicle accident involving a private school bus, Louisiana State Police. The LSP arrested 44-year-old Michael Simon of New Orleans after an LSP Insurance Fraud/Auto Theft Unit …

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Officials Say Oregon Dam Could Fail in Large Earthquake

The U.S. Army Corps of Engineers has determined that a large earthquake, which is expected to occur again in the Pacific Northwest sooner or later, could cause the spillway gates of a dam in Oregon to buckle, resulting “in a …

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California Lawsuit Says Deputies Shared Grisly Bryant Photos

Kobe Bryant’s widow, Vanessa Bryant, on Wednesday posted the names of four Los Angeles County sheriff’s deputies she alleges shared graphic photos from the site of the helicopter crash that killed her husband, their daughter, Gianna, and seven others. Bryant’s …

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California Attorney General Challenges Housing Plans in Wildfire Areas

California’s attorney general is challenging some of the state’s largest suburban development projects as local officials weigh the risk of increasingly devastating wildfires against the state’s dire need for more housing. Attorney General Xavier Becerra on Wednesday backed lawsuits opposing …

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Safety Agency Has 23 Active Tesla Crash Investigations

The U.S. auto safety agency disclosed on Thursday it has opened 27 investigations into crashes of Tesla vehicles, 23 of which remain active, and at least three of the crashes occurred in recent weeks. The National Highway Traffic Safety Administration …

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Seresto Defends Flea, Tick Collars for Dogs As Safe Amid Calls for Recall

Elanco Animal Health Inc said on Friday it was backing the safety of its popular pet collars to repel flea and ticks after a Congressional subcommittee asked for the product to be recalled following reports linking it to hundreds of …

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The Massachusetts Bay Transportation Authority to Conduct Safety Inspections

The MBTA is temporarily pulling some of its newer subway cars out of service so it can conduct safety inspections after a derailment this week. The Massachusetts Bay Transportation Authority said it was pulling its next generation Orange Line cars …

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Stateline Insurance & Financial Services Joins Thompson Insurance Group

Stateline Insurance & Financial Services of East Providence, Rhode Island has joined Thompson Insurance Group. By merging with Thompson, Stateline customers will receive access to a greater insurance company portfolio and services with improved technology, according to a Thompson Insurance …

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Reinsurance Rendez-Vous de Septembre Canceled Again – on Pandemic Concerns

The organizers of the reinsurance Rendez-Vous de Septembre (RVS) have decided to cancel this year’s conference as a result of the ongoing public health crisis caused by the pandemic. “The pandemic is ongoing, but there is hope that the health …

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UK Expects to Agree to Financial Services Pact with EU by End of March

Britain expects to seal a financial services cooperation pact with the European Union shortly, a senior finance ministry official told a conference on challenges from market fragmentation. The City of London’s ties with the bloc were severed after Britain left …

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Zurich Debuts Global Business Unit Focused on Evolving Risks

Zurich Insurance Group created a new business unit designed to help customers address evolving risks. The global business unit, Zurich Resilience Solutions, is designed to provide services that help compliment traditional insurance products and make a customer’s business more resilience. …

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AM Best Signs Up to UN Principles for Sustainable Insurance, in Ratings Agency First

AM Best became a signatory of the United Nations Environment Programme’s (UNEP) Principles for Sustainable Insurance (PSI). The insurance industry plays an important role in supporting sustainable economic and social development, said AM Best. Further, management of environmental, social and …

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Lawmakers Look to Spruce Up Gig Work Rather Than Replace It

Last week in Washington, the Democratic-controlled U.S. House passed a sweeping labor law overhaul that would make it much easier for gig workers to prove they’re actually employees with full-fledged union rights, rather than contractors as their bosses claim. Two …

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Chubb’s Offer to Acquire Rival Hartford: $23.2 Billion

Chubb Ltd., the global insurer led by Evan Greenberg, proposed an acquisition of Hartford Financial Services Group Inc. for about $23.2 billion in cash and stock in what could be one of the industry’s biggest deals in years. The New …

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UK Broker Specialist Risk Group Lures Team of 16 from AFL, led by Ex-AFL CEO Bines

