INSURANCE NEWS
North Carolina Mobile Home Insurance Rates to Rise 15%, Starting in October
North Carolina’s insurance commissioner has negotiated a 15% average statewide increase in rates for mobile home insurance policies, a reduction from the hefty hike that the state’s rate bureau had recommended. The North Carolina rate bureau had proposed an 87.5% …
Aon Sues Alliant Over ‘Unlawful Raid’ of Reinsurance Group
Aon this week filed a lawsuit against rival Alliant Insurance Services for an alleged “unlawful raid” of senior leaders and other employees of Aon’s facultative reinsurance group. Aon claims Alliant took 26 of its employees, reinsurance business, and confidential information …
Fraudulent Filings in Massachusetts Could Be Distorting U.S. Jobless Claims Reports
Fraudulent filings for state unemployment insurance aid in Massachusetts could be distorting U.S. weekly unemployment claims data, economists warned on Wednesday, making it harder to get a clear picture of the labor market in the short-term. A surge in applications …
Arthur J. Gallagher Subsidiary Acquires Dublin’s Allied Risk Management
Dublin-based Allied Risk Management has been acquired by Artex Risk Solutions Inc, a captive and alternative risk transfer solutions subsidiary of Arthur J. Gallagher & Co. Terms of the transaction were not disclosed. Allied Risk provides insurance and reinsurance management …
Ford Recalls 422,000 SUVs Because Rear View Camera Display May Fail
Ford Motor Co is recalling 422,000 sport utility vehicles in the U.S. because the video output may fail, preventing the rear view camera image from displaying. The recall covers 2020 through 2023 Ford Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair …
Everest Re Group Rebrands to Everest Group
Bermuda-based P/C insurer and reinsurer Everest Re Group, Ltd. announced that its shareholders approved a name change to Everest Group, Ltd. and will trade under a new ticker symbol (NYSE: EG). The change will become effective on July 10, 2023. …
A Risk to Global Food Security: Russia Poised to Decide if Ukraine’s Grain Deal Survives
The United Nations is racing to extend a deal that has allowed shipments of Ukrainian grain through the Black Sea to parts of the world struggling with hunger, helping ease a global food crisis exacerbated by the war Russia launched …
Deutsche Bank to Pay $75 Million to Settle Epstein Suit
Deutsche Bank AG agreed to pay $75 million to settle a lawsuit in which victims of Jeffrey Epstein’s sexual abuse accused the bank of facilitating his sex-trafficking operation, according to attorneys for the plaintiffs. Deutsche Bank agreed to settle after …
J&J’s Proposed Talc Settlement Would Pay $400 Million to State AGs
Johnson & Johnson has set aside $400 million to resolve U.S. state consumer protection actions as part of its broader $8.9 billion effort to settle claims that its Baby Powder and other talc products cause cancer. J&J subsidiary LTL Management …
Tale of Two Markets: Largest CR Difference Between Personal, Commercial Lines in 15 Years
The 2022 property/casualty insurance industry saw a stark difference between the combined ratio of commercial lines at 94.8, while personal lines came in at 109.9. It was the largest difference in about 15 years, according to actuaries at the Insurance …
Norfolk Southern Bondholders Sue Over Safety Disclosures Preceding Ohio Derailment
Norfolk Southern Corp was sued on Tuesday by bondholders who said they lost hundreds of millions of dollars because the railroad concealed safety risks prior to the February derailment in Ohio of a train carrying hazardous chemicals. The proposed class …
OSHA Cites Georgia Wood Treating, Maintenance Firm for Arsenic Exposure
The U.S. Occupational Safety and Health Administration has cited a Georgia wood-treating company and its maintenance firm for exposing workers to high levels of arsenic, actions that could result in as much as $180,000 in fines. OSHA opened an investigation …