Maryland Coalition Wants End to Truck-Towing Companies Charging Huge Fees

A Maryland coalition of insurance interests and trucking firms is hoping a House bill will put the brakes on towing companies that haul away big trucks after accidents and charge exorbitant fees. “It is not unreasonable to think the towing …

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Insurers Could Get Lower Rates on Liquidity with Bills in Five States

Many in the insurance industry may think of the Federal Home Loan Bank as an agency that facilitates affordable mortgages for homes. The system, founded in the waning days of the Herbert Hoover administration to support community investment, is that. …

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California Auto Insurance Fraud Investigation Results in Charges for Couple

Edwin Saghian, 51, of Tarzana, California, was arraigned on Monday at the Fresno County Superior Court on five felony counts of insurance fraud after allegedly setting fire to his own vehicle and then reporting it stolen for an insurance payout. …

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Higginbotham Acquires J.M. Insurance in Tennessee

Higginbotham Insurance has added J.M. Insurance Agency to its family in Tennessee. J.M. is an independent broker of commercial and personal P&C insurance, bonds and employee benefits. The broker, which has grown significantly with acquisitions in the last decade, is …

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People Moves: Alabama’s Palomar Names Smitherman Chief Tech Officer

Alabama-based Palomar Insurance has named Justin Smitherman chief technology officer, charged with tech strategies and management, the company announced. Smitherman started with Palomar in 2011 and was promoted to information technology director in 2013. Palomar, which writes commercial and personal …

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White House Plan Aims to Strengthen Cyber Defenses for Water Utilities

The White House on Thursday unveiled a plan to beef up cybersecurity in the nation’s water sector, an extension of its efforts to thwart attacks against critical infrastructure including electricity and natural gas pipeline operators. Senior administration officials said water …

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Insurance Scion Who’s Out to Save Human Driving

McKeel Hagerty’s parents were into wooden boats and saw an unmet need to underwrite them. Hagerty, however, has been a car nut from day one. When the family’s marine insurance business finally began to offer auto policies in 1991, he …

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Washington Contractor Fined $248K After Worker Fell to Death from Bridge

A Bellingham, Washington, construction company is facing nearly $284,000 in fines for not ensuring safeguards were in place to keep workers from falling off the Beverly Railroad bridge spanning the Columbia River in Vantage. A 39-year-old man fell roughly 60 …

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People Moves: Alliant’s Caterino on Nevada Agent Advisory Council; Venbrook in California Names Reddy Chief Human Resources Officer

Karen Caterino, senior vice president of Alliant Insurance Services, has been appointed to serve as a member of the Nevada Division of Insurance Agent Advisory Council. Caterino was selected by Nevada Insurance Commissioner Barbara Richardson as one of 15 Nevada …

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Video Leads to Firing of Massachusetts Fire Official on Injury Leave

A Massachusetts mayor has fired a top fire official out on injury leave after he was captured on video lifting heavy equipment. New Bedford Mayor Jon Mitchell said Tuesday that Deputy Fire Chief Paul Coderre Jr. was terminated based on …

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Connecticut Court Rules University Not Liable for Teens’ Abuse

Connecticut’s Appellate Court ruled Friday that Wesleyan University cannot be held responsible for the alleged abuse of boys in its basketball facilities and the dorm room of a basketball player during the early 1980s. The decision, which upholds the ruling …

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Florida Senator Tries Cat Fund Changes to Cut Cost of Property Insurance

Seeing no action on bills that would address Florida’s spiraling property insurance problems head-on, one state senator took a different route Thursday and proposed reducing insurers’ payments to the state’s hurricane catastrophe fund, a move he said could save policyholders …

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California Insurance Agent Arraigned in Alleged Affinity Group Discounts Scheme

Raffi Sarian, 32, of North Hollywood, California, was arraigned this week on four felony counts of identity theft and nine felony counts of forgery after allegedly altering information from professional licenses and diplomas to apply unearned “affinity group” discounts to …

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Families of Crash Victims Want Boeing 737 Settlement Reopened

Relatives of passengers who died in crashes of Boeing 737 Max jets are pressing Attorney General Merrick Garland to help them re-open a settlement that shielded Boeing from criminal prosecution for misleading federal safety regulators about the plane. Several family …

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Delaware Lawmakers Advance Bill Legalizing Recreational Marijuana

A Democrat-led House committee voted mostly along party lines Wednesday to release a bill legalizing recreational marijuana use by adults in Delaware. A lone Republican joined Democrats on the Health and Human Development committee in voting to release the bill, …

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Maine Finds ‘Forever Chemicals’ in Wells in Kittery Homes

Testing wells in a Maine town contain per- and polyfluoroalkyl (PFAS) and the chemicals may have traveled through well systems and drinking water, the state’s department of environmental protection found. Last month, the DEP said 10 Kittery homes will have …

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California Business Owner Couple Nabbed in $4.5M Workers’ Comp Fraud Scheme

Wei Wen Wu, 54, and Feng Wen Lam, 49, both of Arcadia, California, were charged with 43 felony counts of insurance fraud, grand theft, and conspiracy after allegedly underreporting nearly $4.5 million in employee payroll. The scheme reportedly fraudulently reduced …

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AXIS Looks to Close Insurance Gap for Home-Based Businesses

It seems more and more budding entrepreneurs have followed the allure of starting a home-based business, so much so that it is estimated that half of the 30 million small businesses in the U.S. are home-based. AXIS Insurance identified these …

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Police Officer’s Immunity Does Not Extend to New York County Employer, U.S. Court Rules

A municipality in New York may be held liable for wrongful action by an employee even though the employee was granted individual immunity. A police detective found liable by a jury for a false arrest was entitled to qualified immunity …

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Connecticut Court Rules Women-Only Gym Areas Violate State Law Against Gender Bias

Women-only exercise areas in gyms and fitness clubs violate a state law banning discrimination based on gender, the Connecticut Supreme Court ruled Tuesday. The 6-0 decision written by Chief Justice Richard Robinson overturned a lower court ruling and an earlier …

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New York Will Require Employers to Disclose Monitoring to New Hires

Employers in New York must disclose electronic monitoring, such as internet access and videoconferencing, to new hires under a new law taking effect in May, as workers contend with an employment landscape that’s increasingly dependent on technology. The new law …

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Biden Administration Officially Withdraws Employer Vaccine Rule

