INSURANCE NEWS
Porch Group’s Homeowners Insurance Enters Delaware, Its 19th State
Home services firm Porch Group announced the expansion of its homeowners insurance services, Homeowners of America (HOA), to Delaware, its 19th state. Porch Group is a Seattle-based, technology platform that provides software and services to home services companies including home …
New York City to Provide Inflatable Dams to Homeowners at Risk for Floods
Homes at high risk for flooding in New York City will receive free inflatable dams in a new plan rolled out Thursday by Mayor Eric Adams. The plan aims to prepare city dwellers for extreme rainfall and costs the taxpayers …
Florida’s Capacity Insurance Gets Downgraded, Stops Writing New Business
AM Best has withdrawn its financial strength rating for Sunrise, Florida-based Capacity Insurance, and the company has stopped writing new business. “Due to a variety of circumstances, the Florida market has undergone tremendous changes over the last year. As a …
Insurtech Venture Capital Fund Seeks Digital MGA Startups for Lab
InsurTech Fund, a venture capital fund associated with InsurTech NY, has announced that it will be accepting applications for its first Digital MGA Lab, a three-month program focused on managing general agents. The program is designed for digital brokers, analytics …
Cowbell Doubles Underwriting Capacity With Palomar
Cowbell Cyber said it reached an agreement with Palomar Excess & Surplus Insurance Company to double the available reinsurance capacity for Cowbell Prime 250, Cowbell’s cyber coverage for businesses with up to $250 million in revenue. The expanded relationship between …
U.S.-Based 3M Faces More Costs After $581M Chemical Cleanup Pact in Belgium
3M Co. still faces the prospect of additional costs to resolve contamination liabilities in Belgium after reaching an agreement to clean up and remediate PFAS, the so-called forever chemicals used in many consumer goods, a government official said. The St. …
People Moves: Lloyd’s Europe Hires Heugues From Ageas as Chief Underwriter; Parsyl Staffs London Marine Cargo Office
Lloyd’s Europe reports the appointment of Bertrand Heugues as chief underwriting officer effective 14 July. He will be responsible for overseeing underwriting, delegated authority management, claims and the reinsurance business. Bertrand joins Lloyd’s Europe from Ageas in Brussels where he …
Appeals Court Upholds Dismissal of Alabama Judge’s Suit Against ‘Borat’ Comedian
Sacha Baron Cohen on Thursday defeated an appeal by former Alabama Chief Justice Roy Moore who had accused the British comedian of defamation for falsely portraying him as a pedophile in an interview for the show “Who Is America?” In …
Vermont Man Facing Murder, Insurance Fraud Charges Seeks Release From Custody
The Vermont man charged with killing his mother at sea in a plot to inherit millions of dollars has asked a federal court to authorize his release from custody pending trial. The attorneys for Nathan Carman filed a motion Wednesday …
UK Judges Clear Path for $7B Suit Against BHP Over Deadly Brazil Dam Collapse
UK judges paved the way for a group of more than 200,000 people to bring a suit against BHP Group Ltd. over its role in the deadly collapse of a mining dam in Brazil. The appeal judges overturned a lower …
Insurance Losses From Sydney Floods Approach A$100M: ICA
Insurers have received 8,415 claims as a result of July’s floods in Sydney, carrying an initial estimated insurance price tag of A$97.9 million (US$66.8 million), according to the Insurance Council of Australia (ICA). The ICA said 84% of the claims …
ECB Climate Stress Test Highlights $71 Billion Risk for Euro Zone Banks
A sudden jump in carbon prices coupled with floods and droughts this year would lead to losses of at least 70 billion euros ($71.1 billion) for the euro zone’s largest banks, the European Central Bank said on Friday. The ECB …