INSURANCE NEWS
Florida CFO Calls for Ban on Assignments of Benefits, Limits on Public Adjusters
In the wake of Hurricane Ian, Florida’s chief financial officer has taken a hard line on insurance claims litigation, calling for an outright ban on assignments-of-benefits agreements. At a press conference in Cape Coral, a city hit hard by the …
The Hanover: $28M Loss From Ian as Overall Cat Losses Exceed Assumption
The Hanover Insurance Group on Oct. 20 released an estimate of third-quarter over catastrophe and Hurricane Ian-related losses. Q3 losses are expected to be about $90 million, pre tax. Estimated losses from Ian will be about $28 million, mostly from …
As Homeowners Rebuild After Ian, a Cooling New Housing Market Drops Material Costs
If Hurricane Ian would have made landfall in Florida, say, six months ago, the costs of reconstruction could have been even higher than the already staggering estimates now coming from the Sunshine State. Inflation is indeed set to bump up …
Report: Hurricane Ian Farm Loss Could Reach $1.56 Billion
Agriculture losses in Florida from Hurricane Ian’s high winds and drenching rains could reach $1.56 billion, with citrus, cattle, vegetable and melon operations among the hardest hit, the University of Florida reported Tuesday in a preliminary estimate. The school’s Institute …
Worker Admits Dumping Industrial Waste into Jackson, Mississippi Sewer System
An employee of a Mississippi wastewater hauling company pleaded guilty in federal court Tuesday for his part in illegally discharging industrial waste into the capital city’s sewer system. William Roberts, an employee of Partridge-Sibley Industrial Services, admitted to supervising the …
Maine’s ‘Cabin Masters’ Settles Lead Safety Claims
The company featured on the cable TV show “Maine Cabin Masters” has settled claims that it violated lead safety and exposure rules on some of its renovations. The settlement reached by the U.S. Environmental Protection Agency and Kennebec Property Services …
New Jersey Lawsuit Alleges Climate Change Deception by Oil and Gas Firms, Trade Groups
New Jersey officials announced a lawsuit Tuesday against five oil and gas companies and a petroleum trade organization, alleging they had known for decades about the harmful impact of fossil fuels on climate change but instead deceived the public about …
People Moves: Munich Re’s Blunck to Succeed Jeworrek Who Is Stepping Down; Lloyd’s Market Association Appoints 3 New Board Members
The Supervisory Board of Munich Re has appointed Dr. Thomas Blunck (age 57) as the chair of the Reinsurance Committee of the group’s Board of Management with effect from Jan. 1, 2023. He will succeed Dr. Torsten Jeworrek (61), who …
MS Amlin Underwriting Fined $11 Million for Risk Management Failings
The Bank of England said on Thursday it has fined insurer MS Amlin Underwriting Ltd. 9.695 million pounds ($10.84 million) for failings in its governance, controls and risk management which spanned five years. The BoE’s regulatory arm, the Prudential Regulation …
Specialty MGA UK Launches to Boost Insurance Capacity Across All Territories
A new managing general agent has launched in London called “Specialty MGA UK,” which is focusing on providing additional capacity for specialty lines of businesses and hard-to-place risks. Specialty MGA UK provides all line services across all global territories and …
Legacy Specialist Compre Acquires Covéa’s MedMal Subsidiary
Compre, the Bermuda headquartered legacy group, announced it has signed agreements to acquire the Irish subsidiary of Covéa, Medical Insurance Co. DAC (MIC), which provided general liability insurance covering professional medical malpractice risks. MIC entered into run-off in 2015. Compre …
NTSB: Communications Outage a Factor in Louisiana Lift Boat Disaster
NEW ORLEANS (AP) — An outage involving a Coast Guard marine warning system and “data gaps” in radar systems were factors in last year’s deadly capsize of an oil industry vessel during severe storms off of Louisiana’s coast, the National …