Latest News & Insights

People Moves: Smith Joins Alliant as Specialty Lending Practice EVP; Braniff, Jr. Named EVP, Alliant Americas

Smith Joins Alliant Insurance Services as Specialty Lending Practice EVP Alliant Insurance Services, headquartered in Irvine, California, named Michael R. Smith as executive vice president, Alliant Specialty, in the firm’s Financial Institutions industry vertical. Smith is based in Dallas. Smith …

Minneapolis to Pay $150K Settlement to Witness in George Floyd Murder

MINNEAPOLIS (AP) — The Minneapolis City Council has agreed to pay a $150,000 settlement to an eyewitness who tried to intervene to prevent George Floyd’s murder and who says he suffers from post-traumatic stress disorder as a result. Donald Williams, …

Florida Governor Signs Wind-Mitigation Funding Bills for Homes, Condos

Florida’s governor has signed two bills that will provide more matching grants for homeowners and condominium associations to fortify properties against the growing threat of windstorms. Senate Bill 7028 will send an additional $200 million to the My Safe Florida …

Williams-Sonoma Must Pay Nearly $3.2M for Violating ‘Made in USA’ Order

Home products retailer Williams-Sonoma will have to pay almost $3.2 million for violating a Federal Trade Commission “Made in USA” order. Williams-Sonoma was charged with advertising multiple products as being “Made in USA” when they were in fact manufactured in …

Hartford Q1 Income Up 41% on Commercial Lines as Auto Results Improve

The Hartford CEO Christopher Swift told analysts late last week that the insurer’s first quarter results included “progress toward restoring targeted profitability in auto” as it turned in an improved combined ratio for the quarter of 103.9 in the line …

Liberty Co. Names Allen, Hayes to Leadership Positions

The Liberty Co., a rapidly expanding insurance brokerage based in Gainesville, Florida, has named two insurance industry veterans to executive positions. Bill Allen, who was previously executive vice president at Hays Companies, now part of the large Brown & Brown …

Parts of US Gulf Coast Face Possible Tornadoes: Weather Watch

States across the US Gulf Coast are bracing for possible tornadoes as certain parts of the region face a marginal risk of severe thunderstorms, according to the US Storm Prediction Center. Severe thunderstorm warnings and watches have been posted for …

Manager Who Operated Crane Pleads Guilty to Manslaughter in Quarry Worker’s Death

An upstate New York court last week accepted a mine manager’s guilty plea to manslaughter in the second degree over the death of a worker in 2022. According to prosecutors, Anthony Valente, a mine manager at a Grafton limestone quarry, …

Supreme Court Won’t Hear Elon Musk Dispute Over SEC Settlement

The U.S. Supreme Court declined on Monday to hear Elon Musk’s bid to throw out part of a securities fraud settlement with the Securities and Exchange Commission restricting the billionaire businessman’s public statements about his electric car company Tesla. The …

Freight Train Derailment, Fire Forced Interstate 40 Closure Near Arizona-New Mexico Line

A freight train carrying fuel derailed and caught fire Friday near the Arizona-New Mexico state line, forcing the closure of an interstate highway that serves as a key trucking route. Initial passersby posted video and photos on social media of …

Philadelphia’s Republic First Bank Closed by Regulators, Sold to Fulton Bank

Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York. The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 …

Burglars Targeting South Asians Stole $4 Million in Jewels Over Six Years

A burglary ring that allegedly stole more than $4 million worth of jewelry mostly from the homes of South Asians in over two dozen communities has been broken up, the Massachusetts State Police said. Four people, including two brothers, were …

UK Motor Premiums Start to Stabilize but Costs to Insurers Mount: ABI

Motor premiums increased by just 1% in the first quarter of 2024, indicating an easing of the price rises seen in 2023 when premiums rose by 25% from 2022, according to the Association of British Insurers. However, insurers continue to …

Canada’s London Drugs Shuts Pharmacies After Cyber Incident

Pharmacy chain London Drugs Ltd. shut dozens of stores in western Canada on Sunday following a cyber incident. The chain discovered it was the victim of a cybersecurity incident on Sunday, a representative said by email, and shut all 79 …

Africa Specialty Risks Launches ASR Syndicate 2454 at Lloyd’s

Africa Specialty Risks (ASR), the pan-African focused re/insurance group, has launched ASR Syndicate 2454 focused on underwriting business across Africa. It is the first African-focused syndicate writing business at Lloyd’s and is managed by Apollo. ASR Syndicate officially began underwriting …

