Insurance Journal
A magnitude 4.2 earthquake shook part of Northern California between the state capital and the San Francisco Bay region on Wednesday, setting off automated quake alerts, the U.S. Geological Survey confirmed. The 9:29 a.m. quake was centered in the ag...
Posted: Oct 20, 2023
Fortress Investment Group LLC is pitching an investment opportunity within an increasingly popular yet controversial corner of finance — funding other companies’ legal battles. The private equity firm is raising its second fund to invest in leg...
Posted: Oct 20, 2023
A manufacturer and a famous horse-racing operation are expanding in Tennessee and Kentucky, bringing millions of dollars in investment, hundreds of new jobs and the potential need for more workers’ compensation, property and liability coverage....
Posted: Oct 20, 2023
This edition of International People Moves details appointments at Allianz Commercial and Sompo International. A summary of these new hires follows here. Allianz Commercial Taps AIG’s Valencia to Lead Portfolio Solutions Allianz Commercial has...
Posted: Oct 20, 2023
Pharmaceutical firm Pfizer Inc. has agreed to pay $2 million to resolve alleged compensation discrimination affecting female employees at the federal contractor’s New York City headquarters. The U.S. Department of Labor (DOL) announced it enter...
Posted: Oct 20, 2023
Markel, the insurance operation within Markel Group Inc., announced a 49% strategic investment in Certa Insurance Partners, the London-based specialist tax MGA. This move will accelerate the UK-based tax specialist’s product development and geo...
Posted: Oct 20, 2023
In a letter to employees, GEICO president and chief executive officer Todd Combs said the Berkshire Hathaway company is laying off 2,000 associates, or about 6% of the workforce. “This will allow us to become more dynamic, agile, and streamline...
Posted: Oct 20, 2023
One person was injured and passengers were evacuated Wednesday after an explosion in the engine room of a small cruise ship docked in Maine`s Portland Harbor, officials said. The injured person, a member of the crew, was taken to a …
Posted: Oct 20, 2023
Insured losses from severe convective storms in the United States continued to increase during the third quarter, surpassing the $50 billion mark for the first time on record and accounting for roughly 60% of all global insured losses, according to &...
Posted: Oct 20, 2023
Conspiracy theorist Alex Jones cannot use his personal bankruptcy to escape paying at least $1.1 billion in defamation damages stemming from his repeated lies about the 2012 Sandy Hook elementary school massacre, a U.S. bankruptcy judge ruled Thursda...
Posted: Oct 20, 2023
Buffalo-based independent agency Lawley has acquired Connecticut-based Shoff Darby Companies, Inc., in what Lawley says is it largest acquisition to date. Lawley will add four locations and 75 employees in Connecticut, as well as increase insurance a...
Posted: Oct 20, 2023
Fewer than one in five of the world’s biggest polluting companies have short-term emissions reductions targets in line with keeping global temperature rises below 1.5 degrees Celsius, an investor pressure group said on Wednesday. The number of...
Posted: Oct 20, 2023
The UK’s Met Office warned of the possibility of severe flooding and loss of life in the northern part of the country for a second day as Storm Babet continues to hammer the region. Parts of eastern Scotland remain under …
Posted: Oct 20, 2023
The cost of shipping fuel along the Rhine river has surged as low water levels curb barges’ carrying capacity following a hot, dry September. The river is fed by glaciers and rain. But Alpine ice flows are declining each year …
Posted: Oct 20, 2023
An oil tanker is hauling a cargo of crude toward an Israeli Red Sea port that’s seldom used for crude deliveries after the nation’s main import terminal on the Mediterranean was disrupted by the conflict with Hamas. The shipment underscor...
Posted: Oct 20, 2023
Ransomware victims have become less likely to pay extortion demands, but cyber criminals are changing their tactics by hitting third-party vendors and using data exfiltration instead of encryption when making ransom demands, according to a new report...
Posted: Oct 20, 2023
American International Group Inc. Chief Executive Officer Peter Zaffino said the biggest challenge to the insurance sector over the last decade has been “unpredictable risks” including the pandemic, wars and climate change. “We̵...
Posted: Oct 20, 2023
Oct 18 (Reuters) – Music publishers Universal Music, ABKCO and Concord Publishing sued artificial intelligence company Anthropic in Tennessee federal court this week, accusing it of misusing an “innumerable” amount of copyrighted so...
Posted: Oct 20, 2023
Eleven days after 57-year-old Anthony Talotta arrived at a Pittsburgh jail, he died from what his family says was a treatable and preventable infection from a foot wound. Talotta, who had autism and developmental disabilities, had been brought to the...
Posted: Oct 20, 2023
Washington Insurance Commissioner Mike Kreidler imposed a $500,000 fine against UnitedHealthcare Insurance Company for reportedly failing to demonstrate how it administers its mental health and substance use disorder benefits in accordance with state...
Posted: Oct 20, 2023
A medical waste processing company has pleaded guilty to dozens of environment-related charges and agreed to pay $1.75 million in fines after state prosecutors in Maryland accused a south Baltimore incineration plant owned by the firm of exposing the...
Posted: Oct 20, 2023
The withdrawal of major homeowners insurance companies in the California market made national headlines, but news just as concerning and impactful is California’s private passenger auto insurance market. Much like the homeowners market, the PPA...
Posted: Oct 20, 2023
AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Ratings to “bb” (Fair) from “bbb-” (Good) of Civil Service Employees Insurance Company and CSE Safeguard Insurance...
Posted: Oct 19, 2023
Higginbotham has joined forces with Bourg Insurance, a long-term family business with deep ties to the South Louisiana community. Founded in 1958 by Claude ‘Toby’ Bourg, Jr. and his wife Edith, Bourg Insurance is a personal and commercial...
Posted: Oct 19, 2023
Each degree of warming in Texas slows the state’s economy, an analysis by economists at the Federal Reserve Bank of Dallas found. Extreme heat this year may have cost the Texas economy $24 billion, or reduced the state’s nominal gross ...
Posted: Oct 19, 2023