INSURANCE NEWS
Officials: Fatal Colorado Flood Caused by Quick Downpour on Burn Scar
The area in northern Colorado where a flash flood swept away a camping trailer, killing a woman and a child, received nearly an inch of rain in a matter of minutes. Frank Cooper, a National Weather Service meteorologist, tells the …
TWIA Actuarial & Underwriting Committee Recommends No Change in Rates
The Texas Windstorm Insurance Association’s Actuarial & Underwriting Committee recommended to make that the TWIA Board of Directors make a rate filing with no change in residential or commercial rates. The Actuarial & Underwriting Committee’s recommendation came after a 2022 …
Missouri Man Sues Bass Pro for Not Honoring Lifetime Warranty on Socks
A Missouri man says in a class-action lawsuit against Bass Pro that the outdoor outfitter is refusing to honor its lifetime warranty on socks. Kent Slaughter of Springfield said that after years of exchanging his “Redhead Lifetime Guarantee All-Purpose Wool …
People Moves: Former Lexington Exec Heads to FutureProof; Hourly.io Hires From Markel; Leisz Joins Nationwide E&S; New CIO at Ryan Specialty
San Diego-based FutureProof Technologies has hired Joseph Strickland as head of underwriting. He was previously senior vice president at AIG’s Lexington Specialty Isurance Agency. FutureProof calls itself a “climate-smart property/casualty insurtech” and is backed by Axis Digital Ventures as well …
Wood-Dulohery to Merge with Kansas’ ICI Insurance to Become Wood Insurance Center
Wood-Dulohery Insurance, Inc., with operating locations in Parsons and Pittsburg, Kansas has merged effective July 1, 2022, with Insurance Center Inc. (ICI), headquartered in El Dorado, Kansas. Making the announcement, Bob Wood, president of Wood-Dulohery Insurance, said his partner and …
Louisiana Guaranty Fund to Borrow $600 Million to Pay Claims
A state-chartered bailout fund is seeking to borrow $600 million after seven Louisiana insurers went bust following 2021’s Hurricane Ida. The Times-Picayune ‘ The New Orleans Advocate reports that the Louisiana Insurance Guaranty Association will seek approval of the plan …
New Jersey High Court: Default Claims Against Insurer Subject to Arbitration
A claimant seeking to recover directly from an insurer on default judgments for claims against the insurer’s policyholder, must abide by the insurer’s policy terms that mandate arbitration, the New Jersey Supreme Court has ruled. Property manager Crystal Point Condominium …
UK Jensten Group Acquires UK Broker Ravenhall Risk Solutions
The Jensten Group has acquired UK broker Ravenhall Risk Solutions for an undisclosed sum. The deal, which is subject to approval by the FCA, bolsters Jensten’s regional presence in Yorkshire and is the Group’s latest step in its “buy and …
$24 Million Mold Remediation Starts on Federal Courthouse in Mississippi
Work has begun to renovate a northeast Mississippi federal courthouse long plagued by mold. WTVA-TV reports interior demolition began last week at the Thomas G. Abernethy Federal Building in Aberdeen. The U.S. General Services Administration announced in 2020 that it …
UK Regulator Pushes Insurers to Cut Premiums for Fire-Risk Apartments
Thousands of people living in high-rise apartments in Britain are set to get better deals on their property insurance following years of spiraling costs in the wake of the Grenfell Tower tragedy. The Financial Conduct Authority is expected to push …
Arthur J. Gallagher & Co. Acquires Toronto’s Four Corners Group Inc.
Arthur J. Gallagher & Co. announced the acquisition of Toronto-based Four Corners Group Inc. Terms of the transaction were not disclosed. Founded in 2007, Four Corners Group is a leading Canadian executive search firm operating throughout Canada and the United …
Tesla Sued in Germany Over Car Surveillance Cameras, Carbon Footprint Claims
Tesla Inc. was hit by a lawsuit in Germany over potential privacy concerns linked to its car surveillance cameras and claims that buying its vehicles helps cut CO2 emissions. VZBV, the main German consumer association, filed the action in a …