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INSURANCE NEWS
AM Best Revises Outlook to Positive for Kansas’ Upland Mutual
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Upland Mutual Insurance, Inc. (Upland) (Junction City, KS). The Credit Ratings …
Investigation Underway After Small Plane Crashes in Savannah Neighborhood
SAVANNAH, Ga. (AP) — Authorities were investigating Tuesday after one person died as a result of a small plane crash Sunday night in a Savannah, Georgia, residential neighborhood, local police said. The Savannah Police Department said in a brief statement …
Company Recalls Nearly 10 Million Pounds of Meat Made at Oklahoma Plant
A company is recalling nearly 10 million pounds of meat and poultry products made at an Oklahoma plant because they may be contaminated with listeria bacteria that can cause illness and death. BrucePac of Woodburn, Oregon, recalled the roughly 5,000 …
Nebraska Grain Cooperative Faces $500K Fine for Exposing Workers to Hazards
Federal investigators found life-threatening hazards at a Nebraska grain cooperative, where workers faced risks of fire and explosions due to the company allowing a buildup of combustible dust and failing to maintain effective dust collection systems, leading to more than …
Two Killed After Leak at Texas Oil Refinery Worked for Maintenance Subcontractor
DEER PARK, Texas (AP) — Two employees killed when hydrogen sulfide leaked at a Houston-area oil refinery were employees of a subcontractor performing maintenance work, the director of Pemex, Mexico’s state-owned oil company that operates the plant, said Friday. The …
GlaxoSmithKline Sues Moderna for Patent Infringement Over COVID Vaccines
British drugmaker GlaxoSmithKline sued Moderna in federal court in Delaware on Tuesday, accusing its American rival of violating GSK’s patent rights in messenger RNA (mRNA) technology with its blockbuster COVID-19 vaccine Spikevax. According to the two lawsuits, Moderna’s lipid nanoparticles …
Markets/Coverages: QBE to Launch US Inland Marine With 3 Hires From AIG; Next Now Offers Standalone Pro Liability for Consultants
QBE International Markets will launch a new U.S. inland marine offering by 2025 across all 50 states as it expands its specialty product suite. The team and product will be added to QBE International Market’s growing ocean marine and energy …
Progressive More Than Doubles Q3 Net Income Despite Helene Losses
Progressive Corp. said it’s third quarter 2024 net income more than doubled compared to last year, to about $2.3 billion. Progressive said it took a hit of $563 million in catastrophe losses in September from Hurricane Helene. Breaking down the …
Floridians Cleaning up From Milton Hampered by Widespread Fuel Shortage
CORTEZ, Fla. (AP) — Floridians recovering from Hurricane Milton, many of whom were journeying home after fleeing hundreds of miles to escape the storm, spent much of Saturday searching for gas as a fuel shortage gripped the state. In St. …
Volunteers Bring Solar Power to Hurricane Helene Disaster Zone
Nearly two weeks after Hurricane Helene downed power lines and washed out roads all over North Carolina’s mountains, the constant din of a gas-powered generator is getting to be too much for Bobby Renfro. It’s difficult to hear the nurses, …
Ardonagh Completes A$2.3B Acquisition of Australia’s PSC Insurance Group
The Ardonagh Group, the London-based independent insurance distribution platform, announced it has completed the A$2.3 billion (US$1.6 billion) acquisition of PSC Insurance Group Ltd. The completion of the acquisition in the APAC region sees PSC’s operations in Australia and New …
Milton’s 123,000 Claims So Far to Mean New Pressure on Reinsurance, Rate Hikes
Property Insurance claims from Hurricane Milton had topped more than 123,000 by Sunday, with some $1.5 billion in estimated insured losses. That’s already more than the claims and losses reported for Helene, which made landfall in Florida two weeks earlier, …
