Latest News & Insights

Some War Insurers Advise Shipowners to Pause Hormuz Voyages After Attacks: Sources

Some war underwriters have advised shipping companies to pause voyages through the Strait of Hormuz while others are reviewing their policy terms after renewed vessel attacks threatened a return to war between Iran and the U.S., insurance industry sources said …

AM Best Revises Outlook to Stable for Brotherhood Mutual

AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Brotherhood Mutual Insurance Company …

Wisconsin Residents Affected by April Storms Eligible for FEMA Aid

Wisconsin residents affected by the April storms that brought severe flooding and tornadoes to the state can apply for FEMA aid. Affected individuals in Bayfield, Brown, Buffalo, Jackson, Jefferson, Juneau, Kenosha, Manitowoc, Marathon, Milwaukee, Outagamie, Racine, Rock, Sauk, Vernon, Washington, …

NYC to Publicly Identify Buildings Testing Positive for Legionnaires’ Bacteria

New York City is taking the unprecedented step of publicly identifying buildings on the Upper East Side where cooling towers test positive for the bacteria causing Legionnaires’ disease. Buildings with positive initial tests are also being ordered to immediately drain, …

Changes in Policy Language, Provisions Suppressing Claim Volume, Report Shows

U.S. claim volume fell 8.9% from last year, with total claims dipping 13.1% below the five-year average, despite several large catastrophe events, said a new report. Changes in policy language and policy provisions are a big factor in suppressing the …

Clash of Florida Titans Pits Powerful Tribe Against Homebuilder Lennar

Ciara Billie was about to step into the shower of her newly built townhome on the Hollywood Seminole Reservation in South Florida when her ceiling began to crumble and an air-conditioning vent crashed down on her toilet. For months, Billie …

Business Moves: ALKEME Expands in US With Addition of 8 Agencies

Insurance agency ALKEME Insurance said it acquired eight agencies across the U.S. over the second quarter 2026 to enhance its property/casualty offerings in growing markets. Terms of the deals were not disclosed. The newly acquired firms include: LG Insurance (Long …

Wildfire Risk Rises Across US West as Winds, Dry Lightning Build

Strong winds and dry thunderstorms are raising the risk of fast-moving wildfires across much of the U.S. West, where forecasters warned conditions will favor new ignitions and rapid fire spread through Thursday. An elevated fire-weather outlook, Level 1 on the …

Labor Crunch Tests Growth Limits for US Data Center Builders

Following several quarters of record order books, a skilled-labor shortage is testing the limits of growth for the craft-labor providers who build data centers across the US. While some executives have downplayed the strain, others acknowledge that a lack of …

3 Firefighters Killed in Colorado Remembered for Bravery

With wildfires burning across many Western states, wildland firefighters gathered to pay tribute to three of their own who died after they were trapped by flames a week ago. Emily Barker, Nick Hutcherson and Sydney Watson were remembered on Sunday …

Connecticut Seeks Consultant to Explore Nonprofit Liability Insurance Options

The Connecticut Insurance Department (CID) is seeking a consultant to conduct a study and present options to improve the liability insurance market for nonprofit organizations operating in the state. A report issued in January by a working group of legislators, …

Damaged Qatari LNG Tanker Awaits Salvage After Strike as Hormuz Risks Escalate

A Qatari LNG tanker was still stuck off Oman on Wednesday awaiting salvage operations, shipping data showed, a day after it was hit by a projectile, while the U.S. military said two other tankers had been targeted by Iran in …

Allianz Unit to Cut as Many as 1,800 Jobs in Push to Adopt AI

Allianz SE plans to eliminate hundreds of positions at its assistance and travel insurance subsidiary Allianz Partners as the company pushes forward with implementing artificial intelligence solutions. The cuts, which they expect to take the forms of severance agreements, early …

Developer Downplays Structural Concerns at ‘Unstable’ Midtown Manhattan Tower

The structural concerns that led New York City officials to shut down a Midtown Manhattan high-rise and evacuate surrounding buildings are “very small,” said Nathan Berman, the chief executive officer of Metro Loft, which is leading the project to convert …

NYC Is Racing to Secure Unstable Midtown Manhattan Building

New York City officials were racing to stabilize a high-rise building in the heart of Manhattan after cracks developed in multiple columns and floors began to sag, leading to the evacuation of nearby office buildings and a school during the …

