INSURANCE NEWS
USI Awarded Over $2M by Federal Jury in Case Against Former Employees
A federal judge in Atlanta this week awarded USI Insurance Services more than $2 million in compensatory and punitive damages to be paid by three former executives of its aviation group for breach of their employment contracts. According to court …
Actual Cash Value on Roof Claims a Fairer, Simpler Way to Pay
In the May 15, 2023 Insurance Journal, independent adjuster Ben Mandell shared an opinion that Florida insurance policies have “one glaring endorsement that is missing” – roof endorsements that could have “eliminated or greatly minimized” Florida’s insurance crises. He argues …
Crum & Forster Policy Covered Only Accidents, Not Intentional Pollution, Appeals Court Says
Greasy, toxin-laden wastewater discharges by a Mississippi animal feed maker were not accidents and thus are not covered by a Crum & Foster pollution policy, a federal appeals court decided this week in a case that stemmed from an investigation …
Firefighting Foam Contaminates Public Water for About 9,000 in Maine
WATERVILLE, Maine (AP) – Firefighting foam used in battling a fatal fire in an apartment building entered the public water system, prompting the water district to order thousands of residents not to drink the water. The do-not-drink order went into …
EU Sets Out Plans to Cut Price of Financial Products Offered by Banks, Insurers
The European Union set out plans on Wednesday to cut how much retail investors pay banks and insurers for financial products to encourage investment and make its capital market deeper and more efficient. The retail investment package toughens up existing …
Anti-ESG Rhetoric in U.S. Prompts Urgent Talks as Insurers Quit Climate Coalition
The world’s biggest climate coalition for insurers is set to hold emergency talks after a wave of defections revealed the extent to which anti-ESG rhetoric in the US is unsettling members. Signatories of the Net Zero Insurance Alliance are due …
UN Says U.S. Concerns Have Led to Insurers Quitting Climate Alliance
The United Nations Environment Programme on Wednesday said “recent discussions within the United States” had been behind four insurance firms quitting a UN-convened alliance aimed at reducing carbon emissions in recent months. Republican federal and state lawmakers, governors, and attorneys …
Brown & Brown Agrees to Buy UK Parent of Nexus Underwriting, Xenia Broking
Brown & Brown Inc., the Daytona Beach, Fla.-based broker, announced it has entered into an agreement to acquire Kentro Capital Ltd. in the UK. The transaction is expected to close in the fourth quarter of 2023, subject to certain closing …
Arthur J. Gallagher Acquires Florida’s Ken Brown Brokerage
Arthur J. Gallagher & Co., the global insurance brokerage and consulting firm, said it has acquired Florida-based Insurance by Ken Brown Inc., a retail broker specializing in coverage for construction and swimming pool companies in the Southeastern United States. Ken …
White House Takes New Steps to Study AI Risks, Determine Impact on Workers
The White House said on Tuesday it would ask workers how their employers use artificial intelligence (AI) to monitor them, as it allocates federal investments in the technology, which is expected to change the nature of work. The White House …
2 Arkansas Teens Killed After Being Struck by Train While Walking on Tracks
CABOT, Ark. (AP) – Two teenagers have died after being struck by a train while walking on the tracks near a park in a central Arkansas town. Liam Harrison and Charlie Elliott, both 16, died in Cabot on Saturday evening, …
TWIA Finalizes Funding for 2023 Storm Season
The Texas Windstorm Insurance Association Board of Directors met in Austin Tuesday to finalize financial preparations for the 2023 storm season. The Board previously established $4.5 billion as the association’s 1:100 probable maximum loss for 2023. In April, the Board …