INSURANCE NEWS
Virginia Governor Faces Decision on Bad Faith Bill Opposed by Auto Insurers
Property/casualty insurers are urging Virginia Gov. Glenn Youngkin to veto a “bad faith” insurance claims measure that they contend will “open the floodgates of litigation against insurance companies” and raise auto insurance costs for consumers in the state from $220 …
Florida’s Heritage Insurance Reports Improved Bottom Line for Q4 and Year 2023
TAMPA, Fla. (AP) — Heritage Insurance Holdings Inc. (HRTG) on Monday reported earnings of $30.9 million in its fourth quarter, more than double what it saw in Q4 2022. The Tampa, Florida-based company said it had profit of $1.15 per …
Cancer Clinics Face Cash Crunch After Hack Rocks US Health Care
Doctors across the US are stretching to keep their practices afloat as a debilitating cyberattack on a once little-known company at the center of the health-care system continues to cause havoc. The Feb. 21 attack against Change Healthcare, a subsidiary …
Brown & Brown Acquires Assets of Northeast Dealer Services Firm, DealerMax
Insurance agency Brown & Brown announced that its dealer services division has acquired the assets of DealerMax. DealerMax, founded in 1982 by Jim Maxim, Sr. as Maxim Automotive, serves car dealer customers in Pennsylvania and throughout the Northeast offering finance …
Novatae Acquires UK-Based Broker Bretton Woods International
Novatae Risk Group announced that it acquired the Lloyd’s broker Bretton Woods International (BWI) of London. The transaction is subject to applicable regulatory approval and is expected to close before the end of the second quarter. Terms of the transaction …
UK Insurer Direct Line Rejects Ageas’ Raised Buyout Proposal
British home and motor insurer Direct Line said on Wednesday it had rejected a higher buyout proposal from Belgium-based rival Ageas, saying it “significantly undervalued” the company. Direct Line said in a statement it had received the revised offer on …
UK Is Far From Climate Proof Due to Poor Planning, Officials Say
The UK has failed to prioritize climate adaptation to risks such as floods and heat waves, putting British citizens and critical infrastructure in danger, an official assessment has found. A national adaptation plan, published last July, “falls far short of …
Tesla, Rivals Get Low Marks for Automated-Driving Technology
Tesla’s Autopilot and Full Self Driving technology and nine other assisted-driving systems marketed by major automakers received “poor” ratings from the U.S. Insurance Institute for Highway Safety in a new study released on Tuesday. The IIHS, a safety research arm …
Hedge Fund That Rode Catastrophe Bond Rally Mounts Tactical Retreat
A hedge fund that last year delivered its best result ever thanks to catastrophe bonds is now scaling back its position, based on a bet that the market is headed for a rough patch. Tenax Capital, which has a €100 …
US Natural Gas Pipeline Accidents Pose Big, Unreported Climate Threat
Last October, an Idaho farmer using a backhoe punched a hole into a 22-inch pipeline buried under a field, sending more than 51 million cubic feet of natural gas hissing into the air. While the incident on Williams Companies’ Northwest …
Would-Be Everton Owner 777 Partners Faces Lawsuit Over Asset Transfers
The investment manager trying to buy Everton FC is being sued by a creditor who wants to stop the firm from transferring two subsidiaries, claiming that the transaction was designed to “shield” the assets. Obra Capital said in a New …
Oxendine’s Georgia Fraud Trial Must Finally Start April 15, Federal Judge Says
A former Georgia insurance commissioners’ efforts to dismiss insurance fraud and money laundering charges against him have run their course. John Oxendine must face trial starting April 15, a federal judge has decided. A pretrial conference is set for March …