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INSURANCE NEWS
Workers’ Comp Rating Bureau of California Governing Committee Oks Higher Pure Premium Rate Filing
The Workers’ Compensation Insurance Rating Bureau of California’s governing committee voted on Wednesday to authorize the WCIRB to submit a Sept. 1, 2024 Pure Premium Rate Filing to the California Insurance Commissioner on average 0.9% above the average approved Sept. …
Texas Home Manufacturers to Pay $135K to Settle Race Discrimination Suit
Cavco Industries, Inc.; Palm Harbor Homes, Inc.; and Palm Harbor Villages, Inc., which manufacture and sell manufactured homes in Waco, Texas, will pay $135,000 to settle a race discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the …
Kanguro Adds Renters Insurance in Texas
Kanguro Insurance, known for its AI-driven pet health insurance plans, has announced its expansion into renters insurance, starting with the Texas market. The company is actively seeking partnerships with insurance agencies and property managers while offering a streamlined tech-forward product …
Maryland Asks Insurers to Accommodate Those Hurt by Baltimore Bridge Collapse
Maryland’s insurance regulator is asking insurance companies to do what they can to make sure that individuals and businesses hurt by the Baltimore bridge collapse tragedy do not lose coverage due to non-payment of premium. The Maryland Insurance Administration (MIA) …
People Moves: Hooda Appointed to Alera Board of Directors; Powers Hires Blankenship
Hooda Appointed to Alera Group’s Board of Directors Alera Group, headquartered in Deerfield, Illinois, appointed Sheila Hooda to the company’s Board of Directors. Hooda has over 30 years of global leadership experience. She is also the CEO of Alpha Advisory …
Maryland Launches Programs to Help Port of Baltimore Businesses and Workers
Maryland Gov. Wes Moore announced last Friday the start of a program to help Port of Baltimore businesses retain employees in the aftermath of the Francis Scott Key Bridge collapse. The $12.5 million program aims to prevent layoffs while recovery …
Zurich, Penn, Others Ordered to Pay $345M to Cover Abuse Charges at Ga. School
Five insurance companies have been ordered to pay $345 million to cover damages awarded to 20 men who said they were victims of sexual abuse at a prestigious boarding school in Georgia in the 1970s and 1980s. Floyd County Superior …
Maui Fire Officials Defend Response to Deadly Lahaina Blaze
Maui Fire Department officials defended their initial response to what became the deadliest fire in Hawaii history, saying they stayed at the scene of the Aug. 8 blaze until it was fully extinguished. The officials commented at a press conference …
Travelers CEO on Q1 Results: ‘We’re Firing On All Cylinders’ With Net Income Up 16%
The Travelers Companies, Inc. today reported first quarter net income of $1.123 billion, up 16% compared to $975 million in the prior year quarter. Core income in the current quarter was up 14% to $1.096 billion, compared to $970 million …
Rupture on TC Energy’s NGTL Gas Pipeline Sparks Wildfire in Alberta
A section of TC Energy’s NGTL gas pipeline system in Alberta ruptured and caught fire on Tuesday, sparking a wildfire in a remote area, the company said. “An initial ignition of natural gas at the rupture site is now extinguished. …
Time-Tested Loss Reserving Methods Challenged: AM Best
Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said in a new report. As companies “finished reporting their …
People Moves: Berkshire Hathaway Expands U.S. Marine Business With Wyatt, Frick
Berkshire Hathaway Specialty Insurance (BHSI), headquartered in Boston, expanded its global marine capabilities in the U.S., launching ocean marine Insurance. BHSI named Ben Wyatt as head of marine and Chris Frick as head of marine claims in the U.S. Wyatt, …