INSURANCE NEWS
Private Flood Insurance Market Growing; NFIP ‘Adrift’: AM Best
Hurricane Ian may result in one of the largest losses in the history of the National Flood Insurance Program and add to its current $20.5 billion debt. According to a market segment report from AM Best, the projected range of …
Police: 4 Dead at Oklahoma Pot Farm Were ‘Executed,’ Chinese Citizens
LACEY, Okla. (AP) – Police have identified a suspect in the slayings of four people at an Oklahoma marijuana farm but said they aren’t releasing a name because doing so could put more people in danger. Authorities said the three …
Texas Judge Backs Full $49M Jury Award Against Alex Jones
AUSTIN, Texas (AP) – A Texas judge said last week she will not lower a nearly $50 million punishment against Alex Jones that a jury handed down earlier this year over the Infowars host spreading false conspiracy theories about the …
Iowa Jury Awards $27M Verdict in Misdiagnosed Flu Case
DES MOINES, Iowa (AP) – An Iowa jury has returned a $27 million verdict against a Des Moines medical clinic after a man with bacterial meningitis was misdiagnosed with the flu, suffered strokes and said he has been permanently injured. …
Indiana Man Awarded $25M in Lawsuit Against Ex-Cop
HAMMOND, Ind. (AP) – A federal jury has awarded a Gary man $25.5 million in his lawsuit alleging that a now-retired police officer violated his civil rights and deprived him of a fair trial in a case involving a 1980 …
Maryland AG Overrules Past Racially Discriminatory Opinions
Maryland’s attorney general announced that he has overruled opinions that upheld or applied unconstitutional racially discriminatory laws. In an opinion addressed to General Assembly leaders, Attorney General Brian Frosh formally overruled the opinions, saying that while changes in the law …
People Moves: Tysers Insurance Brokers Names Former Chubb Exec Kendrick as Chair; Tokio Marine HCC Int’l Promotes Herrero as CEO for European Operation
Tysers Insurance Brokers Names Former Chubb Exec Kendrick as Chair Tysers Insurance Brokers, the London-based broker, announced the appointment of Andrew Kendrick as non-executive chair. The appointment is effective Dec. 1, 2022, and subject to regulatory approval. Peter Haynes will …
Tesla Recalls More Than 80,000 Cars in China on Software, Seat Belt Problems
Tesla Inc. is recalling almost 81,000 electric cars in China — more than it typically ships from its Shanghai factory in any given month — due to a software issue and seat belt problems. The US EV maker will call …
Central Florida’s Insurance Land Joins Renaissance Alliance
Insurance Land, an independent agency with offices in Sanford and Deland, Florida, has joined the Renaissance Alliance network of agencies, the firm said in a news release. The agency, in business since 1984, offers commercial and personal lines and will …
Fidelis Receives Regulatory Nod to Create New MGU, Split Business
Fidelis Insurance Holdings Ltd. announced it has received regulatory approval to create a new managing general underwriter (Fidelis MGU), which is separate from the existing balance sheet insurance companies – known as the Fidelis Insurance Group. Originally announced and agreed …
Markel International Merges Professional and Financial Risks Division With Cyber Team
Markel International, a subsidiary of Markel Corp., announced it will merge its professional and financial risks (PFR) division with its recently expanded cyber team. The decision to merge the two divisions is part of the wholesale business’ efforts to simplify …
Climate Activists’ Attacks on Paintings Add to Insurers’ Worries About Threats to Art
Climate activists’ attacks on some of the world’s most precious paintings have added to insurers’ worries about the threat to art from climate change itself, concerns seen as leading to higher art insurance premiums. In recent weeks, activists have drawn …