Insurance Journal

Tornado Devastates Iowa Town, killing Multiple People

GREENFIELD, Iowa (AP) — Multiple people died Tuesday and at least a dozen were injured when a powerful tornado tore through a small Iowa town, carving a bleak landscape of destroyed homes and businesses, shredded trees, smashed cars, and widely &#823...

Posted: May 23, 2024

Norfolk Southern to Pay $15M Civil Penalty, Cleanup Costs Over 2023 Ohio Derailment

Norfolk Southern NSC.N agreed to pay a $15 million civil penalty and $57.1 million in past government cleanup costs on Thursday, as well as millions in future costs to resolve a U.S. government lawsuit over a 2023 train derailment in …

Posted: May 23, 2024

Are You a Top Account Manager/CSR? Submit a Nomination Today

Customer service representatives and account managers are the heart of agencies. That’s why Insurance Journal wants to recognize these valuable players for the critical work they do! We’re looking for the 2024 MVPs: Account Managers/CSRs....

Posted: May 23, 2024

Plans to Spend Billions on a Flood-Prone East Texas Highway May Not Solve the Problem

LUFKIN, Texas (AP) — U.S. Highway 59, a major evacuation route from Houston, has been a problem for East Texas for decades. And as flooding rivaling that of Hurricane Harvey inundated the region in April, the highway closed in several …

Posted: May 23, 2024

Texas Manufacturer to Pay $35K for Denying Job to Applicant with Opioid Use Disorder

The Modern Group, Ltd. (TMG), headquartered in Beaumont, Texas, and one of its subsidiaries, Dragon Rig Sales and Service, LLC, a manufacturing and service company which builds oilfield service equipment for energy and industrial companies, will pay...

Posted: May 23, 2024

Vermont Updates Its Captive Insurance Law Again

Vermont Governor Phil Scott has signed into law legislation updating certain sections of the state’s captive insurance statute including sections governing minimum capital requirements for agency captives and captives’ use of parametric c...

Posted: May 23, 2024

NOAA Chimes in With Prediction of Above-Average Atlantic Hurricane Season

The National Oceanic and Atmospheric Administration (NOAA) today predicted an 85% chance of an above-average Atlantic hurricane season, with up to 25 named storms. “The upcoming Atlantic hurricane season is expected to have above-normal activit...

Posted: May 23, 2024

Texas Braces for More Heat, Storms and Floods: Weather Watch

Parts of the central US stretching from North Dakota to northern Texas, including Dallas, face an enhanced risk from severe thunderstorms, strong wind, hail and possibly tornadoes on Thursday, the US Storm Prediction Center said. Flood watches have a...

Posted: May 23, 2024

Arthur J. Gallagher & Co. Acquires Minnesota’s CCI Surety

Arthur J. Gallagher & Co. announced that its U.S. wholesale brokerage, binding authority and programs division, Risk Placement Services, Inc. (RPS), has acquired Golden Valley, Minnesota-based CCI Surety, Inc. Terms of the transaction were not di...

Posted: May 23, 2024

US Sues to Break Up Live Nation-Ticketmaster

The U.S. Justice Department and a group of 30 states and the District of Columbia Thursday sued to break up Live Nation, arguing the big concert promoter and its Ticketmaster unit illegally inflated concert ticket prices and hurt artists. “It &...

Posted: May 23, 2024

Posh Florida Care Facility to Borrow $260 Million for Expansion

The largest single-site, not-for-profit retirement community in the US is selling municipal bonds to finance an expansion, less than two years after Hurricane Ian caused as much as $85 million of damages. Fort Myers, Florida-based Shell Point Retirem...

Posted: May 23, 2024

Biden Overtime Pay Rule Challenged by US Business Groups

A coalition of U.S. business groups has filed a lawsuit seeking to block a Biden administration rule that would extend mandatory overtime pay to 4 million workers, saying it goes too far. The groups filed a complaint in U.S. District …

Posted: May 23, 2024

US Home Insurers Post Net Combined Ratio Over 110: S&P

The U.S. homeowners insurance segment posted its worst underwriting results in over a decade in 2023, according to an analysis by S&P Global Market Intelligence. The net combined ratio for the homeowners business, excluding policyholders’ d...

