Latest News & Insights

Correll Group Acquires Two More SE Agencies

Correll Insurance Group, a rapidly growing agency in the Southeast, announced two more acquisitions of Tennessee-based agencies: SouthPoint Risk, in Nashville, and Insight Risk Management, in Memphis. Correll said in a news release that it has made 10 acquisitions in …

Workers’ Compensation Must Reimburse for Medical Marijuana Costs in Pennsylvania

Injured workers in Pennsylvania are entitled to be reimbursed for medical marijuana costs under the state’s workers’ compensation law. A Commonwealth Court of Pennsylvania has ruled that while the Medical Marijuana Act (MMA) does not require insurers or self-insured employers …

U.S. Studies Ways to Insure All Bank Deposits If Crisis Grows

US officials are studying ways they might temporarily expand Federal Deposit Insurance Corp. coverage to all deposits, a move sought by a coalition of banks arguing that it’s needed to head off a potential financial crisis. Treasury Department staff are …

Arthur J. Gallagher Acquires Viking Bond Service in Arizona

Arthur J. Gallagher & Co. acquired Phoenix, Arizona-based Viking Bond Service Inc. Tom Buckner, Bill Belpedio and the Viking Bond team will operate under the direction of Kevin Garvin, head of Affinity North America for Gallagher’s retail property/casualty brokerage operations. …

Fox, Dominion Pursue Pretrial Wins in $1.6B Defamation Case

Lawyers for Dominion Voting Systems on Tuesday were asking a Delaware judge to find Fox Corp. liable for defamation over airing debunked vote-rigging claims, while Fox lawyers fighting a $1.6 billion lawsuit counter that the network’s 2020 election coverage was …

UK Businesses Face Risk of Underinsurance as Construction Costs Reach Record Highs

Continuing high levels of inflation in construction costs in the UK and globally, risk leaving homes and businesses underinsured in the event of fire or another catastrophic event, warned Chaucer, the specialty re/insurance group. Many businesses have tried to save …

Without Veto, Tougher Riot, Property Damage Penalties Become Law in North Carolina

Increased punishments for rioting in North Carolina will become law later this year as Democratic Gov. Roy Cooper announced on Friday he wouldn’t use his veto stamp on legislation that’s similar to a bill he successfully blocked in 2021. The …

Boaters Did Not Survive After Trying to Rescue Woman, Florida Sheriff Says

Two men were found dead after a boating incident on a central Florida lake near the Legoland theme park. Polk County Sheriff Grady Judd said at a news conference that the two men had jumped into Lake Eloise Saturday to …

Toxic Spills at Alberta’s Oil Sands Spur Canada to Boost Regulatory Oversight

Canada’s federal government is stepping up environmental oversight in Alberta’s oil sands after Imperial Oil Ltd. and the provincial regulator were slow to report toxic spills. Environment Minister Steven Guilbeault has proposed a joint federal-provincial-Indigenous working group with the involvement …

How Coconuts Protect East Coast and Other Eroding Shorelines

Coastal communities around the world are adding a tropical twist to shoreline protection, courtesy of the humble coconut. From the sands of the Jersey Shore to the islands of Indonesia, strands of coconut husk, known as coir, are being incorporated …

Russian Court Freezes Volkswagen Assets in Russia

A Russian court on Monday froze all Volkswagen assets in Russia, in the latest obstacle to the German carmaker’s year-long efforts to wind down its Russian operations. Volkswagen, along with other foreign carmakers, suspended operations in Russia last year after …

Ferrari Says Ransomware Attack Exposed Clients’ Names, Email Addresses

Ferrari NV said it was hit by a ransomware attack that exposed information on the Italian sports car maker’s customers. “Certain data relating to our clients was exposed, including names, addresses, email addresses and telephone numbers,” Chief Executive Officer Benedetto …

Britain’s Financial Services Industry Plans Blueprint for Post-Brexit ‘Kickstart’

Top officials from Britain’s financial sector said on Tuesday they would set out a blueprint later this year to “kickstart” London’s role as a post-Brexit global financial center by 2030. The City of London, home to Britain’s historic financial district, …

Too Soon for ‘All Clear’ in D&O Insurance Market as Banks Fall

D&O insurers breathed a short sigh of relief when the U.S. government pledged to protect depositors of failed Silicon Valley Bank last week. But it wasn’t necessarily business as usual for watchful underwriters in the days following the March 12 …

WCRI: Consolidation of Health Care Driving Up Prices in Work Comp

Consolidation of physician services into larger groups owned by hospitals and health care systems is driving up the cost of care in workers’ compensation, according to a new study by the Workers’ Compensation Research Institute. “Medical markets are increasingly concentrated,” …

