INSURANCE NEWS
Federal Crop Insurance Provides Billions in Profit for Insurers, Says USDA
Roughly one-third of U.S. government spending to insure the nation’s crops since 2011 has gone to insurance companies that derive more than $1 billion in profit from the program each year, according to a government watchdog’s report released on Monday. …
Alabama Supreme Court Orders Lindberg and Company to Pay $11M Note to Med Firm
The legal and financial troubles for former insurance executive and international businessman Greg Lindberg, now awaiting a second trial on charges that he tried to bribe a state insurance commissioner, has spread far beyond North Carolina and has continued to …
People Moves: Morgan Named PCF Insurance Services CEO
PCF Insurance Services, headquartered in Lehi, Utah, named current CFO & COO Felix Morgan as CEO. Peter C. Foy is transitioning from founder, chairman and CEO to founder and chairman. Morgan has over 20 years of leadership experience and previously …
ANALYSIS: As Bayer Confronts Mounting Roundup Losses, All Eyes on Philadelphia Trial
With Bayer facing investor pressure to resolve thousands of lawsuits over its Roundup weedkiller after being hit with $2 billion in verdicts in recent weeks, all eyes are on a trial wrapping up in Philadelphia. Plaintiffs have won the last …
TWIA Board of Directors to Consider 2024 Budget at Upcoming Meeting
The Texas Windstorm Insurance Association (TWIA) Board of Directors will meet next week to consider the association’s 2024 budget. The meeting, which will be held at the Corpus Christi Omni Hotel on Dec. 12 at 9:00 a.m., will also include …
People Moves: Ryan Specialty Appoints Nash President of CorRisk Solutions; Dunne Joins AIG Board of Directors
Ryan Specialty appointed Thomas Nash as president of CorRisk Solutions, the wholesale distribution professional liability managing general underwriter, a part of Ryan Specialty Underwriting Managers. CorRisk is headquartered in Atlanta, Ga. Nash previously served as president of Kelly Underwriting Services, …
Jury Orders Egg Suppliers to Pay $17.7M in Damages for Price Gouging in 2000s
A federal jury in Illinois ordered $17.7 million in damages – an amount tripled to more than $53 million under federal law – to several food manufacturing companies who had sued major egg producers over a conspiracy to limit the …
Federal Judge Dismisses Lawsuit Alleging Environmental Discrimination in Louisiana Parish
NEW ORLEANS (AP) – A federal judge has thrown out a lawsuit that accused a south Louisiana parish of using land use policies to guide industries that pollute into communities with majority-Black populations. U.S. District Judge Carl Barbier of the …
Iowa Insurance Agent Pleads Guilty to Wire Fraud
An Iowa man pleaded guilty to wire fraud for using his position as an insurance agent and annuity salesperson to defraud elderly individuals out of their retirement savings and other monies. Zachary James Flaherty, age 47, of Clive pled guilty …
Illinois High Court Rules UM Insurance Can’t Be Restricted to Occupants of Covered Vehicles
The Illinois Supreme Court on Thursday affirmed an appellate court ruling that found that injuries to a 14-year-old boy who was struck by a car while riding his bicycle are covered by his father’s uninsured motorist policy despite language that …
US Personal Lines Outlook Continues to Be Negative: AM Best
The U.S. personal lines insurance industry faces too many daunting challenges, leading AM Best to maintain its negative outlook. The outlook for personal lines was changed to negative in September 2022 – at first due in large part to the …
Confie Acquires Acceptance Insurance
Confie announced the acquisition of Acceptance Insurance’s retail division to its family of brands. The personal lines distribution company said its latest acquisition expands its footprint to 26 states across the U.S. with the retail store additions in Ohio, Pennsylvania …