INSURANCE NEWS
Catastrophe Bond Market Headed for Major Surge in Issuance
The market for catastrophe bonds is one of this year’s best-performing debt classes. It’s also about to see a significant increase in sales as the World Bank, a major issuer, prepares to ratchet up its offering. The lender plans to …
‘Superfog’ Blamed For Louisiana Highway Crashes That Killed 7
NEW ORLEANS (AP) – At least seven people were killed Monday after a “superfog” of smoke from marsh fires and dense morning fog caused a series of wrecks on Interstate 55 near New Orleans that left a long stretch of …
Ransomware Attacks Have Nearly Doubled Over 2022, Says Corvus
Ransomware attacks are up 95.41% globally in 2023 year over year, a trend showing no signs of slowing. The number of ransomware victims to date in 2023 (3,311) has already surpassed totals for the entirety of 2021 (3,048) or 2022 …
Morningstar: Coastal Communities at Risk of Becoming Uninsurable
DBRS Morningstar experts anticipate increased reliance on government insurance programs as insurers exit catastrophe-prone states. New commentary from the credit ratings business said these departures could “eventually trigger declines in property valuations in the affected regions if alternative sources of …
Six Years After They Began, Strems’ Massive Litigation Actions Detailed in Book
The story of disbarred Florida plaintiffs’ attorney Scot Strems has been told, in bits and pieces, in this publication and others over the last six years. But the saga and Strems’ alleged actions and the havoc they caused in the …
Pennsylvaia Restaurant to Pay $269K for Illegal Pay Practices, Child Labor Violations
A Collegeville, Pennsylvania restaurant and its owners must pay $268,660 in back wages, liquidated damages and punitive damages to satisfy a consent judgment obtained by the U.S. Department of Labor after an investigation into the employers’ illegal pay practices. According …
Two New York Hospitals Resume Admitting Emergency Patients After Cyberattack
Two New York hospitals that were hit with a cyberattack have resumed admitting emergency patients after shutting down their computer systems to investigate, hospital officials said. The ambulance diversion ended Saturday night and the hospitals resumed admitting patients, hospital officials …
Forest Service Sued Over Flooding Deaths in Wake of New Mexico’s Largest Recorded Wildfire
Relatives of three people who died last year in a flash flood stemming from the largest wildfire in New Mexico’s recorded history are suing the U.S. Forest Service. The wrongful death lawsuit filed earlier this month alleges the Forest Service …
Philadelphia Reports Cyber Incident Affecting Email
The city of Philadelphia has released a notice about a cyber incident that occurred in May and July and its investigation that suggests personal health information was involved. On May 24, 2023, city officials initially became aware of suspicious activity …
People Moves: Rubosky Joins Alliant in Ohio
Rubosky Joins Alliant Insurance Services in Cleveland, Ohio Al Rubosky has joined Alliant Insurance Services, headquartered in Irvine, Calif., as vice president within its employee benefits group. Rubosky is based in Cleveland, Ohio. Rubosky joins Alliant with over 20 years …
People Moves: Texas Mutual Promotes Sherrouse and Dowling to VP Positions
Texas Mutual Promotes Sherrouse and Dowling to VP Positions Texas Mutual Insurance Company, headquartered in Austin, Texas, promoted two current employees to vice president. Peppia Sherrouse is Texas Mutual’s new vice president of claim operations. She previously served as vice …
One Dead, Four Missing After Freighters Collide in North Sea
One body has been recovered, two people have been rescued, and four are missing after two freighters collided in the North Sea off the coast of Germany, the maritime emergency authority said on Tuesday. The Verity, which the Central Command …