INSURANCE NEWS
Agents, Brokers Achieve Record Annual Growth in 2023
The independent insurance agent and broker channel posted an organic growth rate of 10.3% in 2023 — the highest annual level achieved since Reagan Consulting launched its quarterly growth and profitability study in 2008. According to a Reagan, at 22.8, …
Universities Settle Financial-Aid Antitrust Lawsuit for $166M
Dartmouth, Northwestern, Rice and Vanderbilt universities have agreed to pay a combined $166 million to resolve claims that they favored wealthy student applicants, pushing total settlements in a federal antitrust lawsuit over college financial aid practices to $284 million. Lawyers …
Higginbotham Adds 103-year-old FPH&A to the Lineup
Higginbotham, one of the largest independent insurance brokerages, has acquired Alabama-based Fountain, Parker, Harbarger & Associates, a 103-year-old agency. FPH&A was founded in 1921 and has been with some carriers for almost as long, the companies said in a news …
Georgia House Approves Bill to Let Drivers Refuse to Sign Traffic Tickets
ATLANTA (AP) — Georgia lawmakers are seeking to change state law to say that officers don’t have to arrest people who refuse to sign traffic tickets after a church deacon died in August after initially refusing to sign a citation …
Sand Hole Collapse at Florida Beach Kills Child, Can Happen Around US
FORT LAUDERDALE, Fla. (AP) — The collapse of a sand hole that killed a 7-year-old Indiana girl who was digging with her brother on a Florida beach is an underrecognized danger that kills and injures several children a year around …
People Moves: Bridge Specialty Adds Five to Dallas Office
A group of five experienced individuals have joined the new Bridge Specialty Insurance Brokerage – Dallas office. Janie Williams, broker, brings more than 30 years’ experience to Bridge Specialty Insurance Brokerage (BSIB) Dallas. Janie’s career spans both the retail and …
Wisconsin Governor Signals He Won’t Sign Bill to Fight PFAS
MADISON, Wis. (AP) — Democratic Gov. Tony Evers signaled Wednesday that he has no intention of signing a Republican bill that would spend tens of millions of dollars to address pollution from the so-called forever chemicals known as PFAS because …
Florida Litigation Funding Bill Founders; Plan to Bar Policy Cancellations Gets Changes
Florida bills that target litigation financing, which seemed to be on their way to quick approval a week ago, have all but foundered in the state Capitol. House Bill 1179, by Rep. Toby Overdorf, and its companion, Senate Bill 1276, …
Aeronautical Manufacturer Fined $284K for Safety Violations at Oklahoma Plant
The U.S. Department of Labor’s Occupational Safety and Health Administration has cited an aeronautical parts manufacturer for exposing workers to nearly two dozen safety hazards following a complaint about a lax safety environment at the company’s plant in Catoosa, Oklahoma. …
Fidelis Insurance Holdings Sponsors New ‘Herbie Re’ Catastrophe Bond
Fidelis Insurance Holdings Ltd., the Bermuda insurance holding company, announced it has closed a new catastrophe bond via its “Herbie Re” program. This is the fifth series of notes issued by Herbie Re and will provide Fidelis Insurance Holdings (also …
AM Best Upgrades Credit Ratings of United Frontier Mutual, New Member of Allegany
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of United Frontier Mutual Insurance Co., which is headquartered in Lockport, New York. At …
Arbella Insurance Teams Up With Soccer’s New England Revolution
New England insurer Arbella Insurance Group has signed a partnership agreement with the New England Revolution soccer team for the 2024 and 2025 Major League Soccer seasons. As part of the sponsorship, Arbella is named the “Official Auto Insurance Sponsor” …