INSURANCE NEWS
Climate Change, Wildfire Risk and State Farm’s California Decision
Several reasons were given within State Farm’s announcement last week the carrier was no longer writing new personal or business property/casualty policies in California – including a challenging reinsurance market, increased risks and historic increases in construction costs outpacing inflation. …
People Moves: Gallagher Re Appoints Brace of Exec Appointments for N. America, Brazil and China
Global reinsurance broker Gallagher Re announced the appointment of Linda Johnson as vice chairperson for its North American team, Daniel Veiga as CEO of Gallagher Re Brazil, Treaty Operation, Jia Lou as CEO of Mainland China & Hong Kong, with …
World Insurance Associates Acquires Michigan’s Morris Insurance Group
World Insurance Associates LLC announced that it acquired the business of Morris Insurance Group, Inc. of Clinton Township and Rochester, Michigan on April 1, 2023. Terms of the transaction were not disclosed. Morris was founded over 60 years ago, and …
Minnesota Governor Signs Bill Legalizing Recreational Marijuana
ST. PAUL, Minnesota (AP) – Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21 starting in August, making Minnesota the …
1 Killed in Boiler Explosion at Southeastern Texas Power Plant
FRANKLIN, Texas (AP) – One person was killed when a boiler exploded at a southeastern Texas power plant Wednesday morning, according to a spokesperson for Dallas-based Luminant. “A contractor was fatally injured” in the blast about 8 a.m. at the …
Whistleblowers File Lawsuits Against Oklahoma State Superintendent, Top Aide
OKLAHOMA CITY (AP) – Two former employees at the State Department of Education filed separate federal lawsuits Tuesday against Republican State Superintendent Ryan Walters and his top aide, alleging they were wrongfully fired last week. Cheryl McGee, the agency’s former …
Massachusetts Agency Owner Accused of Stealing Workers’ Compensation Premiums
The owner of a Gloucester, Massachusetts insurance agency has been indicted and arraigned in connection with an alleged embezzlement scheme that left client companies uninsured. The scheme included the agent transferring ownership of her agency to a family member after …
About 33 Million U.S. Homes at Risk of Hurricane-Force Winds: CoreLogic
According to an analysis by CoreLogic, about 33 million U.S. homes with a combined reconstruction cost value of $11.6 trillion are at risk of hurricane-force winds. CoreLogic released its 2023 Hurricane Risk Report to mark the start of the Atlantic …
Florida Governor Signs Insurer Accountability, Wind-Mit Discount Bills Into Law
Florida’s governor this week signed the Insurer Accountability Act and two other bills that put new restrictions on insurers and require premium discounts for homeowners’ wind-mitigation efforts. Senate Bill 7052 was passed this spring after the Florida Legislature approved controversial …
Former Wells Fargo Exec Settles SEC Fraud Charges, to Pay $3M
The former head of Wells Fargo & Co’s WFC.N retail bank agreed to pay a $3 million penalty to settle U.S. Securities and Exchange Commission fraud charges for misleading investors about sales practices used to inflate a performance metric, the …
Ransomware Attack on Bioscience Firm Exposes Clinical Test Data on 2.5M People
The New York-based biotech and life sciences company Enzo Biochem reported it was hit by a ransomware attack on April 6. The company has since reported that clinical test information of approximately 2,470,000 individuals was accessed and possibly acquired in …
Singapore Detains Record Number of Oil, Chemical Tankers as Dark Fleet Grows
Singapore’s detentions of oil and chemicals tankers have surged since early last year, highlighting growing concerns over the environmental and safety impact of an expanding fleet of aging vessels plying major shipping lanes. The city-state has held 33 ships for …