INSURANCE NEWS
Progressive More Than Doubles Feb. Income, Reports Investments With Failed Banks
In reporting February financial results that continued a positive start to 2023, Progressive Corp. said it has about $75 million total investments tied to banks recently taken over by the Federal Deposit Insurance Corporation (FDIC). Progressive Corp. recorded February net …
U.S. Senate Majority Leader Urges Federal Safety Probe Into all Major Freight Railroads
U.S. Senate Majority Leader Chuck Schumer on Wednesday urged a federal investigation into safety practices of all seven major freight railroads, following the East Palestine, Ohio derailment of a Norfolk Southern Corp. train. In a letter, Schumer urged the National …
Berkshire Hathaway to Beef Up Risk Disclosures Following SEC Request
Berkshire Hathaway Inc. agreed to better explain how its board of directors manages risks, including those taken by longtime Chairman Warren Buffett, after the U.S. Securities and Exchange Commission asked that it do a better job. In correspondence made public …
Florida Lobbying Firm Hires Altmaier as Advisor, Despite Lobbying Restrictions
Former Florida Insurance Commissioner David Altmaier is barred by law from working as a lobbying for at least two years after leaving office. So, in his new position with one of the largest and most influential lobbying firms in the …
Amendment to Florida Tort-Reform Would Grant One-Way Attorney Fees in Some Cases
A sponsor of a far-reaching Florida tort-reform bill warned last week that the measure, unlike previously adopted insurance legislation, is subject to change as it moves through the House and the Senate. On Tuesday, that proved true as the Senate …
Arthur J. Gallagher & Co. Buys UK Broker FE Protect
Arthur J. Gallagher & Co. announced the acquisition of UK-based AT Squared Holdings Ltd., operating as FE Protect. Terms of the transaction were not disclosed. FE Protect is an insurance broker specializing in the UK education sector. Based in Merseyside, …
Wall Street Regulator Unveils New Hacking, Data and Market Resiliency Rules
The top U.S. markets regulator announced a package of proposed policies on Wednesday designed to harden the financial system against hacking, data theft and systems failure. At the start of a public meeting, the Securities and Exchange Commission’s (SEC) five …
Insured Losses From N. Zealand Floods Estimated at US$1.02B, With Profit Hit Expected
The initial insured losses for the recent floods in the North Island of New Zealand are estimated at NZ$1.65 billion ($1.02 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. Losses incurred so far in …
Green Groups Sue Biden Admin Over Approval of Alaska Willow Oil Project
Six environmental groups filed a lawsuit on Tuesday over the Biden administration’s approval of ConocoPhillips’ Willow oil and gas project in Alaska, which they claimed could be a stepping stone to more development in an ecologically sensitive region. Trustees for …
California Court Rules for Uber, Lyft in Ridesharing Case
App-based ride hailing and delivery companies like Uber and Lyft can continue to treat their California drivers as independent contractors, a state appeals court ruled Monday, allowing the tech giants to bypass other state laws requiring worker protections and benefits. …
Federal Appeals Court Reverses, Allows $5M Bad Faith Claim vs. USAA to Proceed
The poorly executed handoff of a claims file from a retiring claims adjuster to his replacement may have made USAA liable for a $5.2 million excess judgment. A panel of the U.S. 11th Circuit Court of Appeals on Tuesday reversed …
Three Killed in Georgia House Fire as Propane Tanks Explode
Three people were killed in a house fire as multiple propane tanks exploded, officials said. ”Explosions were going off inside the home” when firefighters arrived early Saturday morning, Barrow County Fire Chief Alan Shuman told news outlets. Shuman said the …