Latest News & Insights

People Moves: Lockton Names Young SVP

Lockton, based in Kansas City, Missouri, hired benefits consultant Chad Young as senior vice president based in its Houston office. Young previously served as an account executive at Aetna and held senior account executive roles at Assurant and The Hartford. …

People Moves: JM Wilson Hires Musolf and Hudson as Assistant Property & Casualty Underwriters; Group Captive Program Leader Albian Joins Ryan Alternative Risk

JM Wilson, headquartered in Portage, Michigan, hired Savana Musolf and Lisa Hudson as assistant property and casualty underwriters. Musolf works with independent insurance agents and company underwriters in Michigan and Texas. Before joining JM Wilson, Musolf worked for over two …

Sentry Buys Nonstandard Auto Insurer The General From American Family for $1.7B

Sentry Insurance said it is buying nonstandard auto insurer The General from American Family Insurance for about $1.7 billion to mark the largest acquisition in the company’s 120-year history. Sentry will pay $1.1 billion in cash and assume liabilities and …

Florida Home Inspector Used Stock Photos 200 Times, Defrauding Citizens, DFS Says

A Florida home inspector allegedly used the same stock photographs in more than 200 home and wind-mitigation inspections, costing Citizens Property Insurance Corp. more than $88,000, the state Department of Financial Services said after the man was arrested. Jasiel Mena, …

Francine Knocks Out Power to Hundreds of Thousands in US South

Francine knocked out power to nearly half a million homes and businesses and canceled hundreds of flights across the US South after coming ashore as a hurricane. The storm has weakened to a tropical depression with winds of 35 miles …

Top EU Privacy Regulator Opens Probe Into Google’s AI Compliance

The top EU privacy regulator opened an inquiry on Thursday into whether search engine giant Google adequately protected European Union users’ personal data before using it to help develop its foundational AI Model. Ireland’s Data Protection Commission (DPC), the lead …

New Mexico Attorney General Files Suit Against Snapchat

New Mexico’s attorney general has filed a lawsuit against the company behind Snapchat, alleging that site’s design and policies foster the sharing of child sexual abuse material and facilitate child sexual exploitation. Attorney General Raúl Torrez filed the lawsuit against …

Lloyd’s of London Plans to Overhaul ‘Unclear’ Rules on Dealing With Poor Conduct

Lloyd’s of London said on Thursday it plans to overhaul its rules on dealing with poor conduct in the commercial insurance market as its current processes for dealing with bad behavior could be “unclear.” The Lloyd’s of London market, which …

Firefighters Hope Cooler Weather Will Aid Battle Against 3 Major Southern California Fires

Firefighters battling three major wildfires in the mountains east of Los Angeles took advantage of cooler weather Wednesday as they slowly gained the upper hand, but not before dozens of homes were destroyed and thousands of people were forced to …

Property Drives E&S Growth of 15% in 2023 to Increase Overall P/C Share

For the sixth straight year, U.S. excess and surplus insurers in 2023 saw double-digit growth in direct written premiums. E&S direct written premiums (DWP) grew 15% last year to increase its share of the total property/casualty market to 9%, according …

Hospital to Pay $65M to End Suit Over Cyber Attack That Exposed Patients’ Nude Photos

Lehigh Valley Health Network has agreed to a $65 million settlement of a class action with patients and employees affected by a 2023 ransomware attack that exposed personal and medical information including nude photos of patients. Every settlement class member …

Pinnacol’s EverPeak Workers’ Comp Coverage Expands Into South Carolina

EverPeak Insurance, a workers’ compensation insurer that specializes in hard-to-place industries and small businesses, has recently expanded into South Carolina. Vice President and Chief Operating Officer Vlad Stojanovic said the move will help address the difficulties that some employers face …

Canada’s Wildfire Season Ranks Among Worst but Less Severe Than Feared

With summer drawing to a close in Canada, the 2024 wildfire season is shaping up as one of the most destructive on record, largely due to the devastation caused by a blaze that ripped through a tourist town in the …

Mastercard Agrees to Buy Cyber-Defense Firm for $2.65 Billion

Mastercard Inc. agreed to buy cyber-defense firm Recorded Future for $2.65 billion to boost its ability to protect the card company’s massive global-payments system. The purchase from private equity firm Insight Partners will expand Mastercard’s ability to use artificial intelligence …

New York City Cab Crash Sends Rider on ‘Nightmare’ to Get Insurance Money

Carlos Quiles says he was seriously injured in May 2022 when the Uber he was traveling in crashed into two parked cars in Queens — after the driver lost control of his Toyota while trying to clear a fly or …

