INSURANCE NEWS
Insurers Fume at Proposal That May Crimp Private Investments
Representatives of the multitrillion-dollar insurance industry are hurling criticism at a proposal that could make it harder to invest in deals sold in fast-growing private markets that offer higher yields but often bring added risks. The proposal by a unit …
Drugmaker Mallinckrodt Moves Toward Second Bankruptcy Filing
Mallinckrodt on Tuesday said it was preparing to seek bankruptcy protection for the second time in three years after struggling to make a required $200 million settlement payment to opioid victims. The drugmaker, one of the largest makers of opioids, …
US Congressman Says Chinese Spies Hacked His Emails
Nebraska Republican Congressman Don Bacon said late on Monday the FBI had warned him that his emails were hacked by Chinese spies, with both personal and campaign messages compromised. Bacon was told that the Chinese Communist Party had access to …
Little League World Series Removes Bunk Beds in Wake of Player’s Head Injury
WILLIAMSPORT, Pa. (AP) — Teams that stay in the Williamsport complex for the Little League World Series will continue to sleep in single beds in the wake of last year’s incident where a boy seriously injured his head when he …
Harford Mutual Completes Merger With Workers’ Compensation Writer ClearPath
Maryland-based commercial property/casualty insurer Harford Mutual Insurance Group announced that it has received final approval from the Maryland Insurance Administration of its merger with ClearPath Mutual Insurance Co., a monoline workers’ compensation carrier headquartered in Louisville, Kentucky. The merger, which …
Insurer Argues Baltimore Not Covered for Employee’s Sexual Abuse of Minors
Philadelphia Indemnity Insurance Co. is asking a federal court to declare that it does not have to indemnify Baltimore officials who have been targeted in a class action that was filed after a former city security guard took photos of …
Modeler: Insured Property Losses From Lahaina Fire $3.2B
Catastrophe modeler Karen Clark & Company has issued new estimates showing the insured property losses from the Lahaina Fire in Hawaii to be around $3.2 billion. At least 99 people were killed in Maui’s wildfires, a figure that’s likely to …
Cal/OSHA Issues High Heat Advisory to Employers
Cal/OSHA is advising all employers to protect workers from heat illness as high temperatures are forecast throughout the state. The National Weather Service issued excessive heat warnings for some areas through 17. Some of the highest temperatures forecast include: Imperial …
Higginbotham Acquires Houston’s Iscential
Higginbotham has acquired Houston, Texas-based Iscential, an independent insurance agency, risk management and financial services firm and . one of the largest writers of Nationwide property and casualty insurance in the country. This strategic move allows access to enhanced services …
Texas Governor Issues Widespread Disaster Declaration Due to Wildfires
Gov. Greg Abbott has issued a wildfire disaster declaration for about 75% of Texas counties, allowing them to use all available state resources to respond to any new fires as the state continues to bake under triple-digit temperatures. The declaration …
Political Operatives Ordered to Pay $50,000 in Restitution for Fraudulent Charity in Ohio Train Derailment Case
COLUMBUS, Ohio (AP) – Three men who have worked as Republican political operatives agreed to pay more than $50,000 in restitution and penalties in Ohio for their roles in operating a phony charity that collected cash purportedly to help victims …
Wisconsin Corn Mill to Pay $940K Settlement Over Fatal Explosion
MADISON, Wis. (AP) – A milling company has agreed to pay $940,000 to settle a lawsuit alleging multiple violations at a plant that was the scene of a fatal explosion in 2017, state Justice Department officials announced Wednesday. The Justice …