INSURANCE NEWS
Hedge Funds Rake in Huge Profits Betting on Catastrophe Risk
For hedge funds, the science of catastrophes helped generate the best returns of any alternative investment strategy last year. The calculus around natural disasters such as hurricanes and cyclones fed record gains at funds managed by firms including Tenax Capital, …
Class Action Filed Over Builders Mutual’s Own Data Breach in 2022
North Carolina-based Builders Mutual Insurance Co. has become one of the first mid-size property/casualty insurers to face a class-action lawsuit over a data breach on its own computer system, a 2022 cyber attack that may have exposed the personal data …
37 Massachusetts Communities Qualify for State Disaster Aid for December Flooding
Thirty-seven Massachusetts communities damaged by flooding last year will be getting a share of $10 million in disaster relief funding, the governor’s administration said Saturday. The funding being released is from the supplemental budget the Legislature passed and Gov. Maura …
Family of Inmate Who Died by Suicide in Virginia Jail Gets $1.75M From PsychIatrist
The family of a man who died by suicide at a Virginia jail after his antipsychotic medication was discontinued has received a $1.75 million settlement in a civil lawsuit. Records at U.S. District Court in Alexandria show that the family …
Western U.S. States Had Among Highest Car Theft Rates, Report Shows
A new report shows Colorado has the most car thefts, while populous California made the top 10 list. The report’s authors analyzed data from the FBI’s Crime Data Explorer, which showed the amount of motor vehicle thefts in each state …
New Orleans to Activate Citywide Freeze Plan Ahead of Extreme Winter Weather
The City of New Orleans announced that they will activate a citywide freeze plan in anticipation of the extreme winter weather expected to bring dangerously low temperatures below freezing starting Jan. 19. The National Weather Service (NWS) predicts that there …
Medical Experts May be Needed, Even in Negligence Claims – Kentucky Supreme Court
When a baseball umpire, well-traveled in college baseball conferences, went to a hospital for X-rays on his surgically repaired ankle in 2015, a hospital attendant pushing the ump’s wheelchair accidentally bumped his foot against a desk. The question that has …
Cold Weather Causes More Than 60 Oil Spills in North Dakota
BISMARCK, N.D. (AP) — Bitter cold weather is causing a rash of spills in the oil fields of North Dakota as well as a slowdown in production, regulators say. North Dakota has seen multiple days of frigid weather with windchills …
People Moves: Atain Names Dassow VP, Head of Primary Liability; WSIA Names New Secretary and Director Following Maner’s Retirement
Atain Names Dassow VP, Head of Primary Liability Atain Insurance Companies, headquartered in Farmington Hills, Mich., hired Tom Dassow as vice president and head of primary liability, leading Atain’s newly formed general liability brokerage unit. Most recently, Dassow led CM …
Texas Car Dealership Faces Lawsuit for Sexual Harassment and Retaliation
South Austin Nissan, a car dealership in Austin, Texas, operated by NICPA Central Auto Group, LLC, subjected female employees to sexual harassment and retaliated against employees when they reported the harassment the U.S. Equal Employment Opportunity Commission (EEOC) charged in …
GM Financial Rebranding OnStar Insurance as General Motors Insurance
GM Financial earlier this week said it is rebranding its OnStar Insurance to General Motors Insurance, with plans for market expansion. During 2023, the GM Insurance unit shifted from an agency model to a full-stack carrier, GM Financial said. The …
People Moves: Castle, Gray Named to Senior Posts at American Coastal
St. Petersburg-based American Coastal Insurance Corp. has named two to high-level positions in the company. Svetlana Castle is the new chief financial officer, starting Jan. 22, the company said in a press release. Castle, who holds a law degree and …