INSURANCE NEWS
AM Best Removes Golden Bear in California from Under Review and Affirms Credit Ratings
AM Best removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Golden Bear Insurance Co. headquartered in Stockton, California. The …
Another One: American Traditions Stops New Business in Florida
Another property insurer has halted writing new policies in Florida. For homeowners, condominiums and rental properties, “new business will be paused temporarily until further notice,” American Traditions Insurance explained Thursday in a bulletin to agents around the state. “We will …
U.S. Financial Stability Oversight Council to ID More Climate-Related Risks
The Financial Stability Oversight Council convened on Thursday to identify and address climate-related financial risk. The FOC last year published an extensive report on climate-related financial risk and issued dozens of best-practices recommendations to U.S. financial regulators to identify and …
United P&C Completes Florida Restructuring Amid Catastrophe Losses
United Insurance Holdings, parent of United Property & Casualty Insurance, said it has completed most of its major reorganization plan, consolidating its four Florida-based carriers into two. The news was accompanied by second-quarter catastrophe losses of $17 million after taxes, …
OSHA Investigating After Construction Worker Electrocuted at Charlotte Airport
A construction worker at a North Carolina airport was electrocuted, according to a California-based company for whom he worked. The Charlotte Observer reports Rosendin Electric, a company based in San Jose, California, filed a report Monday morning confirming Sunday’s death …
EU Mulls New Unit With Antitrust Veterans to Enforce Tech Rules
The European Commission is considering creating a new directorate that may be headed by two top antitrust officials to enforce tough new rules aimed at reining in the powers of Big Tech, two people familiar with the matter said. Such …
Lemonade Closes Deal for Auto Insurer Metromile
Digital insurer Lemonade said it has closed of the acquisition of pay-per-mile car insurance provider Metromile in an all-stock transaction. Metromile shareholders received 7.3 million Lemonade shares, while Lemonade received a business with over $155 million in cash, over $110 …
Hilb Group Acquires King and Cushman Agency in Massachusetts
The Hilb Group has acquired Massachusetts-based King and Cushman Agency, further expanding the company’s presence throughout New England. Based in Northampton, King and Cushman has served the area for nearly 100 years, offering personal and commercial property/casualty insurance. Agency Principal …
Judge Questions 3M’s Use of Bankruptcy to Fight Veterans’ Suits
The federal judge administering more than 230,000 lawsuits against 3M Co. questioned whether the industrial giant acted in good faith when it decided to try to shift the cases to bankruptcy court instead of facing separate jury trials around the …
Chubb Increases Loss Cost Trends ‘Rather Than Be Lagging and Get Caught’: Greenberg
Chubb CEO Evan Greenberg said the insurer is seeing favorable returns, but additional rate is needed to “keep pace with loss costs, which are hardly benign.” Greenberg said during the July 27 call to discuss second-quarter earnings that Chubb has …
California City Paying $1.5M to Fired Police Chief After Verdict
The Oakland City Council approved a $1.5 million payout for a former police chief who won her whistleblower claim against the city after she alleged she was fired for calling out unethical behavior by the civilian commission that oversees the …
AmTrust Title Agrees to Pay $1.25M to New York State Over ‘No-Poach’ Agreements
A title insurer and its agency have agreed to pay $1.25 million in penalties for engaging in “no-poach” agreements with their competitors in likely violation of New York State labor laws. According to New York Attorney General Letitia James, as …