INSURANCE NEWS
New Storms Hit California as Wet Winter Brings More Flooding, Winds and Heavy Snowfall
AccuWeather meteorologists on Sunday forecasted the “relentless wet pattern” will continue for residents along the West Coast at least the middle of the week, as stormy conditions will moved onshore withrounds of locally heavy rainfall and a renewed risk for …
TWIA Committee Recommends $6.5B as PML for 2024 Storm Season
The Texas Windstorm Insurance Association’s Actuarial & Underwriting Committee met on February 13 and voted unanimously to recommend the TWIA Board of Directors establish $6.5 billion as the Association’s 1:100 probable maximum loss (PML) for the 2024 storm season. The …
People Moves: Leif Assurance Hires Gulli and Kay as Marketing Specialists
Leif Assurance, headquartered in St. Louis, hired Lauren Elizabeth Gulli as brand marketing specialist and Connor Kay as digital marketing specialist. Before joining Leif Assurance, Gulli was a marketing director for a business consulting firm. Before joining Leif Assurance, Kay …
February Tornadoes in Wisconsin Caused $2.4M in Damage
EVANSVILLE, Wis. (AP) — The first ever tornadoes ever recorded in Wisconsin in the usually frigid month of February caused more than $2.4 million in damage, officials said Wednesday. The tornadoes that ripped through Rock County on Feb. 8 killed …
Wisconsin Assembly Passes Amendment Limiting DEI Efforts
MADISON, Wis. (AP) — A constitutional amendment supported by Republicans that attempts to limit diversity, equity and inclusion efforts in Wisconsin won approval Thursday in the state Assembly. The measure is the latest effort targeting DEI efforts nationwide, but it …
West Texas Has More Fatal Crashes Than State Average, Report Finds
ODESSA — Severe and fatal vehicle crashes occur at a higher rate in the Permian Basin than the rest of Texas, a new report released Wednesday by the Texas A&M Transportation Institute found. Commissioned by the Permian Road Safety Coalition, …
Ares Leads $3.3 Billion Private Loan for UK Insurance Broker Ardonagh at Low Rate
Ares Management Corp. is leading a $3.3 billion private credit loan for UK insurance broker Ardonagh Group Ltd., with the debt’s pricing among the lowest seen in direct lending, people with knowledge of the matter said. Ardonagh’s loan is set …
JPMorgan, State Street Quit Climate Group, BlackRock Steps Back
JPMorgan Chase’s and State Street’s investment arms on Thursday both quit a global investor coalition pushing companies to rein in climate-damaging emissions, while BlackRock said it has transferred its membership to its international arm, limiting its involvement. The decisions together …
Cyber Risk Management Specialist KYND Secures New Funding for Global Growth Plans
KYND, the London-based provider of cyber risk management solutions, has disclosed “a substantial investment” to propel expansion and further growth. The investment comes from Verisk, a leading global data analytics and technology provider, and existing backer BGF, one of the …
Under New Owners, Florida’s TRUE Gets Slight Downgrade, Withdraws from AM Best
Six weeks after Trusted Resource Underwriters Exchange, a Florida-based reciprocal property insurer, announced it had received a $1.25 billion capital investment and new majority ownership, the AM Best rating firm has slightly downgraded the exchange’s financial strength and credit ratings. …
Waymo Recalls 444 Self-Driving Vehicles Over Software Error
Alphabet’s Waymo unit has recalled 444 self-driving vehicles after two minor collisions in quick succession in Arizona because a software error could result in them inaccurately predicting the movement of a towed vehicle. All of the vehicles are in the …
Georgia, NC Women Face Insurance Fraud Charges After Auto Accident Claims
Georgia law enforcement authorities were searching for a Lawrenceville woman who allegedly submitted fabricated medical records in an auto insurance claim in an effort to collect $15,000, the state insurance commissioner said. The insurer was not named in the bulletin …