INSURANCE NEWS
Castle Key’s 54% Condo Rate Hike Gets Hearing, Showing New Pressures in Florida
The Florida Office of Insurance Regulation next week will hold hearings on two property insurers’ requests for 54% average rate increases, one of which has already affected more than 105,000 condominium unit owners. Castle Key Indemnity Co., one of Allstate …
People Moves: Burnham Benefits Names Foderaro Managing Director; Mercury Insurance Names Zhang Chief Data Analytics Officer
Burnham Benefits Names Foderaro Managing Director Burnham Benefits Insurance Services, headquartered in Irvine, California, named William Foderaro as managing director. Foderaro has more than 20 years of experience in the employee benefits industry. He was most recently managing director at …
OSHA Seeks $1M Penalty for New Jersey Contractor Added to ‘Severe Violator’ List
The federal Occupational Safety and Health Administration (OSHA) has cited a New Jersey contractor for again exposing workers to fall hazards, this time while working at a construction site in Franklin Lakes, New Jersey. OSHA said it has inspected Adrian …
Magnitude 5.7 Earthquake Struck Mauna Loa Volcano in Hawaii
A magnitude 5.7 earthquake struck the world’s largest active volcano on Friday — Mauna Loa on the Big Island of Hawaii — knocking items off shelves and cutting power in a nearby town but not immediately prompting reports of serious …
Dartmouth Basketball Players’ Labor Victory Only Start of Path to Union Deal
A ruling that gives the Dartmouth basketball team the right to unionize has far-reaching implications for all of college sports — from the quaint, academically oriented Ivy League to the big-money football factories like Michigan and Alabama. But it’s not …
SEC Hits More Wall Street Firms With $81M in Fines Over Record-Keeping
A new group of Wall Street firms has agreed to pay more than $81 million in civil penalties to settle U.S. Securities and Exchange Commission charges of record-keeping failures, the regulator said on Friday. The settlements with broker-dealers and investment …
Captive Insurance Expert Pleads Guilty to Aiding Solar Ponzi Scheme Leaders
Remember the Carpoffs, the California couple sent to prison in 2021 and 2022 for running a $1 billion Ponzi scheme tied to mobile solar generators? The scheme that reportedly ensnared Warren Buffet’s Berkshire Hathaway and the Progressive insurance corporation? A …
HP Claims $4 Billion Losses in London Lawsuit Over Autonomy Deal
Hewlett-Packard lost more than $4 billion over its acquisition of British software firm Autonomy because of an elaborate fraud masterminded by its co-founder Mike Lynch to inflate the company’s value, HP’s lawyers told a London court on Monday. HP is …
People Moves: Starkweather & Shepley Names Chairman, CEO
Starkweather & Shepley Insurance Brokerage Inc., headquartered in Providence, Rhode Island, named Andrew Fotopulos chairman and Peter Plumb chief executive officer. The two will assume their roles in June upon the retirement of Larry Keefe, current chairman and chief executive …
Federal Trade Commission Reports Nationwide Fraud Losses Topped $10B in 2023
Consumers reported losing more than $10 billion to fraud in 2023, marking the first time that fraud losses have reached that benchmark, and a 14% increase over reported losses in 2022, newly released Federal Trade Commission data shows. Consumers reported …
TikTok Faces Fine as EU Prepares Probe Over Risks to Minors
TikTok owner ByteDance Ltd. faces the threat of hefty fines as the European Union prepares a probe under its strict new content moderation rules over concerns of risks to minors. The European Commission will open an investigation into TikTok under …
No Insurance on 200-foot Tower Stolen from Alabama Town’s Radio Station
JASPER, Ala. (AP) — The theft of a giant radio tower has silenced what used to be the voice of a small Alabama town and the surrounding county, the radio station’s general manager said. A thief or thieves made off …