Insurance Journal
EDMOND, Okla. (AP) — An Oklahoma city has agreed to pay more than $7 million to a former death row inmate who was exonerated after nearly 50 years in prison, making him the longest-serving inmate to be declared innocent of …
Posted: Aug 15, 2024
Powers Insurance & Risk Management, headquartered in St. Louis, recently promoted Rachel Winkelmann to commercial lines account executive and trainer. As Powers’ new trainer, Winkelmann handles training and onboarding for new commercial lin...
Posted: Aug 15, 2024
This edition of International People Moves details appointments at the insurers Markel and QBE. A summary of these new hires follows here. Markel Taps QBE’s Smith to Lead Marine & Energy Liability Team, Int’l Specialty Markel, the ins...
Posted: Aug 15, 2024
Utah-based PCF Insurance Services reports it has acquired the insurance business of Asset Insurance Agency, based in Peabody, Massachusetts. Asset Insurance Agency sells auto, home, commercial and life insurance in Massachusetts, New Hampshire, Maine...
Posted: Aug 15, 2024
Zurich Promotes Nolan to Head of Surety in US Zurich North America, headquartered in Schaumburg, Illinois, has promoted Chris Nolan to head of surety in U.S. national accounts. Nolan, who is based in New Jersey, succeeds Bob Murray, who retired ̷...
Posted: Aug 15, 2024
The energy company at the center of a $60 million bribery scheme in Ohio will pay $20 million and avoid criminal charges as part of a deal with state prosecutors to resolve its role in the scandal. Akron-based FirstEnergy Corp. …
Posted: Aug 15, 2024
PECOS COUNTY, Texas – On a sprawling ranch in Pecos County in late July, oil well control specialist Hawk Dunlap used a backhoe to uncover an abandoned or so-called zombie well that had sprung back to life despite being plugged …
Posted: Aug 15, 2024
More favorable mid-year 2024 results of U.S. personal auto insurers are likely to continue through the end of 2024 and into 2025 due to material price increases and a moderation of claims severity trends “vastly” improving the segmentR...
Posted: Aug 15, 2024
Johnson & Johnson was twice blocked in New Jersey from getting bankruptcy protection from one of its units to resolve billions of dollars in cancer claims tied to baby powder use. For its third try, the company is eyeing Texas, …
Posted: Aug 15, 2024
The University of North Carolina at Chapel Hill announced it is launching an Institute for Risk Management and Insurance Innovation, an interdisciplinary research and innovation center. “The new institute will conduct research that improves our...
Posted: Aug 15, 2024
Hundreds of people were allowed to return home this week after being forced to flee a wildfire west of Reno that also shut down Interstate 80 along the California-Nevada line. About 170 firefighters continued to work to secure the perimeter …
Posted: Aug 15, 2024
A Maui judge’s ruling resolves a critical roadblock to finalizing a $4 billion wildfire settlement: Insurance companies who have paid out more than $2 billion in claims can seek reimbursement only from the settlement amount defendants, who vict...
Posted: Aug 15, 2024
Hurricane Debby caused almost $1.4 billion in privately insured losses as it moved across the East Coast this month. That’s about half of the losses incurred in Hurricane Idalia, a stronger storm that followed a similar path almost a year ̷...
Posted: Aug 15, 2024
Hard reinsurance pricing conditions are likely to last longer than in previous market cycles mainly as a result of persistently high claims activity from the accumulation of medium-sized disaster losses and secondary perils, according to an AM Best r...
Posted: Aug 15, 2024
Hard reinsurance pricing conditions are likely to last longer than in previous market cycles mainly as a result of persistently high claims activity from the accumulation of medium-sized disaster losses and secondary perils, according to an AM Best r...
Posted: Aug 15, 2024
The U.S. bird-flu outbreak in dairy cattle is much larger than official figures suggest due to farmers’ reluctance to test their animals and risk the economic consequences of a positive result, according to Reuters interviews with dairy experts...
Posted: Aug 15, 2024
Hundreds of flights and some bullet train services will be suspended as Typhoon Ampil makes its way toward Japan’s main island Friday, impacting travel plans during the country’s annual summer break. Japan Airlines Co. canceled 28 interna...
Posted: Aug 15, 2024
Hurricane Ernesto took aim at Bermuda as almost half of Puerto Rico remained without power in the storm’s wake, the island’s fragile electric grid battered by high winds. Officials declared a hurricane watch for Bermuda, saying Ernesto co...
Posted: Aug 15, 2024
McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, as faster adoption of the technology helps the consulting titan and its peers boost revenue following a period of tumult. About 40% of...
Posted: Aug 15, 2024
Ernst & Young (EY) and KPMG have snapped up over half of PwC’s corporate clients in China that have fled the market’s leading accounting firm as it faces a regulatory probe, filings show. Chinese authorities have been investigating Pw...
Posted: Aug 15, 2024
AM Best has upgraded the Long-Term Issuer Credit Rating to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of Medical Mutual Insurance Co. of Maine (MMIC). The outlook of these...
Posted: Aug 15, 2024
Issuance of catastrophe bonds is on track to exceed the record set in 2023, as a cocktail of climate change, population density and inflation feeds growth in a market built around natural disasters. A fresh analysis by Swiss Re shows …
Posted: Aug 15, 2024
Florida property insurers considering the expanded use of binding arbitration to settle claims disputes may want to ponder a recent arbitration move by Walt Disney Parks and Resorts: An answer to a lawsuit against Disney, which has made headlines on...
Posted: Aug 15, 2024
Maine workers will now benefit from a law that allows the state to order businesses to pay back wages as well as damages from missed wages. The law went into effect Friday and is the latest state-level effort among Democrat-controlled …
Posted: Aug 15, 2024
More than 2.6 million homes across 14 states with a total reconstruction cost of $1.3 trillion are at moderate to very high risk of wildfire damage during the 2024 wildfire season, a new report shows. The 2024 CoreLogic Wildfire Risk …
Posted: Aug 15, 2024