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News – Insurance Journal

Winter Storm Uri Losses in Texas Expected in $10B – $20B Range

1 Mar 2021 23:37


It’s likely that insured losses in Texas from Winter Storm Uri, which overwhelmed the state in mid-February, will climb into the $10 billion to $20 billion range, according to catastrophe modelers and insurance industry market analysts. Losses from Uri may …


Many States Lack Flood Risk Disclosure Laws for Homebuyers

1 Mar 2021 19:30


Homebuyers in nearly half of the states including hurricane-prone Florida can be left in the dark about the flood risks to their new house. The Natural Resources Defense Council (NRDC) ) has released an updated scorecard that shows which states …


Historic General Store in North Carolina Destroyed by Fire

1 Mar 2021 18:23


A century-old general store in the northwest North Carolina mountains known as a gathering place for local commerce and memories was destroyed by fire, authorities said. The Todd General Store, established in 1914 and identified in the National Register of …


3 Vehicles Stolen in Attack on Illinois Luxury Car Delivery Driver

1 Mar 2021 17:49


Four men attacked a luxury car delivery driver in suburban Chicago and took off with three high-end vehicles, authorities said. The attack, which was captured on video, took place early in the morning on Feb. 25 at Jidd Motors in …


Ohio Roofing Contractor Cited for Safety Violations, Fined $117.5K

1 Mar 2021 17:40


An Ohio roofing contractor has been cited for the sixth time since 2012 by federal workplace safety regulators for failing to ensure workers used required fall protection equipment. The U.S. Department of Labor’s Occupational Safety and Health Administration cited Ivan …


Nebraska’s Applied Underwriters Promotes 4 in Actuarial Department

1 Mar 2021 17:37


Justin Smith, Jing Hong, Joan Klucarich and Jordan Comacchio have been promoted at Omaha, Nebraska-based global insurance and risk services firm Applied Underwriters, which is expanding its actuarial faculty and resources. Smith was named chief underwriting officer; Hong, chief actuary; …


Texas Records $613.58M in Surplus Lines Premium in January

1 Mar 2021 17:35


Surplus lines premium continues its steady rise in Texas, with $613.58 million recorded in January, and increase of 13.6% compared with January 2020, according to the Surplus Lines Stamping Office of Texas (SLTX). Many lines of business increased over the …


GEICO Drives Up Berkshire 2020 Underwriting Profit

1 Mar 2021 16:00


With GEICO’s 2020 underwriting profit more the doubling above the level recorded in 2019, Berkshire Hathaway’s full-year property/casualty underwriting income was in the black, even though the conglomerate’s P/C reinsurance units saw underwriting losses in both years. Taken together, $3.4 …


S. Africa’s Steinhoff in Talks with D&O Insurers to Help Settle Accounting Crisis Claims

1 Mar 2021 15:55


Steinhoff International Holdings NV is in talks with the providers of director liability insurance policies about help settling legal claims resulting from a 2017 accounting crisis that took the South African retailer to the brink of collapse. An agreement with …


Ex-Credit Suisse CEO Raises $300M for Financial Services-Focused SPAC

1 Mar 2021 15:44


Former Credit Suisse Group AG Chief Executive Officer Tidjane Thiam raised $300 million for his blank-check company after boosting the size of the deal. Thiam’s Freedom Acquisition I Corp. sold 30 million units at $10 apiece in its U.S. initial …


Top Workplace Discrimination Complaints of 2020: Retaliation #1

1 Mar 2021 15:37


More than half of all workplace discrimination complaints filed with the U.S. involve retaliation, according to figures from the Equal Employment Opportunity Commission (EEOC). Retaliation was the most frequently cited claim in charges filed with the agency—accounting for 55.8 percent …


Mass. Court Says Injured Worker Can’t Charge Insurer for Medical Marijuana Expenses

1 Mar 2021 15:10


The Massachusetts Appeals Court has found that a worker can’t charge his workers’ comp insurer for the cost of medical marijuana treatment due to a work-related injury. This comes after Mark T. Delano initially sought compensation for his medical marijuana …


Suit Claims Sidewalk Caused Man’s Death in Washington

1 Mar 2021 15:07


A Clark County, Wash., woman has filed a lawsuit against the city of Vancouver claiming that poor sidewalk maintenance contributed to her brother’s death more than a year ago. According to the suit, filed in Clark County Superior Court on …


Oregon Hotel Fined for Overcharging People During Wildfire

1 Mar 2021 15:03


A hotel in Roseburg, Oregon, has been fined $31,000 for overcharging dozens of area residents who sought rooms after fleeing a large wildfire in September. The News-Review reports SUBH Investment LLC, which does business as Days Inn by Wyndham in …


Quake Rattles Alaska’s Largest City, No Damage Reported

1 Mar 2021 15:01


A moderate earthquake centered just 9 miles northwest of Anchorage was confirmed in Alaska’s largest city on Saturday. The Alaska Earthquake Center said the temblor was an aftershock of the magnitude 7.1 earthquake that caused widespread damage throughout the Anchorage …


