INSURANCE NEWS
U.S. Barge Backlog Swells on Parched Mississippi River
Commercial barge traffic on southern stretches of the Mississippi River was at a standstill on Tuesday as low water levels halted shipments of grain, fertilizer and other commodities on the critical waterway, shipping sources said. The supply chain snarl comes …
Limit on Limousines’ Miles Is Among New York Safety Panel’s 16 Recommendations
A New York state task force created after a 2018 limo crash that killed 20 people issued a safety report with recommendations including equipping the vehicles with side impact protection devices and taking them off the roads after a certain …
Will Ian Consume Florida Cat Fund, Forcing More Back-Breaking Reinsurance?
While some analysts are predicting that the property insurance industry will be able to manage Hurricane Ian and its estimated $50 billion in insured losses, a few are now warning that the storm could significantly erode the Florida Hurricane Catastrophe …
Hub Acquires Kentucky’s Peel & Holland
Hub International Limited, a global insurance brokerage and financial services firm, announced that it has acquired the assets of each of Peel & Holland Holdings, Inc., Peel & Holland, Inc., Riddle Insurance, LLC, Hartin Dynamics, LLC, and Bluegrass Premium Finance, …
California School District Says Hackers Accessed Massive Database
The Los Angeles public school system, the second-largest in the US, said an extortionist group had accessed a massive database but had not leaked as much sensitive information from it as initially feared. Student and staff data of the Los …
Accenture Acquires Illinois’ Blackcomb Consultants
Accenture has acquired Blackcomb Consultants, an independent Guidewire partner in North America. Terms of the transaction were not disclosed. The acquisition enhances Accenture’s ability to deliver Guidewire solutions to insurers globally to help them become “cloud-first” businesses. Guidewire’s end-to-end technology …
New Orleans Housing Authority, Private Developers to Settle $250,000 Disability Discrimination Lawsuit
The Department of Justice announced that the Housing Authority of New Orleans (HANO) and seven private developers have agreed to pay $250,000 to settle claims that they violated the Fair Housing Act (FHA) and Americans with Disabilities Act (ADA) by …
Auto-Owners, Erie, Cincinnati, Hartford, Hanover Tops in Agents’ Satisfaction: J.D. Power
Despite near constant disruption from the twin forces of digital transformation and economic uncertainty, independent insurance agents have never been more satisfied with their carrier partners. According to the J.D. Power 2022 U.S. Independent Agent Satisfaction Study, overall agent satisfaction …
Markets/Coverages: Mosaic Adds Excess Tech E&O; CoverTree, Socotra Partner for Mobile Homes; Cover Whale New API
Mosaic adds excess technology E&O coverage to cyber product offering Mosaic Insurance’s cyber division has launched excess capacity and coverage for a new product aimed at protecting technology sector companies from rapidly emerging liability risks. The Hamilton, Bermuda-based specialty insurer …
Trump Sues CNN for Defamation, Seeks $475M in Punitive Damages
Former U.S. president Donald Trump sued CNN for defamation on Monday, seeking $475 million in punitive damages and claiming the network had carried out a “campaign of libel and slander” against him. Trump claims in his lawsuit, filed in U.S. …
McDonald’s Defeats Black Franchisees’ $1B Bias Lawsuit, For Now
McDonald’s Corp. has temporarily beat back a lawsuit by 52 Black former franchise owners who claim the fast-food giant set them up for failure by steering them towards crime-ridden, low-income neighborhoods. A federal judge in Chicago dismissed the 2020 lawsuit …
California Tells Auto Insurers to Disclose Pandemic Profits
California’s insurance commissioner ordered nearly 50 auto insurers to provide detailed information about their claim costs during the pandemic, his latest attempt to compensate consumers he says were overcharged as traffic virtually disappeared when the nation’s largest insurance market imposed …