INSURANCE NEWS
China Regulator Says Banks, Insurers to Go ‘All Out’ to Bolster Lending
An official at China’s banking and insurance regulator said authorities will use policy tools “flexibly and precisely” at proper times to stabilize the economy, while banks and insurers will “go all out” to bolster funding. Authorities will support an “appropriate” …
Weather Whiplash: Record-Shattering Yellowstone Floods Expose Model Flaws
The Yellowstone National Park area’s weather forecast the morning of June 12 seemed fairly tame: warmer temperatures and rain showers would accelerate mountain snow melt and could produce “minor flooding.” A National Weather Service bulletin recommended moving livestock from low-lying …
Twitter Assembles Legal Team to Sue Musk Over Dropped Takeover
Twitter Inc. has hired merger law heavyweight Wachtell, Lipton, Rosen & Katz as it races to sue Elon Musk for moving to dump his $44 billion takeover of the company, according to people familiar with the matter. The social media …
An Invasive Creature is (Again) Threatening Florida Crops, Buildings, Trees
Invasive giant African land snails that can eat building plaster and stucco, consume hundreds of varieties of plants and carry diseases that affect humans have been detected once again in Florida, where officials said Thursday work has begun to eradicate …
Florida Insurance Agents Feeling the Heat from Roiling Marketplace
Dan Alexander has seen the worst of the Florida property insurance market from the inside-out – from agents who’ve quit to carriers that have gone insolvent or stopped writing new business, to having to manage policyholders that are mad at …
AM Best Keeps Negative Outlook on Mexico’s Insurance Industry
AM Best said it is maintaining its negative outlook on Mexico’s insurance market segment due to increased levels of inflation and slow GDP growth. AM Best’s analysts project 2% growth for the country’s insurance industry in 2022. The country’s premium …
People Moves: United Fire Group Names Weidwinger as President, CEO; Sentry Adds Schenker as Head of Specialty
United Fire Group Names Kevin Weidwinger as new President and CEO United Fire Group, Inc. named Kevin Leidwinger as its new president and chief executive officer. An insurance executive with more than 30 years in the industry, Mr. Leidwinger will …
Jobs Blowout Cements Case for Another Big Fed Rate Hike
Another blowout jobs number and continued wage growth will likely stiffen resolve at the Federal Reserve for another three-quarter point rate increase at the central bank’s July meeting, as the welcome news of a still strong job market clashes with …
People Moves: Robnett Appointed to Texas Mutual Board of Directors
Kevin Robnett of Fort Worth has been appointed to the Texas Mutual Insurance Company board of directors by Gov. Greg Abbott. His board term for Texas Mutual, the state’s leading provider of workers’ compensation insurance, will expire on July 1, …
Chicago Insurance Broker Saves Young Boy’s Life in July 4 Parade Shooting
A woman, stunned and speechless in the chaos of a July 4 parade massacre, walked up to Greg Ring and handed him a 2-year-old boy, covered in blood. Ring had fled the scene in the Chicago suburb of Highland Park …
Hub Acquires Louisiana’s Shaver-Robichaux Agency
Hub International Limited acquired the assets of Shaver-Robichaux Agency, Inc. (Shaver-Robichaux). Terms of the transaction were not disclosed. Located in Thibodaux and Raceland, Louisiana, Shaver-Robichaux is an independent agency providing commercial and personal insurance solutions, including home, auto, health, life …
Severe Storms Cause Damage, Power Outages in South Dakota
Xcel Energy says 55,000 customers lost service when a long line of severe thunderstorms rolled across South Dakota. By Wednesday morning, 90% of power lost on Tuesday has been restored by more than 600 employees and contractors working in the …