The Biden administration has officially withdrawn a rule that would have required workers at big companies to get vaccinated or face regular COVID testing requirements. The Occupational Safety and Health Administration confirmed the withdrawal Tuesday. But the agency said it …

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People Moves: Allied American Names Altrock Program Manager; WTW Adds Knox in California

Allied American Underwriters, a division of USG Insurance Services, Inc., named Susan Altrock program manager in the Scottsdale, Arizona satellite office. Altrock has more than 25 years of industry experience, most recently with National Program Administrators. AAU is a program …

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California Insurance Agent Sentenced in Burial Policy Scheme

Saul Hinojosa, 48, of Calipatria, California, was sentenced to one felony count of identity theft and one felony count of grand theft after stealing his clients’ identities to write fraudulent insurance policies to collect unearned commissions. Hinojosa was sentenced to …

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Takeaways from Our Conversation on EPL Challenges in Cannabis

Employment practices liability is tough across pretty much all industries, and it may only get tougher. A new record was set last year for the amount of top class action settlements, according Seyfarth Shaw’s annual Workplace Class Action Litigation Report. …

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Weston Companies Merge to Form Cat-Focused P&C Insurer

Weston companies are one. Company officials recently announced that Florida-based Weston Insurance Co. and Weston Specialty Insurance Co. have merged to form Weston Property & Casualty Insurance Co. The new firm has been assigned an “A” rating for financial stability …

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World’s First Crypto Mortgage? Homeowners’ Insurers Don’t Hate It

If homeowners’ insurance carriers weren’t facing enough issues this year, here’s one more to think about: A Miami company is now offering cryptocurrency-based mortgages. Some insurance representatives are cautiously optimistic about the idea, but a few are wondering what a …

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Initial Probe of Fatal Train Crash at Crossing in Massachusetts Cites Employee Error

Investigators are focusing on human error as the likely reason a train struck a car at a crossing in Massachusetts late last week, killing the 68-year-old driver. Roberta Sausville was killed Friday when her vehicle was struck in Wilmington by …

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U.S. Surplus Lines Premium Up 22% in 2021

Surplus lines premium increased 22% and transactions rebounded almost 6.6% over their 2020 totals in the 15 states with designated surplus lines stamping offices. The increases represented record levels of premium ($51 billion) and transactions (5.3 million) since the stamping …

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Wildfire on California Coast Now 45% Contained

Shifting winds and increased humidity helped firefighters make progress against a blaze burning in rugged mountains near California’s Big Sur coast, authorities said. The Colorado Fire was 45% contained on Tuesday, according to the California Department of Forestry and Fire …

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California Bill Would Require Insurers to Disclose Fossil Fuel Dealings

California Assemblyman Marc Levine (D-Marin County) on Tuesday introduced a bill to require insurance companies operating in California to disclose investments in fossil fuel-related entities as well as the fossil fuel-related companies and projects being underwritten. Assembly Bill 1694 expands …

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UAE Bans Flying of Recreational Drones After Fatal Attack on Oil Facility

DUBAI, United Arab Emirates (AP) – The United Arab Emirates has banned the flying of drones in the country for recreation after Yemen’s Houthi rebels claimed a fatal drone attack on an oil facility and major airport in the country. …

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Terrebonne, Louisiana Levee System to Get $379 Million in Federal Money

A levee system that protects Terrebonne and parts of Lafourche from Gulf of Mexico hurricanes will receive $379 million in federal money from the infrastructure bill passed by Congress, officials said Jan. 19. U.S. Sen. Bill Cassidy, R-La., said the …

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Illinois Pizza Manufacturer Faces $145K in Fines After Worker Fatality

An Illinois pizza manufacturer could be forced to pay $145,000 in penalties after a worker suffered a fatal injury while cleaning a machine in July 2021. A U.S. Department of Labor Occupational Safety and Health Administration inspection found that Rich …

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Element Risk Acquires Hoffman and L&B in Pennsylvania, Stoneburner-Carter in Virginia

Pennsylvania-based Element Risk Management has acquired two Pennsylvania insurance agencies and another in Virginia, The Pennsylvania agencies are W.S. Hoffman Insurance located in Phoenixville, and L&B Insurance and Financial Services, located in Collegeville. Element Risk also acquired Stoneburner-Carter Insurance, located …

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Vermont Added 45 Captives in 2021

Forty-five new captive insurance companies were licensed this past year in Vermont, making 2021 Vermont’s fourth highest year of growth in its 40-year history. Vermont is now home to 620 licensed captives, consisting of 589 active and 31 dormant captives.. …

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Three States, D.C. Sue Google Claiming Location Tracking Violates Users’ Privacy

Texas, Indiana, Washington State and the District of Columbia sued Alphabet Inc.’s Google on Monday over what they called deceptive location-tracking practices that invade users’ privacy. “Google falsely led consumers to believe that changing their account and device settings would …

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Amazon Discloses Employee Injury Rates Compared to Peers

Amazon.com Inc .on Monday reported injury figures for 2020 showing worse-than-average safety rates in its U.S. warehouses but a better record than peers in delivery. The online retailer also said staff injuries and illnesses globally that resulted in time away …

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Generali Proposes Candidates for New Board as Battle Rages On With Leading Investors

Italy’s top insurer Generali on Friday said it would press on with a list of candidates for its new board in line with regulatory guidelines, as a battle among its leading shareholders rages on. Italian market watchdog Consob on Friday …

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Florida Rate Hearing Highlights Southern Fidelity’s Dire Position, Lack of Action on Senate Bill

The head of one of the larger property insurance companies in Florida said Friday that without a doubling of some of its rates, it will be forced to seek more capital from investment firms, a prospect that may not be …

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Maine College Settles with Female Coaches on Pay, Treatment

Attorneys for a Maine college and five female athletics coaches said Friday they have reached a settlement stemming from a lawsuit over fair pay and working conditions. Lawyers representing Colby College and the coaches released a joint statement that said …

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Ford Motor, ADT $105M Joint Venture Targets Vehicle Security Systems

Ford Motor Co. and ADT Inc. have launched a $105 million joint venture, Canopy, to develop and market in-vehicle security systems for commercial and retail customers, the companies said. The first standalone systems, due in about 12 months, will employ …

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VW Pays $3.5M to Settle Diesel Emissions Claims with Ohio

Volkswagen AG agreed to a $3.5 million settlement with Ohio over claims the German automaker violated state laws by manipulating vehicle computer software in its vehicles to mask carbon dioxide emissions, the state attorney general said. In November, the U.S. …

