INSURANCE NEWS
Progressive Lowers Loss Estimate From Hurricane Ian By $400M
The Progressive Corp. said Dec. 21 that its loss and allocated loss adjustment expenses (ALAE) in the property business are estimated to be $1 billion from, prior to reinsurance, from Hurricane Ian. The insurer said this reflects favorable development of …
One Dead, Another Injured During Ammonia Leak at Massachusetts Food Plant
A 68-year-old man died and another man was taken to the hospital for treatment after an ammonia leak at a food processing facility in Massachusetts, authorities said. Police officers and firefighters went to the plant in Norwood at about 11 …
Monsanto Moves to Halt School Demolition by Vermont City Suing It Over PCB Chemicals
BURLINGTON, Vt. (AP) — The manufacturer of chemicals that are forcing Vermont’s largest city to tear down its high school wants to block the demolition, saying that would result in the destruction of evidence. Burlington’s school board sued Monsanto in …
Top Court Grants a Mulligan, Overturns $3.5M Penalty Against Club for Errant Golf Balls
The Massachusetts Supreme Judicial Court has granted a country club another shot at defending itself after a jury last year penalized it $3.5 million for golf balls veering onto a homeowner’s adjacent property. The state’s high court ordered a retrial …
UK Insurers, Banks Hope for Substantive Financial Services Reforms in 2023
After a jarring six months marked by sweeping policy promises, U-turns and four Chancellors of the Exchequer, UK financiers head into 2023 uncertain that the coming year will finally usher in substantive reforms to the City of London. Current Chancellor …
Insurance Rates to Stay Flat for Shipments of Ukraine Grain: Lloyd’s Insurer Ascot
A cargo insurance facility providing cover for shipments via Ukraine’s grain export corridor will continue next year with no rate increases, an underwriter with Lloyd’s of London insurer Ascot said on Thursday. Twenty-one insurers are part of the facility, which …
Investigators Probe Failure of Italy’s Vega C Rocket; Satellite Insurers Expect Profit Hit
An investigation is being launched after the latest version of Italy’s Vega C rocket failed on its second mission, destroying two Earth-imaging satellites and further complicating Europe’s access to space on top of the war in Ukraine. Launch firm Arianespace …
NHTSA Investigating if Hertz Rented Unrepaired Recalled Vehicles
U.S. auto safety regulators said on Tuesday they are investigating if Hertz rented unrepaired recalled vehicles to customers. The National Highway Traffic Safety Administration (NHTSA) said in a filing made public on Tuesday it was in receipt of information that …
Top White House Cybersecurity Official Plans to Step Down
The US’s first national cyber director, Chris Inglis, is planning to step down in the coming months, according to a person familiar with the matter. Inglis has worked as one of President Joe Biden’s top cybersecurity advisers at a time …
Navajo Company Sues BNSF Railway Over Coal Transportation
One of the largest coal producers in the United States has sued a major freight railroad, alleging it breached a contract to transport coal from Montana for use overseas. The Navajo Transitional Energy Co. alleges that major shortcomings in BNSF …
Limbo: United Policyholders, Agents Say They’ve Had No Response on Ian Claims
The Florida Legislature’s insurance rescue bill, approved last week, won’t take effect soon enough to help policyholders and insurance agents who’ve had no response from beleaguered United Property & Casualty Co. on Hurricane Ian claims. The lack of information has …
People Moves: Powers Adds Goode in Colorado
Powers Insurance & Risk Management, headquartered in St. Louis, Missouri, has hired Keith Goode as a Colorado-based, remote commercial risk manager. Goode is responsible for generating leads, developing new business, and handling existing accounts in Colorado’s property and casualty marketplace. …