Posted: May 23, 2024

New York’s High Court Upholds Insurance Mandate for Medically Necessary Abortions

New York can continue to require companies with health insurance plans to cover medically necessary abortions, the state’s highest court ruled Tuesday. The Roman Catholic Diocese of Albany and other church groups challenged the rule, arguing th...

Posted: May 23, 2024

SEC Fines NYSE Parent Intercontinental Exchange $10M Over Cyber Incident

The company that runs global financial exchanges and clearing houses has agreed to a $10 million fine to settle charges it delayed notifications of a cyber intrusion about 3 years ago. The U.S. Securities and Exchange Commission (SEC) on May …

Posted: May 23, 2024

New Cars in California Could Alert Drivers for Breaking The Speed Limit

California could eventually join the European Union in requiring all new cars to alert drivers when they break the speed limit, a proposal aimed at reducing traffic deaths that would likely impact motorists across the country should it become law. &#...

Posted: May 23, 2024

UK’s Aviva Posts 16% Rise in Q1 General Insurance Premiums

Aviva posted a 16% rise in general insurance gross written premiums to 2.7 billion pounds ($3.44 billion) in the first quarter, helped by strong performance in Britain. Life and general insurer Aviva, which has its main operations in Britain, Canada...

Posted: May 23, 2024

People Moves: Canopius Names Haste as Group Chairman, as Watson Steps Down

Canopius, the global specialty and property/casualty re/insurer, announced it has appointed Andy Haste as its new group chairman with effect from July 1, 2024. He will assume responsibility for chairing the group board as Canopius embarks on realizin...

Posted: May 23, 2024

People Moves: Canopius Names Haste Group Chairman as Watson Steps Down

Canopius, the global specialty and property/casualty re/insurer, announced it has appointed Andy Haste as its new group chairman with effect from July 1, 2024. He will assume responsibility for chairing the group board as Canopius embarks on realizin...

Posted: May 23, 2024

Axis Insurance Managers Acquires Canadian Broker Magnes Group

Axis Insurance Managers Inc., the Vancouver, Canada-headquartered brokerage, announced it has acquired The Magnes Group Inc. Axis Insurance said it made its initial investment in Magnes in 2015. Financial details of the transaction were not disclosed...

Posted: May 23, 2024

These Flight Routes Suffer the World’s Worst Turbulence

The deadly turbulence on a Singapore Airlines Ltd. flight on its way from London to Singapore has put a spotlight on the world’s most unstable air routes. A British man was killed and seven other people were critically injured after …

Posted: May 23, 2024

Markets/Coverages: Lockton Caribbean & Central America Launches Food, Agriculture & Beverage Broking...

Lockton Caribbean & Central America (CCA) announced the launch of CCA FAB, the insurance broking industry’s first Food, Agriculture & Beverage practice that focuses exclusively on the region. The new Food, Agriculture & Beverage pra...

Posted: May 23, 2024

Travel Insurance ‘Will Likely’ Cover Injuries Sustained in Singapore Airlines Incident: ABI

Travel insurance policies “will likely” cover injuries sustained by aircraft turbulence, but policies may vary, the Association Of British Insurers said following the Singapore Airlines SIAL.SI incident on Tuesday. One passenger died of a...

Posted: May 23, 2024

Climate Court Cases That Could Set New Precedents Around the World

Courts around the world are hearing an ever-growing number of climate change lawsuits with some of the largest cases in history being decided in 2024 and 2025. Here are the key cases to watch: INTERNATIONAL COURT OF JUSTICE (ICJ) The …

Posted: May 23, 2024

People Moves: AIG Appoints Browne Global Head of Specialty

American International Group, Inc., headquartered in New York, appointed Gordon Browne as global head of specialty, effective June 11. Browne will serve on the international insurance leadership team. Browne has over 20 years of industry experience i...

Posted: May 23, 2024