INSURANCE NEWS
Category 6? As Warming Stokes Storms, Some Want a Bigger Hurricane Category
A handful of super powerful tropical storms in the last decade and the prospect of more to come has a couple of experts proposing a new category of whopper hurricanes: Category 6. Studies have shown that the strongest tropical storms …
Markets/Coverages: Upland Starts Pro Liability E&O, Excess Cyber
Upland Capital Group said it has introduced two new liability products to its portfolio: Professional Liability Errors and Omissions as well as Excess Cyber Liability. The professional liability team is led by Kate Walas, an industry veteran with over 20 …
Boeing 737 in Alaska Air Accident Was Missing Bolts, US Says
A dramatic accident on an Alaska Airlines flight last month was apparently triggered by a door plug that hadn’t been properly attached before the plane was delivered by Boeing Co., US investigators said Tuesday. Four bolts that acted as a …
Creators of Biden Audio Deepfake Face Potential Charges
An AI-generated cloned audio message of President Joe Biden that attempted to dissuade registered Democrats from voting in the New Hampshire primary election was traced to a Texas company and its owner. Attorney General John Formella said on Tuesday the …
‘My Safe Florida Condo,’ Pet Insurance Bills Passed by Senate Committee
First came the My Safe Florida Home program, providing matching grants to homeowners who fortify their homes against wind damage in exchange for premium discounts. Seeing the popularity and effectiveness of that program, Florida lawmakers last month introduced bills to …
Safepoint’s Florida Startup, Manatee Insurance Exchange, Gets COA, Financial Ratings
Florida regulators have approved another reciprocal property insurance company and it has received ratings from two financial rating firms. Manatee Insurance Exchange, a spinoff from Tampa-based Safepoint Insurance Co., was granted a certificate of authority Feb. 2 by the Florida …
EU Agrees to Path to Compete in Clean Tech Production
European Union policymakers agreed new rules on Tuesday to promote local production of equipment for solar and wind power, fuel cells and other clean technologies and help Europe’s industry compete with Chinese and U.S. rivals. The bloc aims to set …
CoreLogic: California Storms Put 543K Homes at Risk of Flash Flood Damage
CoreLogic estimated that across the greater Los Angeles area, nearly 543,000 single- and multifamily homes with a combined reconstruction cost value (RCV) of more than $258 billion are at risk of flash flood damage. Reconstruction cost value is the cost …
Regulators Detail Progress from California, Oregon, and Washington Insurers on 2015 Paris Agreement Targets
A new report warns insurance companies could face billions of dollars in losses if they stay on the current course of investments that contribute to climate change, at “a scale exceeding some of the worst wildfires in California’s history.” The …
People Moves: Hotchkiss Promotes Lindsey to VP of Sales
Hotchkiss Insurance Promotes Gary D. Lindsey to Vice President of Sales Hotchkiss Insurance, an independent insurance agency in Texas, announced the promotion of Gary D. Lindsey to the position of vice president of sales. Lindsey, CIC, CRM, has been an …
Railroads Say They’re Making Safety Changes to Reduce Derailments After Ohio Crash
OMAHA, Neb. (AP) — The changes railroads announced after last year’s fiery crash in East Palestine, Ohio, haven’t yet made a major difference, statistics show, and reforms have stalled in Congress. A few key measures in the latest Federal Railroad …
People Moves: Burns & Wilcox Names Wood Head of Professional Liability Practice; Ryan Specialty Promotes Jankovic to Chief Audit and SOX Officer
Burns & Wilcox Names Wood Head of Professional Liability Practice Burns & Wilcox, headquartered in Farmington Hills, Mich., hired Andy Wood as vice president and practice group leader, professional liability. Most recently, Wood, based in Chicago, Ill., led Hiscox across …