Specialist Risk Group, a London-based insurance broker, have hired a team of 16 from AFL Insurance Brokers, led by Jonathan Bines, AFL’s former CEO. SRG said this announcement marks its first London market team hire of the year and is …

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Greensill Capital Creditors, Led by Softbank, Submit More Than $1.4 Billion in Claims

SYDNEY – Thirty-four creditors of Greensill Capital Pty, the Australian parent of the collapsed British supply chain financier, submitted over A$1.75 billion ($1.35 billion) in claims to the company, administrators said on Friday. About $1.15 billion of that was made …

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Tokio Marine Faces Larger-Than-Expected Exposure to Greensill Capital Meltdown

Tokio Marine Holdings Inc. is facing a larger-than-expected exposure to the Greensill Capital meltdown after finding that reinsurance contracts intended to limit losses didn’t cover its unit that did the most business with Greensill. Tokio’s Australia Bond & Credit Co. …

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$8M Jury Award in ‘Walking Dead’ Stuntman’s Death Tossed Out by Court

An appeals court has thrown out an $8 million jury verdict awarded to the family of a stuntman who was fatally injured while filming an episode of “The Walking Dead” in 2017. The Georgia Court of Appeals ruled that civil …

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Citizens’ CEO: Florida Property Insurance Market is Shutting Down

Florida’s insurer of last resort, Citizens Property Insurance Corp., has become the insurer of first resort as thousands of new policies flood into it each week and the private homeowners insurance market continues its downward spiral. “The reality is the …

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The Liberty Company Insurance Brokers Adds Kaiser, English in California

The Liberty Company Insurance Brokers has named Bethany Kaiser a Senior vice president in the Bakersfield, Calif. office. The firm has also named Brian English a vice president in the Bakersfield office. Kaiser has more than 25 years of experience …

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ShoreOne Appoints Hoover as CMO to Lead Coastal State Expansion Effort

ShoreOne has appointed Ben Hoover as chief marketing officer. Hoover will lead the marketing and distribution strategy for ShoreOne’s growth along the Atlantic Seaboard. Hoover, who has previous underwriting and distribution experience with large MGAs, will work with a select …

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Wisconsin’s Society Insurance to Enter Texas Hospitality Market

Wisconsin-based Society Insurance has plans to launch its insurance programs for the hospitality industry in Texas this year. In business for more than 100 years, Society Insurance offers property/casualty coverages, partnered with underwriting, risk management and claims handling for restaurants, …

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Severe Storms Across Southeast Bring Tornadoes, NWS Warns of More Outbreaks

The U.S. National Weather Service said a regional outbreak of severe storms and tornadoes was possible on Thursday from parts of east-central Georgia and north-eastward across South Carolina and North Carolina. “Significant tornadoes, wind damage and large hail will be …

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Oakland Spent $13.4 Million on Ghost Ship Legal Defense

The city of Oakland spent $13.4 million in legal fees to defend itself against the Ghost Ship warehouse fire civil lawsuit, newly released documents show. The legal fees, contained in billings obtained by the East Bay Times through a Public …

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90% of California Can Dine Indoors, Go to Movies, Gym

A year after the pandemic forced California to shut down, about 90% of the state’s nearly 40 million residents can enjoy a restaurant meal indoors, watch a movie in a theater and sweat it out inside a gym after more …

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Inmate Suits Blame California Corrections for Spreading Virus

The family of a 61-year-old California inmate who died of the coronavirus sued state corrections officials Tuesday, blaming a botched transfer of infected inmates to San Quentin State Prison that killed 28 inmates and a correctional officer last year. Daniel …

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South Korea Defends Mandatory COVID Testing of Foreign Workers

SEOUL- Authorities in the South Korean capital defended on Thursday a decision to order coronavirus tests for all foreign workers on penalty of fines, as calls grew for the controversial measure to be rescinded. At least one lawmaker of the …

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Britain Says Financial Services Agreement With EU Should Come Soon

Britain expects to seal a financial services cooperation pact with the European Union shortly, a senior finance ministry official told a conference on challenges from market fragmentation. The City of London’s ties with the bloc were severed after Britain left …

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Employment Practices Insurance in Age of COVID, Vaccines, Shutdowns and Hard Market

