INSURANCE NEWS
Blackbaud to Pay States $49.5 Million to End Probe of 2020 Ransomware Incident
State attorneys general were busy Thursday announcing their share of a $49.5 million settlement with software company Blackbaud related to a 2020 ransomware event that exposed the data of millions of people across the U.S. Blackbaud said it reached the …
Tennessee Comptroller Wants More Frequent Property Appraisals
Tennessee’s comptroller wants more-frequent property appraisals to keep up with rapidly escalating home prices, a move that could affect property insurance limits and premiums in the state. Comptroller of the Treasury, Jason Mumpower, said he hopes to have a bill …
Renaissance Alliance Buys Agency Network in Georgia
Renaissance Alliance, a network of independent insurance agencies, has acquired another network – Agency Partners Inc. (API). With headquarters in Alma, Georgia, API has grown rapidly in the last four years to now include 54 member agencies in Georgia and …
Florida OIR Approves Another 153,000 Citizens Takeouts; Assumption Rate is Low
Florida’s Office of Insurance Regulation has approved the take out of another 153,000 policies from Citizens Property Insurance Corp., the state’s price-controlled residual insurer. Almost half of the takeouts were approved for Slide Insurance, which has grown rapidly in the …
Bankruptcy Judge Denies Survivors’ ‘Hopeless’ Bid to Sue Rockville Diocese Insurers
The judge overseeing the Catholic Diocese of Rockville Centre bankruptcy has denied a request by the committee representing sexual abuse claimants for permission to sue the church’s insurers, calling the filing a “hopeless” exercise. The committee is protesting that the …
2 Died in Pileup on Smoke-Filled Arkansas Highway
Smoke from a burning field apparently caused a crash involving over a dozen vehicles, killing at least two people and closing Highway 67 in both directions, Arkansas State Police said. Troopers at the site of the pileup said there were …
Pepco to Pay $47M Toward Cleaning Up Anacostia River and $10M in Penalties
Potomac Electric Power Co. (Pepco) will pay more than $57 million to resolve allegations that it discharged toxic chemicals into the District of Columbia’s land and waterways for decades, resulting in the persistent toxic pollution of the Anacostia River, the …
Record Heat Unleashes Deadly Floods – From US to Libya
Extreme heat is usually associated with drought and wildfires. But across five continents this year, it’s also unleashed a different kind of disaster: deadly flooding. Cities around the world have seen record rainfall more than 130 times in 2023. A …
Markets/Coverages: Coalition, MS&AD Insurance Offer Cybersecurity Solutions in Japan
Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced a strategic partnership with Japan’s MS&AD Insurance Group to provide cybersecurity monitoring solutions for small and medium-sized businesses (SMBs). MS&AD Insurance Group, the largest non-life insurer in Japan …
Low Water Levels Hamper Rhine River Shipping in Germany
Low water levels after recent dry weather are preventing cargo vessels from sailing fully loaded on the Rhine river in Germany with surcharges added to the usual freight rates, commodity traders said on Thursday. Low water is hampering shipping on …
Jet Engine Maker CFM Says Suspect Parts Reached its Own Repair Shops
Jet engine maker CFM International said on Wednesday the number of engines suspected of containing falsely documented parts from a UK distributor had risen to 126, including 16 inside its own workshops after it inadvertently bought them indirectly. CFM, owned …
RBS Loses UK Appeal Over ‘Unfair’ Commissions on Payment Protection Insurance
Royal Bank of Scotland (RBS) on Wednesday lost an appeal over unfair commissions that were charged to customers who were sold payment protection insurance (PPI), potentially increasing lenders’ exposure to litigation over the long-running scandal. The United Kingdom’s Supreme Court …