Amboss Underwriting Assumes Oilfield Insurance Agencies’ Downstream Portfolio

Zurich-based Lloyd’s coverholder Amboss Underwriting has assumed the portfolio of the Zurich branch of Oilfield Insurances Agencies. Effective April 17, 2024, the announcement marks the commencement of Amboss’ operations in Zurich and Amsterdam. Amboss has received approval from Lloyd’s of …

Shadow-Fleet Oil Tanker That Crashed Had Void Western Insurance

A shadow-fleet oil tanker that crashed in Denmark’s vital straits produced a set of insurance documents that weren’t valid, a stark example of how there’s little clarity about who would pay the bill if such a ship had a major …

Markets/Coverages: Marsh Expands Cyber Facility ECHO, Offering Up to $125M of Excess Insurance Capacity

Marsh, the insurance brokerage business of Marsh McLennan, announced an additional $25 million layer of capacity to its existing $100 million Cyber ECHO facility. Available to Marsh clients globally, Cyber ECHO now offers up to $125 million of excess cyber …

RBNZ Says Insurance May Become Unaffordable for High-Risk Homes

New Zealanders who own properties in areas prone to flooding or earthquakes may find they can’t afford insurance or may not be offered cover for specific risks, according to the Reserve Bank. Rising premiums or the inability to insure are …

Tests Show Pasteurized Milk Safe as Bird Flu Spreads

Additional tests of milk showed that pasteurization killed the bird flu virus, federal health officials said on Friday, as Colorado became the ninth U.S. state to report an infected dairy herd. Federal lawmakers urged the Biden administration to further contain …

30% of Business Leaders Say Global Political Risk Is Their Biggest Threat

Sixty-five percent of North American business leaders fear this election year will impact their ability to trade internationally, with 32% of U.S. leaders saying political risk is their number one threat. In January, Beazley surveyed over 3,500 business leaders in …

Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases

The Florida Supreme Court has given auto insurers more flexibility in reducing payments for medical services under the state’s no-fault auto insurance law and may have finally put to rest years of questions about the much-debated statute. In answering a …

People Moves: Lara Makes Appointments to California Curriculum Board and Insurance Diversity Task Force

California Insurance Commissioner Ricardo Lara made several appointments to the state’s curriculum board and insurance diversity task force. Lara named Aretha Hartley as the newest member of the curriculum board. The curriculum board oversees the development of pre-licensing and continuing …

First Full-Size Vessel Reaches Baltimore Refinery Since Bridge Collapse

A full-size vessel carrying raw sugar was able to navigate through the 20-foot deep temporary channel at the U.S. Patapsco River on Wednesday and reach the Port of Baltimore for the first time since an accident blocked access to the …

Driver Charged in Fiery Crash That Shut Connecticut Highway Bridge

A man accused of causing a fiery crash that shut down a major Connecticut highway bridge and killed a fuel delivery truck driver has been charged with negligent homicide, police said Thursday. State police said Reginald Collins, 59, turned himself …

‘Buffett Got it Wrong’ on California Fire Risk: PG&E CEO

Warren Buffett’s warning that wildfires have turned utilities across the western US into risky investments is mistaken — at least in California, according to the head of the state’s largest electricity provider. “Frankly, I think Buffett got it wrong in …

Multiple Tornadoes Hit Nebraska and Iowa, Leaving Trails of Damage

OMAHA, Neb. (AP) — A tornado plowed through suburban Omaha, Nebraska, on Friday, damaging hundreds of homes and other structures as it tore for miles along farmland and into subdivisions. Some injuries were reported but there were no immediate reports …

Higginbotham Adds South Florida Benefits Agency to Team

Texas-headquartered Higginbotham, one of the largest independent insurance and benefits firms, has added Adams Benefits of Boca Raton, Florida, to its team, the company said in a news release. The move marks an expansion into south Florida for Higginbotham, which …

US Probes Tesla Recall of 2 Million Vehicles Over Autopilot, Citing Concerns

U.S. auto safety regulators said Friday they have opened an investigation into whether Tesla’s recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is adequate. The National Highway Traffic Safety Administration (NHTSA) said it …

NC Agent, Missouri Lawyers Convicted in $4M Tax Shelter, Insurance Scheme

A federal jury on Thursday found a North Carolina insurance agent and two Missouri lawyers guilty on all counts in a $4 million tax evasion scheme that also defrauded an insurance carrier. The jury in Charlotte, said licensed agent and …