INSURANCE NEWS
Menendez’s Wife Hid Truth About Insurance Broker and Mercedes Benz, Lawyer Says
US Senator Bob Menendez’s lawyer told jurors that the politician’s wife failed to tell him details of how she got a Mercedes Benz from a convicted felon who testified during the lawmaker’s corruption trial that the car was a bribe. …
South Africa Storms in Western Cape Cause Damage to 35,000 Homes
Storms that pounded South Africa’s Western Cape province have led to flood damage affecting more than 35,000 households in the city of Cape Town, Executive Mayor Geordin Hill-Lewis said. “We’ve got more than 35,000 families in the city who have …
Claims Made Commercial Lines Filings Now Subject to Scrutiny in Connecticut
In a change in regulatory practice, Connecticut has decided that all commercial lines claims made insurance forms and rates are now subject to full regulatory review. Citing compliance issues, Insurance Commissioner Andrew Mais issued a new bulletin (PC-63-24) on July …
Greece Fights Deadly Fire on Aegean Island as Temperatures Soar
Greece is fighting a deadly fire on the island of Lesvos, as temperatures in some parts of the country exceed 40C (104F). A person died in a burned-out car on Lesvos, where authorities are investigating whether the vehicle was scorched …
Wildfires Encircle Canada’s Oil-Sands City Amid Hot Weather
A ring of wildfires has erupted around Canada’s unofficial oil-sands capital of Fort McMurray, adding new threats to crude production from the world’s third-largest petroleum reserves. Eight out-of-control blazes have been discovered just south and southwest of the city since …
Conning Study: MGA Market Still Growing
A hard market combined with underwriting capacity from fronting companies allowed for robust growth in the MGA market in 2023, according to a new Conning strategic study. The global investment management firm’s 11th annual study on the P/C program business …
CBO Says Mortgage Subsidy Cost from Flood Damage to Hit $395M by 2053
Climate change is expected to increase the frequency and severity of floods in the U.S., posing greater risks to homeowners and mortgage lenders—and since flood damage tends to lower the market value of affected homes, it’s more likely that homeowners …
People Moves: AXA XL Appoints Madigan CUO for Mid-Market Environmental; Edsall Joins Tara Hill as SVP
AXA XL, headquartered in Stamford, Connecticut, appointed Joseph Madigan as chief underwriting officer for its North American environmental insurance business for the middle market. Madigan joined AXA XL’s environmental insurance business as an environmental underwriter in 1998 and previously served …
SpaceX Wins Block on Labor Board Case Over Severance Agreements
A federal judge in Texas said on Wednesday he would block the National Labor Relations Board from pursuing claims that Elon Musk’s SpaceX forced workers to sign illegal severance agreements, pending the outcome of the rocket maker’s challenge to the …
New Captive Insurer Targets New York Affordable Housing Market
A new Vermont-based captive insurer is promising to provide insurance for New York affordable rental housing buildings at a time when advocates say coverage is difficult to afford or obtain. The Milford Street Association Captive Insurance Co. will be owned …
California Insurance Commissioner Orders Insurance Preserved for 46K Residents Following Fire
California Insurance Commissioner Ricardo Lara today ordered insurers to preserve residential property insurance coverage for roughly 46,000 policyholders affected by the Thompson Fire in Butte County. The move follows an emergency declaration over the fire from Gov. Gavin Newsom on …
Fifth Third Bank to Pay $5M Fine for Illegally Forcing Car Insurance Onto Borrowers
Fifth Third Bank agreed this week to pay a $5 million fine for illegally forcing vehicle insurance onto borrowers who had coverage. Fifth Third also agreed to pay a $15 million fine for illegal sales practices. The Cincinnati, Ohio-based bank …