INSURANCE NEWS
Hurricane Ian Threatens Heavy Losses for Catastrophe Bond Holders
Investors who backstop Florida’s insurance industry by buying catastrophe bonds are girding for substantial losses from Hurricane Ian, threatening to crimp a key source of capital for the sector and push up insurance costs for residents. Ian’s landfall hammered Florida …
TotalEnergies Reports Unusual Drone Activity Near North Sea Oil & Gas Field
TotalEnergies SE said it spotted an aerial drone close to an oil field in the Danish North Sea, intensifying concerns of an energy conflict erupting in Europe. Unusual drone activity was seen near its Halfdan B oil and gas field …
Sex Abuse Allegations Spread Against Cheerleading Industry
Sprawling allegations of abuse against cheerleaders reached Tennessee on Monday in a case that escalates the accusations facing some of the sport’s top institutions. An adult coach sexually assaulted teenage boys at Premier Athletics, according to allegations in a federal …
CF Acquires 1 Source Business Solutions in Utah
PCF Insurance Services acquired 1 Source Business Solutions in Salt Lake City, Utah. 1 Source Business Solutions is a professional employer organization specializing in employee benefits, payroll administration, HR compliance and consulting, and workers’ compensation administration. Lehi, Utah-based PCF Insurance …
Connecticut Workers’ Compensation Costs to Fall in 2023
Connecticut workers’ compensation costs to employers are on their way down, again. The industry’s National Council on Compensation Insurance’s (NCCI) has proposed an overall average change of -3.0% to the current voluntary loss costs and no change to the current …
Transgender Teacher, Maryland School District Settle Lawsuit
UPPER MARLBORO, Md. (AP) — A transgender teacher who said she was harassed by students, parents and colleagues has settled a lawsuit with a Maryland school district with an agreement that includes policy changes and training. Attorneys for Jennifer Eller …
Connecticut Regulates ‘Defense Within Limits’ Provisions by Insurers
Connecticut’s insurance regulator has provided commercial insurers with updated guidance on “defense within limits” policy provisions including the lines of insurance on which they may be included and the consumer disclosure required. The guidance from the Connecticut Insurance Department (CID) …
Federal Court Finds Iowa Ag-Gag Law Unconstitutional
A federal judge has struck down the third attempt by the Iowa Legislature to stop animal welfare groups from secretly filming livestock abuse, finding once again that the law passed last year violates free speech rights in the U.S. Constitution. …
Manufacturer Fined $2.5 Million for Clean Air Act Violations at Louisiana Mill
Packaging Corporation of America (PCA) has agreed to pay $2.5 million in civil penalties to resolve allegations that it violated the Clean Air Act’s General Duty Clause and Risk Management Program Regulations at its containerboard production mill in DeRidder, Louisiana. …
Big I’s Symington Promoted to EVP Before Taking Over as CEO Next Year
Charles Symington has been appointed to the role of executive vice president at the Independent Insurance Agents & Brokers of America (the Big I), effective Oct. 1. Symington joined the Big I in 2004 on the government affairs staff. Since …
Illinois Candymaker Faces $201,000 in Proposed Fines for Unsafe Workplace Exposure
A federal workplace safety inspection found a Chicago, Illinois-area candy manufacturer’s long history of violations for machine safety requirements continues after the company exposed workers to amputation hazards and failed to utilize lockout procedures for the third time in five …
Report: Oil Spills Dropped Dramatically Last Decade
Oil and natural gas spills from tankers and pipelines in U.S. waters dropped dramatically from the last decade of the 1990s to the one from 2010 through 2019, according to a federal report Wednesday. The amounts spilled and dumped in …