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INSURANCE NEWS
Kim Declares Victory in California Insurance Commissioner Race
Jane Kim claimed victory over fellow Democrat Ben Allen in the race for California insurance commissioner on Friday. Kim was up by more than 400,000 votes as of Friday afternoon. As of Wednesday morning, 99.8% of precincts had reported in, …
Some 40% of US Planned Data Center Capacity Is in States Wanting to Hit Pause
Data center opposition had been building across the country, one moratorium or blocked project at a time. Then, virtually overnight, the midterm election tilted a broad swath of the regulatory map against the AI buildout. Newly elected governors in Ohio, …
AM Best Upgrades Credit Ratings of Illinois Casualty and Lebanon Valley
AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a” (Excellent) from “a-” (Excellent) of Illinois Casualty Company (ICC) and Lebanon Valley Insurance Company (LV). …
Flooding Inundates North Georgia but Few Had Flood Coverage, Agents Say
Insurance agents in north Georgia are reporting widespread damage after record flooding hit the area Thursday, Nov. 5. “It’s devastating. I have cried and prayed and cried and prayed,” said an agent who answered the phone at Appalachian Insurance Services …
Blackstone, Aon Set Up Lloyd’s Vehicle in Latest Insurance Push
Blackstone Inc. has set up a Lloyd’s of London syndicate with broker Aon Plc, as the world’s largest alternative asset manager muscles further into the insurance sector. Called Cortina, the syndicate will provide capital to back reinsurance contracts, according to …
California Homes Face Shutoffs as Santa Anas Raise Fire Risks
Thousands of homes and businesses north of Los Angeles face the risk of potential power cuts over the next two days as weak to moderate Santa Ana winds bring dangerous fire weather conditions. Southern California Edison is considering shutting off …
Texas Hemp Industry Sees Opening After Democrats Sweep Election
Lt. Gov. Dan Patrick has led a crusade against THC products over the past few years, eventually leading to state officials banning several hemp-derived cannabis products, including popular items like smokeable vapes and joints. “I’m not going to legalize marijuana …
AM Best Revises Outlook to Positive of Excess Reinsurance Underwriters
AM Best has revised the outlook to positive from stable of Excess Reinsurance Underwriters Inc. in Woodbury, New Jersey. Excess Re is a managing general underwriter specializing in medical stop loss insurance for a variety of entities across 50 states. …
Two Dead at Tampa Office After Man Drove Car into Building and Started Shooting
A gunman plowed a car into a courtyard on Citibank’s sprawling Tampa business campus on Wednesday and opened fire with a rifle, killing a woman before a security guard fatally shot him, authorities said. The Hillsborough County Sheriff’s Office did …
People Moves: MEMIC Promotes Delcourt; Mather Joins Alliant
MEMIC Promotes Delcourt to Regional Vice President The MEMIC Group, headquartered in Portland, Maine, promoted Ben Delcourt to regional vice president, underwriting. He will lead MEMIC’s Maine underwriting team and collaborate with the company’s independent agency partners across the state. …
New Florida Property-Tax Cut May Bring an Unwanted Side Effect
Florida’s newly approved property-tax cut is designed to make homes more affordable. But it could also push up another punishing cost of homeownership: insurance. Homes in the Sunshine State are already among the most costly to insure in the US …
Insurance AI’s Next Test: Can Carriers Trust the Data?
Insurance companies are beginning to look toward the next phase of AI adoption with agentic AI and automation, according to Chris Newman, CEO of ACORD Solutions Group, at this year’s InsurTech Connect conference in Las Vegas. However, as AI moves …