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Sarah Palin’s Defamation Trial Against New York Times Opens

Palin, the former Alaska governor and 2008 Republican vice presidential nominee, has spent 4-1/2 years battling the New York Times over an editorial she said falsely linked her to a deadly Arizona mass shooting that left a U.S. congresswoman seriously …

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New Hampshire Opioid Trial Against Johnson & Johnson Delayed Until September

New Hampshire has postponed a pending trial against drugmaker Johnson & Johnson over opioid distribution and marketing from February to September because of COVID-19 concerns. The state of New Hampshire was scheduled to face a jury trial on Feb. 2 …

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California Commissioner OKs FAIR Plan Coverage Options for Farms and Ag Businesses

California Insurance Commissioner Ricardo Lara on Friday approved the FAIR Plan to offer new commercial coverage for farm structure risks starting Feb. 1. The FAIR Plan is an association made up of all admitted insurance companies to be the state’s …

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Former California Insurance Agent Sentenced in Theft and Embezzlement Scheme

Former insurance agent Blanca Lidia Guzman, 40, of Palmdale, California, was sentenced in Los Angeles County Superior Court on Wednesday on one felony count of grand theft after pleading no contest for defrauding consumers. Guzman reportedly stole more than $16,000 …

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450 Scientists Accuse Major Ad/PR Firms of Spreading Climate Disinformation

More than 450 scientists on Wednesday called on the executives of major advertising and public relations firms to drop their fossil fuel clients and stop what the scientists said was their spread of disinformation around climate change. They sent a …

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Pennsylvania Senate Passes Ransomware, Data Breach Bills

Pennsylvania’s state Senate passed a package of legislation on Wednesday aimed at preventing data security breaches and requiring victims and law enforcement officials to be notified when they do happen. The bills’ passage comes barely two weeks after the state’s …

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Texas Rolling Pines Wildfire 70% Contained, Some Evacuations Lifted

A wildfire in a central Texas state park is no longer growing and no injuries were reported after the blaze, suspected to have been caused by a prescribed burn, charred 1.2 square miles (3.2 square kilometers), officials said. Texas A&M …

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Nearly 8-in-10 Executives Believe World is at ‘Climate Change Tipping Point’

Two-thirds of executives say their companies are “very concerned” about climate change, and 79% believe the world is at “a climate change tipping point,” according to the recently released Deloitte 2022 CxO Sustainability Report. Deloitte polled more than 2,000 C-suite …

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Nearly 8-in-10 Executives Believe World is at ‘Climate Change Tipping Point’

Two-thirds of executives say their companies are “very concerned” about climate change, and 79% believe the world is at “a climate change tipping point,” according to the recently released Deloitte 2022 CxO Sustainability Report. Deloitte polled more than 2,000 C-suite …

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Investors Cannot Sue German Regulator for Wirecard Collapse, Court Rules

Investors who lost money from investing in Wirecard AG shares can’t make Germany’s financial regulator Bafin compensate them, a Frankfurt court ruled. The tribunal on Wednesday threw out four suits by shareholders who claimed they lost between 3,000 euros ($3,404) …

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UK Financial Watchdog to Curb Marketing of Cryptoassets, Other High-Risk Investments

Britain’s financial watchdog said on Wednesday it planned to curb the marketing of cryptoassets and other high-risk investments, a move that comes amid a boom in crypto ads and endorsements from celebrities. The changes would strengthen risk warnings on ads …

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Florida OIR To Hold Hearings Friday on Big Rate Increases for Three Carriers

Florida regulators will hold hearings Friday, Jan. 21, on another round of hefty rate hikes requested by property insurers – potentially more bad news for homeowners struggling with higher premiums and reduced coverage in Florida’s distressed market. Southern Fidelity Insurance …

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Criminal Indictments Are Major — But Not Only— Tool of U.S. Cyber Defense Agencies

The FBI and other federal agencies are increasingly looking to counter cyber threats through tools other than criminal indictments, the head of the bureau’s cyber division said in an interview with The Associated Press. Arrests and indictments of foreign cybercriminals …

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Former New York Post Editor Alleges Harassment, Retaliation

A New York Post editor whose departure was announced Tuesday alleged she was fired two months after revealing to an executive that former editor Col Allan had sexually harassed her. The Post said any suggestion of wrongdoing related to Editor-in-Chief …

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PURE Launches Insurance Services in Idaho

Privilege Underwriters Reciprocal Exchange, a policyholder-owned property/casualty insurer, it is now serving Idaho. The move completes its national expansion into all 50 states. PURE offers specialty insurance products, including coverage for high value homeowners, automobile, collections, watercraft, personal excess liability, …

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Transportation Safety Chief Objects to Use of Driver Error Statistic

With traffic fatalities spiking higher, the nation’s top safety investigator says a widely cited government statistic that 94% of serious crashes are solely due to driver error is misleading and that the Transportation Department should stop using it. Jennifer Homendy, …

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Tonga Avoids Widespread Disaster Despite Massive Volcano Blast

The blast from the volcano could be heard in Alaska, and the waves crossed the ocean to cause an oil spill and two drownings in Peru. The startling satellite images resembled a massive nuclear explosion. And yet, despite sitting almost …

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Report: California Workers’ Comp Virus Claims Spiked During December Surge

California workers’ compensation COVID-19 claim volume continues to track with the state’s fluctuating infection trends, as the latest monthly count of COVID workers’ comp claims jumped 172% in December to the second highest level of the year as the Omicron …

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Teva to Pay $420M to Settle Shareholder Suit Over Generic Drug Pricing

Teva Pharmaceutical Industries Ltd. has agreed to pay $420 million to settle shareholder litigation alleging the company hid an anti-competitive scheme to fix the price of generic drugs. The settlement was disclosed on Tuesday in papers filed in federal court …

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Doctors, Police Officer Among 13 Indicted in Alleged $100M Auto Insurance Scam

Federal prosecutors have charged 13 people—including a New York City police officer, an attorney and four physicians—in two indictments that allege they schemed to defraud auto insurers out of $100 million by bribing 911 operators and others for access motor …

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Biden Administration Unveils ‘Wildfire Crisis Strategy’ for Western States

The Biden administration on Tuesday unveiled a 10-year plan to treat and maintain millions of additional acres of forests in the western United States to reduce the severity of seasonal wildfires. “We’re not going to stop fires,” U.S. Agriculture Secretary …

