INSURANCE NEWS
Rural New Mexico Eyes Insurance Fight Amid Wildfires
ALBUQUERQUE, N.M. (AP) – Manuel and Marcy Silva combed through the charred rubble that used to be their home, searching for any salvageable bits in the wake of the largest wildfire in New Mexico history. Manuel found two of his …
People Moves: Newfront Appoints Talmanson; Woodruff Sawyer Adds Dorsey
Newfront appoints Talmanson to Lead Property and Casualty Team Industry veteran Michael Talmanson is leading the new property and casualty team at the Boston headquarters for Newfront, a tech-enabled, full-service brokerage. Talmanson, executive vice president and founding partner of the …
Moody’s Cuts Fosun International’s Credit Rating Amid Concerns Over Asset Sales
Global credit rating agency Moody’s downgraded Fosun International Ltd. by one notch on Tuesday and revised its outlook to “negative” from “ratings under review” amid concerns over the firm’s accelerated asset sales. The downgrade to B2 from B1 followed the …
Flexsteel to Pay $9.8M For Contamination Cleanup at Indiana Site
Flexsteel Industries Inc. has agreed to a consent decree that requires it to pay $9.8 million for the cleanup of contamination at the Lane Street Ground Water Contamination Superfund Site (Lane Street Site) in Elkhart, Indiana, and to reimburse the …
Britain’s Financial Services Execs Hope Sunak Can Steady the Ship After Market Chaos
After seven weeks in which Britain’s reputation for financial credibility has been rocked by political missteps, senior finance executives have given new prime minister Rishi Sunak a cautious welcome. Sunak is a known quantity to Britain’s banks, asset managers and …
Berkley Cooling On Professional Lines, Firing Up Property Cat Re Engines
Property cat reinsurance: “More.” Professional liability insurance: Not so much. The president and chief executive officer of W.R. Berkley Corp., Robert Berkley, Jr., shared his company’s appetite for short-tail and long-tail coverages during an earnings conference call on Monday—flagging property …
Chubb’s Q3 Numbers: Net Income Falls on Realized Losses; P/C Profits Up 15%
In spite of incurring nearly $1 billion in pre-tax net losses from Hurricane Ian, Chubb reported a combined ratio of 93.1 for the third quarter of 2022, representing $710 million in underwriting income. Property/casualty underwriting income was up 15% compared …
AmTrust Acquires Mid-Market Book from DUAL
AmTrust Financial Services announced that it has acquired the middle market management liability business of DUAL North America, a Florida-based specialty program administrator that offers property/casualty products. DUAL is part of the DUAL Group, an large underwriting team based in …
Fagan to Replace Koscielny at Florida Peninsula Insurance
The Florida Peninsula Insurance group of companies announced that Joe Fagan will replace Michael Koscielny as vice president of underwriting for Peninsula and its subsidiary, Edison Insurance Co. Fagan has spent 16 years in leadership positions with Travelers Insurance, including …
New England Patriots Owner Alleges Insurer Fumbled Media Liability Claims
Kraft Sports and Entertainment, owner of the NFL’s New England Patriots, has sued Hiscox Insurance alleging the insurer has failed to respond under media liability insurance policies to multiple claims of copyright infringement brought against the sports company. Kraft Sports, …
Louisiana Issues C&D Order to Baton Rouge Producer
Investigators from the Office of Insurance Fraud at the Louisiana Department of Insurance (LDI) issued resident producer Houston Thomas and Thomas Mutual Insurance Group a Cease-and-Desist Order and Notice of Summary Suspension on October 10, 2022, for failing to remit …
Illinois’ Lang Financial Group Rebrands as 1706 Advisors
Lang Financial Group, a third-generation firm specializing in employee benefits, human resource management, and individual and business insurance planning, announced it has rebranded to 1706 Advisors. The company also announced that founder and former president Stacy Lang Kahan will step …