INSURANCE NEWS

Florida Regulators Now Reviewing HO Rate Hikes of 14%, 45% and 62%

Three Florida insurance carriers, one large and two small, are seeking approval for major rate increases, with one condominium policy increase as high as 103%. Citizens Property Insurance Corporation’s board of governors this week voted to file for a 14.2% …
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Driver Who Crashed Into Apple Store Faces Murder Charge, Civil Suits

A Massachusetts man whose SUV crashed through the glass storefront of an Apple store, killing one man and injuring nearly two dozen other people, has been charged with murder, prosecutors said. Bradley Rein, 53, was indicted by a grand jury …
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Activist Group Calling for Immediate Halt to Insuring Fossil Fuels

A letter to the world’s insurance companies from a climate activist group calls on the industry to immediately stop insuring companies and projects that promote the expansion of coal, oil and gas, and phase out all insurance services for fossil …
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People Moves: Valley Insurance Agency Alliance Promotes Rucker

Valley Insurance Agency Alliance Promotes Rucker Valley Insurance Agency Alliance (VIAA), a family of more than 160 independent insurance agencies in Missouri and Illinois, recently promoted Kaylee Rucker to communication coordinator. Rucker will handle internal and external communication for alliance …
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North Dakota Contractor Fined $505K After Failing 3 Inspections

Twice in 2022, the owner of a Mandan, North Dakota excavation company sat behind the controls of an excavator, supervising employees below as they installed municipal water lines in trenches as deep as 10 feet without protection against deadly collapses, …
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Arkansas Lawmakers Revamp Bathroom Bill Condemned as Too Extreme

LITTLE ROCK, Ark. (AP) – An Arkansas bathroom bill that went further than a 2016 North Carolina law that was repealed after widespread boycotts was revamped Tuesday following complaints from members of the transgender community and their families that it …
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Michigan Becomes First State in Decades to Repeal ‘Right-to-Work’ Law

Michigan, long known as a mainstay of organized labor, on Friday became the first state in decades to repeal a union-restricting law known as “right-to-work” that was passed over a decade ago by a Republican-controlled Legislature. The state’s “right-to-work” law …
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$264M Offered for Gulf Oil Under Climate Compromise

Oil companies offered a combined $264 million for drilling rights in the Gulf of Mexico on Wednesday in a sale mandated by last year’s climate bill compromise. The auction was the first in the Gulf in more than a year …
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People Moves: Everest Insurance Names Kendrick as Non-Exec Chair of European Board of Directors; OONA Insurance Appoints Marsh’s Zandueta as President, CEO

This edition of International People Moves details appointments at Everest Insurance and OONA Insurance (formerly Mapfre Insurance). A summary of these new hires follows here. Everest Insurance Names Chubb’s Kendrick Chairman of European Board of Directors Everest Insurance, the insurance …
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How a Labor Supplier and Insurance Broker Scammed to Evade Workers’ Compensation

An unlicensed labor broker for the construction industry has pleaded guilty plea to participating in a fraud scheme in order to evade more than $1 million in workers’ compensation premiums. According to Manhattan prosecutors, Salvador Almonte, Jr. underreported the size …
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Near $27B Underwriting Loss in 2022 Largest for U.S. P/C Insurers Since 2011

Key financial results for private U.S. property/casualty insurers significantly worsened in 2022 from a year earlier, according to preliminary results from global analytics provider Verisk and the American Property Casualty Insurance Association (APCIA). The industry recorded a net underwriting loss …
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Lloyd’s Lab Selects 13 Insurtechs for Its Next Innovation Accelerator

The Lloyd’s marketplace announced it has invited 13 insurtechs to join the next cohort of its innovation accelerator, the Lloyd’s Lab, following a competitive pitch process where the firms presented innovative insurance solutions for the market. Lloyd’s Lab received more …
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