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New York Reconsiders Statute of Limitations for Adult Sexual Abuse Survivors

New Yorkers who were sexually abused as adults could sue abusers in civil court under a bill that supporters are again urging the state to pass. The Adult Survivors Act would provide a one-year litigation window for those individuals to …

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New Public-Private Consortium Aims to Develop Protection Against Systemic Risks

The Cambridge Centre for Risk Studies (CCRS) at the University of Cambridge Judge Business School is launching a new research consortium that aims to find ways to protect society against future systemic risks. Funding will be provided by an international …

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Lloyd’s Forms New Operational Structure to Deliver Blueprint 2 Modernization Program

Lloyd’s announced a new operational structure for the delivery of its transformational Blueprint Two program, following the departure of Lloyd’s Chief Operations Officer (COO) Jennifer Rigby. Rigby leaves Lloyd’s on Jan. 21, and under the new structure, Burkhard Keese, currently …

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Disaster Recovery Centers to Open in Northeast Arkansas

Three joint state and federal disaster centers are set to open in northeast Arkansas to assist those affected by tornadoes that killed two people in the area in December. Officials with the Federal Emergency Management Agency, the Small Business Administration …

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Florida Power & Light Class Action Opens Door to Insurance Subrogation, Future Storm Claims

A Miami judge’s certification of a lawsuit against Florida’s largest utility company as a $10 billion class action, with damage claims from more than 4 million people who lost power in Hurricane Irma, could have significant repercussions for self-insurers and …

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Crews Keep New Jersey Chemical Plant Fire From Spreading

A dramatic fire near a chemical plant burned through the night and into Saturday in northern New Jersey but led to no evacuation orders or serious injuries — just heavy smoke that was seen and smelled in nearby New York …

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Businesses, Labor Take Stock After Supreme Court Tosses Biden Covid-19 Rule

For companies that were waiting to hear from the U.S. Supreme Court before deciding whether to require vaccinations or regular coronavirus testing for workers, the next move is up to them. Many large corporations were silent on Thursday’s ruling by …

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Major Airlines Warn of ‘Catastrophic’ Aviation Crisis With Tomorrow’s 5G Deployment

The chief executives of major U.S. passenger and cargo carriers on Monday warned of an impending “catastrophic” aviation crisis in less than 36 hours, when AT&T and Verizon are set to deploy new 5G service. The airlines warned the new …

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Maryland Confirms Ransomware Attack Disrupted Agency Reporting COVID-19 Data

The disruption of Maryland’s reporting of COVID-19 data last month was caused by a ransomware attack, state officials said Wednesday. Chip Stewart, the state’s chief information security officer, said the state has not paid extortion demands for the attack, which …

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Environment Groups, Waste Management Firm Settle Lawsuit Over New Hampshire Landfill

Two environmental groups have settled a federal lawsuit with a waste management company over allegations the company’s landfill in New Hampshire leaked toxic chemicals into a nearby river. Under the settlement reached this week, Casella Waste Systems and its subsidiary, …

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Credit Suisse Plunged Into Chaos After Chairman Ousted for Breaching COVID Rules

The banker tasked with fixing Credit Suisse Group AG was ousted just nine months into the job for breaching COVID quarantine rules, throwing the Swiss financial giant into fresh turmoil as it struggles to emerge from a series of scandals. …

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Florida Lawsuit Charges United P&C With RICO Violations in Widespread Claims Denials

In the ongoing war between restoration companies and insurers in Florida, contractors suing carriers in assignment-of-benefits claims is nothing new. And insurers have long argued that some construction firms are colluding with adjusters and law firms to jack up claims …

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In Fireworks Factory Explosion, James River Must Defend Owners, Court Says

A federal appeals court has found that an insurance carrier has a duty to its policyholders in wrongful death and injury litigation, all because an exclusion in the liability policy was poorly worded. James River Insurance Co. must now defend …

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Firing Upheld for California Cops Who Played Video Game During Holdup

A California appellate court has ruled that two Los Angeles police officers were properly fired for playing Pokemon Go instead of responding to a robbery. The court ruled last week that the LAPD was justified in firing Louis Lozano and …

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Homeowners of America Rolling out in New Mexico

Homeowners of America, a property/casualty insurance provider and subsidiary of Porch Group, Inc., launched its service in New Mexico. New Mexico marks HOA’s 13th state of operation and the first expansion of services this year. Seattle, Washington-based Porch Group provides …

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As Natural Snowfalls Fade, Athletes Face More Falls With Manmade Snow

A British skier crashes through wooden fencing on a downhill corner and slams into a pole, breaking his leg. An American hits an icy patch at the bottom of a hill and crashes into a fence, breaking one ski and …

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Workplace Class Action Payouts Unexpectedly Grew During Pandemic in 2021

The cost of settling workplace class-action lawsuits reached a record high in 2021, defying expectations that the COVID-19 pandemic would decrease the size and reduce the number of payouts, according to a new report by the Seyfarth Shaw law firm …

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Christmas Tree Fire Caused Philadelphia Blaze That Killed 12 Relatives, Say Officials

A Christmas tree fire caused the blaze that killed 12 relatives in a Philadelphia rowhome duplex, investigators confirmed Tuesday as they identified victims and announced preliminary findings, but stopped short of officially saying a 5-year-old boy playing with a lighter …

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People Moves: K2 in California Moves Farrell to Primary Leadership; CLARA Analytics Names Jones Chief Marketing Officer

K2 Insurance Services announced that Partners General Insurance Agency President Tom Farrell has taken over the primary leadership function. Farrell joined K2 in 2019. He was promoted to president in 2021. PGIA joined the K2 family in 2018 via a …

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Investigators at Scene of Suburban Philadelphia Medical Helicopter Crash

Federal investigators pored over the wreckage of a medical helicopter a day after it crash-landed without loss of life next to a church in a residential area of suburban Philadelphia, somehow avoiding a web of power lines and buildings. Brian …

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Climate Activists Behind Landmark Shell Verdict Set Sights on 30 Multinationals

The Dutch wing of environmental group Friends of the Earth, which won a landmark court victory against Royal Dutch Shell last year, is targeting 30 major corporate emitters of greenhouse gases in a campaign launched on Thursday. Milieudefensie has set …

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Reinsurers’ 2022 Profit Outlook Better Than Primary Insurers: Fitch

The trailing impacts of premium and loss trends on the books of property/casualty reinsurers makes the 2022 outlook for reinsurers rosier than the profit outlook for primary insurers, a Fitch Rating analyst said. Longer term, a prolonged period of inflation …

