Posts by Hometown Insurance
Chemicals Company Agrees to $75K Settlement Over Hazardous Pollutants at Louisiana Plant
The U.S. Environmental Protection Agency (EPA) recently announced a settlement with Evonik Corporation that will reduce emissions of ethylene oxide and other hazardous air pollutants by 5.6 tons per year from a facility in Reserve, St. John the Baptist Parish, …
Read More Massachusetts AG Reports $6.15M Settlement With CVS Over Workers’ Comp Drug Prices
Massachusetts Attorney General Andrea Joy Campbell’s office reports it has reached a $6.15 million settlement with CVS Pharmacy, Inc. to resolve allegations of overcharging for prescriptions for workers’ compensation patients. Officials allege that the pharmacy failed in some instances to …
Read More Howden to Restructure Business Under Single Global Management Structure
Howden, the global insurance group, announces today that it will unify its structure under a single global executive, with insurance broking, reinsurance broking and underwriting reporting directly to CEO David Howden. The restructure will be effective Oct. 1, 2023 and …
Read More Louisiana Dept. of Insurance: $92M in Payouts Collected in 2022
Louisiana Commissioner Jim Donelon announced the Louisiana Department of Insurance (LDI) helped consumers collect over $92.3 million in payouts in addition to the original amounts offered by insurance companies in 2022. The additional money is the result of consumers filing …
Read More Arthur J. Gallagher & Co. Acquires Australia’s Mavco Insurance Group
Arthur J. Gallagher & Co. announced the acquisition of Perth, Western Australia-based Mavco Insurance Group. Terms of the transaction were not disclosed. Mavco is a general insurance broker and risk management firm serving corporate clients throughout Australia and internationally. Mavco’s …
Read More Hong Kong’s FWD Weighs Pre-IPO Round as Listings Slow: Sources
FWD Group Holdings Ltd. is weighing a private funding round as the Asian insurer’s long-planned initial public offering is set to be delayed again amid weak market conditions, according to people familiar with the matter. Hong Kong billionaire Richard Li’s …
Read More Oil Majors Should Pay $12B to Repair Damage in Nigeria: Report
Oil companies including Shell Plc and Eni SpA should pay $12 billion to repair environmental devastation in Nigeria’s crude-rich Niger Delta, a new report said. More than six decades of pumping oil has left Bayelsa state “in the grip of …
Read More More States Adopting Professional Standards for Public Adjusters
A movement to establish professional standards for public adjusters gained ground this year, with lawmakers in five states passing bills that impose new controls over a trade that already requires a license in 46 states. Brian S. Goodman, general counsel …
Read More AM Best: Only Two Impaired Insurers in ’22, Down From 10 in ’21
Despite the reversal seen in the U.S. equity market and rising inflation and interest rates, P/C insurers performed well in 2022, according to the latest report on the long-term impairment rates of AM Best-rated, U.S.-domiciled insurance companies. The report, Best’s …
Read More Supreme Court Rejects Teva Challenge to $235 Million GSK Award in Patent Dispute
The U.S. Supreme Court on Monday declined to hear Teva Pharmaceuticals USA Inc’s challenge to a $235 million award to GlaxoSmithKline LLC in a patent dispute over generic drugs involving a heart medication. The justices turned away Israel-based Teva’s appeal …
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