INSURANCE NEWS
Company Fined $261K After Worker Struck by Semi-Tractor-Trailer at Nebraska Grain Yard
Responding to an employer’s report that a worker needed hospitalization after being struck by a semi-tractor-trailer and suffering severe injuries at a Fremont, Nebraska grain yard, federal workplace safety inspectors identified 23 violations by the worker’s employer, including failing to …
Louisiana Court May Reopen Window for Suits by Adult Victims of Child Sex Abuse
NEW ORLEANS (AP) — Louisiana’s Supreme Court agreed Friday to reconsider its recent ruling that wiped out a state law giving adult victims of childhood sexual abuse a renewed opportunity to file damage lawsuits. The law was passed by the …
Arthur J. Gallagher & Co. Acquires Iowa’s Acumen
Arthur J. Gallagher & Co. announced the acquisition of Cedar Rapids, Iowa-based Acumen Advisors, Inc. Terms of the transaction were not disclosed. Acumen is an employee benefits consultant serving small and mid-size businesses throughout Iowa. Andrew Morf, Kirby Moss and …
American Coastal Reports Profitable Q1 for This Year
SAINT PETERSBURG, Fla. (AP) — American Coastal Insurance Corp. (ACIC) on Thursday reported first-quarter earnings of $23.6 million. The Saint Petersburg, Florida-based company, the rebranding of part of now-insolvent United Property & Casualty Insurance Co., said it had net income …
American Coastal to Sell New York’s Interboro to Forza Holdings
American Coastal Insurance Corp. (ACIC) has agreed to sell its subsidiary Interboro Insurance Co., a New York domiciled insurer, to Forza Insurance Holdings, a Houston-based firm that funds insurance organizations serving coastal property owners. Forza will expand its coastal coverage …
AM Best: Social Inflation Key Factor in Rise of Loss Severity
Loss severity for many U.S. casualty lines of insurance business has exceeded economic inflation over the past decade, indicating other factors are influencing claims costs for indemnity and expense payments, according to a new AM Best report. According to the …
4 Killed in Yet Another Wrong-Way Highway Crash in Connecticut
A driver going the wrong way on Connecticut’s Merritt Parkway crashed head-on into a minivan early Thursday, killing all four people in the vehicles and closing one side of the highway for nearly seven hours, state police said. State police …
It’s a Matter of When, Not if, a Hurricane Will Hit Florida, Forecasters Say
SANFORD, Fla. (AP) — With the start of hurricane season less than a month away, U.S. officials who predict, prepare for and respond to natural disasters had a message for Floridians on Friday: It’s not a matter of if a …
Two Tornadoes Down Trees on Homes, Kill One Person in Tallahassee
Two confirmed tornadoes and storms packing hurricane-force winds killed at least one woman Friday in Florida as a week of deadly severe weather continued in the South, where uprooted trees crashed onto homes and knocked out electricity to thousands in …
People Moves: Tokio Marine HCC Expands Product Recall Offering With 2 Hires From AXA XL; London P&I Club’s CEO Gooch to Step Down, Succeeded by Bean
This edition of International People Moves details appointments at Tokio Marine HCC – Specialty Group and The London P&I Club. A summary of these new hires follows here. Tokio Marine HCC Expands Product Recall Offering With 2 Hires From AXA …
Russia Court Suspends Corporate Rights of Alfa Bank Entities, Including Insurance Arm
A Russian court on Monday suspended the corporate rights of the Cyprus-registered holding companies of private lender Alfa Bank and its insurance arm Alfastrakhovanie, according to a court filing. The finance ministry earlier said that “anti-Russia” sanctions against these entities …
PoloWorks Launches Managing General Agent Incubator
PoloWorks, a Lloyd’s and London Market insurance services business, announced the launch of Polo MGA – a managing general agent (MGA) incubator. This new offering provides services to both startup and established MGAs ranging from support with their formation to …