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Specialist Risk Group (SRG) to Acquire Bridge Insurance Brokers’ Special Risks Team

Specialist Risk Group (SRG), the London-headquartered broker, has entered into an agreement to acquire Bridge Insurance Brokers’ Special Risks team. The London-based team, led by Jonathan Starkey and David Walker, has deep expertise in arranging insurance programs for businesses operating …

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Illinois-Based Investor Agman Launches MGA Aurenity

Chicago-based investor Agman has announced the launch of Aurenity, a new tech-enabled Managing General Agent (MGA) targeting the Excess and Surplus (E&S) market. Aurenity will deploy underwriting analytics to determine technical pricing for E&S exposures, delivering sustainable profitability for its …

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Foxconn India Restarts Production at iPhone Plant After December’s Worker Protests

CHENNAI – Apple Inc supplier Foxconn restarted production at its plant in southern India on Wednesday, a company official said, over three weeks after it was closed because of protests over workers falling sick. The company official, speaking to Reuters …

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Global Life Insurers Adapt Pandemic Risk Models After Unexpected Jump in Claims

A coronavirus pandemic which lasts five years, another pandemic in a decade, and ever more transmissible variants are among the scenarios life insurers are predicting after COVID-19 claims jumped more than expected in 2021. The global life insurance industry was …

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Iowa State Appeal Board Approves $962K Sexual Harassment Settlement

An Iowa state panel on Jan. 11 approved settlements of two sexual harassment lawsuits filed by employees who alleged they were mistreated at work. The State Appeal Board approved a $962,500 settlement with Jennifer Jackson, who alleged in a February …

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Insurers That Assume Insolvents’ Policies Could be Covered by Florida Cat Fund

Private insurers, not just the state-run Citizens Property Insurance Corp., would be eligible for reimbursement from a hurricane catastrophe fund for policies they assume from insolvent carriers, under a bill approved by a Florida Senate committee Wednesday. The Senate Banking …

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‘Game Changer’: Florida Supreme Court Ruling Could Chill Punitive Damages Claims

Punitive damages, long the scourge of businesses named in lawsuits, and a tricky issue for insurers, may soon be much harder to come by in Florida after a recent opinion handed down by the state Supreme Court. “This will definitely …

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California DMV Reevaluating Approach to Regulating Tesla’s Public Self-Driving Test

California is reevaluating Tesla Inc’s Full Self-Driving test program, to determine if the electric-car maker’s software should fall under its motor vehicle department’s autonomous vehicle regulations, the Los Angeles Times reported on Tuesday. FSD is an advanced driver assistance system …

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EPA Targets Coal Ash Storage Ponds for Closure

The Environmental Protection Agency is taking its first major action to address toxic wastewater from coal-burning power plants, denying requests by three Midwest power plants to extend operations of leaking or otherwise dangerous coal ash storage ponds. Plants in Indiana, …

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Washington Roofers Face $750K in Fines for Putting Workers at Risk

The Washington Department of Labor & Industries issued a combined $768,000 in fines against three Washington roofing companies for reportedly allowing workers to roof on top of homes without using fall protection and for other safety violations. Always Roofing of …

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‘Jeopardy!’ Champ’s Parents Sue Nevada Hospital After His Death

The parents of a five-time champion on the game show “Jeopardy!” are accusing a Las Vegas-area hospital where he underwent abdominal surgery of causing his death in February 2021. Brayden Smith, who died at 24, was one of the last …

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Safety Doors Failed in New York City High-Rise Apartment Fire That Killed 17

Investigators sought answers Monday for why safety doors failed to close when fire broke out in a New York high-rise, allowing thick smoke to rise through the tower and kill 17 people, including eight children, in the city’s deadliest blaze …

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Low-Income Residents Face Higher Risk of Deadly Fires Like New York Apartment Blaze

The deadly blaze in a Bronx apartment building was the second such tragedy at low-income housing in the U.S. this month, highlighting the stubborn link between poverty and deaths from residential fires. “It’s not to say that poverty conditions invariably …

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U.S. Security Agencies Issue Advisory on Russian Cyber Attacks on Infrastructure

Federal cybersecurity officials are again warning of Russian cyber attacks and urging critical infrastructure networks in particular to be on alert. The Cybersecurity and Infrastructure Security Agency, the Federal Bureau of Investigation, and the National Security Agency released a joint …

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India Pushes for $203 Billion Valuation for State-Owned Insurer in Biggest IPO: Sources

India is pushing for a valuation of about 15 trillion rupees ($203 billion) for a state-owned insurer that’s soon expected to file for the nation’s biggest initial public offering, people familiar with the matter said, even as arrangers awaited a …

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Efma-Accenture Innovation Awards Offer View of Insurance Industry’s Transformation

Daniele Presutti, Accenture’s Insurance lead in Europe, and Silvia Milián, Accenture’s Insurance lead for strategy and consulting in Iberia discuss how the submissions to 2021’s Efma-Accenture Innovation in Insurance Awards demonstrated the extent that the insurance industry has been developing …

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No Need for Experts in Claims Litigation: Just Use Google Earth, Florida Bill Says

Insurers would no longer need to hire expensive expert witnesses in some claims disputes, but could rely on Google maps and images to show the age of property damage, if a Florida Senate bill becomes law and is endorsed by …

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Court Agrees Harvard Not Responsible for Legal Fees of Professor with China Ties

Harvard University is not required to pay legal defense fees for a professor who was found guilty of hiding his ties to a Chinese-run recruitment program, Massachusetts’ highest court ruled Monday. In its decision, the Supreme Judicial Court found that …

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Reuters: Smart Guns Finally Arriving in U.S., Seeking to Shake Up Firearms Market

Personalized smart guns, which can be fired only by verified users, may finally become available to U.S. consumers after two decades of questions about reliability and concerns they will usher in a new wave of government regulation. Four-year-old LodeStar Works …

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Luxury High-Rise in California Tilting 3 Inches Per Year

A 58-story luxury apartment building in San Francisco continues to sink and is tilting about 3 inches per year, the engineer responsible for fixing the troubled building said. At the current rate without a fix, the Millennium Tower in just …

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Judge Gives Preliminary OK to Firm’s $34M ‘Forever Chemical’ Settlement in Vermont

