Insurance News

Stay informed with the latest trends and updates in the insurance world.

  • Munich Re Specialty Launches FAIR Plan Commercial Wrap Product in California
    on April 12, 2024 at 9:40 pm

    Munich Re Specialty Insurance is launching a FAIR Plan Commercial Wrap, available to commercial insureds in California who seek comprehensive coverage in tandem with their FAIR Plan coverage. MRSI’s FAIR Plan Commercial Wrap is designed to enable insureds to more …

  • People Moves: RT Specialty Promotes Murrey to President of Commercial Lines Binding Authority
    on April 12, 2024 at 4:53 pm

    RT Specialty, the wholesale distribution division of Ryan Specialty, headquartered in Chicago, promoted Jason Murrey to president of commercial lines binding authority. Murrey joined RT Specialty in 2017 through the acquisition of N-Surance Outlets where he served as president and …

  • Lawyers Want Ohio Residents to Wait for Details of $600M Derailment Settlement
    on April 12, 2024 at 4:46 pm

    The lawyers who negotiated a $600 million settlement with Norfolk Southern over that railroad’s disastrous 2023 derailment in Ohio want residents to talk with them before deciding the historic deal isn’t enough. They said Wednesday that the settlement for everyone …

  • R&Q to Sell Stake in Obra Joint Venture for $30M, Expects “Significant Pre-Tax Loss”
    on April 12, 2024 at 4:37 pm

    R&Q Insurance Holdings, (R&Q) the Bermuda-based non-life speciality insurer that focuses on program management and legacy insurance business, announced it has agreed to sell its stake in a joint venture with Obra Capital for $30 million. At the same time, …

  • Storms Bring Floods and Damaging Wind Across the South
    on April 12, 2024 at 4:26 pm

    SLIDELL, La. (AP) — Severe storms blamed for a death in Mississippi spawned a tornado that demolished buildings in one Louisiana city Wednesday while inundating streets in low-lying New Orleans with hours of steady rain that snarled traffic and strained …

  • DeSantis Signs Bill Barring Local Worker Heat Protection Measures
    on April 12, 2024 at 4:18 pm

    Florida Gov. Ron DeSantis this week signed into law a prohibition on local governments requiring worker protections from heat exposure, a law that could potentially lead to more workers’ compensation claims from stricken laborers. At the same time, the state …

  • Oklahoma Sues Natural Gas Companies Over Price Spikes During Winter Storm Uri
    on April 12, 2024 at 4:16 pm

    OKLAHOMA CITY (AP) — Two Texas-based natural gas companies are being sued by Oklahoma, which alleges they fraudulently reduced gas supplies to send prices soaring during Winter Storm Uri, making huge profits while thousands shivered across the state. The lawsuits …

  • Georgia Regulator Bars Home Warranty Company for Failing to Secure Bond
    on April 12, 2024 at 3:20 pm

    A home warranty firm is now prohibited from doing business in Georgia after a cease-and-desist order was issued, the state insurance commissioner announced. Choice Home Warranty did not secure a $100,000 surety bond as required by law, despite warnings from …

  • USAA to Lay Off 220 Employees
    on April 12, 2024 at 3:08 pm

    USAA is laying off 220 employees in an effort to reprioritize positions amid changing business needs, the San Antonio-based insurer announced this week. This is the latest round of layoffs at USAA, which let go of nearly 1,000 employees in …

  • Travelers Survey: Distracted Drivers Making US Roads More Dangerous
    on April 12, 2024 at 2:21 pm

    Nearly 80% of respondents to a recent Travelers survey said inattentive driving is more of a problem now than it has been in past years. Travelers noted the pandemic triggered a new wave of dangerous habits. The 2024 Travelers Risk …

  • SC’s Top Officer: No Details on 2012 Hack That Forced $12M in Cyber Insurance
    on April 12, 2024 at 2:11 pm

    COLUMBIA, S.C. (AP) — Twelve years after a hacker stole personal data from more than 3.6 million people in South Carolina by obtaining Social Security numbers and credit card information from tax returns, the state’s top police officer said Wednesday …

  • US Senate Committee to Hold Hearing on Boeing Safety Culture Report
    on April 12, 2024 at 1:28 pm

    The U.S. Senate Commerce Committee said it would hold a hearing next week with members of an expert panel that released a report in February criticizing Boeing’s safety culture and calling for significant improvements. The hearing next Wednesday comes as …

  • Progress Reported in Salvage Operations at Baltimore Bridge Site
    on April 12, 2024 at 1:24 pm

    Salvors continue to remove containers from the cargo ship Dali and clear wreckage at the Francis Scott Key Bridge incident site, according to the Unified Command, the group of U.S. Army, Coast Guard and federal, state and local transportation, energy …

  • Progressive Records Five-Fold Increase in Q1 Net Income
    on April 12, 2024 at 1:08 pm

    Progressive Corp. today reported strong first quarter 2024 results with net income of $2.3 billion and a combined ratio of 86.1 Last year, net income for the first three months at the Mayfield Village, Ohio-based insurer was $447.9 million and …

  • Investigators Focus on Electrical System of Ship That Hit Baltimore Bridge
    on April 12, 2024 at 1:01 pm

    During the initial stages of a federal probe into the deadly collapse of Baltimore’s Francis Scott Key Bridge, investigators are focusing on the electrical power system of the massive container ship that veered off course. Jennifer Homendy, chair of the …

