INSURANCE NEWS
People Moves: Konchar, Mulcahy Named Regional VPs at Donegal; Ross Elected President The Insurance Library
Donegal Insurance Group, headquartered in Marietta, Penn., named two new regional vice presidents. Wes Konchar will lead Donegal’s Marietta region, comprised of Pennsylvania, Ohio, Indiana, Maine and New Hampshire. A 15-year Donegal veteran, Konchar most recently served as Donegal’s regional …
Missouri Department of Commerce and Insurance Returns Over $27M to Consumers in 2023
Missouri consumers had more than $27.5 million returned from their insurance companies in 2023, the Missouri Department of Commerce and Insurance (DCI) announced. The amount returned to Missouri consumers was a result of DCI’s Insurance Consumer Affairs Division’s mediation work …
Progressive Q4 Net Income Up 141% as Combined Ratio Exceeds Goal for 2023
Progressive Corp. today said fourth quarter 2023 net income jumped to nearly $2 billion compared to about $826 million a year ago during the same period. The Mayfield Village, Ohio-based insurer reported some quarterly and year results as it announced …
Patriot Growth, FBinsure Add 3 Rhode Island Agencies
Insurance broker Patriot Growth Insurance Services and its partner insurance agency FBinsure of Taunton, Massachusetts announced that they recently added Maggiacomo Insurance, Hanuschak Insurance, and Gilmartin Insurance of the Rhode Island Insurance Group to the Patriot platform in the Northeast. …
Tennessee Chalks Another Drop in Workers’ Comp Loss Costs
Workers’ compensation loss costs in Tennessee will drop an average of 9.4% for the voluntary market starting March 1, marking the 11th straight decrease for the state. The decrease follows declines of 10.2% in 2023 and 5.6% in 2022, the …
SEC to Impose Tougher Rules on Blank-Check Deals as SPACs Fizzle
Wall Street’s main regulator on Wednesday is set to demand more investor protections for deals involving special purpose acquisition companies, tightening rules on a once-popular pathway for taking firms public. After surging during the Covid-19 pandemic as an alternative to …
3M Begins Payments to Service Members in $6B Earplug Settlement
(AP) — 3M has started paying out its $6 billion settlement to U.S. service members who say they experienced hearing loss or other serious injuries after using faulty earplugs made by the company. The chemical and consumer product manufacturer made …
Markets/Coverages: MGA Sands Point Risk Launches With Transaction Liability Practice
Sands Point Risk, a new managing general agent to be led by the founder of transaction risk solutions at DUAL, has been launched to serve the transaction liability insurance (TLI) sector. Dennis Kearns, who founded the transaction risk program at …
US Insurers Optimistic, Open to Take More Investment Risk in 2024: Conning
Most U.S. insurers plan to take on more investment risk in 2024, and said the risks associated with the use of artificial intelligence (AI) in the investment process are outweighed by the potential benefits of the technology. According to results …
NFP Buys London-Based Advanced Insurance Consultants Ltd.
NFP, the insurance broking and consulting firm, announced it has acquired Advanced Insurance Consultants Ltd. (AIC), an independent insurance broker based in Hemel Hempstead on the outskirts of London. As part of the deal, which closed on Dec. 15, the …
Howden Acquires Scottish Broker Laurie Ross
Howden, the London-based global insurance group, announced the acquisition of Laurie Ross, a personal and commercial lines broker based in Scotland. The addition of Laurie Ross will take Howden’s high street branches to 117, with a total of over 200 …
Red Sea Turmoil Sends Economic Shockwaves Across the Globe
Two months of missile, drone and hijacking attacks against civilian ships in the Red Sea have caused the biggest diversion of international trade in decades, pushing up costs for shippers as far away as Asia and North America. The disruption …