A federal judge has given preliminary approval to a $34 million settlement of a class-action lawsuit against a chemical company over contamination of groundwater and soil in a southern Vermont community. Notices are going out to hundreds of potential suit …

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Florida OIR Says Claims Info Data Call Coming Early Next Year

Florida’s insurance commissioner announced that his office had begun a rulemaking process to draft a form insurers should use to report a wide range of data on claims, as required by legislation passed in 2021. “Residential property insurers should begin …

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MGA First Underwriting Forms £1B, 5-Year Capacity Deal With Accredited Insurance

First Underwriting Ltd., the London-based specialist MGA that is part of Kingfisher UK Holdings, has announced a five-year capacity deal to place approximately £1 billion (US$1.4 billion) of gross written premium into the market. Working in partnership with Accredited Insurance …

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Legacy Specialist Enstar and Aspen Insurance Agree to $3.12B Loss Portfolio Transfer

Enstar Group Ltd. announced that one of its wholly owned subsidiaries has reached an agreement for a ground-up loss portfolio transfer (LPT) with Aspen Insurance Holdings Ltd. for its 2019 and prior business. In the LPT transaction, Enstar’s subsidiary will …

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Stay Home or Go to Work Sick? Omicron Poses a Conundrum.

As the raging omicron variant of COVID-19 infects workers across the nation, millions of those whose jobs don’t provide paid sick days are having to choose between their health and their paycheck. While many companies instituted more robust sick leave …

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Sister of Slain Federal Officer Files Wrongful Death Suit Against Facebook

The sister of a slain federal security officer is suing Facebook, alleging the tech giant played a part in the radicalization of two men who are accused of planning the killing on its platform. David Patrick Underwood was fatally shot …

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Virginia Raises Minimum Auto Insurance Limits

Virginia has increased the liability insurance coverage required for vehicles in Virginia. The new law applies to vehicle insurance policies issued or renewed on or after January 1, 2022. On January 1, 2025, requirements will again change under the new …

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Israeli Cyber-Security Startup Pentera Raises $150M in Funding, Weighs IPO

Israeli cyber-security firm Pentera has raised $150 million in its latest funding round, taking the company’s value to $1 billion, the company told Reuters, adding it was eyeing an initial public offering in the United States. The funding round led …

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Rhode Island Fines Medical Transport Firm Over Fatal Crash by Unqualified Driver

The company contracted by the state to provide nonemergency medical transportation to Rhode Island residents was fined $600,000 Thursday in connection with a crash involving an unqualified driver that led to the death of a 77-year-old passenger, officials said. The …

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Climate Crisis Is Top Risk Facing World for Next Decade: World Economic Forum Survey

There’s little faith in the global economic recovery accelerating, with officials and business leaders citing climate change and rising social tensions, alongside the pandemic, among their top risks, the World Economic Forum found. Only one in six survey respondents from …

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Berkshire Hathaway Invests in Ariel Re, Extends Quota Share Agreement

Ariel Re, the Bermuda-based reinsurer, together with Berkshire Hathaway Inc.’s wholly-owned subsidiary, National Indemnity Co. (NICO), announced a further strategic alignment between the two companies. In separate transactions, NICO has invested in new Ariel Re Convertible Notes and has extended …

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Tornadoes Reported in Houston, Northwest Louisiana

At least two tornadoes touched down in the Houston area over the weekend as storms brought high winds and heavy rains, damaging homes and businesses and causing flooding. Most of the damage from the storms that came through Saturday night …

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Michigan Judge Dismisses Gay Corrections Officers’ Suit

A federal judge in Michigan has tossed a lawsuit brought by two gay corrections officers, ruling that some of their discrimination claims weren’t sufficiently proven and that statutes of limitation barred others. Michelle Wood alleged in the 2020 suit that …

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Natural Disasters Cost Insurers $120B in 2021. Munich Re Points to Climate Change Link.

Natural disasters across the globe caused economic losses of US$280 billion in 2021, of which roughly US$120 billion were insured, according to a report from Munich Re, which noted that U.S. natural catastrophes represented an exceptionally high proportion of the …

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Illinois AG Sues Mine Over Use of Toxic Foam to Control Fire

The Illinois attorney general is accusing a coal mine operator of polluting the area with toxic foam to try to stop an underground fire. “Exposure to such chemicals can cause long-lasting damage to the environment and poses a serious risk …

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Louisiana Car Dealer to Pay $100K Disability Discrimination Settlement

Hollingsworth Richards, LLC, a Louisiana car dealer doing business as Honda of Covington, has agreed to pay a former sales representative $100,000 to settle a disability discrimination lawsuit brought by the U.S. Equal Employment Opportunity Commission. Hollingsworth Richards operates vehicle …

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UK Orders Housebuilders to Pay $5B to Help Remove Dangerous, Flammable Cladding

Britain has ordered housebuilders to pay around $5.4 billion to help remove dangerous cladding from buildings following a deadly 2017 London fire that left government, developers and owners at loggerheads over how to make properties safe. The blaze at Grenfell …

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China’s Anti-Graft Watchdog Probes Chairman of China Life Insurance

SHANGHAI – China’s Central Commission for Discipline Inspection (CCDI) has placed Wang Bin, the chairman of China Life Insurance Co. Ltd., under investigation, the bureau said on Saturday. Wang is “suspected of serious violations of discipline and law, and is …

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In Bad-Faith Claims, Florida Appeals Court Scores One for Insurer, One Against

Remember George Costanza’s trick in “Seinfeld,” the 1990s TV sitcom? When he couldn’t (or didn’t want to) pay his rent or other expense he would conveniently “forget” to sign the check, buying himself a little more time. In a South …

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Canada’s Insurers and Banks Rethink Return-to-Office Plans Amid Omicron Concerns

Canada’s top health official Theresa Tam has warned that COVID-19 cases in the country could jump in coming days, due to community spread of the Omicron variant. Concerns over the highly transmissible variant have spooked investors around the world and …

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Florida Moving Company Owner Must Pay $13 Million for Using Reputable Competitor’s Name

A federal judge has ordered a South Florida moving company to pay more than $13 million for deceiving customers and using the name and trademark of an international competitor. Ohad Guzi and his King David Van Lines were found to …

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Hub International Acquires Maryland’s Raffa Financial

Hub International, an insurance brokerage firm, announced it has acquired Maryland-based Raffa Financial Services, an insurance and benefits brokerage and consulting firm. Terms of the deal were not disclosed. Raffa, headquartered in Rockville, serves the Virginia, Maryland and D.C. area. …

