INSURANCE NEWS
Xcel Energy Acknowledges Role in Texas Panhandle Wildfire
Xcel Energy on Thursday acknowledged its involvement in the Smokehouse Creek Fire, which started last week and quickly became the largest wildfire in state history, burning more than 1 million acres. “Based on currently available information, Xcel Energy acknowledges that …
Explosion at Michigan Vaping Supply Distributor Kills One
CLINTON TOWNSHIP, Mich. (AP) — A large fire followed by multiple explosions at a building in suburban Detroit killed one person and injured a firefighter. A look at what we know about the site, including investigators’ questions surrounding the vaping …
Brown & Brown’s Lonmar Acquires Renewal Rights for Bloodstock Portfolio
Lonmar Global Risks, part of Bridge Specialty International, Brown & Brown Inc.’s International Wholesale and Specialty division, has acquired the renewal rights for a bloodstock portfolio from Norwich, England-based St. Benedicts Ltd. Financial details of the transaction were not disclosed. …
North Risk Partners Acquires South Dakota’s McKinneyOlson
North Risk Partners, one of the largest independent insurance brokers and risk advisory firms in the Midwest, has acquired McKinneyOlson Insurance in Sioux Falls, South Dakota, effective February 1. With this new partnership, 26 McKinneyOlson team members have joined North …
Wisconsin Flooring Manufacturer Faces $269K Fine for Repeat Violations
A Wisconsin hardwood flooring manufacturer continues to ignore federal safety and health regulations and expose workers to multiple hazards at its Laona mill, federal inspectors found. Inspectors with the U.S. Department of Labor’s Occupational Safety and Health Administration conducted an …
Three More Women Join Crispen Odey Sexual Misconduct Suit
Three more women have asked to join a sexual misconduct lawsuit against hedge fund manager Crispin Odey and his eponymous former firm. The alleged victims of sexual harassment by Odey applied at a London court to join two others who …
Markets/Coverages: Mosaic Launches Primary Tech E&O Cover With Capacity of $15M
Mosaic Insurance’s cyber division has launched primary technology errors and omissions (E&O) coverage to protect tech companies from increasing liability risks. The launch builds on Mosaic’s primary cyber offering initiated last spring and activates primary Tech E&O as a blended …
US Commercial Lines Survey Shows Aggregate Increase of 6.7% in Q4: WTW
U.S. commercial insurance prices increased 6.7% in the fourth quarter 2023, with “intriguing shifts” in some coverage areas, according to a survey from broker WTW. According to the latest results from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS), carriers in …
Houthi Red Sea Attack Kills 3 Seafarers in 1st Civilian Fatalities
India’s navy evacuated all 20 crew from a stricken vessel in the Red Sea on Thursday, after a Houthi attack killed three seafarers in the first civilian fatalities from the Yemeni group’s campaign against the key shipping route. The Iran-aligned …
Florida Condo Mitigation Bill Passes but Other Insurance Bills Uncertain After Changes
A Florida pilot program to fortify coastal-area condominiums is on its way to the governor but other property insurance bills may have hit a snag after last-minute changes – with just two days left in the legislative session. The state …
Handcuffed Colorado Man Stunned by Taser Settles Lawsuit for $1.5M
A man who was stunned with a Taser while handcuffed, including on his lip, has settled a federal lawsuit with a Colorado sheriff’s department for $1.5 million, his lawyers said. Kenneth Espinoza was arrested after he stopped to wait for …
Republican-Led States Sue SEC Over Climate Risk Disclosure Rules
Ten Republican-led states have sued to challenge new federal rules that require U.S.-listed companies to report climate-related risks, a spokesperson for the West Virginia Attorney General’s Office said on Wednesday, hours after the U.S. Securities and Exchange Commission approved the …