INSURANCE NEWS
Hedge Fund Manager Loeb Drops Buyout of $1.5B Re/insurer SiriusPoint
Hedge fund manager Dan Loeb said he’s no longer exploring an acquisition of specialist insurance underwriter SiriusPoint Ltd. Loeb held exploratory discussions with Bermuda-based SiriusPoint about a potential deal to take the company private, but the parties weren’t able to …
Data of 237,000 Government Employees Breached
The personal information of 237,000 current and former federal government employees has been exposed in a data breach at the U.S. Transportation Department (USDOT), sources briefed on the matter said on Friday. The breach hit systems for processing TRANServe transit …
Farmers Set to Abandon US Wheat Crops at Highest Rate Since 1917
America’s wheat fields have become so plagued by drought that farmers are now poised to abandon crops at the highest rate in more than a century. Producers are expected to harvest about 67% of their planted acres, the US Department …
NHTSA Demands Recall of 67 Million Air Bag Inflators
The National Highway Traffic Safety Administration (NHTSA) demanded the recall of 67 million air bag inflators because it believes there is a safety defect, but auto supplier ARC Automotive Inc rejected the U.S. regulator’s request, documents released on Friday show. …
Want to Limit Roof Claims in Florida? Why Not a Roof Endorsement?
Editor’s note: The Florida Legislature’s 2023 regular session concluded May 5, but people in the property insurance industry continue to offer ideas for the state’s distressed market. Here’s one from independent adjuster Ben Mandell. I am an independent insurance adjuster. …
Driver Falls Asleep, 18-wheeler Hits Federal Courthouse in Georgia
A federal courthouse in Georgia was damaged when the driver of a tractor trailer fell asleep and the truck hit the building last week. The crash into the J. Roy Rowland Federal Courthouse in Dublin happened at about 12:30 a.m. …
Illinois Governor Signs Law Giving Benefits to Chicago First Responders Disabled by COVID
Gov. J.B. Pritzker this week signed a law providing full disability benefits to Chicago police officers and firefighters struck by COVID-19 before vaccines were available, presiding over an emotional statehouse ceremony which marked the end of a financial struggle for …
Montana Governor Signs Reform Package Aimed at Lowering Insurance Costs
Montana Governor Greg Gianforte approved three legal reform measures intended to provide consumer protections and disclosures and reduce frivolous lawsuits with the ultimate goal of lowering costs and increasing the availability of insurance. “We applaud Gov. Gianforte and the Montana …
Patriot Growth Adds Savannah Agency to the Team
Patriot Growth Insurance Services, a broker and insurance services firm with offices in Pennsylvania and Florida, has added Savannah, Georgia-based Sherrill & Co. to its constellation. Sherrill offers property and casualty insurance and life and health insurance services. It was …
Amsterdam’s Phillips to Pay $62M to U.S. for China Sales Misconduct
The U.S. Securities and Exchange Commission reported that Amsterdam-based health technology firm Koninklijke Philips N.V. will pay more than $62 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) with respect to its sales of medical …
Catalytic Theft Claims Triple in Two Years, Crime Bureau Report Finds
Insurance claims for catalytic converter thefts nationwide jumped by 288% in just two years, the National Insurance Crime Bureau said in a new report. Claims rose from 16,660 in 2020 to 64,701 in 2022. Half of the thefts were in …
Tennessee Governor Signs School Safety Bill; Gun-Maker Protection Bill Pending
Gov. Bill Lee on Wednesday signed into law legislation designed to place more school resource officers in Tennessee public and private schools, funnel additional money into school security upgrades, and require every school to submit annual safety plans to the …