Parent Prakop and Associates Insurance Agency
Insurance News

News – Insurance Journal

Cryptocurrency Crime Declines But ‘DeFi’ Fraud Soars: CipherTrace

14 May 2021 05:00


Losses from cryptocurrency theft, hacks and fraud fell sharply in the first four months of the year, but crime in the booming “decentralized finance” space hit an all-time high, a report from crypto intelligence company CipherTrace showed on Thursday. DeFi …


SEC Plans New Workforce Data Disclosure Rule

14 May 2021 05:00


The U.S. Securities and Exchange Commission (SEC) plans to propose a rule requiring that public companies disclose a range of workforce data as the agency steps up environmental, social and governance (ESG) disclosures, its new chair, Gary Gensler, said on …


Neptune to Offer Flood Insurance to Small Business Administration Borrowers

14 May 2021 04:35


Neptune Flood, an AI-driven flood insurance company, has launched sbaflood.com designed for SBA borrowers to obtain commercial flood insurance. Both owners and tenants are eligible for commercial flood insurance through the new platform. Government backed business loans, such as those …


Tornado in New Orleans Rips Off Roofs, Knocks Out Power

13 May 2021 23:28


A tornado ripped off roofs, knocked down utility poles and cut off power to thousands in New Orleans early on May 12, but no serious injuries were reported in what one city official called an unexpected “dry run” for the …


Worker Overcome by Fumes in Iowa Plant Rescued

13 May 2021 23:25


A hazardous materials team rescued a worker who was overcome by fumes on May 12 inside a suburban Des Moines, Iowa, food packaging manufacturing plant. The incident occurred just after 8 a.m. at Amcor in Saylor Township, television station KCCI …


Fire Causes Major Damage at North Dakota Strip Mall

13 May 2021 23:22


A fire on May 11 caused extensive damage at a strip mall in Fargo. The three-alarm fire broke out in Bodyworks Physical Therapy in the afternoon and spread to Gigi’s Playhouse which serves individuals with Down syndrome, according to authorities. …


Report: California Workers’ Comp Written Premium Down in 2020

13 May 2021 21:10


Written premium for 2020 was 13% below the previous year, and was at the lowest since 2012, a new report out on Thursday shows. The Workers’ Compensation Rating Bureau of California Quarterly Experience Report, which is as of Dec. 31, …


Texas Passes Restrictive Abortion Bill That Expands Exposure to Lawsuits

13 May 2021 20:14


Legislation that would ban abortions after as early as six weeks — before many women know they are pregnant — and let virtually any private citizen sue abortion providers and others was given final approval by lawmakers on May 13 …


California Commissioner Calls on Insurers to Do More to Boost Wildfire Prep

13 May 2021 19:46


California Insurance Commissioner Ricardo Lara called for property insurers in the state to step up and do more to help residents and businesses deal with wildfires. Lara on Thursday gave an update on the actions and communities in the state …


Florida Man Accused of Failing to Pay $193K in Workers’ Comp Premium

13 May 2021 16:59


A Florida man has been arrested for workers’ compensation premium fraud and additional charges for allegedly concealing payroll information to avoid paying more than $193,000 in workers’ compensation premiums, according to a statement from the Florida Department of Financial Services. …


Florida Declares State of Emergency After Pipeline Shutdown

13 May 2021 16:38


Florida Gov. Ron DeSantis declared a state of emergency Tuesday evening in response to gasoline shortages caused the shutdown of a major pipeline by hackers. The executive order signed by DeSantis activates the Florida National Guard, as needed, and directs …


Arkansas Insurer to Settle Retaliation Discrimination Suit for $90K

13 May 2021 16:05


A life insurance company based in Little Rock, Arkansas, will pay $90,000 to settle a retaliation discrimination lawsuit, federal officials say. According to the U.S. Equal Employment Opportunity Commission (EEOC), USAble Life (USAL), which also has a presence in Florida, …


2020’s Hurricane Zeta Upgraded from Cat 2 to Cat 3

13 May 2021 16:04


Hurricane Zeta, which swept through southeast Louisiana at the tail end of the 2020 hurricane season, has been upgraded to a major, Category 3 storm at Louisiana landfall, according to a federal report released on May 11 that underscored the …


Nebraska Legislation Shielding Businesses from COVID Lawsuits Advances

13 May 2021 16:03


A sweeping bill that would shield Nebraska businesses and local governments from coronavirus-related lawsuits won initial approval from state lawmakers on May 11, despite complaints that senators haven’t done enough for workers who were at risk. Lawmakers advanced the proposal, …


U. of Michigan Missed Chances to Stop Doctor’s Abuse, Report Says

13 May 2021 16:02


Staff at the University of Michigan missed many opportunities to stop a doctor who committed sexual misconduct for decades with long-term consequences for hundreds of patients, including generations of student athletes, a law firm hired by the school has reported. …


Texas Bill Requires Auto Insurance Policies to Allow Appraisal Challenges

13 May 2021 15:58


A bill recently passed out of the Texas House of Representatives Insurance Committee would secure the right of an auto insurance policyholder to challenge their insurance company’s appraisal of a loss if they don’t agree with it. House Bill 2534 …