Overall trends for the past 30 years in the employment practices liability insurance market have been influenced by society and culture. As concerns over racial and disability discrimination, sexual harassment, gender inequality, wage-and-hour enforcement, and now COVID ebb and flow, …

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Amazon Begins Offering Its Virtual Health, Pharmacy Services to Other Businesses

Amazon.com Inc. is expanding its virtual healthcare service to other Washington-state employers starting Wednesday and to its own employees nationwide this summer, the company said in a press release. Piloted in September 2019 for staff near its Seattle headquarters, “Amazon …

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Munich Re’s Transportation, Logistics Specialty Broker Roanoke Expands to Canada

Roanoke Insurance Group is expanding to Canada to provide insurance and surety bonds to companies involved in logistics, transportation and shipping. The new entity, Roanoke Insurance Group Canada, Inc., (RIG CA), is an affiliate of Roanoke Insurance and part of …

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$1.9M Available to Help Vermont Public Schools Meet Stormwater Rule

More than $1.9 million will soon be available to help Vermont public schools and state colleges in the Lake Champlain basin meet a new stormwater regulation to reduce pollution from entering the lake, the Vermont Department of Environmental Conservation said …

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Buffalo Public Schools Hit by Ransomware Attack

Buffalo Public Schools were forced to cancel remote learning Friday because of a ransomware attack, the district said. The attackers had not made any demands by late Friday afternoon as the FBI and district experts investigated. “We are in the …

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Pennsylvania Cheerleader’s Mom Accused of Making ‘Deepfakes’ of Rivals

A Pennsylvania woman is accused of doctoring photos and video of her daughter’s cheerleading rivals to try to get them kicked off the squad, officials said. The Bucks County District Attorney’s Office last week charged Raffaela Spone, 50, with three …

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EU Threatens to Ban COVID Vaccine Exports to Britain

BRUSSELS – The European Union threatened on Wednesday to ban exports of COVID-19 vaccines to Britain to safeguard scarce doses for its own citizens facing a third wave of the pandemic that would jeopardize plans to restart travel this summer. …

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Assessing Delegated Underwriting Authorities, MGAs: AM Best Explains

Over the last decade, as insurers and reinsurers have sought profitable opportunities for growth, they increasingly have handed the underwriting pen to managing general agents, managing general underwriters, program administrators and other underwriting agencies. These specialized distribution partners have not …

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Swiss Re Corporate Solutions, Coalition Sign Multiyear Cyber Coverage Agreement

Swiss Re Corporate Solutions and Coalition, a provider of cyber insurance and security, have signed a multiyear agreement to provide broad cyber insurance and technology errors & omissions insurance to small and midsize organizations throughout the U.S. and Canada. Financial …

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Former Michigan Agent Sentenced for Embezzling from Client; Must Repay $70K

A Michigan former insurance agent charged with embezzling from an elderly client has been sentenced to 36 months’ probation – with six months under house arrest – and ordered to pay restitution, state officials announced. Michigan Attorney General Dana Nessel …

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Tesla Drives Under Semitrailer in Detroit; Feds to Investigate Crash

The U.S. government’s highway safety agency is sending a team to Detroit to investigate a crash involving a Tesla that drove beneath a semitrailer. The National Highway Traffic Safety Administration said that a special crash investigation team would go to …

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2.3% Rate Hike for Louisiana Citizens Property Insurance Approved

Louisiana’s property insurer of last resort will raise personal property insurance rates by 2.3% this year, the state insurance department said. The increase is in line with current inflation rates and evidences stability and appropriate rates in Louisiana’s residential insurance …

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Britain Targets Big 4 Auditors, Company Directors With Reform Proposals

Britain proposed weakening the market grip of “Big Four” auditors on Thursday and making company directors responsible for spotting fraud after the collapses of retailer BHS and builder Carillion. Directors would have to repay their bonuses if the company went …

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Analysis: SEC’s Crackdown on Climate Risk Disclosure Easier Said Than Done

With Democrats at the helm, the U.S. securities regulator is pledging to crack down on companies and funds that mislead investors over climate change risks, but that may be easier said than done, more than a dozen attorneys and former …

