INSURANCE NEWS
NC Insurance Agent with Multiple Businesses Pleads Guilty to Tax Evasion
A North Carolina insurance agent has pleaded guilty to tax evasion and could face up to five years in prison and a $250,000 fine, a federal prosecutor said Wednesday. Arturo Barcenas Gonzalez, is owner of Barcenas Insurance Agency and Barcenas …
Oklahoma Captive Insurance Program Achieves 31% Net Gain in 2023
Oklahoma’s captive insurance program reported a 31% net gain in 2023, the Oklahoma Insurance Department said. OID issued 20 new licenses in 2023 with six dissolutions, resulting in a net gain of 14 new captive insurers. Oklahoma’s total number of …
City of Chicago Sues Oil and Gas Corporations for Climate Change Deception
The City of Chicago is suing six oil and gas corporations and their largest trade association for deceiving Chicago consumers about the climate change dangers associated with their products, mayor Brandon Johnson announced this week. The city filed a nearly …
Nonprofits Ensnared in Georgia Push to Restrict Bail Funds
ATLANTA (AP) — When she was behind bars in Georgia, Nia Thomas would use toothpaste to stick handwritten flyers to the wall and spread the word about community bail funds that could pay inmates’ bonds, no strings attached. “I was …
Biden Approves Disaster Declaration for North Dakota December Ice Storm
BISMARCK, N.D. (AP) — President Joe Biden has approved North Dakota Gov. Doug Burgum’s request for a major disaster declaration related to a Christmastime ice storm that toppled power lines and left thousands of people without power. Burgum’s office announced …
Terror in Fire Mitigation Industry: New York Gang Member Convicted of Extortion, Racketeering
A gang member who ran a fire restoration company has been convicted of using violence, threats of violence, and extortion to terrorize and dominate the fire restoration industry in New York City. After presiding over a two-week bench trial in …
Nevada Issues First License Lounge In Las Vegas Where Cannabis Can Be Consumed Recreationally
Nevada regulators have issued the first license to operate a lounge where cannabis can be consumed recreationally, marking the first of what are expected to be dozens of such operations. The state Cannabis Compliance Board announced that the license was …
Insurtech Root Inc. Results Improve but Remain at a Net Loss
Insurtech Root Inc. posted a net loss for the fourth quarter 2023 of $24 million and a net loss for the year of $147.4 million. Results were improvements from net losses of about $58.3 million for fourth quarter 2022 and …
That’s Gonna Leave a Mark: Large-Hail Days Hit Two-Decade High in 2023
Hail of two inches or greater struck the United States on 141 days last year — the highest number of annual days in two decades, according to a new CoreLogic report. Severe convective storms generated “an unprecedented amount of insured …
Vermont Seeks Federal Disaster Declaration for December Flooding
Vermont Gov. Phil Scott has requested a federal major disaster declaration to help communities hit by severe rainfall and flooding in December. Such a declaration would allow municipalities to be reimbursed for 75% of eligible costs, such as debris removal, …
People Moves: Aon Promotes Goosen as Head of Professional Services, London Global Broking Centre; Mason Named Chief Exec of London’s Electronic Trading Platform PPL
This edition of International People Moves details appointments at Aon and the London market’s electronic trading platform, PPL. A summary of these new hires follows here. Aon Promotes Goosen as Head of Professional Services, London Global Broking Centre Insurance broker …
Australian Iron Ore Port Starts Clearing Ships Ahead of Cyclone
A major port on Australia’s west coast used by Rio Tinto Group to export iron ore has started clearing ships from the harbor ahead of a cyclone that’s expected to form early Friday. All port anchorages are expected to be …