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Maine Agency Faces Backlash, Loses 3 Carriers After Juneteenth Posting

24 Jun 2022 16:13


An independent insurance agency in Millinocket, Maine has lost three of its carrier partners and continues to face backlash on social media and in its community after posting a racially-charged sign on its door on Monday, the Juneteenth holiday. “Juneteenth …


Cyber Insurtechs and Insurers ‘In This Together,’ Not in Competition

24 Jun 2022 16:12


Insurtechs and insurance companies are “breaking down the wall” that stood between them as competitors in favor of working together to tackle dynamic cyber risk. “We’re all trying to solve the same problem,” said Lori Bailey, chief insurance officer at …


People Moves: McGriff Names Curtis VP for Captives, Alternative Risks

24 Jun 2022 16:08


McGriff Insurance Services, a retail insurance broker based in Huntsville, Alabama, has named Bud Curtis vice president and alternative risk business development manager. McGriff, a subsidiary of Truist Insurance Holdings, the sixth largest insurance broker in the U.S., said in …


Acrisure Acquires Ohio’s QuickInsured Agency

24 Jun 2022 15:49


Acrisure, a fintech company that runs a global insurance broker, announced that it has acquired Columbus, Ohio-based QuickInsured, a tech-centered insurance agency. Acrisure will now have use of QuickInsured’s proprietary digital “sales funnel,” which customizes insurance offerings for customers, and …


Walgreens Reaches $105 Million Settlement With Shareholders

24 Jun 2022 15:40


Walgreens Boots Alliance Inc. agreed to pay $105 million to settle a long-running class-action lawsuit accusing it of misleading shareholders about how rising generic drug prices and reimbursement pressures would hurt its pharmacy business. The preliminary all-cash settlement was filed …


Marijuana Banking Overhaul Removed from China Competition Bill

24 Jun 2022 15:34


Lawmakers have dropped language aimed at making banking services easier for state-authorized marijuana businesses from a bill on US innovation and China competitiveness. The broad House-passed legislation included the SAFE Banking Act, which would prohibit federal banking regulators from penalizing …


Carnival Cruise Pays $5M, Gives Up Insurance Licenses in New York Over Data Breach

24 Jun 2022 15:24


New York’s financial services regulator has fined Carnival Corp. $5 million for violations of the state’s cybersecurity regulations that the state says caused four cyber breaches and the exposure of personal data belonging to its customers, including New York consumers. …


Florida’s Citizens Insurance Could Spend $100M on Defense Legal Fees This Year

24 Jun 2022 15:23


Citizens Property Insurance Corp. could spend $100 million this year on attorneys who defend claims litigation against the insurer, a significant increase from previous years. The Miami Herald reported that the insurer of last resort’s claims committee met Thursday and …


Flood Alert in China’s Manufacturing Hub at Highest Level

24 Jun 2022 14:28


China’s manufacturing hub of Guangdong raised its flood warning to the highest level due to the worst rains in decades, spurring more evacuations and threatening further supply chain disruptions in an economy reeling from Covid-related lockdowns. Guangdong province raised its …


Emerging Risks: Quantum Computing, Lower Construction Quality, Legal Tech etc.

24 Jun 2022 14:28


The global community continues to deal with known challenges such as the pandemic, the war in Ukraine, economic turmoil and failing trust in established social institutions. But a report from Swiss Re reminds re/insurers there are new emerging risks on …


Florida HO Premiums Highest in Nation at $4,200 Average, Triple I Report Shows

24 Jun 2022 14:18


A report from the Insurance Information Institute confirms what many Florida homeowners have suspected: Their insurance premiums are some of the highest in the nation. The annual cost of a Florida homeowners policy this year will jump to $4,231 – …


Crews Find Body of Worker Under Collapsed Iowa Grain Silo

24 Jun 2022 14:13


Crews recovered the body of a man who was buried under piles of grain and debris from a collapsed grain silo in southeastern Iowa on Wednesday. The collapse happened just before 8 a.m. Tuesday at a grain elevator at Yarmouth, …


Nursing Home Owner Whose Residents Suffered in Ida in Trouble

24 Jun 2022 14:11


The owner of seven Louisiana nursing homes who sent more than 800 of his elderly residents to a crowded, ill-equipped warehouse to ride out Hurricane Ida last year was arrested Wednesday on fraud and cruelty charges arising from the squalid …


Jury Awards $595K in Washington Salmon Pen Collapse

24 Jun 2022 14:07


A Washington state jury on awarded the Lummi Indian tribe $595,000 over the 2017 collapse of a net pen where Atlantic salmon were being raised – an event that elicited fears of damage to wild salmon runs and prompted the …


Parliament Cautions Regulators: UK Finance, Insurance Yet to Feel Full Brexit Impact

24 Jun 2022 13:32


Britain should avoid hasty reforms to make its financial sector more globally competitive after the industry’s separation from the European Union by Brexit, a parliamentary report said on Thursday. The finance ministry has proposed scores of changes to rules governing …


