Latest News & Insights

New Orleans Landscaper Ordered to Pay $319K in Back Wages

TheU.S. Department of Labor has recovered $319,065 in back wages for 49 workers employed by a New Orleans landscaping company that misclassified them as independent contractors and, by doing so, denied them overtime pay. The department’s Wage and Hour Division …

Tropolis Acquires 4 Agencies in Midwest

Tropolis, an insurance brokerage that provides property & casualty (P&C) and employee benefits solutions, announced it has completed the acquisitions of four Midwest insurance agencies. Terms of the private transactions were not disclosed. The four businesses are BDMH Enterprises, an …

LA Braces for Fire Risk From Bone-Dry Winds as Winter Rains Lag

Dangerous winds and drought will create extreme fire risk across Southern California Tuesday, putting more than 11 million people in the path of conditions that would allow blazes to spread quickly as the region holds out hope for rain. Seasonal …

Trump Curtails Protections Around Diversity, LGBTQ Rights

The United States will recognize only two sexes, male and female, that are unchangeable, President Donald Trump ordered on Monday as he moved to quickly end a range of policies aimed at promoting racial equity and protecting rights for LGBTQ+ …

Florida Snowman: As Ice and Snow Come to the State, DeSantis Declares Emergency

As a rare snowstorm was bearing down on northern Florida, Gov. Ron DeSantis on Monday declared a state of emergency for the region, readying the National Guard and state agencies to respond as needed. Alabama’s governor also declared a state …

Trucordia Acquires Rusty Healy Agency in Mississippi

Utah-based Trucordia, a top-20 U.S. insurance brokerage, has acquired the Rusty Healy Insurance Agency in Madison, Mississippi, the company said in a news release. Healy, founded more than 30 years ago, offers personal and commercial lines of coverage in the …

US Upgrades Probe Into Emergency Braking Issues in Certain Honda Vehicles

The U.S. National Highway Traffic Safety Administration said on Monday it is expanding and upgrading a probe into about 295,125 American Honda vehicles over reports of crashes and injuries due to their automatic emergency braking systems. According to the reports, …

FEMA Transfers $758M in US Flood Program Risk to 27 Private Reinsurers

The Federal Emergency Management Agency (FEMA) said its reinsurance renewal for the National Flood Insurance Program (NFIP) included the transfer of nearly $758 million to the private market through the use of 27 reinsurance companies – up from 18 companies …

Kaplansky Insurance Buys 3 Massachusetts Agencies

Kaplansky Insurance has acquired two central Massachusetts insurance agencies and a third in the western part of the state. The agencies acquired are Buckley Insurance and Mobilio Insurance in Worcester and Pijar Insurance in Holyoke. Buckley Insurance serves clients in …

Generali, BPCE to Form Europe’s Second-Largest Asset Manager

Assicurazioni Generali SpA and BPCE have reached a preliminary deal to combine their investment units and create Europe’s second-largest asset manager amid a deal wave in the industry. The two firms signed a non-binding memorandum of understanding for a joint …

People Moves: SCOR UK Promotes Mummé-Young to CUO; QBE Taps Allianz’s Marega for New Role as European Product Manager, Professional Indemnity

This edition of International People Moves details appointments at SCOR UK and SCOR Syndicate as well as QBE. A summary of these new hires follows here. SCOR UK Promotes Mummé-Young to CUO SCOR announced the appointment of Henry Mummé-Young as …

Southern Taiwan Hit by 6.4 Magnitude Quake, TSMC Evacuates Some Factories

A 6.4 magnitude earthquake struck a mountainous, rural area of Taiwan’s south on Tuesday near the city of Chiayi, the island’s weather administration said, with reports of minor damage. Chipmaker TSMC said it had evacuated staff at its factories in …

UK’s Reeves to Meet Key Financial Services Sectors

British finance minister Rachel Reeves said on Monday she would meet representatives from key financial services sectors, such as banking and insurance, over the coming months to formulate a new growth and competitiveness strategy. “I am committed to working hand-in-hand …

EEOC Sues Two Automakers, Alleging Discrimination and Harassment

The U.S. Equal Employment Opportunity Commission on Jan. 17 sued two large automakers, accusing General Motors and the United Auto Workers of age discrimination and the Stellantis unit that includes Chrysler of subjecting female employees to sexual harassment. GM and …

Walgreens Ignored Red Flags in Dispensing Opioids, US Says

The Department of Justice sued Walgreens Boots Alliance Inc. for allegedly dispensing opioids and other controlled substances at pharmacies across the US while ignoring red flags that the prescriptions were likely illegal. The lawsuit claims Walgreens pharmacists filled millions of …

