INSURANCE NEWS
Firefighters Make Gains on Southern California Wildfire
Firefighters gained ground Monday against a large wildfire and three smaller blazes in the torrid interior of Southern California. The Rabbit Fire grew slightly overnight to more than 12 square miles but containment jumped to 35%, according to the Riverside …
Owner of Louisiana Residence Inn Settles ADA Civil Claims
The United States has finalized a settlement agreement with IM Baton Rouge OPCO, LLC, owner and manager of the Residence Inn by Marriott Baton Rouge Towne Center Cedar Lodge (the “Marriott Towne Center”), to resolve civil claims under Title III …
AM Best Places Iowa’s GuideOne Under Review With Negative Implications
AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of GuideOne Insurance Company and its wholly owned subsidiaries collectively referred to …
Woman Seriously Injured in Roller Coaster Accident Sues Ohio Amusement Park
SANDUSKY, Ohio (AP) – A Michigan woman struck in the head by a metal bracket that fell off a roller coaster at an Ohio amusement park has sued the park and its parent company, alleging their negligence caused the accident …
Residents of PFAS-Polluted Island File $42M in Claims Against Wisconsin City
A CROSSE, Wis. (AP) – Residents of an island polluted with PFAS chemicals have filed claims demanding more than $40 million from a western Wisconsin city they say is responsible for the contamination. As of June 2021, more than 500 …
Fire Causes Explosions at Louisiana Chemical Plant
PLAQUEMINE, La. (AP) __ A fire at a Louisiana chemical plant triggered explosions that shook homes several miles away and sent flames and smoke billowing into the air, prompting emergency officials to urge a few hundred nearby residents to shelter …
Alaska Volcano Spews Ash Cloud High Enough to Draw Weather Service Warning for Pilots
An erupting volcano in Alaska’s Aleutian Islands sent a towering cloud of ash into the air Friday, prompting the National Weather Service to issue an inflight warning to pilots. The Shishaldin Volcano began erupting July 11, according to the Alaska …
Higher Reserving Uncertainties Could Sustain Hard Market Conditions: Report
Systemic shocks related to the recent pandemic, the war in Ukraine, natural catastrophe losses and elevated inflation have raised questions about reserve adequacy for property/casualty insurers, according to a Swiss Re report. These recent shocks have pushed up claims and …
Warren Buffett’s PacifiCorp Sued by Oregon Wineries Over Fire Damage
Berkshire Hathaway Inc.’s PacifiCorp was sued by Oregon wineries claiming that smoke from wildfires ignited by the utility’s equipment in 2020 destroyed their grape harvests, resulting in tens of millions of dollars in damages and lost wine sales. The lawsuits …
AAA Is Not Exiting Florida But Will Not Renew ‘Small Percentage’ of Policies
The Auto Club Insurance Company (AAA) of Florida has announced that it will not renew a “very small percentage” of auto and home insurance package policies in Florida. But, the insurer stressed, it is not leaving the state — it’s …
Liberty Mutual Announces Organizational Changes, Leading to 370 US Job Losses
Liberty Mutual Insurance announced major organizational changes and executive leadership appointments, which are aimed at enhancing its personal and small commercial lines business in long-term strategic markets. Approximately 370 jobs will be lost in the US as a result of …
Reinsurance Broker, Augment, Launches with Access to $100M in Funding
Augment, a new Miami-headquartered reinsurance broker, announced its official launch with access of up to $100 million in funding from Altamont Capital Partners. Over the last decade, the global reinsurance market has been buffeted by significant shifts — among them …