Higginbotham Expands in Louisiana with Haik Insurance

13 May 2021 15:54


Fort Worth, Texas-based independent insurance and financial services firm, Higginbotham, has partnered with Haik Insurance, an independent broker in Lafayette, Louisiana, to establish Higginbotham’s third office in Louisiana, With the transaction, Haik Insurance becomes a Higginbotham company. In addition to …


People Moves: AXA XL Canada Names 5 Underwriters; MS Amlin Appoints 2 at Reinsurance Business

13 May 2021 15:46


This wrap-up of international People Moves details recent appointments at AXA XL and MS Amlin. To meet the growing demand for underwriting expertise in Canada, AXA XL announced that it has added five Toronto-based underwriters to its core Canadian team. …


Colonial Pipeline Paid Hackers Nearly $5 Million in Ransom: Bloomberg

13 May 2021 15:40


Colonial Pipeline Co. paid nearly $5 million to Eastern European hackers on Friday, contradicting reports earlier this week that the company had no intention of paying an extortion fee to help restore the country’s largest fuel pipeline, according to two …


Oregon Grass Seed Dealer Paying $300K Settlement over Mislabeling

13 May 2021 14:29


A Willamette Valley, Ore., grass seed dealer accused of mislabeling over 8 million pounds of seed will pay $300,000 in a settlement with Oregon state agriculture officials. Dynamic Seed Source LLC and owner Trevor Abbott have agreed to pay the …


Connecticut Offering $280M to Nursing Homes to Avoid Strikes

13 May 2021 14:09


Connecticut officials on Monday proposed an additional $280 million in funding for nursing homes in an effort to avoid strikes by nearly 4,000 health workers that are set to begin Friday if negotiations fail. Democratic Governor Ned Lamont’s budget director, …


Airbus, Air France Could Face Charges of Manslaughter over Deadly Crash in 2009

13 May 2021 14:09


Airbus SE and Air France-KLM could face charges of involuntary manslaughter over the deadly crash of a Paris-bound plane off the Brazilian coast over a decade ago. The Paris appeals court ruled Wednesday that the case should be taken to …


Mitchell | Genex | Coventry Enters Agreement to Acquire QualCare Alliance Networks

13 May 2021 14:01


Mitchell | Genex | Coventry, a provider of cost containment technology, provider networks, clinical services, pharmacy benefit management (PBM) and disability management, has entered into a definitive agreement to acquire QualCare Alliance Networks Inc. (QANI), a managed care organization serving …


Commercial Auto Insurance Business on Road to Break-Even in 2021: Fitch

13 May 2021 13:23


The commercial auto insurance segment posted its best underwriting result in a decade in 2020, thanks to continued big rate increases and a big drop in driving due to the coronavirus pandemic. According to a Fitch Ratings report, the commercial …


ArgoGlobal Provides Capacity of $25M for Green Finance MGA Tierra Underwriting Ltd.

13 May 2021 12:57


ArgoGlobal, the Lloyd’s insurer and member of Argo Group, has formed a partnership with green finance managing general agency, Tierra Underwriting Ltd. ArgoGlobal is providing $25 million in underwriting capacity to support the MGA, supporting Tierra Underwriting in transactions that …


Biden Signs Executive Order on Cyber Information Sharing, Safety Practices

13 May 2021 12:30


President Joe Biden on Wednesday signed an executive order intended to strengthen U.S. cybersecurity by improving information sharing about attacks with the private sector and adopting better safety practices throughout the government. It also seeks to improve the government’s response …


Miller Launches Professional Indemnity Product for Freelance Solicitors

13 May 2021 11:24


Insurance broker Miller has launched a professional indemnity (PI) product designed specifically for solicitors operating on a self-employed basis. The product was developed following reforms introduced in November 2019 by the Solicitor’s Regulation Authority (which regulates solicitors in England and …


Colonial Pipeline’s Cyber Insurers Include AXA XL, Beazley

13 May 2021 11:12


Colonial Pipeline has cyber insurance arranged by broker Aon, with Lloyd’s of London insurers AXA XL and Beazley among the underwriters, three sources told Reuters on Thursday. Colonial Pipeline has begun to restart the nation’s largest fuel pipeline network after …


Specialist Risk Group Buys Dublin-Based MGA, Blackrock Insurance Solutions

13 May 2021 10:43


Specialist Risk Group (SRG), the London-based insurance intermediary, announced the acquisition of specialist Irish liability and property managing general agent (MGA), Blackrock Insurance Solutions. Financial details of the acquisition were not disclosed. SRG said this acquisition further demonstrates its commitment …


Medical Professional Liability Market Facing Difficult Times

13 May 2021 05:00


Despite a slight improvement in net income in 2020, U.S. medical professional liability (MPL) insurers saw their sixth consecutive year of underwriting losses, according to a new AM Best report. According to the new Best’s Special Report, “Continued Uncertainty Clouds …

        
781-344-9607
733 Washington Street, Stoughton, MA, 02072, United States
Switch to desktop site
sc