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Carolina Appeals Court Again Finds That Lifting Large Patient is a Work Accident

One month after the North Carolina Court of Appeals found that a health care worker’s slight deviation from her normal work routine constituted an accident that caused an injury, the court made a similar ruling this week. In Genevieve Vance …

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People: Florida-based Vyrd Names Sales and Marketing Director

Vyrd Insurance Co., one of the few new insurers to brave the distressed Florida property insurance market in recent years, announced that industry veteran Elizabeth Bevelacqua has been named director of sales and marketing. Bevelacqua has 15 years in the …

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Harmful Soot Unchecked as Big Oil Battles EPA Over Testing: INSIGHT

A deadly form of soot pollution from U.S. refineries has gone unregulated for decades because of a dispute between the U.S. oil industry and federal environmental officials over how to measure it, according to documents from the Environmental Protection Agency …

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California Bill Would Make it Easier to Sue Gun-Makers

Some Democratic California lawmakers want to make it easier for people to sue gun companies for liability in shootings that cause injuries or deaths, a move advocates said Tuesday is aimed at getting around a U.S. law that prevents such …

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Cryptocurrency Crime Hit Record $14 Billion in 2021: Research

Crime involving cryptocurrencies hit an all-time high of $14 billion last year, blockchain researcher Chainalysis said on Thursday, a record that comes as regulators call for more powers over the fast-growing sector. Crypto received by digital wallet addresses linked to …

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Lloyd’s Forms ‘Product Launchpad’ to Develop Insurance Solutions for Emerging Risks

The “Lloyd’s Product Launchpad” is the new home for the development of insurance solutions to tackle emerging risks. The Lloyd’s Product Launchpad has been created to replace the Product Innovation Facility and enable the Lloyd’s market to keep partnering with …

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People Moves: Coalition in California Adds Livingstone; LP Names Cooper to Commercial Insurance Team

San Francisco, California-based Coalition named Jennifer Livingstone head of strategic agency management. Livingstone has more than 25 years of leadership experience in broker management, business development, marketing, underwriting, operations, and sales management at both insurance carriers and insurtechs. Livingstone was …

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These Are the Top 5 Insuring Cannabis Stories for 2021

The year for the cannabis industry went by like a puff of smoke – and we need make no excuse the bad pun for a year that was a) forgettable, b) not the sort of year that legalization advocates hoped …

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Study Questions Link Between In-Person Schooling and COVID Infection Rates

A new study shows that COVID-19 incidence rates were not statistically different in counties with in-person learning versus remote school modes in most regions of the U.S. Many educators believe that in-person learning results in high learning outcomes but that …

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Judge Narrows SEC Claim vs Morningstar Over Undisclosed Bond Rating Changes

A U.S. judge on Wednesday narrowed but refused to dismiss a Securities and Exchange Commission lawsuit accusing Morningstar Inc. of letting analysts adjust credit rating models for about $30 billion of mortgage securities, resulting in lower payouts to investors. U.S. …

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Nevada to Join $26 Billion Nationwide Opioid Settlement

Nevada has agreed to back a proposed nationwide settlement worth up to $26 billion resolving lawsuits against three large drug distributors and the drugmaker Johnson & Johnson over the deadly U.S. opioid epidemic, the state’s attorney general said on Tuesday. …

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2021 Ranked as Fifth Hottest Year by EU Climate Change Service

The year 2021 ended as the fifth hottest in records maintained by the European Union’s Copernicus Climate Change Service that go back to 1979. That finding comes from publicly available data analyzed by Zeke Hausfather, a climate scientist who posted …

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Robertson Named CEO of Canopius, Succeeding Watson Who Continues as Chairman

Canopius Group, the London-based global specialty re/insurer, announced that Neil Robertson has been appointed group chief executive officer. Robertson joined Canopius as deputy group CEO in May 2021, reporting to Group Chairman and CEO Michael Watson, and takes up his …

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Jonesboro, Louisiana Fire Chief, Sheriff’s Deputy Arrested for Insurance Fraud

A Jonesboro, Louisiana fire chief and a Jackson Parish sheriff’s deputy have been arrested for insurance fraud over an alleged fraudulent vehicle crash that involved two Jonesboro Fire Department vehicles. In August 2021, Louisiana State Police Insurance Fraud/Auto Theft Unit-Monroe …

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Canada’s Western Financial Group Buys Ontario Insurance Brokerage Wiesner Insurance

Canadian insurance broker Western Financial Group has acquired Wiesner Insurance Inc., a high-end full-service insurance brokerage located in southern Ontario. Originally founded in 1991 by Jason Wiesner, Wiesner Insurance Inc. is an independent brokerage serving customers in and around Brampton, …

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New York Governor Appoints Three to Court That Hears Comp Appeals

New York Gov. Kathy Hochul has appointed three judges to fill vacancies on the state’s intermediate appellate court that hears workers’ compensation cases. “With diverse experience and background, I am proud to appoint these justices to the Appellate Division and …

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MountainOne Acquires Cross Insurance in Massachusetts

MountainOne Insurance Agency, based in northwestern Massachusetts, has acquired Cross Insurance in nearby Pittsfield. The company said in a news release that it plans to keep all of the Cross Insurance employees, making MountainOne one of the largest agencies in …

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Hochul Wants Revisions on Insurance Disclosure Law; Signs PBM License Bill

New York Gov. Kathy Hochul this week signed into law an insurance disclosure bill that many insurance agents had staunchly opposed, but not before asking lawmakers to soften the measure’s impact on businesses and insurers. Senate Bill 7052, the Comprehensive …

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Despite Mitigation Efforts, Cyber Attacks and Rate Hikes to Continue in 2022

As dramatic as escalating ransomware attacks and rapidly climbing cyber insurance rates have been in 2021, both trends will continue to be a nuisance in 2022, according to an expert from Fitch Ratings. “It is probably one of the bigger …

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Are 5G Telecoms a Threat to Airline Safety?

