INSURANCE NEWS
Florida Braces for Another One as Idalia Strengthens in Gulf
Insureds and insurers across much of Florida began bracing for the impact of another major hurricane as Tropical Storm Idalia was expected to strengthen and make landfall by Wednesday afternoon. Florida Gov. Ron DeSantis declared a state of emergency for …
Broken Satellite Risks Big Claim in Shrinking Insurance Market
Viasat Inc. has more than $1 billion of orbiting satellites in trouble, and space insurers are girding for market-rattling claims. The company’s roughly $1 billion ViaSat-3 Americas satellite, central to expanding its fixed-broadband coverage and fending off rivals including Elon …
Historic Rhode Island Hotel Damaged in Blaze to Be Torn Down; Cause Under Investigation
The historic Rhode Island hotel ravaged by a fire last weekend is a total loss that will be torn down, authorities said Wednesday. The Harborside Inn on Block Island was severely damaged in a blaze that started late last Friday …
Employee Impersonators Scam $2M from Pennsylvania Banks’ Customers, Officials Say
A theft ring stole nearly $2 million from bank customers in central Pennsylvania in an elaborate scheme in which the scammers, posing as bank employees, tricked people into giving up their account information, the attorney general`s office said Friday. The …
Kansas’ MutualAid eXchange (MAX) Declared Insolvent, Placed into Liquidation
The District Court of Shawnee County, Kansas has declared MutualAid eXchange (MAX) insolvent, and the company has been placed into liquidation pursuant to a petition filed by the Commissioner of Insurance. The court ruled MAX to be insolvent on August …
AM Best Revises Outlook to Positive for Texas’ Skyward Specialty
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- (Excellent) of Great Midwest Insurance Company, Houston Specialty Insurance Company, Oklahoma Specialty Insurance …
Ukraine Says Second Ship to Sail From Odesa Reaches Romania
A Liberian-flagged bulk carrier that was the second ship to sail from Odesa since Russia quit the Black Sea safe-transit deal has reached Romanian waters, said President Volodymyr Zelenskiy. The Singapore-operated Primus successfully navigated the temporary Black Sea corridor set …
P&O Cruise Ship Crashes Into Oil Tanker, Injuring Passengers
A P&O cruise ship with thousands of passengers on board collided with an oil tanker off the coast of Palma de Mallorca in Spain on Sunday, injuring a small number of people. Videos posted to social media showed the Britannia, …
Yale Settles Lawsuit Alleging Discrimination Against Students With Mental Health Issues
Yale University and a student group announced Friday that they’ve reached a settlement in a federal lawsuit that accused the Ivy League school of discriminating against students with mental health disabilities, including pressuring them to withdraw. Under the agreement, Yale …
3M Agrees to Pay More Than $5.5 Billion Over Military Earplugs
3M Co. has tentatively agreed to pay more than $5.5 billion to resolve over 300,000 lawsuits claiming it sold the US military defective combat earplugs, people familiar with the deal said. The settlement would avert a potentially much larger liability …
University of South Carolina Student Fatally Shot Trying to Enter Wrong House
COLUMBIA, S.C. (AP) — A University of South Carolina student was shot and killed as he apparently tried to enter the wrong home on his off-campus street early on Saturday, police said. Nicholas Anthony Donofrio, 20, of Connecticut, was dead …
Home Insurance as a Work Benefit? Recoop Says It’s Bringing it to Florida and All States
Health insurance. Dental insurance. Accidental death and dismemberment. Why not homeowners insurance as an employee benefit? That’s exactly what Darren Wood is thinking. Wood is the founder and chief product officer at Recoop Disaster Insurance, which is now in 42 …