INSURANCE NEWS
TWIA to Consider 1:100 PML for 2024 Storm Season at Upcoming Meeting
The Texas Windstorm Insurance Association’s (TWIA) Actuarial & Underwriting Committee will meet on Tuesday, Feb. 13 to discuss and potentially make a recommendation to the Board of Directors for determining TWIA’s statutorily required 1:100 probable maximum loss (PML) for the …
Bridge Specialty Opens Dallas, Texas Office
Bridge Specialty Insurance Brokerage (BSIB), who provides access to an extensive range of wholesale and specialty insurance solutions, announced the opening of its Dallas, Texas office. The new office will provide additional capabilities for the retail partners that currently work …
People Moves: Falvey Group Names Olsen to Marine Cargo
Falvey Insurance Group Names Olsen as Vice President, Marine Cargo Falvey Insurance Group, headquartered in North Kingstown, Rhode Island, named Jason Olsen as vice president, marine cargo. Olsen is based in Seattle, Washington, focusing on a California-based underwriting portfolio. He …
Germany Hit by Strikes as Workers Demand Better Pay and Conditions
Germany has been hit by a series of strikes since the start of 2024 as unions press for higher wages and improved working conditions to make up for high inflation and staff shortages in Europe’s largest economy. The industrial action …
Honda Recalls 750,000 Vehicles Over Air Bag Defect
Honda Motor Co said on Tuesday it was recalling 750,000 vehicles in the United States over a defect involving air bags which could deploy unintentionally during a crash. The front passenger seat weight sensor may crack and short circuit, failing …
People Moves: Schaninger Joins Arthur Hall; Virginia Reappoints WC Commissioner Marshall
Arthur Hall Insurance, headquartered in West Chester, Pennsylvania, named Mike Schaninger its small business unit (SBU) team lead and account manager. Schaninger currently serves as an adjunct professor at Widener University. He previously worked as medtech sales manager at Inogen …
Jacksonville Jaguars Want FanDuel to Refund $20M Stolen by a Team Finance Manager
An NFL team wants millions back from a sports betting service. The Jacksonville Jaguars, a team that recently found out that a finance manager stole some $22 million and lost most of it on sports bets with FanDuel, an online …
SpaceX Accused of Sexual Harassment as Fight With Ex-Employees Intensifies
Executives at Elon Musk’s SpaceX discriminated against women, joked about sexual harassment and fired workers for raising concerns, seven former employees allege in California civil rights complaints viewed by Bloomberg. The California-based workers, who were fired in 2022 after circulating …
Newer, Elevated Structures Had Much Smaller Flood Claims in Ian, FEMA Says
Hurricane Ian caused extensive damage in southwest Florida, with more than 37,000 National Flood Insurance Program claims, making it the fourth-most expensive flood disaster in U.S. history, says a new report from the Federal Emergency Management Agency. As other studies …
EU Recommends Ambitious 2040 Climate Target, Goes Light on Farming
The European Commission recommended on Tuesday that the EU slash net greenhouse gas emissions by 90% by 2040, an ambitious target that will test political appetite for the region’s fight against climate change ahead of EU elections. While the overall …
Markets/Coverages: Amwins Underwriting, Lancer Partner on Trucking Programs
Amwins Underwriting recently said it has partnered with Lancer Insurance Company, the commercial auto division of Core Specialty, for a new carrier relationship to enhance two key trucking programs provided through managing general agency and wholesale brokerage Amwins Transportation Underwriters …
Pennsylvania State Courts Dealing With Cyberattack
Pennsylvania’s court system was hit with a cyberattack on Sunday that shut down access to key online services including those used to file documents with appellate courts and guardianship reports, as well as to view dockets and court summaries on …