U.S. telecom companies and airlines have been fighting for weeks over the potential impact of 5G wireless services on aircraft, in stark contrast to the rollout of new-generation services elsewhere, which has broadly gone ahead without airing new safety concerns. …

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Arbella Insurance Signs NFL Patriots Rookie QB Jones as Pitchman

New England Patriots quarterback Mac Jones is the new pitchman for Massachusetts-based Arbella Insurance Group. The regional property/casualty insurer, headquartered in Quincy, said it will launch a new ad campaign next week featuring the popular rookie footballer. The campaign will …

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UK Broker Aston Lark Acquires Mainstay Insurance

Aston Lark, the London-based insurance broker that is soon to become part of Howden, announced the acquisition of UK broker Mainstay Insurance. Financial details of the transaction were not disclosed. Founded in 2013 by Richard Gorrill and headquartered in Hove, …

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Cyber Insurtech Corvus Buys Lloyd’s Coverholder Tarian Underwriting Ltd.

Corvus Insurance, the Boston-based, cyber-focused managing general agent, announced it has acquired Tarian Underwriting Ltd. from Beat Capital Partners Ltd. Tarian operates a cyber underwriting platform that provides cyber solutions and underwrites on behalf of a consortium of Lloyd’s syndicates. …

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Verizon, AT&T Agree to 2-Week Delay in 5G Deployment

Verizon Communications and AT&T Inc. said late on Monday they had agreed to a two-week delay in deploying C-Band wireless spectrum, averting an aviation safety standoff that threatened to disrupt flights starting this week. The carriers had faced pressure from …

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Foxconn Unlikely to Reopen India iPhone Manufacturing Facility Until Jan 7: Official

Apple Inc supplier Foxconn is unlikely to reopen its shuttered iPhone manufacturing facility in southern India until Jan. 7, a senior government official familiar with the matter told Reuters. The Foxconn plant, located in the state of Tamil Nadu, was …

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China Evergrande’s Investors Protest, Shouting ‘Return Our Money!’

GUANGZHOU, China – Investors in financial products issued by China Evergrande Group protested outside the cash-strapped company’s offices in Guangzhou on Tuesday, with many worried that their returns would be sacrificed to keep real estate projects afloat. Members of the …

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European Floods in Mid-July Cost Insurers $12B, Topping Non-U.S. Events in 2021

The most significant non-U.S. loss event in 2021 was the mid-July flooding in Western Europe, according to CRESTA, the Zurich-based insurance industry organization that provides a global standard for risk aggregation zones and catastrophe industry losses. This event generated a …

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Philadelphia, New Jersey Contractors Face Total $537K in Penalties for Safety Hazards

On May 24, 2021, inspectors with the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) observed roofing workers at Venue Estates at Smithville Green, a senior community housing development under construction in Eastampton, New Jersey, exposed to falls …

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Glatfelter Insurance Group Appoints Altshuler as Chief Actuary

Glatfelter Insurance Group, an AIG company, appointed Rocklyn Altshuler as chief actuary. In his new role, Altshuler’s key responsibilities will include developing loss ratio projections and rate need analysis across all Glatfelter programs, quarterly reserving and data collection and management. …

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World Insurance Associates Acquires Pennsylvania’s PLA Insurance Services

World Insurance Associates LLC (WIA) acquired PLA Insurance Services (PLA) of Harrisburg, Pennsylvania, on December 1, 2021. Terms of the transaction were not disclosed. PLA is a full-service, multi-solution insurance brokerage firm, with more than 80 years of combined experience …

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Judges Send Iowa Tyson workers’ Virus Lawsuit Back to State Court

A federal appeals court has ruled that Tyson Foods can’t claim it was operating under the direction of the federal government when it tried to keep its processing plants open as the coronavirus spread rapidly within them during the early …

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Could New Florida Appeals Court Help on Insurance Litigation?

The Florida Supreme Court’s call for an additional appellate court and six – now seven – new judges in the state has met with mixed reviews, with some attorneys welcoming the idea, while others, including a few judges, have said …

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Patient Info Exposed After Data Breach at South Florida Hospital System

Hackers broke into a South Florida hospital system’s computer network in October, potentially exposing patients’ pesonal information, including medical treatments, driver’s license numbers, phone numbers and more, the hospital announced. Broward Health, which runs five hospitals and four outpatient centers …

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Judge Orders Mediation for Purdue Pharma, Sacklers, States Over Opioid Settlement

A U.S. judge on Monday ordered mediation in the Purdue Pharma bankruptcy, calling for the company, the Sackler family members that own it and nine states to determine whether they can reach a new opioid litigation settlement by Jan. 14. …

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ASML Reports Fire at Berlin Factory That Makes Key Equipment for Chip Manufacturers

ASML Holding NV on Monday said there has been a fire at a factory it owns in Berlin, Germany, adding that no one was injured and that it is too early to assess the impact on its operations. ASML, a …

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New York Jury Finds Drugmaker Teva Liable for Fueling Opioid Crisis

Teva Pharmaceutical Industries Ltd. fueled opioid addiction in New York state, a jury found last Thursday, a setback for a company still facing thousands of other opioid-related lawsuits around the United States. The verdict, which followed a nearly six-month New …

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New Year’s Day Explosion Levels Minnesota Garage, Injuring One

A New Year’s Day explosion and fire leveled one Minneapolis garage, set another one ablaze and sent a man to the hospital with serious injuries. The Star Tribune reports that Just after 11 a.m. Saturday, fire crews responded to reports …

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New Louisiana Law Expands Medical Marijuana Program

Louisiana’s medical marijuana program will offer raw, smokable cannabis to its patients, and the state will tweak its calculations for state income taxes as more than two dozen new laws take effect Saturday with the start of the new year. …

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FAIA Posts Infographics to Help Explain Florida’s Ailing Insurance Market

In an effort to put new pressure on Florida lawmakers to make further reforms that could improve the state’s distressed property insurance market, an independent agents’ organization has released a set of infographics for consumers. The Florida Association of Insurance …

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2022 Means More Claims Data From Florida Insurers, Notification on Surplus Lines

New Florida laws and regulations that govern insurance matters took effect Sunday. Some are minor changes to existing laws, but others could affect insurers and agents for years to come. Here’s a look at some of the new requirements. Data …

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Federal Appeals Court Revives Libor-Rigging Claims Against Big Banks

A U.S. appeals court on Thursday revived litigation accusing a slew of large banks of conspiring to rig the Libor interest rate benchmark, including during the 2008 financial crisis, to boost profits at investors’ expense and make the banks appear …

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Purdue Pharma Plans Appeal of Ruling Nixing Its Opioid Settlement, Liability Shield

Purdue Pharma is seeking to appeal to the 2nd U.S. Circuit Court of Appeals a judge’s decision to unravel its restructuring plan that would have insulated its owners from liability in civil opioid-related cases, according to a court filing late …

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