INSURANCE NEWS
Sunshine Insurance Begins Taking Investor Orders for $950 Million IPO
Chinese insurer Sunshine Insurance Group Co. is seeking to raise as much as HK$7.4 billion ($950 million) in its Hong Kong initial public offering. Beijing-based Sunshine Insurance started taking investor orders for about 1.15 billion new shares on Wednesday, according …
Russia Seeks to Boost Recognition of its Shipping Insurance to Dodge Sanctions
Moscow is seeking to bolster the recognition of Russian maritime cargo insurance to allow it to ship oil and related products abroad in the face of Western sanctions, a government official was quoted as saying on Tuesday. Western sanctions imposed …
Walmart Sued by Employee Over Deadly Shooting
An employee at the Walmart in Chesapeake, Virginia, where a supervisor fatally shot six people last week, filed a lawsuit on Tuesday against the company, claiming she and others had warned management about the shooter’s behavior and that nothing was …
Florida Amusement Park Fined $250,000 After Teen’s Fatal Fall
The operator of an Orlando amusement park ride from which a Missouri teenager fell to his death should pay a $250,000 fine and can never hold a ride permit in Florida again, state officials said Tuesday. Fourteen-year-old Tyre Sampson fell …
Maryland’s Smith Island Commits to Rebuilding Community, Rejecting Buyouts
SMITH ISLAND, Md. (AP) — For the people of Smith Island, weather guides a way of life as much as the tranquil atmosphere for which it has become known. Hurricanes with names like Hazel, Agnes, Isabel and Irene become part …
Report on Deaths of Workers at Veterans Hospital Finds Protocols Not Followed
A federal investigation released Monday of a hot steam accident that killed two workers conducting maintenance on a boiler system at a Veterans Affairs hospital in Connecticut substantiates a whistleblower’s allegations that employees did not follow proper protocols to control …
ALKEME Acquires Dealer Insurance Services in California
ALKEME acquired Dealer Insurance Services in Laguna Hills, California. Dealer Insurance Services will continue to operate under its current brand. Dealer Insurance Services specializes in benefits, with a focus on the auto dealer industry. ALKEME is based in Ladera Ranch, …
Massachusetts Man Pleads Guilty in Physical Therapy Insurance Scam
A Boston man pleaded guilty in federal court in connection with a scheme to defraud an insurance company for physical therapy services that were not provided to patients, according to prosecutors. Officials said Slava Pride pleaded guilty to one count …
Report from California Insurers Calls for More Freedom to Use Wildfire Catastrophe Models
Associations representing insurers operating in California on Tuesday released an analysis from Milliman showing wildfire catastrophe models would improve homeowners’ access to insurance in the face of climate-induced wildfire risk. The analysis was commissioned by the Personal Insurance Federation of …
Houston Lifts Boil-Water Notice
Houston residents are safe to use and drink tap water again after the city lifted its boil-water notice early Tuesday morning for all customers. “Customers should flush their water system by running cold-water faucets for at least one minute, cleaning …
NFP Acquires Olson & Olson in Colorado
NFP acquired Olson & Olson Insurance Services Inc. in Denver, Colorado. Firm leaders Darrell Olson II and Lance Olson will join NFP and report to John Hohman, president, West region, NFP. Olson & Olson is an insurance broker with capabilities …
Texas DWC to Host Presentation on Amendments to Administrative Code
The Texas Department of Insurance, Division of Workers’ Compensation (DWC) informally proposes amendments to 28 Texas Administrative Code (TAC) Chapter 133, General Medical Provisions and 28 TAC Chapter 134, Benefits–Guidelines for Medical Services, Charges, and Payments to improve the designated …