INSURANCE NEWS
Nevada Division of Insurance Recovers $6.1M in 2023
The Nevada Division of Insurance announced it recovered over $6.1 million in Fiscal Year 2023. The Division’s Consumer Services and Enforcement teams investigate thousands of consumer complaints each year, as well as help settle claim disputes and recover money insurers …
Roman Bust Seized from Massachusetts Museum in Ongoing Investigation
A bronze bust believed to depict the daughter of an ancient Roman emperor has been seized from an art museum in Massachusetts by New York authorities investigating antiquities stolen from Turkey. The seizure is the latest in an ongoing investigation …
SAIF in Oregon Declares $135M Dividend for Policyholders
The SAIF board of directors declared a $135 million dividend for its policyholders, marking the 14th straight year SAIF has been able to offer a dividend. SAIF is a not-for-profit with a goal of making workers’ compensation coverage more available, …
Loss Trends for Severe Convective Storms
Loss trends for severe convective storms (SCS) have increased over the past 15 years and even more during the past five years, according to Dan Dick, global head of Catastrophe Management at Aon. “What’s interesting about these trends is when …
The Care and Feeding of Property-Catastrophe Models
Executive summary: The key to getting useful model results is working with models that fit specific underwriting needs and making sure the models are regularly updated while employing qualitative analysis (in addition to the models’ quantitative analysis), say experts from …
People Moves: Nutter to Retire as RAA President; Covington Appointed to Take the Helm
The Reinsurance Association of America (RAA) on Wednesday said its long-time president, Frank Nutter, will retire at the end of the year and Lee Covington is president-elect. Nutter has been president of the trade association for property/casualty reinsurers for 32 …
People Moves: VIAA Names Thornton to New Development Role
VIAA Names Thornton to New Development Role Valley Insurance Agency Alliance (VIAA), headquartered in St. Louis, Mo., named Michael Thornton as book management coach. Thornton has worked at VIAA for six years as a foundation specialist. Before joining the company, …
People Moves: Texas Mutual Makes New Board Member Appointment and Two Reappointments
Texas Mutual Makes New Board Member Appointment and Two Reappointments Texas Gov. Greg Abbott has appointed Gary Gibson of Houston and reappointed Kristi Koncaba of Friendswood and Ron Simmons of Lewisville to the Texas Mutual Insurance Company board of directors. …
Novatae Acquires Arkansas’ American Management Corporation
Novatae Risk Group announced that it acquired the assets of American Management Corporation, (“AMC”) of Conway, Arkansas on September 1, 2023. Terms of the transaction were not disclosed. AMC was founded over 60 years ago and has grown into a …
23 Injured as Driver Crashes SUV Into Texas Denny’s
ROSENBERG, Texas (AP) – A driver plowed through a wall of a busy East Texas restaurant, injuring 23 people. Police in the Houston suburb of Rosenberg, Texas said a man crashed his SUV into a Denny`s restaurant just off the …
Owner of Collapsed Iowa Apartment Building Files Lawsuit Blaming Engineering Company for Negligence
DAVENPORT, Iowa (AP) – The owner of an Iowa apartment building that collapsed in May, killing three people, has filed a lawsuit that blames an engineering company for not warning the building was structurally unsound and that residents should be …
People Moves: Marsh Names Harris CEO, UK Retail; AXA XL Appoints Meier as Chief Client Officer
This edition of International People Moves details appointments at Marsh McLennan and AXA XL. A summary of these new hires follows here. Marsh Appoints Harris as CEO, UK Retail Marsh McLennan announced the appointments of Nick Harris as CEO, UK …