London Moves to Expand Influence in $140 Billion ILS Market

The world’s biggest hub for commercial and specialty risk is angling for a much more prominent role in the $140 billion global market for insurance-linked securities. Issuance of ILS products, currently dominated by Bermuda, is witnessing a stunning surge in …

Private Equity Turns to Heat Detectives as Climate Risks Intensify

Erratic weather is forcing private equity investors to scrutinize a new source of financial risk — whether assets in their portfolios can withstand a changing climate. For decades, investment models at the world’s largest funds relied on assumptions of a …

Allstate Sued by Oklahoma for Alleged Scheme to Underpay Claims

Oklahoma’s attorney general sued Allstate Corp., alleging the insurer schemed to minimize payouts to homeowners for wind and hailstorm damage in order to boost its profits. The state’s top lawyer, Gentner Drummond, alleges that Allstate implemented an internal program to …

Supreme Court Lets Texas’ Age App Verification Law Stand

Texas can continue enforcing a law requiring app marketplace operators like Google and Apple to verify all users’ ages after the U.S. Supreme Court declined Monday to intervene. Senate Bill 2420, which was supposed to take effect Jan. 1, establishes …

Sequel Insurance Agencies Acquires Texas’ Watkins

Sequel Insurance Agencies, powered by SIAA, a leading independent insurance agency platform and perpetuation partner for entrepreneurial agencies, announced its acquisition of Watkins Insurance Group including five office locations across Austin and Central Texas. This transaction marks another strategic milestone …

Merger Suits Stall Under DOJ Boss Who Opposes Blocking Deals

A nearly $1 billion takeover by a defense supplier that Pentagon officials previously faulted for overcharging the military may serve as the latest test of how light a touch the US Justice Department is willing to take on corporate mergers. …

Iran Tells UN It Has Right to Control ‘Parts’ of Hormuz Strait

Iran told the United Nations’ shipping agency that it has authority over parts of the Strait of Hormuz, the waterway that’s a centerpiece of peace talks between Washington and Tehran. “Parts of the Strait of Hormuz fall within the territorial …

Ugandan Farmers to Challenge $5.6 Billion Pipeline in UK Lawsuit

A group of Ugandan farmers will on Tuesday file a lawsuit in the UK High Court against the East African nation’s $5.6 billion crude pipeline, potentially delaying long-awaited exports due to begin later this year. The petition says the 1,450-kilometer …

Premiums Will Skyrocket by 2035, and Discounts Not Enough for Wind Mit, Studies Say

Home fortifications, from roof tie-downs to window protections, have been recognized as key factors in reducing losses, claims and premiums in hurricane-prone states like Florida. But relying on the incentive of premium discounts is not enough to prompt widespread adoption …

Shark Attack on Alabama Teen Inspires Start of National Alert System

Lulu Gribbin was 15 when she survived a shark attack off the coast of Florida. She lost her left hand, part of her right leg and almost her life. What she didn’t know when she entered the water on that …

Los Angeles Heat Builds Ahead of Hot Spell Across US Southwest

Temperatures are set to rise across Los Angeles and parts of the southwestern U.S. later this week. Extreme heat is already settling across Southern California and Arizona as readings threaten to reach 116F (47C) across the region, including in Palm …

People Moves: Chesapeake Employers’ Names Barnett to Leadership

Chesapeake Employers’ Insurance Company Names Barnett SVP, CFO Chesapeake Employers’ Insurance Company appointed John Barnett as senior vice president and chief financial officer (CFO). Barnett brings more than 25 years of financial leadership experience to Chesapeake Employers and will play …

Judge Approves $46.75 Million Payout for 23andMe Data Breach Victims

A U.S. bankruptcy judge on July 7 approved a $46.75 million settlement for victims of a 2023 data breach at the genetic testing company 23andMe, which exposed genetic and other personal information of an estimated 6.9 million customers. U.S. Bankruptcy …

NTSB Finds No Engine Failure in Deadly Missouri Skydiving Plane Crash

Federal safety investigators said in a new preliminary report that they found no indication that engine failure caused the fiery crash of a plane on a skydiving outing last month in Missouri that killed all 12 people aboard, including several …

Sompo to Acquire Service Insurance Companies to Expand US Workers Comp

Sompo International Holdings Ltd. said it has a definitive agreement to acquire Service Insurance Companies, a monoline workers’ compensation insurance company. Terms of the transaction were not disclosed. “Together with Service Insurance Companies’ seasoned leadership team and proven workers’ compensation …