Latest News & Insights

Howden Announces Leadership Changes for Regional Structure Changes

Howden, the London-based insurance broking group, announces leadership appointments and regional structure changes, aiming to better serve clients and insurer partners. Howden said the changes will more closely align expertise and shape the business to bring all of its growing …

Facing Suit From Former Employer, Parrish Appointed Howden CEO, Americas

Howden said Michael Parrish has been appointed CEO, Americas in a move the broker said would align better for clients. “Howden Americas, under Mike’s leadership, will bring together the exciting new retail broking operations in the US with our fast-growing …

Tennessee Minors Sue Musk’s AI System, Alleging it Generated Sexual Images of Them

Three Tennessee plaintiffs, including two minors, sued Elon Musk’s xAI on Monday, alleging that it knowingly designed its Grok image generator to let people create sexually explicit content by using real photos of others. The lawsuit, filed in the San …

‘Zombie’ Second Mortgages Spur New Battles in California, Maryland

In a room outside the Maryland State Senate chamber last winter, consumer advocates were meeting privately with lawmakers to explain how borrowers were losing their homes over “zombie” loans, old second mortgages that they hadn’t heard from lenders about in …

Tornadoes, High Winds Leave Damage Across Parts of the Southeast

From Alabama to North Carolina, tornadoes and probable tornadoes ripped a roof off a warehouse, damaged homes and left many without power across the Southeast. News sites reported that a confirmed tornado, with winds of 85 mph, struck an air-conditioning …

Woman Admits Stealing Checks From Builder and Maryland Automobile Insurance Fund

A Crofton, Maryland woman has pleaded guilty in two separate felony theft schemes, according to Attorney General Anthony G. Brown. On Monday in Anne Arundel County Circuit Court, Carolyn Rae Aldridge admitted to stealing a combined total of $185,296.28 during …

IMO Chief Says Naval Escorts Won’t Guarantee Ship Safety Through Strait of Hormuz: FT

The head of the International Maritime Organization has said that naval escorts through the Strait of Hormuz will not “100 percent guarantee” the safety of ships attempting to transit the waterway, the Financial Times reported on Tuesday. Military assistance was …

Middle East War to Intensify Soaring European Corporate Distress

The outbreak of hostilities in the Middle East and surging energy costs are expected to exacerbate soaring levels of financial distress among European corporates, according to Alvarez & Marsal Inc. Even before the US and Israel began their attacks on …

Escape Route Through Strait of Hormuz Now Involves Iran Passage

A Pakistani tanker earlier this week became the latest vessel to sail out through the Strait of Hormuz by hewing closely to the Iranian coast, suggesting an approved route that points to Tehran’s tightening grip on the narrow waterway — …

Chicago Area’s $19 Billion Tax Bill Fuels Fight for Assessor Job

Chicago’s real estate industry has ignited a battle over a $19 billion tax bill that property owners say is holding back new construction and contributing to surging rents. Donors have poured $1.4 million in the past six months into the …

Shipping Insurance Costs to Cross Hormuz Soar After Vessel Attacks

Insuring vessels to sail through the Strait of Hormuz is still possible, even if at a very high cost, according to people involved in the market. The cost of coverage has leaped to about 5% of the value of a …

Amazon Unit Withdraws From Drone Trade Group, Raises Safety Concerns

Amazon.com’s drone unit Prime Air is withdrawing from the Commercial Drone Alliance, taking issue with the industry trade group’s opposition to a regulatory proposal for detect-and-avoid systems to prevent drone collisions with crewed aircraft. In a previously unreported letter seen …

Iran-Linked Hackers Take Aim at US, Other Targets, Raising Risk of Cyberattacks

Pro-Iranian hackers are targeting sites in the Middle East and starting to stretch into the United States during the war, raising the risk of American defense contractors, power stations and water plants being swept into a wave of digital chaos …

People Moves: HW Kaufman Group Names Hattaway President of RB Jones; Rokstone Hires QBE North America Casualty Leader Lill

HW Kaufman Group Names Hattaway President of RB Jones RB Jones, a managing general underwriter providing specialty risk coverage solutions for brokers, agents and wholesalers, named Michael Hattaway as president. He will be based in New York City and report …

AI Hyperscalers’ Shadow Borrowing Bolsters Private Credit Risks

Investment in AI infrastructure via off-balance sheet debt is increasing the exposure of insurers and private credit funds to hyperscalers, according to officials at the Bank for International Settlements. “Alongside traditional bonds, hyperscalers have turned to off‑balance sheet arrangements to …

