INSURANCE NEWS
TotalEnergies Sues Greenpeace Over Emissions Report
French oil major TotalEnergies has sued environmental group Greenpeace France and climate consulting firm Factor-X over a report claiming the company massively underestimated its 2019 greenhouse gas emissions, Total said on Wednesday. The civil complaint, served on April 28, seeks …
Judge Says No Class Action Against Peloton Over Fitness Class Availability
A U.S. judge has refused to let Peloton Interactive Inc customers pursue a class action accusing the bike and treadmill maker of misleading them about the “ever-growing” size of its library of on-demand fitness classes. In a 74-page decision May …
Allstate Posts Loss With ‘Exceptionally’ High Catastrophe Costs
Allstate Corp. posted a bigger first-quarter loss than analysts expected as higher premiums failed to offset rising auto costs and soaring catastrophe losses. The company reported a $342 million loss on an adjusted basis for the period, compared to profit …
Banks and Insurers Increasingly Move Away From Coal: Report
Banks and insurers are more frequently adding coal exclusion policies to their investments while those with existing policies are toughening them up despite record profits in the sector, according to a report on Thursday. More than 200 financial institutions globally …
Progressive Falls Short of Goal in Q1
Despite posting a year-over-year net income increase of 45%, Progressive Corp. shared first quarter financial results on Tuesday that showed the company falling short of its combined ratio goal for 2023. The firm’s CR for the quarter was 99 – …
Massachusetts Man Sentenced in Luxury Car Insurance Fraud Scheme
A Holbrook, Massachusetts man has been found guilty and sentenced to two and a half years in the Norfolk House of Correction for damaging luxury cars bought under false pretenses in order to collect insurance proceeds. Attorney General Andrea Joy …
Keystone Adds Texas’ Perkins to Network
Keystone, the fourth largest participant-owned insurance agency network in the nation, added Perkins Insurance Agencies, LLC, based in Abilene, Texas, to its growing network of agencies in the state. A second-generation agency with deep roots in Abilene and surrounding areas, …
Mississippi River Crests in East Iowa, Testing Barriers
BUFFALO, Iowa (AP) – Dale O’Donnell bought his small brick home only 100 yards or so from the Mississippi River because he enjoys watching the river and wanted a good view from his front porch. He got his money’s worth …
Manhattan DA Brings Charges in Alleged Affordable Housing Construction Fraud
Manhattan District Attorney Alvin L. Bragg, Jr. announced indictments charging eight individuals and six companies with fraud and corruption within the construction industry, including conspiring to fraudulently use minority and women-owned business enterprises (MWBEs) as pass-through entities to obtain contracts …
Nevada Puts March Winter Storm Costs at $10.6M
State emergency managers are projecting clean-up and repair costs of at least $10.6 million following severe winter storms that affected rural parts of Nevada in March. Nevada Division on Emergency Management spokeswoman Gail Powell said the amount is expected to …
People Moves: Lockton Promotes 5 Key Leaders Into Global Roles; CFC Appoints Marino as Distribution Leader, USA
This edition of People Moves details appointments at the broker Lockton and the managing general agent CFC Underwriting. A summary of these new hires follows here. Lockton Promotes 5 Key Leaders Into Global Roles Lockton, the independent, privately held insurance …
Louisiana Insurance Commissioner Fines McClenny Moseley $2M
Louisiana Insurance Commissioner James Donelon on Tuesday issued $2 million in fines against McClenny Moseley & Associates and three of its partners, the maximum amount allowed by law. “The illegal insurance scheme perpetrated by McClenny Moseley & Associates is frankly …