INSURANCE NEWS
Universal Ready to Add Florida Policies Again, Contemplates Potential Rate Cuts
Universal Insurance Holdings, after discontinuing more than 160,000 policies over the last two years, now sounds like it’s ready to start growing again in its home state of Florida. “As we move forward, we’re more confident in the Florida market, …
NFP Buys UK-Based Resolute Insurance Services
NFP, a New York City-based property/casualty broker, announced it has acquired Resolute Insurance Services, an independent insurance broker based in the West Midlands. Financial details of the deal were not disclosed. NFP said the acquisition expands its commercial insurance product …
Bankman-Fried Acknowledges ‘Mistakes’ But Testifies He Did Not Defraud Anyone
Sam Bankman-Fried, testifying in his own defense at his fraud trial on Friday, acknowledged that a “lot of people got hurt” when the FTX cryptocurrency exchange he founded collapsed, but said he did not defraud anyone or take customer funds. …
Re/insurer SiriusPoint and MGA Banyan Risk Extend Capacity Relationship
SiriusPoint Ltd., the specialty insurer and reinsurer, and managing general agent Banyan Risk Ltd. announced an extension of their capacity partnership. The deal extends for three years the Bermuda-based companies’ existing commercial relationship. At the same time, it concludes the …
The Hartford Q3 Income Jumps 93% on Commercial Lines Results
The Hartford reported a 93% increase in third quarter net income to $645 million driven by results in its commercial lines segment. The Hartford, Connecticut-based insurer said third quarter net income in commercial lines grew more than 80% to $519 …
Toll Rises to 8 Dead, 63 Hurt in Louisiana Interstate Pileup Blamed on Fog, Fire Smoke
The toll from a series of crashes on a Louisiana interstate rose to eight dead and 63 injured, a day after a “super fog” of marsh fire smoke and dense fog snared more than 160 vehicles in the fiery pileup, …
People Moves: FSLA Names DeMott New President, Adds Board Members
The Florida Surplus Lines Association installed new officers and directors at its recent annual convention, including new President Dave DeMott, of Gridiron Insurance Underwriters. Other FSLA 2023-2024 board members include: President-elect: Virginia Clancy, ASLI, CIIP, TAPCO Underwriters, Inc. Treasurer: Al …
Liberty Mutual Announces 850 Layoffs
Boston-based global insurer Liberty Mutual has confirmed that it is laying off about 850 workers, or 2% of its workforce, in the U.S. The terminations will be felt in several departments this month and many will become effective by the …
TWFG Acquires Jeff Kincaid Agency in North Carolina
TWFG Insurance, also known as The Woodlands Financial Group, has continued its growth trajectory with the acquisition of Jeff Kincaid Insurance Agency, which has five offices in North Carolina. Kincaid, a former Nationwide Mutual Insurance agent, brings an $18 million …
Employee Receives $44K for Vermont Employer’s Retaliatory Firing
Kingsbury Companies LLC has paid a worker $40,000 in punitive damages and $3,901 in back pay after the company terminated the employee in retaliation for speaking with the employer and other employees about whether they were receiving the correct pay, …
A Second Baltimore Firefighter Has Died After Battling Rowhouse Fire
]A second Baltimore firefighter has died from injuries sustained while battling a rapidly intensifying blaze that engulfed multiple rowhouses in northwest Baltimore last week, a city official said. Lt. Dillon Rinaldo was hospitalized in critical but stable condition after the …
People Moves: New Hampshire Promotes Nyhan to Deputy Insurance Commissioner
The New Hampshire Insurance Department announced the promotion of Keith Nyhan as the deputy commissioner. Nyhan has served as director of the Consumer Services unit since 2007. Nyhan brings 28 years of experience in the financial services and insurance sectors …