INSURANCE NEWS
South Carolina Liquor Liability Market ‘Extremely Unprofitable,’ DOI Report Finds
A report from the South Carolina Department of Insurance confirms what insurers and bars and restaurants have said for the past few years: Liquor liability coverage in the state is “extremely unprofitable” for carriers – and costs are far out …
Safety Board Can’t Determine What Caused 2022 Helicopter Crash Near Philadelphia
Federal investigators say they have been unable to determine what caused a medical flight to go haywire before the helicopter crash-landed without losing any lives nearly two years ago. The pilot somehow avoided a web of power lines and buildings …
Worker on Long Island Killed While Working on Septic System When Dirt Collapses
A worker was killed on New York’s Long Island Monday after becoming buried in a hole while working on a septic system. Suffolk County Police said the masonry company worker was installing cesspool rings at a home in Head of …
Connecticut Extends PTSD Benefits to All Under Workers’ Compensation
The new year brought with it an expansion of Connecticut’s workers compensation benefits with regard to post-traumatic stress injuries or disorder (PTSD). Prior to January 1, only first responders were eligible for benefits for work-related PTSD; now under a new …
AM Best Revises Outlooks to Negative for Members of Enumclaw in Washington
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Mutual of Enumclaw Insurance Company and Enumclaw Property & Casualty Insurance …
Five Companies Agree to $7.2 Million Settlement for Polluting Two Ohio Creeks
TOLEDO, Ohio (AP) — Five companies have agreed to pay the federal government more than $7.2 million overall to resolve claims stemming from longstanding pollution in two adjacent creeks in the Maumee River watershed in northwestern Ohio. The settlement with …
Retail Mortgage Lender loanDepot Struggles With Cyberattack
The U.S. retail mortgage lender loanDepot is struggling to recover from a cyberattack that impacted its loan processing and phone service. In a filing on Monday with the Securities and Exchange Commission, the company said data was encrypted by the …
Markets/Coverages: Aspen Partners With Surefire Cyber to Offer Cyber Risk Services
Aspen Insurance Holdings Ltd. has partnered with Surefire Cyber to launch Aspen Cyber Risk Services (ACRS), a complimentary suite of services that will enable its primary cyber insureds to proactively tackle cybersecurity threats, from pre-incident to response and resilience. This …
Progressive Files for 19.78% Auto Insurance Rate Increase in West Virginia
Less than a month after Farmers Direct Insurance filed for a hefty rate increase on West Virginia auto liability policies, Progressive has followed suit with an almost identical request. The West Virginia insurance commissioner posted a bulletin Tuesday, noting that …
Shares in UK Insurers Tumble on Report of Regulator Comments on Premium Finance
Shares in UK insurers fell on Wednesday, with traders pointing to an article in the Insurance Post that quoted the Financial Conduct Authority’s Head of Insurance Matt Brewis as saying premium finance was a “poor product”. At 1258 GMT, Direct …
Italy’s Generali to Acquire Full Control of Chinese Non-Life Joint Venture for $108M
Italy’s biggest insurer Generali on Wednesday said it would acquire full control of a non-life insurance joint-venture in China by buying out local partner CNPC Capital for around 99 million euros ($108 million). Generali said it planned to expand its …
Cummins Agrees to Record-Setting Engine Emissions Settlement
Truck engine maker Cummins agreed to settle a lawsuit filed Wednesday by the Justice Department and California and pay a record-setting fine of about $1.65 billion for installing defeat devices on hundreds of thousands of engines. In December, the Justice …