INSURANCE NEWS
Jamaica Catastrophe Bond Has Now Triggered, Government Says
Jamaica’s catastrophe bond has now triggered as a result of the fallout from Hurricane Melissa, the government said. “Over the next few weeks we’ll get more details into what the payout is,” Dana Morris Dixon, minister of education, skills, youth …
A Toy Maker Takes His Case Against Trump’s Tariffs to the Supreme Court
Within days of Donald Trump announcing his sweeping “Liberation Day” tariffs in April, Rick Woldenberg was looking for a law firm to help him sue the U.S. president. “I’m not willing to allow politicians to destroy what we have built …
Buffett’s Berkshire Cash Hits $382 Billion, Earnings Soar
Berkshire Hathaway Inc.’s cash pile soared to $381.7 billion in the third quarter, a fresh record, and operating earnings surged 34% at Chief Executive Officer Warren Buffett’s conglomerate. That figure hit $13.5 billion, as the firm’s insurance underwriting profit more …
Black Vultures Spreading North, Attacking and Killing Cattle
Allan Bryant scans the sky as he watches over a minutes-old calf huddled under a tree line with its mother. After a few failed tries, the calf stands on wobbly legs for the first time, looking to nurse. Above, a …
Melissa Jamaica Damage Seen Costing Insurers Up to $3 Billion
The wreckage caused by Hurricane Melissa in Jamaica is expected to cost insurers $1 billion to $3 billion, according to property intelligence company Cotality. The insured losses are a fraction of the total property damage, which Cotality estimates at $2 …
PHLY Makes Largest Acquisition in Its History With Collector Car Business Expansion
Philadelphia Insurance Companies announced the acquisition of the Collector Vehicle Division from Ignyte Insurance, a Carlyle backed portfolio company. The transaction, valued at $615 million, is the largest acquisition in the 63-year history of Philadelphia Insurance Companies. The deal includes …
Detroit to Pay Nearly $6M in Death Connected to Bus Driver with Many Crashes
The city of Detroit has agreed to pay $5.85 million to settle a lawsuit over the death of a pedestrian who was struck by a city bus, the second fatality involving the same driver since 2015. Wayne County Judge Kathleen …
People Moves: Texas State Office of Risk Management Names Hays as Executive Director
The Texas State Office of Risk Management Board of Directors announced Sara Hays as the newly appointed Executive Director. Hays joins the Office after many years of state service, including Chief of Staff for two state representatives and Budget and …
North Dakota Judge Says Greenpeace Must Pay $345M in Pipeline Lawsuit
A North Dakota judge has ordered Greenpeace to pay damages of $345 million, reducing an earlier jury award after it found the environmental group and related entities liable for defamation and other claims in connection with protests of an oil …
Wildfire Forces Rural Community in Southern Texas to Evacuate
Thick smoke blanketed a rural community in southern Texas and many residents were ordered to evacuate as firefighters worked to contain a blaze Wednesday evening, officials said. The Mill Fire in Gregory, Texas, about 150 miles (80.5 kilometers) southeast of …
AM Best Keeps Credit Ratings of NASW Insurance Co. Under Review
AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of NASW Insurance Co. (NASWIC) headquartered in Washington, D.C. AM Best said …
Aon’s Q3 Organic Growth of 7% Outperforms Expectations
Insurance broker Aon reported strong third quarter revenue of $4.0 billion, an increase of 7% from $3.7 billion reported for Q3 2024. Organic revenue rose 7% during Q3, which was level with last year’s third quarter, but beat Wall Street …