States Urge Hyundai, Kia to Do More to Tackle Theft Risk

A group of 22 U.S. state attorneys general on Monday blasted Hyundai Motor 005380.KS and Kia Corp 000270.KS and said they need do more to address problems with millions of U.S. vehicles that are prone to theft. Last month, the …

People Moves: Surplus Line Association of California Promotes Trumbly, Adds Mayet

The Surplus Line Association of California, headquartered in San Ramon, California, promoted Barbara Trumbly to senior vice president and has hired Yusuf Mayet as the organization’s vice president for compliance. Trumbly, previously the SLA’s vice president for human resources, is …

How Much Is a Picture Worth? Jury Can Decide in Personal Injury Claim, Says Court.

Photos of damaged vehicles are relevant to the likelihood and degree of personal injury in a car accident case and they are admissible at trial, even when no expert witnesses are around to testify about them, the Massachusetts high court …

4 Killed in Wrong-Way Crash on Southern California Freeway

Four people were killed early Sunday in a wrong-way collision involving several vehicles on a freeway east of Los Angeles, authorities said. The crash occurred around 2:30 a.m. in southbound lanes of State Route 71 in Chino Hills after several …

Cannasure Quickly Moving New and Renewal Business from Topa in California

It appears one of the nation’s better known cannabis insurance specialists is having to do some scrambling after AM Best announced it was downgrading the credit ratings of Topa Insurance Co. in Calabasas, California, and its subsidiary, Dorchester Insurance Company …

People Moves: Tokio Marine Boosts UK Trade Credit Division With Underwriting Hires From Atradius, Coface; BHSI Promotes Ruddlesdin to Head of PI & Cyber in London

This edition of International People Moves details appointments at Tokio Marine and Berkshire Hathaway Specialty Insurance (BHSI). A summary of these new hires follows here. Tokio Marine Hires Underwriters from Atradius, Coface for UK Trade Credit Tokio Marine HCC International …

Homeowners of America Applies for Texas Reciprocal Exchange

Porch Group, Inc. announced that its insurance business, Homeowners of America (“HOA”), has filed an application to form and license a Texas reciprocal insurance exchange (a “Reciprocal”) with the Texas Department of Insurance (TDI). If approved and fully implemented by …

AM Best Downgrades Credit Ratings of Topa in California

AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “bbb+ (Good) from “a-” (Excellent) of Topa Insurance Co. in Calabasas, California, and its subsidiary, Dorchester Insurance Company Ltd. …

Moseley Law Firm, Mitchell Adjusting Under More Legal Troubles

A judge in Louisiana and a prosecutor in Texas have taken action to block two separate insurance fraud schemes: One by a law firm whose lawyers admitted filing claims on behalf of homeowners it did not represent and another by …

Arthur J. Gallagher & Co. Acquires Indiana’s SBP

Arthur J. Gallagher & Co. today announced the acquisition of Fort Wayne, Indiana-based Stewart, Brimner, Peters & Company, Inc. (SBP). Terms of the transaction were not disclosed. SBP is a retail insurance broker offering a variety of commercial and personal …

Reliance Acquires Assets of Truck Team Insurance in Utah

Reliance Partners acquired the assets of Truck Team Insurance in Salt Lake City, Utah. Truck Team Insurance Owner Brent Tate will also join Reliance Partners’ team as vice president of sales. He has more than 20 years of commercial insurance …

NSM Insurance Adds 3 Medical Stop Loss, Managed Care Specialty Firms

Pennsylvania-based insurance program specialist NSM Insurance Group has completed its acquisition of three businesses that specialize in the field of medical stop loss insurance and managed care insurance. The firms are Sequoia Reinsurance Services in Minnesota, and IOA Re’s two …

‘Climate Time Bomb Ticking’, Warns UN Chief, Urging Faster Cuts to Emissions

U.N. Secretary General Antonio Guterres warned that the “climate time bomb is ticking” as he urged rich nations on Monday to slash emissions sooner after a new assessment from scientists said there was little time to lose in tackling climate …

California Care Home Charged in Connection With COVID Deaths

A Southern California residential care home company and three of its managers have been charged in connection with 14 COVID-related deaths at one of its facilities three years ago, prosecutors said. The criminal complaint alleges Silverado Senior Living Management failed …

Hawaii Officers, Sued Charged in Alleged Crash Coverup

Honolulu prosecutors filed charges against four police officers alleging a cover-up in connection with a high-speed car chase that they say resulted in a crash and a traumatic brain injury to the driver of another car. Honolulu Prosecuting Attorney Steve …