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Cannabis Broker Spotlight: Tobin with Bolton & Co. Works to ‘Become a Master Student’

Editor’s note: This part of a series of profiles on cannabis brokers, in which Insurance Journal explores why and how these folks got into the business, the ups and downs of insuring cannabis, as well as a few tips for …

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Next Insurance Targets Businesses That Sell and Buy on Amazon

In partnership with Amazon, digital small business insurer Next Insurance is offering insurance to businesses that are buyers or sellers on the popular Amazon e-commerce site. The insurer is targeting members of Amazon Business Prime that use Amazon as their …

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Self-Insured Minneapolis Will Tap City Budget to Pay Floyd Settlement

Minneapolis will have to look beyond its insurance fund to pay out the $27 million settlement to George Floyd’s family over his killing by police last year. The settlement, one of the largest pre-trial payments for police misconduct ever, will …

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State of Pennsylvania to Pay $475K to Family of Pot Suspect Killed by Dozer

The state of Pennsylvania will pay $475,000 to the estate of a man who died underneath a bulldozer that Pennsylvania State Police had used to chase him for growing a handful of marijuana plants, according to a settlement revealed in …

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Firefighter Trainee Dies After Being Stricken in Upstate New York

A 21-year-old man who suffered a medical emergency during firefighter training in upstate New York died nine days after being stricken. Peyton Morse died at Guthrie Hospital in Sayre, Penn., according to fire officials. He had been training to become …

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Reuters Exclusive: Safety Regulators Reviewed Concerns Over GM Steering Sensor

U.S. automotive safety regulators reviewed evidence related to an allegedly defective steering sensor that was used in roughly 778,000 older General Motors Co vehicles but ultimately decided against opening a formal investigation into the matter. The National Highway Traffic Safety …

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Reuters Special Report: Suit Over Deadly Crash Renews Spotlight on GM Safety

On a clear afternoon in November 2014, Glenda Marie Buchanan set off in her silver Chevrolet Trailblazer SUV from her home in rural Georgia. Several minutes into the drive, she started veering off the road. Buchanan swerved left and lost …

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AM Best Plans to Deliver Assessments of MGAs, Other Delegated Authority Entities

With the volume of premium generated by managing general agents and other delegated underwriting authority enterprises (DUAEs) rocketing skyward in recent years, AM Best had decided it is time to deliver assessments of these entities. “What we’ve seen is really …

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Cyber Insurance Firm Coalition Raises $175M; Plans Expansion Into Other Commercial Lines

Coalition, a cyber insurance managing general agency and security company, said it has raised $175 million to accelerate its growth and global expansion. The firm said it will use the funds to expand internationally as well as into other commercial …

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The Insuring Cyber Podcast Episode 9: Returning to the Early Days of Cyber Coverage

With the sophistication of cyber attacks, claims growth, and now, a global pandemic driving an increasing number of businesses toward remote work, it’s no question the cyber insurance industry has had to evolve rapidly since its onset. However, Steve Robinson, …

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‘Green’ Investment Funds Less Vulnerable to Climate-Related Shocks: EU Watchdog

Funds that invest in “brown” or polluting companies would be hit far harder than environmentally friendly “green” funds in a climate-related market shock, the European Union’s securities watchdog said on Wednesday in its first study of its kind. The European …

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Passengers Recall COVID Deaths, Confusion, Quarantine Aboard Cruise Ships

SAN FRANCISCO (AP) — The last vacation Margrit and Lucio Gonzalez took together began with an ominous delay: a medical emergency on the cruise ship they were set to board. After a four-hour wait, the couple of 51 years got …

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Specialist MGA CFC Acquires Australian Cyber Security Firm, Insane Technologies

CFC, a specialist managing general agent, announced it has acquired Insane Technologies, an Australian cyber security and incident response provider. Financial details of the transaction were not disclosed. The deal is subject to approval by the Australian Foreign Investment Board. …

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Xenia Broking to Acquire Status Credit Insurance Brokers in UK

Xenia Broking Group, the credit insurance and surety specialist, announced it has entered into an agreement to acquire Status Credit Insurance Brokers Ltd., a specialist trade credit broker, headquartered in East Grinstead, England. The transaction will complete in April 2021, …

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