INSURANCE NEWS
FEMA: SW Florida Stripped of Flood Insurance Discounts After ‘Improper Rebuilds’
After spiking premiums, nonrenewals and complaints about unpaid claims, more than 115,000 property owners in southwest Florida are now facing a new slap in the face after 2022’s Hurricane Ian: 25% higher flood insurance rates because local officials reportedly allowed …
Georgia Lawmakers Approve PTSD Disability Insurance Bill with Smaller Payout
The Georgia General Assembly has approved a less-expensive version of a bill that would provide a type of disability insurance for first responders diagnosed with post-traumatic stress disorder. The state Senate last week voted unanimously in favor of House Bill …
Oregon OSHA Fines Bend Contractor $103K for Repeated Fall Protection Violations
The Oregon Occupational Safety and Health Division fined a Bend construction company $103,438 for repeatedly violating a requirement to provide protective systems to safeguard workers from fall hazards. The division cited Sky Ridge Construction LLC following an inspection that focused …
Insurance Industry Readies for Historic Losses From Baltimore Bridge Tragedy
It’s very early in the recovery process and already the numbers are large. Insured losses for the tragic collapse of the Francis Scott Key Bridge in Baltimore could be as much as $2 billion to $4 billion, according to Morningstar. …
Ki Enters Partnership With Beazley, Expanding Capacity for Digital Follow Syndicate
Ki, the digital and algorithmically driven Lloyd’s syndicate, announced a partnership with Beazley whereby Ki will offer additional follow capacity from Beazley syndicate 2623/623 through its digital platform from April 2, 2024. Ki said this is another major milestone in …
Institutional Investor GIC Finalizes Acquisition of Insurance Broker Miller
Miller, the London-based independent specialist re/insurance broker, announced that GIC, Singapore’s sovereign wealth fund, has completed the acquisition of Cinven’s shares in Miller. GIC and private equity firm Cinven acquired Miller in 2021 from Willis Towers Watson. Since then, Miller …
J&J to Pay $75 Million to Settle Mississippi’s Baby Powder Suit
Johnson & Johnson will pay $75 million to settle a consumer protection lawsuit filed by Mississippi over the company’s talc-based baby powder, according to people familiar with the matter, resolving litigation in which the state had sought as much as …
Fidelis Partnership Gets ‘In Principle’ Approval From Lloyd’s to Launch Syndicate
The Fidelis Partnership, the Bermuda-based managing general underwriter, announced that Lloyd’s has granted “in principle” approval for the launch of Syndicate 3123 in collaboration with Fidelis Insurance Holdings Ltd. and Hampden Agencies, the largest provider of private capital to Lloyd’s. …
Yellen Sees Insurance Payouts Helping Fund New Baltimore Bridge
Treasury Secretary Janet Yellen said she expects insurers’ payouts to help cover some of the costs of rebuilding the Baltimore bridge that collapsed earlier this week. “My expectation would be that, ultimately, there’ll be insurance payments in part to cover …
Berkeley to Halt Ban on Natural Gas Piping in New Buildings
The city of Berkeley, California, has agreed to halt enforcement of a ban on natural gas piping in new homes and buildings that was successfully opposed in court by the California Restaurant Association, the organization said. The settlement follows the …
UK Court Rules That $10 Billion Jet Dispute Should Be Heard in London, Not Moscow
A $10 billion battle between reinsurers and aircraft leasing companies seeking payouts for more than 200 jets stuck in Russia should be heard in London rather than Moscow, London’s High Court ruled on Thursday. Aircraft lessors, including Ireland’s AerCap and …
Boston Settles Wrongful Death Suit Over Police Shooting of Mentally Ill Man for $4.6M
The city of Boston will pay about $4.6 million to settle a wrongful death lawsuit stemming from the police killing of a mentally ill man in 2016. The mother of Terrence Coleman, 31, filed the federal lawsuit six years ago. …