Skier Sues Wyoming Resort for Alleged Chairlift Accident

1 Mar 2021 14:59


A Colorado woman is suing a Wyoming ski resort for more than $75,000 in damages after she said she broke her ribs during a chairlift accident. Sabita Shrestha, 75, said she, her daughter and a Snow King Mountain Resort employee …


Lloyd’s Plans to Re-Open Underwriting Room on May 17

1 Mar 2021 14:20


Lloyd’s announced on Friday, Feb. 26 that it plans to re-open its London underwriting room and corporation offices on May 17. To manage capacity and ensure the market is COVID-secure, it will once again apply a class of business rota …


Court Up’holds’ Insurers’ Denial of $6M Crime Claim for Phishing Loss

1 Mar 2021 14:07


Real estate software maker RealPage has been denied a $6 million computer crime insurance coverage claim because the stolen funds were not in its possession but were instead being held by a payment processing firm at the time of a …


AGCS Hires Hegel from Zurich as Regional Head of Client Services & Multinational

1 Mar 2021 13:56


Allianz Global Corporate & Specialty (AGCS) announced the appointment of Kevin Hegel as the new head of Client Services and Multinational Regional Unit, London and Nordics, effective immediately. He succeeds Ayleen Frete who has assumed a new role at AGCS, …


Maryland Capital Sues Oil, Gas Companies Over Climate Change

1 Mar 2021 13:37


Maryland’s capital city has filed a lawsuit against 26 oil and gas companies, saying their industry was taking the environment to a point where fighting climate change would be difficult. The City of Annapolis filed the lawsuit in Anne Arundel …


RT Specialty Names Ilgner to its Environmental and Construction Professional Practice

1 Mar 2021 13:34


Alex Ilgner has been named as an account administrator within the Environmental and Construction Professional (ECP) Practice of RT Specialty. He is based in King of Prussia, Pennsylvania. In this role, he will support the account management and policy servicing …


Specialty Program Group Promotes Preston to VP, Director of Program Development

1 Mar 2021 13:33


Specialty Program Group LLC (SPG), an operator of specialty insurance brokerages and underwriting facilities, has promoted Susan Preston to vice president and director of program development for SPG. Preston has been president of Professional Program Insurance Brokerage in Novato, Californias, …


Cinven and GIC Complete Purchase of UK Broker Miller from Willis Towers Watson

1 Mar 2021 12:55


Cinven, the international private equity firm, and GIC, Singapore’s sovereign wealth fund, have completed the acquisition of leading specialist insurance and re/insurance broker, Miller, from Willis Towers Watson. The acquisition was first announced in November 2020. Although financial details of …


UK Insurer Aviva Plans to Become Net-Zero Carbon Emissions Company by 2040

1 Mar 2021 09:02


British insurer Aviva plans to become a net zero carbon emissions company by 2040, it said on Monday, claiming this was the most demanding target set by any major insurer worldwide. Following the 2015 Paris Agreement on climate change, many …


Florida Lawmakers Unveil $100M Plan to Tackle Climate Change, Sea Rise

1 Mar 2021 08:04


Low-lying Florida, surrounded by the sea, is one of the most vulnerable U.S. states to ocean level rise driven by climate change. State Republican legislative leaders on Friday announced a $100 million-a-year plan to tackle the issue. House Speaker Chris …


South Carolina Senate Passes COVID Liability Protection Bill

1 Mar 2021 07:58


A bill that would prevent lawsuits against businesses and other groups by people who contract COVID-19 as long as federal and state health guidelines were being followed passed the South Carolina Senate on Thursday. The bill, which was one of …


World Insurance Associates Acquires Arkansas’ Corporate Risk Services

1 Mar 2021 06:46


World Insurance Associates LLC (WIA) has acquired Corporate Risk Services LLC and Midwest Risk Management Services Inc. (collectively Corporate Risk Services) of Rogers, Arkansas. Terms of the transaction were not disclosed. Corporate Risk Services is an independent insurance brokerage firm. …


Guerrero Joins Alliant Insurance Services in Houston

1 Mar 2021 06:45


Jessie Guerrero has joined Alliant Insurance Services in Houston as senior vice president, Energy & Marine. Guerrero has extensive experience in all segments of the private and public energy sectors. He will be drawn upon to deliver enhanced consulting solutions …


Crash Victims’ Families Seek Boeing CEO Testimony; Lawmakers Seek FAA Records

1 Mar 2021 06:00


Relatives of victims of a Boeing Co. 737 MAX crash in Ethiopia that occurred five months after an Indonesian Lion Air disaster are stepping up pressure on the American planemaker and the federal government, according to a court filing and …


House Votes to Extend Civil, Labor Rights to LGBTQ Americans; Fate in Senate Uncertain

1 Mar 2021 06:00


The Democratic-led House passed a bill Thursday that would enshrine LGBTQ protections in the nation’s labor and civil rights laws, a top priority of President Joe Biden, though the legislation faces an uphill battle in the Senate. The bill passed …

        
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