AM Best has downgraded the Financial Strength Rating to C++ (Marginal) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “b+” (Marginal) from “bbb-” (Good) of Badger Mutual Insurance Company based in Milwaukee, Wi. The outlook of …

Acuity and Progressive Specialty Insurance Co. disputed who should pay after a 16-year-old boy borrowed a friend’s car and crashed it into a utility pole in Streetsboro, Ohio. The driver was insured by Acuity through a policy issued to his …

American Family Insurance shut down “several business systems” after the insurer said it “detected unusual activity in a portion of its network” In an email to Insurance Journal, the Madison, Wisconsin-based insurer said its technology teams discovered the activity last …

Crash and fatality rates among drivers under 21 have fallen dramatically in the U.S. during the past 20 years, a new report says, while noting young drivers are still the riskiest group behind the wheel. Using data from 2002-2021, a …

With warmer oceans serving as fuel, Atlantic hurricanes are now more than twice as likely as before to rapidly intensify from wimpy minor hurricanes to powerful and catastrophic, a study said Thursday. Last month Hurricane Lee went from barely a …

The U.S. Justice Department has sought documents and issued subpoenas to Tesla as it scrutinizes the automaker’s driver assistance system Autopilot and vehicle driving range, among other issues, the company said on Monday. Tesla said in a regulatory filing it …

Sompo Int’l Taps Generali’s Conde-Salazar for Distribution & Client Relationships, AIG’s Marcén for Professional Lines in Iberia Sompo International announced two appointments for its Iberian Insurance operation, José María Conde-Salazar as head of Distribution & Client Relationship Management, and Olivier …

White Mountains Insurance Group, Ltd. entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC (“Bamboo”), an MGA focused on the California homeowners insurance market. White Mountains expects to invest roughly $285 million, including primary …

USI Insurance Services acquired Honolulu, Hawaii-based Cavanah Associates Inc. Cavanah Associates is an independent brokerage firm specializing in commercial and personal risk insurance programs. Terms of the transaction were not disclosed. USI is an insurance brokerage and consulting firm offering …

“Climate-exacerbated wildfires” cost the nation $394 billion to $893 billion each year in economic costs and damages, according to a Congressional report out this week. The range combines estimates from existing research on property damage, deaths and injuries, health impacts …

Chemours Co. and its legal predecessor E.I. du Pont de Nemours & Co will face a Dutch criminal investigation for the potential harmful effects of emitting forever chemicals in the Netherlands. Prosecutors said it decided to start an investigation after …

E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the group’s German business, expects further price increases and improved conditions during the Jan. 1, 2024 reinsurance renewals. Natural disasters and persistently high inflation have again taken a toll on the …