INSURANCE NEWS
Alabama Bill Would let Alfa Federation, not Insurer, Sell Health Plans. BCBS is Fighting it.
Alfa, one of the largest property-casualty insurers in Alabama, is clarifying that it is not planning to move into the health insurance business: A hotly debated bill in the state Legislature would allow Alfa’s affiliated farmers federation to offer a …
Minnesota Homeowners Report Surge in Insurance Complaints
Minnesota homeowners insurance complaints rose 108% from 2020 to 2023, with of those complaints from homeowners concerned their claims were denied or they faced high out-of-pocket costs after damage from wind and hail. The Minnesota Department of Commerce (DOC) shared …
Oklahoma Contractor Faces $103K in Fines After Fatal Workplace Asphyxiation
An Oklahoma City employer’s failure to follow federal safety procedures left a 30-year-old worker suffering fatal asphyxiation as they tried to make repairs inside a water tank at a McClain County wellsite in September 2023, a federal investigation has found. …
Challenges to SEC’s Climate Rules Sent to Appeals Court
A U.S. judicial panel on Thursday consolidated at least nine lawsuits challenging the U.S. Securities and Exchange Commission’s new rules requiring public companies to report climate-related risks in a venue favored by Republican-led states and a business group. The St. …
Vermont Communities Hit by Summer Flooding Seek $3.5M to Elevate 20 Homes
Two of the Vermont communities hardest hit by last summer’s catastrophic flooding have requested $3.5 million in state funding to elevate 20 homes in Barre and the capital city of Montpelier for flood victims who still need safe places to …
China Scrutinizes PwC Role in $78 Billion Evergrande Fraud Case
Chinese authorities are examining the role of PricewaterhouseCoopers LLP in China Evergrande Group’s accounting practices after the developer was accused of a $78 billion fraud, ramping up pressure on the global accounting giant that audited a slew of developers before …
People Moves: Massaro Joins Hartford in Northeast; Alliant Adds Spina in New York
The Hartford, headquartered in Hartford, Connecticut, appointed Matthew Massaro head of sales and underwriting for its middle and large commercial businesses’ Northeast division. Massaro has been with The Hartford for over 25 years, most recently serving as regional vice president …
Yemen’s Houthis Tell China, Russia Their Ships Won’t Be Targeted
The Yemen-based Houthis have told China and Russia their ships can sail through the Red Sea and Gulf of Aden without being attacked, according to several people with knowledge of the militant group’s discussions. China and Russia reached an understanding …
Tech Update: Aon Launches Climate Risk Monitor to Aid Risk Mgmt, Renewal Decisions
Insurance broker Aon plc has launched its Climate Risk Monitor, a tool that helps clients visualize and understand their exposures to physical climate risk in order to enable better business decisions. The property insurance market is increasingly influenced by climate-related …
AM Best Downgrades and Withdraws Credit Ratings of Conifer in Michigan and Subsidiaries
AM Best downgraded the Financial Strength Rating to C (Weak) from B+ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “ccc” (Weak) from “bbb-” (Good) of Conifer Insurance Co. and White Pine Insurance Co. They are subsidiaries of …
Apple, Meta, Google to Face EU Digital Markets Act Probes: Sources
Apple, Meta Platforms and Alphabet’s Google are set to be investigated for potential violations of the European Union’s Digital Markets Act (DMA) that could lead to hefty fines by the end of the year, according to people with direct knowledge …
South African Insurer Discovery in Talks With US Insurers to Expand
Discovery Ltd., South Africa’s biggest health insurance provider, is in talks with US peers to bring its flagship wellness program known as Vitality to their market. While Discovery has long had a relationship with John Hancock Life Insurance Co. to …