Michigan Adult Care Company to Pay $170K in EEOC Lawsuit

PACE Southeast Michigan, a company providing all-inclusive care for the elderly, will pay $170,000 and furnish other relief to resolve a disability discrimination lawsuit filed by the U.S. Equal Opportunity Commission (EEOC), the federal agency announced. According to the EEOC’s …

Extreme Cold and Record Snowfall to Test Texas Power Grid

A cold blast gripping the US South threatens to bring record-breaking snowfall to New Orleans and Houston and a deep freeze that endangers oil and natural gas output and electrical grids. Snow and sleet began dropping Monday night in Houston, …

Insurtechs’ Approach to Wildfire Insurance: Part I – Delos

While the Los Angeles wildfires inch closer toward containment, estimates of insured losses continue to creep higher. CoreLogic said the industry price tag of the Palisades and Eaton fires could land between $35 billion and $45 billion. Moody’s RMS, in …

North Carolina Settles on 15% Increase in HO Rates

RALEIGH. N.C. (AP) — Base rates for North Carolina homeowners’ insurance premiums will increase on average by about 15% by mid-2026 as part of a settlement reached by the state Insurance Department and the industry. The agreement announced Friday by …

Liberty Mutual, Great American Balk at $20M Claim on Fake Basquiat Artwork

ORLANDO, Fla. (AP) — Two insurance companies have asked a court to block a $19.7 million claim by owners of more than two dozen forged Jean-Michel Basquiat paintings that were seized during an FBI raid at the Orlando Museum of …

Rainbow Gets $8M Series A Funding to Expand Small Business Offerings

Rainbow, a digitally enabled managing general underwriter based in San Francisco, California, announced raising $8 million in Series A funding led by Zigg Capital. The MGU says the financing, which closed in the fourth quarter of 2024, will accelerate plans …

New Jersey Officials Cleared of Wrongdoing in Menendez Corruption Case

The New Jersey attorney general’s office cleared state law enforcement officials of wrongdoing in a corruption case involving former US Senator Robert Menendez, who awaits sentencing after his conviction last year. AG Matthew Platkin said Friday his inquiry “found no …

Poll: Two-Thirds of Northwest Drivers Feel Comfortable Driving in Snow And Ice

Many drivers feel ready to tackle Pacific Northwest winter weather. A poll shows 59% of Northwest drivers report feeling comfortable driving in snow and ice. PEMCO Mutual Insurance polled Washington and Oregon drivers for their perceptions about their own driving …

New York, New England Surplus Lines Insurance Groups Merge

The Professional Insurance Wholesalers Association (PIWA) and the New England Surplus Lines Association have merged. The combined organization will operate under the PIWA name and serve excess-and-surplus wholesalers throughout the Northeast. The organization serves as a resource for wholesale brokers …

World Insurance Associates Acquires Business Contractors Insurance in California

World Insurance Associates LLC acquired the business of Business Contractors Insurance Services in Santee, California. BCIS was founded more than 15 years ago. The firm provides insurance services to individuals and businesses. World Insurance Associates is headquartered in Iselin, N.J., …

Moody’s RMS Adds to LA Fires Insured Loss Estimates With Range of $20B-$30B

Moody’s RMS Event Response said insured losses for the January 2025 Los Angeles fires will likely fall in the $20 billion to $30 billion range. The Jan. 17 estimate from Moody’s RMS came a day after CoreLogic put out a …

City of London’s Tallest Tower Fully Leased With RiverStone International Deal

The tallest skyscraper in the City of London financial district has reached full occupancy just over four years after it was completed. RiverStone International, a holding company that acquires insurance businesses, has leased the final remaining floor at 22 Bishopsgate, …

Four Canadian Banks Quit Climate Group as Exodus Begun by Wall Street Picks Up

Four of Canada’s biggest banks are leaving the industry’s top climate-finance alliance, joining Wall Street peers and extending an exodus that started in early December. Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, Bank of Montreal and National Bank of Canada …

Red Sea Trade Route to Remain too Risky Even After Gaza Ceasefire: Industry Executives

Companies transporting their products around the world are not ready to return to the Red Sea trade route in the wake of a Gaza ceasefire deal because of uncertainty over whether Yemen’s Houthis will continue to attack shipping, industry executives …

EU Plans Ban on ‘Forever Chemicals’ in Consumer Products

The European Commission intends to propose a ban on the use of PFAS, or “forever chemicals,” in consumer products, with exemptions for essential industrial uses, the EU’s environment chief told Reuters. PFAS, or Perfluoroalkyl and Polyfluoroalkyl Substances, do not break …