  • NHTSA Opens Investigation Into Recall of Certain Ford SUVs Over Fuel Leaks
    on April 12, 2024 at 12:32 pm

    The National Highway Traffic Safety Administration (NHTSA) said on Friday it was opening an investigation into the recall of 42,652 Ford SUVs over concerns of a fuel leak that could lead to fire hazards. The NHTSA’s recall query, or a …

  • People Moves: Rosensaft Joins Alliant M&A; McDougald Is President of Victor Specialty
    on April 12, 2024 at 11:46 am

    Rosensaft Joins Alliant Insurance Services as Managing Director Jodi Rosensaft joined Alliant Insurance Services, headquartered in Irvine, California, as managing director, advisory leader – representation and warranties insurance, Alliant Specialty, in the company’s mergers and acquisitions (M&A) vertical. Rosensaft, based …

  • Kenya and Nigeria Recall J&J Children’s Cough Syrup Over Suspected Toxicity
    on April 12, 2024 at 9:33 am

    Kenya’s drug regulator is recalling a batch of Johnson & Johnson children’s cough syrup, it said on Thursday, a day after Nigeria recalled the same batch of medication under the Benylin Paediatric brand. Nigeria’s health regulator said laboratory tests on …

  • Ukraine Nuclear-Plant Attacks Prompt Emergency Watchdog Meet
    on April 12, 2024 at 8:00 am

    The United Nations atomic watchdog held an emergency meeting in Vienna to discuss the increasing risk of an accident at a Russian-occupied atomic power plant in Ukraine. International Atomic Energy Agency diplomats convened on Thursday to discuss safety at Europe’s …

  • Drought, Heat Raise Risk of Repeat of Canada’s Record-Breaking Wildfires of 2023
    on April 12, 2024 at 7:02 am

    Canada’s emergency preparedness minister warned Wednesday the country’s wildfire season could be more explosive than last year when it led to unprecedented smoke conditions across much of the country and into the United States. Persistent drought and months of above-average …

  • Europe Stands Firm Against US-Driven ESG Backlash
    on April 12, 2024 at 6:41 am

    Steady investor demand in Europe for environmental and socially responsible investments and wide-ranging regulation are helping Europe’s finance industry withstand political pressures that have pushed some U.S. peers to backtrack on their green agendas. In the United States, conservative politicians …

  • Climate Verdict for Swiss Women a Warning for European States, Oil Industry
    on April 12, 2024 at 6:09 am

    Governments and companies that are lax on climate action should be worried since this week’s European human rights court ruling against the Swiss government improves the odds that other such cases could win at the top court, legal experts said. …

  • Explainer: Limits on PFAS in Drinking Water Could Fuel Litigation
    on April 12, 2024 at 5:32 am

    The U.S. Environmental Protection Agency has finalized the first federal regulations on toxic “forever chemicals” in drinking water, setting tight limits that essentially require public water systems to all but eliminate their presence in American tap water. The highly anticipated …

  • Soaring Insurance Costs Hit as US Buyers Finally Get a Break on Car Prices
    on April 12, 2024 at 5:24 am

    A new form of sticker shock has hit American car buyers like Darin Davis. In January, when the 56-year-old Dallas real estate agent renewed the insurance on the pearly-white 2024 Cadillac XT4 that he bought just a few months earlier, …

  • CISA Says Russian Hackers Used Microsoft Access to Steal Government Emails
    on April 12, 2024 at 5:04 am

    The U.S. Cybersecurity and Infrastructure Security Agency said Russian government-backed hackers have used their access to Microsoft’s email system to steal correspondence between officials and the tech giant, an emergency directive by the U.S. watchdog released on Thursday showed. In …

  • SC High Court Strikes ‘Troubling’ Denial of Comp Claim, Says Can’t Be Based on Stats
    on April 12, 2024 at 5:01 am

    An employer cannot use an ergonomics report, showing that a work injury is statistically unlikely, to deny a workers’ compensation claim, the South Carolina Supreme Court said this week in an opinion that sharply questioned an appellate panel’s decision making. …

  • Mayor Says New York City Will ‘Iron Out Kinks’ in Errant Chatbot
    on April 12, 2024 at 5:00 am

    An artificial intelligence-powered chatbot created by New York City to help small business owners is under criticism for dispensing bizarre advice that misstates local policies and advises companies to violate the law. But days after the issues were first reported …

  • kWh Analytics, Aspen Raise Capacity for Property Insurance, Renewable Projects
    on April 12, 2024 at 5:00 am

    kWh Analytics Inc. secured an increase in its capacity agreement with Aspen Insurance to support its property insurance offering for renewable energy projects. With this increase, kWh Analytics can underwrite up to $75 million per renewable energy project location and …

  • Assistant Principal Faces Criminal Charge in Case of 6-Year-Old Who Shot Teacher
    on April 12, 2024 at 5:00 am

    A former assistant principal at a Virginia elementary school has been charged with felony child neglect more than a year after a 6-year-old boy brought a gun to class and shot his first-grade teacher. A special grand jury in Newport …

  • People Moves: SLA of California Elects New Leadership
    on April 12, 2024 at 5:00 am

    The Surplus Line Association of California (SLA), headquartered in San Ramon, California, elected Rich Gobler of Burns and Wilcox as chair of the SLA Board of Directors. Also elected to leadership were John Washington of Arch Insurance Group as vice …