INSURANCE NEWS
Ohio Manufacturer Faces $1.2M in Penalties After Worker Injury
An Ohio vinyl tile manufacturer faces $1,232,705 in proposed penalties after U.S. Department of Labor Occupational Safety and Health Administration inspectors responded when a worker suffered severe injuries as a result of being caught in a machine on April 28, …
World Insurance Acquires Circle Agency in Massachusetts
Insurance brokerage World Insurance Associates has acquired Circle Insurance Agency Inc. of Danvers, Massachusetts. Founded in 1989 by James M. Holbrook, Circle Insurance provides personal and commercial lines as well as financial services. Christine Frary is agency president. Mike Holbrook …
Missouri Amusement Park Train Derailment Injures 7
Seven people suffered what were described as minor injuries after an amusement park train derailed in Branson, Missouri. The derailment happened Wednesday evening at Silver Dollar City. Six patrons and one employee were taken by ambulance to hospitals after the …
Arkansas Kroger Store Settles $180K Religious Discrimination Suit
The Kroger Limited Partnership I will pay $180,000 to settle a religious discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission, the federal agency announced. The EEOC had filed suit on behalf of two former employees who worked at …
Arson Probed After Major Los Angeles Blaze and Smaller Fires
A raging fire destroyed a vacant commercial building in Los Angeles this week and numerous other small fires broke out in the same area, triggering an arson investigation, authorities said. Flames lit up the sky before dawn in the North …
Acrisure Acquires UK-Based Sutton Winson and Sutton Specialist Risks
Acrisure, the Grand Rapids, Mich.-based insurance broker and fintech specialist, announced the acquisitions of Sutton Winson and Sutton Specialist Risks (SSR), in the UK. The deals are expected to close in the near term, pending FCA regulatory approvals. Financial details …
Federal Court Finds Pennsylvania Poultry Farm in Contempt Over OSHA Penalties
A federal court has found Birdsboro Kosher Farms Corp. in contempt for failing to pay $162,359 in penalties after an inspection by the Occupational Safety and Health Administration found numerous safety hazards. The U.S. Court of Appeals for the District …
Brown & Brown’s Q3 Earnings Fail to Meet Analysts’ Expectations
Brown & Brown Inc. (BRO on the NYSE) on Monday reported third-quarter net income of $161.1 million. The Daytona Beach-based company, one of the largest insurance brokerages in the country, said it had a profit of 57 cents per share. …
Harvard, UNC Race-Based Admissions Cases Put Supreme Court Justices on Collision Course
A showdown over college affirmative action at the US Supreme Court next week pits the court’s liberal wing against Chief Justice John Roberts and his dream of a constitutional ban on racial preferences. The court will hear arguments Monday on …
Russia’s Threat to ‘Strike’ Western Satellites Tests Laws of War in Space
A Russian official’s threat this week to “strike” Western satellites aiding Ukraine highlights an untested area of international law, raising concerns among space lawyers and industry executives about the safety of objects in orbit. “Quasi-civilian infrastructure may be a legitimate …
Credit Suisse to Sell Most of Securitized Product Unit to Apollo, PIMCO
Credit Suisse Group AG has signed an exclusivity agreement with a group of investors led by Apollo Global Management Inc. to sell the bulk of its securitized products group business. If the deal happens, the group, which also includes Pacific …
Swiss Re Posts Q3 Loss on Hit From Hurricane Ian, Signals Price Hikes
Swiss Re reported a third-quarter loss of $442 million driven by claims tied to the damage from hurricane Ian, and signaled that renewal prices would jump next year. The Zurich-based reinsurer’s key unit saw $2.5 billion in claims related to …