Florida Brownfield Development Bill Raising Concerns About Coverage, Litigation

Amid the last-minute scramble to move legislation before the non-budgetary session was set to end last week, Florida lawmakers quietly approved a bill that could open up more contaminated “brownfield” areas in south Florida to housing development. But the bill, …

AM Best Revises Outlooks to Stable for Amica Group

AM Best reports it has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Amica Mutual Insurance Co. and its …

Insurer Wants Its $3.5M Back Because City Delayed Reporting Claims for 5 Years

The city of New Haven’s insurance company is insisting that the city pay back the $3.55 million the insurer paid to settle claims over a 2019 rooming house fire in which two people were killed. Pennsylvania Manufacturers Association Insurance Co. …

Owners of Large California Tow Operation Charged in $6M Workers’ Comp Fraud Scheme

Owners of one of the biggest towing businesses in Southern California were arrested on multiple counts of felony insurance fraud. Bothers Mark Hassan and Ahmed Hassan were charged with underreporting employee payroll and paying parts of employees’ wages in cash …

New Jersey Secures Win in Long-Running Case Over PDX’s Worker Misclassification

After years of litigation, PDX North, Inc., a last-mile automotive parts distribution company, has agreed to pay up to $7 million to resolve worker misclassification violations involving its delivery drivers, announced New Jersey officials. The settlement brings to a close …

Bank of America Agrees to Settle Claims It Aided Epstein

Bank of America Corp. has agreed to settle a proposed class action lawsuit on behalf of Jeffrey Epstein victims who accused the bank of aiding in the deceased financier’s sex-trafficking, according to a court record. The agreement in principle was …

Even Low-Risk Homes Are Caught Up in California’s Climate Insurance Crisis

As another wildfire season looms, insurance companies have abandoned some California neighborhoods at lower risk of burning, forcing tens of thousands of homeowners to obtain bare-bones coverage from the state’s insurer of last resort. California intended the insurer, called the …

Former Oklahoma Farmers Agent Accused of Sharing Confidential Data in Lawsuit

Farmers Insurance alleges in a lawsuit that a former agent in Oklahoma conspired to move Farmers’ insureds to other insurance companies, including an agency where his wife works. Farmers alleges that Bradley McKinney broke his Agent Appointment Agreement with Farmers …

After Milton’s Damage to Stadium, St. Pete Votes to Raise Coverage to $50M

The city of St. Petersburg, Florida, in 2024 famously lowered its insurance coverage on Tropicana Field, the longtime home of the Tampa Bay Rays baseball team. The move saved the city some $275,000 in annual premium but slashed coverage limits …

People Moves: TMK Appoints Glover From AIG as Aviation Underwriter

TMK Appoints Glover From AIG as Aviation Underwriter Specialty insurer Tokio Marine Kiln (TMK) announced it has appointed Cameron Glover as an underwriter within its Aviation department. He takes up his new role within the expanding Aerospace division writing airport …

US $20B Reinsurance Plan Unlikely to Restart Gulf Shipping Without Liability Cover

The Trump administration’s $20 billion maritime reinsurance program, which aims to cover hull & machinery, as well as cargo, is designed to get ships moving through the Strait of Hormuz. But, according to Moody’s Ratings, without coverage of liability risk, …

Encyclopedia Britannica Sues OpenAI Over AI Training

Encyclopedia Britannica and its Merriam-Webster subsidiary have sued OpenAI in Manhattan federal court for allegedly misusing their reference materials to train its artificial intelligence models. Britannica said in the complaint filed on Friday that Microsoft-backed OpenAI used its online articles …

Judge Sides With Florida Citizens in Another Win for DOAH Arbitration Plan

A Florida judge has given another win to Citizens Property Insurance Corp., finding that the state-created insurer’s arbitration endorsement is constitutional and enforceable. “Final judgment is granted in favor of Citizens and against the plaintiff as to this declaration that …

US Data Center Boom Slows Due to Power Grid Limits, Consultancy Says

US data center development has slowed because the power grid is reaching its limit to accommodate more large facilities, according to research from energy consultancy Wood Mackenzie. Developers added data centers that would consume about 25 gigawatts of electricity to …

US Charges Man Accused of Selling Gun to Old Dominion University Shooter

A man was charged week with selling a stolen gun to Mohamed Bailor Jalloh, a former member of the Army National Guard who used it to kill one person and wound two others at Old Dominion University, federal authorities said. …