Vermont Lags in Risk Management for Natural Disasters Including Flooding

Vermont has failed to complete many actions in its five-year hazard mitigation plan aimed at reducing the risk from natural disasters such as flooding, according to a new report from the state auditor’s office. The plan is developed by Vermont …

China Braces for Another Typhoon After Yagi Slammed South Coast

Typhoon Bebinca is forecast to hit the east coast of China early Monday, threatening to bring excessive rainfall that could disrupt oil refineries and LNG import terminals and paralyze transport. The expected landfall of Bebinca, currently more than a thousand …

Thailand Raises Flood Warnings as Deaths Rise After Typhoon Yagi

Thailand warned a new storm may cause more floods and landslides, while death toll from Typhoon Yagi and the monsoon rains continued to rise. More than 40 provinces were placed on alert for possible flash floods as a new tropical …

Swiss Insurer Baloise Targets Higher Returns for Shareholders After Cevian Move

Swiss insurer Baloise said on Thursday it plans to boost return on equity and will consider share buybacks after activist-investor Cevian Capital this week revealed it held more than 9% of the company’s stock, becoming its top stakeholder. Baloise said …

Taishin Raises Offer for Shin Kong in What Could Be Taiwan’s Biggest Financial Deal

Taiwan financial conglomerate Taishin said it would raise its offer for peer Shin Kong by 25% to about T$222.4 billion ($7 billion), in a deal that would be Taiwan’s biggest-ever financial services industry merger. Taishin and Shin Kong’s long-mooted tie-up, …

Moody’s, Amwins Expect Continued Cyber Market Growth

Two organizations recently expressed optimism that the softening cyber market that emerged in 2023 will remain favorable into the future. In separate reports, Moody’s Ratings and Amwins Brokerage offered insights on the sector’s landscape. Moody’s shared that the market is …

Cyberattacks on US Utilities Surged 70% This Year, Says Research Firm

U.S. utilities faced a near 70% jump in cyberattacks this year over the same period in 2023, according to data from Check Point Research, underlining the escalating threat to a critical infrastructure. The utilities and power infrastructure across the U.S. …

Study Stirs Debate on Real Impact of Litigation, Fraud on Property Insurance

An academic paper published in the Journal of Insurance Regulation seems to have rekindled the debate over how much of an impact litigation and fraud have had on property insurance losses and premiums, particularly in Florida. The paper, “The Case …

People Moves: Meister Joins Sertis as SVP, Distribution Partnerships; Alliant Names Mast SVP, Employee Benefits Group; Venbrook Names Oakes EVP

Meister Joins Sertis as SVP, Distribution Partnerships Sertis, headquartered in Reno, Nevada, appointed Kurt Meister as senior vice president, distribution partnerships. Meister has more than 36 years of experience in the insurance industry, including underwriting leadership, program management and broker …

State Farm: Catalytic Converter Thefts Drop 74%

For the second year in a row, State Farm auto claims data has revealed a significant drop in catalytic converter theft claims. There was a 74 % drop for the first half of 2024 compared to the same period in …

How Social Media Complicates Defamation Claims and How to Handle Them

Five professional models who sued long after a state’s three year statute of limitations expired may pursue their defamation claims against an adult entertainment nightclub for posting their images to the giant social media site Facebook without their permission. However, …

AM Best Downgrades Credit Rating of Michigan’s Wolverine Mutual

AM Best has downgraded the Financial Strength Rating to C++ (Marginal) from B- (Fair) and the Long-Term Issuer Credit Rating to “b” (Marginal) from “bb-” (Fair) of Wolverine Mutual Insurance Company, based in Dowagiac, Michigan. The outlook of these Credit …

Iowa Hotel Worker Charged With Insurance Fraud

An Iowa hotel worker was charged with insurance fraud, the Iowa Insurance Division announced Sept. 10. Jose De Jesus Rodriguez Esparza, age 39, was charged with one count of Insurance Fraud – Presenting False Information (Class D Felony) and Identity …

Francine Makes Landfall in Louisiana as Powerful Category 2 Hurricane

Hurricane Francine packed power just as it slammed into the coast of Louisiana, reaching Category 2 strength with 100 miles per hour winds and a dangerous storm surge. The storm made landfall in Terrebonne Parish, around 6 p.m. Eastern time …

In Latest Salvo AIG Says its Former Execs at Dellwood Are ‘Bad Leavers’

In its latest court filing to keep alive a lawsuit against start-up Dellwood Insurance, American International Group said its new competitor failed to explain why the suit cannot go on. AIG argued in a brief filed yesterday in U.S. District …