INSURANCE NEWS
MarketScout: 2023 US Commercial Composite Rate Up 4.56%
According to the MarketScout Market Barometer, U.S. commercial property/casualty insurance rates rose to 5.6% in the fourth quarter of 2023, resulting in a total composite rate increase of 4.56% for the whole of 2023. “Calendar year 2023 settled down a …
NCCI: Shifting Workplace, Costs Are Top Concerns for Workers’ Comp Execs
A new survey finds ratings data, changes in the workplace and workforce, medical inflation and economic uncertainty are top of mind concerns for workers’ compensation insurance executives. The National Council on Compensation Insurance (NCCI) released the results of its annual …
P&C People: XS Brokers Expands with Geiss, Kentucky Agents Name New EVP
The underwriting and wholesale brokerage group known as XS Brokers is expanding into the Southeast and has named Adam Geiss as vice president, based in Charlotte, North Carolina. “Charlotte, a vibrant and growing city, has strategically been on our radar …
Report: California 4th Most Expensive State for Business Owners, Washington No. 2
California ranks fourth for high business startup and maintenance costs, following No. 1 ranked New York as as the most expensive state for entrepreneurs, with high commercial rent costs, weekly wages, and LLC filing costs, according to a new report …
Tyson Foods, Cargill Suspend Kansas Beef Plants Due to Snowstorm
CHICAGO – Tyson Foods TSN.N and Cargill CARG.UL said on Tuesday it suspended operations at beef processing plants in Kansas due to a massive snowstorm, disrupting U.S. meat production. Cargill, a major producer of ground beef, said its plant in …
ALKEME Acquires Texas’ Flor Insurance Group
ALKEME, announced the acquisition of Flor Insurance Group, a multi-line independent insurance agency located in El Paso, Texas and serving the entire United States. Founded in 2010, Flor Insurance Group is focused on insurance solutions for commercial trucking insurance with …
Oklahoma AG Launches Tipline to Report Allegedly Illegal Conduct during Winter Storm Uri
Oklahoma Attorney General Gentner Drummond has launched an online tip form where the public can report allegedly illegal conduct related to energy costs during Winter Storm Uri. The tipline, located on the Attorney General’s website (oag.ok.gov), is designed to collect …
Illinois Contractor Faces $278K in Fines for Exposing Workers to Falls
Twice within a month, an Illinois roofing contractor — cited previously more than 20 times for violating federal workplace safety regulations — was again found exposing employees to falls as they did residential framing work on houses under construction in …
Biden Administration Reevaluates Climate Criteria for LNG Export Facilities, Potentially Stalling Pending Projects
The Biden administration is reevaluating the climate criteria it uses when approving new liquefied natural gas export facilities in a move that has the potential to stall pending projects as the 2024 election nears. A panel of government officials convened …
Supreme Court Allows Minnesota Lawsuit Against Fossil-Fuel Industry to Proceed
The U.S. Supreme Court ruled that Minnesota’s lawsuit against major actors in the fossil-fuel industry may proceed in state court. Without comment, the Court denied the petition of defendants ExxonMobil, the American Petroleum Institute, and three Koch Industries entities to …
Oswald Companies Acquires Michigan’s Brieden Consulting Group
Oswald Companies announced it has acquired Brieden Consulting Group, an employee benefits agency based in Grosse Pointe, Michigan. The addition of Brieden strengthens Oswald’s existing Michigan presence, which is headquartered in the Detroit suburb of Bloomfield Hills. The Brieden Grosse …
Markets/Coverages: RSA Insurance and Brit Launch Project Cargo Consortium
RSA Insurance’s UK Specialty Lines business and Brit Ltd. have announced the launch of a new Project Cargo consortium, called “BUILD.” The consortium, one of the largest in the cargo market globally, is now open for business and offers guaranteed …