INSURANCE NEWS
Alabama Wind Mitigation Grant Application Process Opens for Q1
The application process for another round of Alabama home-fortification grants opened Wednesday, Jan. 3, offering up to $10,000 for homeowners who retrofit their homes to make them more wind resistant. The grants, evaluated on a quarterly basis, will pay 100% …
Alliant Acquires PBC Employee Benefits Division in Oregon
Alliant Insurance Services acquired the employee benefits division of Eugene, Oregon-based PBC Insurance. The PBC employee benefits team will join Alliant and continue serving clients from its Eugene headquarters. PBC also offers property/casualty, life, and financial services, which are not …
Maui’s Needs Tourists. Can They Visit Without Compounding Wildfire Trauma?
The restaurant where Katie Austin was a server burned in the wildfire that devastated Hawaii`s historic town of Lahaina this summer. Two months later, as travelers began to trickle back to nearby beach resorts, she went to work at a …
A Return to Balance: Brokers Say Reinsurance Renewals Were ‘Stable’
This year’s January reinsurance renewals were described by brokers as “stable,” “predictable,” “orderly,” “calmer,” “disciplined,” with “increased appetites” and a return to supply/demand balance. What a difference in tone from last year’s grueling January renewals. “In a marked change on …
States and Congress Wrestle With Cybersecurity at Water Utilities
The tiny Aliquippa water authority in western Pennsylvania was perhaps the least-suspecting victim of an international cyberattack. It had never had outside help in protecting its systems from a cyberattack, either at its existing plant that dates to the 1930s …
Judge Blocks Alabama Cannabis Licenses Amid Dispute Over Selection Process
MONTGOMERY, Ala. (AP) — A judge temporarily blocked Alabama from issuing licenses to medical marijuana dispensaries amid an ongoing legal battle over how the state selected the winning companies. Montgomery Circuit Judge James Anderson issued a temporary restraining order late …
Travelers Completes Acquisition of Corvus Insurance
The Travelers Cos. completed its previously announced acquisition of Corvus Insurance Holdings Inc., a cyber insurance managing general underwriter. The $435 million acquisition was first announced in November 2023, which Travelers said would boost its middle-market excess and surplus lines …
New York Fund for Injured Black Car Drivers Wins Surcharge Fight
The New York workers’ compensation fund for black car drivers was within its authority to impose a 2.5% surcharge on noncash tips that passengers paid to drivers and can keep the funds it collected from the surcharge, a three-justice panel …
European Central Bank’s Cyber Stress Test Will Not Affect Capital Requirements
The European Central Bank’s cyber resilience stress test in the coming months will not affect bank-specific capital requirements but instead form part of a broader supervisory assessment, the ECB said in a statement on Wednesday. The long-planned stress test, which …
Global Shipping Firms Continue to Pause Red Sea Shipments After Weekend Attack
Denmark’s Maersk and German rival Hapag-Lloyd said on Tuesday their container ships would continue to avoid the Red Sea route that gives access to the Suez Canal following a weekend attack on one of Maersk’s vessels. Both shipping giants have …
Japan Airlines Flight Was Cleared to Land Before Fiery Collision at Tokyo Airport
As Japan Airlines Co. Flight 516 approached Tokyo’s Haneda Airport late on Tuesday afternoon, all signs pointed to an uneventful conclusion to the routine one-and-a-half hour journey from Sapporo in northern Japan. At 5:43 p.m. local time, control-tower staff told …
P/C Insurers Responsible for Nearly 7,000 Layoffs in 2023
U.S. property/casualty insurance carriers led layoffs in the insurance industry last year, according to S&P Global Market Intelligence analysis. Nearly 20 companies reduced staff in 2023, cutting at least 6,800 jobs, said the authors of the report, Tyler Hammel and …