INSURANCE NEWS
Amynta Group Completes Buy of Brit’s Ambridge Group
Amynta Group said it has completed its $400 million acquisition of Ambridge Group from Brit. A multi-year strategic partnership had previously been announced in which Brit, a subsidiary of Fairfax Financial Holdings Ltd., will be a significant capacity partner to …
Georgia Commissioner Wants Consumers to Stay Away from ‘Dirt-Cheap Insurance’
Georgia’s insurance commissioner is warning consumers to steer clear of Dirt-Cheap Insurance, an unlicensed outfit that he said has sold fraudulent policies in the state. Three people associated with Dirt-Cheap, Deamarkis Barber, Oluwatosin Oyediran, and Kamaria Berry, have been charged …
People Moves: CFC Grabs Phillips From Resilience to Lead Cyber Practice
Specialty insurance provider CFC announced today it has appointed Michael Phillips as Cyber Practice Leader. In this newly created role based out of New York, Michael will drive CFC’s cyber underwriting strategy and broker development in the US with a …
Hylant Expands with Acquisition of Aegis Insurance in Georgia
Hylant, one of the largest privately held insurance brokerages, announced it has acquired Aegis Insurance Services Inc. of Alpharetta, Georgia, a broker and agency specializing in the moving and storage industry. Aegis, headed by CEO Barbara Stevens, will continue to …
Florida Driver in 116-mph Fatal House Crash Sentenced to 27 Years
A Florida man who was driving his Tesla at least 116 mph (186 kph) before crashing into a house and killing two people in 2021 has been sentenced to 27 years in prison. Vaughn Mongan, 45, of Palm Harbor, was …
Peloton Recalls Two Million Exercise Bikes For Seat Issue
Peloton Interactive Inc has recalled two million exercise bikes citing the possibility of the seat post breaking during use that could lead to injuries, the U.S. Consumer Product Safety Commission (CPSC) said on Thursday. The recall piles on more pressure …
$3.4M Fine Proposed for 2021 California Oil Pipeline Leak
An energy company should be fined nearly $3.4 million for safety violations involving a 2021 oil pipeline spill that fouled Southern California beaches, a federal regulator said. Amplify Energy Corp. ignored 83 alarms indicating the offshore pipeline had leaked and …
Insurtech Funding Up 38% Over Q4 2022: Gallagher Re
Insurtech funding increased nearly 38% from Q4 2022 to Q1 2023, from about $1 billion to about $1.4 billion, according to a new analysis released by Gallagher Re. The U.S. leads France and the UK as the nation funding the …
Norfolk Southern to Pay Ohio Homeowners Near Wreck
Norfolk Southern has recommitted to creating a fund for residents near the site of an Ohio train wreck that would cover any decline in home values since before the derailment earlier this year. In early February, 38 cars derailed in …
Four Injured in Explosion at Wisconsin Condominium Building
MADISON, Wis. (AP) – Four people were injured in an apparent explosion at a Madison condominium building Tuesday evening, the city’s fire chief said. One person was taken to an area hospital by ambulance, and three other people transported themselves …
Legislation to Govern AI Takes Another Step in Europe
European lawmakers came a step closer to passing new rules regulating artificial intelligence tools such as ChatGPT, following a crunch vote on Thursday where they agreed tougher draft legislation. The European Union’s highly anticipated AI Act looks set to be …
Alliant Acquires Texas’ McAnally Wilkins
Alliant Insurance Services has acquired McAnally Wilkins, LLC, a leading provider of property and casualty (P&C) insurance solutions for the oil and gas service industry. Based in Odessa, Texas, McAnally Wilkins provides insurance and risk management expertise as well as …