‘Weston’s Law’ Elevator Upgrade to NC Cottages Close to Approval

24 Jun 2022 13:13


A safety mandate to reduce or eliminate space between elevator doors and landing doors inside North Carolina vacation cottages and other short-term rentals needs one more affirmative vote to receive final General Assembly approval. The requirement is contained in the …


Insurers Among Investors as Canada’s Brookfield Raises $15B for Climate Fund

24 Jun 2022 11:49


Canada’s Brookfield Asset Management said on Wednesday it had raised $15 billion for its first impact fund focused on the global transition to a net-zero carbon economy. The fundraise comes at a time when investors and lawmakers across the globe …


Gallagher Acquires Ireland’s INNOVU Group

24 Jun 2022 11:40


U.S. based global insurance broker Arthur J. Gallagher & Co. reports it has purchased Wexford, Ireland-based INNOVU Group Holding Co. Terms of the transaction were not disclosed. Founded by Ronan Foley in 2018, INNOVU Insurance is a retail insurance broker …


People Moves: MMC Names Jones, Hageman to Senior Posts; Lockton Welcomes Marsh’s Millett for Innovation; Applied Financial Builds Cyber Risk Team

24 Jun 2022 11:39


Marsh McLennan Creates New Senior Leadership Positions Marsh McLennan announced the appointment of John Jones as chief marketing and communications officer and Pat Hagemann as chief of staff to the chief operating officer. Jones will lead Marsh McLennan’s new marketing …


Hackers Steal $100 Million by Exploiting Crypto’s Weak Link

24 Jun 2022 11:18


Hackers looted about $100 million from a so-called cryptocurrency bridge, again exposing a key vulnerability in the digital-asset ecosystem. Blockchain Harmony said in a tweet that the hack of its Horizon bridge, which lets people swap coins between different blockchains, …


Argo Group Names Bradley CEO as Rehnberg Departs

24 Jun 2022 08:56


Thomas A. Bradley has stepped into the role of chief executive officer of Argo Group International Holdings Ltd., the Bermuda-based specialty insurer. Bradley, who has served as Argo’s chairman since 2020, has been interim CEO since March 2022 when Kevin …


Ukraine Crop-Handling Port Damaged in Russian Attacks, Adding to Farm Sector Losses

24 Jun 2022 08:01


Infrastructure owned by two major agriculture traders was damaged in Russian attacks at one of the biggest crop-handling ports in Ukraine, adding to the mounting losses suffered by its farm sector. Rocket strikes on the Ukrainian port city of Mykolayiv …


How to Lower Home Insurance Premiums and Wildfire Risks

24 Jun 2022 05:42


Homeowners in the US got new guidance to help them defend against increasingly frequent wildfires and associated rising insurance premiums. The Insurance Institute for Business & Home Safety, a research nonprofit funded by insurers, announced it has developed the first …


How a Bankruptcy ‘Innovation’ Halted Thousands of Lawsuits from Sick Plaintiffs

24 Jun 2022 05:26


Attorney Greg Gordon sat before a packed hotel ballroom of bankruptcy lawyers who had come to hear him hold court on his pioneering strategy for companies seeking to dodge billion-dollar lawsuits: the “Texas two-step.” The tactic has made the Jones …


Colorado Lawsuit: Hero Who Stopped Gunman Shot Without Warning

24 Jun 2022 05:00


The mother of a man hailed as a hero for killing a gunman who ambushed and fatally shot a police officer only to be killed himself by another officer in suburban Denver filed a lawsuit alleging the officer who shot …


Dredging Company Paying $1M for Restoration in Louisiana Oil Spill

24 Jun 2022 05:00


A Houston dredging company has been ordered to pay a $1 million fine for an oil spill that occurred when a subcontractor cut through an oil pipeline during barrier island restoration work off Louisiana in 2016. Great Lakes Dredge & …


Noguchi & Associates, ori-gen to Establish Hawaii Division

24 Jun 2022 05:00


Noguchi & Associates is partnering with ori-gen Agency Insurance Services to launch a Hawaii-based division. The new ori-gen Hawaii division will be led by Noguchi & Associates’ President Mitchell Noguchi. ori-gen will join with the Hawaii-based staff to support expansion …


Volunteer Firefighter Dies from Injuries Suffered in Kansas Fire

24 Jun 2022 05:00


A volunteer firefighter who was injured while fighting a blaze in Pleasanton, Kansas, earlier this week has died, officials said. Joshua Haynes, 35, was injured Monday during a fire at the Carpenter Chiropractor Clinic. He was flown to the University …


TWIA Shares Timeline For Annual Rate Filing Consideration

24 Jun 2022 05:00


The Texas Windstorm Insurance Association announced this week the timeline for its annual rate filing consideration. By law, TWIA must make a rate filing with the Texas Department of Insurance by August 15 each year. TWIA’s Actuarial & Underwriting Committee …


Michigan Fire Damaged Hotel, Other Buildings

24 Jun 2022 05:00


A hotel was among several businesses damaged as a fire swept through part of the downtown of a northern Oakland County, Michigan, village. Dozens of firefighters from area departments battled the blaze which started about 4 p.m. Tuesday in Holly, …

        
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