INSURANCE NEWS
Virginia Governor Seeks to Fix ‘Bad Faith’ Bill Insurers Wish He’d Veto
Virginia Gov. Glenn Youngkin has returned a “bad faith” insurance claims bill to the General Assembly with recommendations for changes, disappointing property/casualty insurers that had hoped he would veto the measure. Youngkin’s action keeps the measure alive for reconsideration by …
Unlicensed Home Warranty Company Ordered to Cease-and-Desist in Oklahoma
The Oklahoma Insurance Department (OID) issued a Cease-and-Desist Order against First Premier Home Warranty Corp. for unauthorized sale of home warranty contracts in Oklahoma. Effective immediately, the company is required to halt all sales activities in the state. The OID …
Construction-Focused MGA, Phoenix Specialty, Launches With Capacity From AXA UK
Acies MGU, the London-based managing general underwriter and MGA incubator, announced the launch of Phoenix Specialty, a specialist MGA serving the construction sector. Phoenix will be led by managing director Tim James, subject to regulatory approval. James led the successful …
Texas A&M Considers Restoring Bonfire Tradition After 1999 Tragedy
Building the Aggie bonfire was once among the most prized student traditions at Texas A&M University. That changed when the 60-foot stack of logs fell and killed 12 people in 1999, becoming one of the most painful chapters in the …
Illinois State Senator Ann Gillespie Named Acting Director of DOI
Illinois Governor JB Pritzker announced that Illinois Department of Insurance (DOI) Director Dana Popish Severinghaus will step down from her role on April 15th. Popish Severinghaus has served as Director of DOI since January of 2021. Pritzker has appointed State …
Iowa’s EMC Insurance Updates Brand, Logo
Des Moines, Iowa-based EMC Insurance is debuting an updated brand, including a new logo, effective April 9. The company’s website and social media channels have been refreshed with the new look and feel. EMC’s new logo features a distinctive letter …
Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair: Report
New technologies and rising labor costs are putting pressure on auto insurance carriers and auto repairers by making repairs more costly and increasing repair times, trends that a new report asserts are “reshaping” the industries. The bottom-line message: Newer vehicles …
Norfolk Southern to Settle Ohio Derailment Class Action Lawsuit for $600M
April 9 (Reuters) – U.S. railroad operator Norfolk Southern NSC.N said on Tuesday it had reached a $600 million deal to resolve a class action lawsuit related to the East Palestine, Ohio derailment last year. The agreement, which needs to …
Israel Cyber Firm Claroty Eyes 2025 US IPO at $3.5B Value: Report
Israeli cyber security startup Claroty is preparing a possible U.S. initial public offering in 2025 at a valuation of $3.5 billion, the Calcalist financial daily reported on Tuesday. Calcalist, without citing sources, said Claroty was currently valued at $2.5 billion …
Federal Investigation Begins into Fatal Crane Collapse in Fort Lauderdale
FORT LAUDERDALE, Fla. (AP) — Federal job safety officials began their investigation Friday into the collapse of a crane in downtown Fort Lauderdale that killed one worker, injured three people and left morning traffic snarled. Investigators from the Occupational Safety …
If US Inflation Reflected Rising Home Insurance Costs, It’d Be Even Higher
If the rising price of homeowners insurance were factored into the US Consumer Price Index — a key metric of inflation — it could have added 80 basis points, or about 0.8%, to last year’s CPI increase of 3.4%, according …
Slow Recovery in Mississippi a Year After Tornado Ripped Town Apart
OLLING FORK, Miss. (AP) — As a deadly tornado barreled toward their home in the Mississippi Delta, Ida Cartlidge only had time to scoop up her 1-year-old son, Nolan, and hold him close. Cartlidge huddled with her husband and three …