INSURANCE NEWS
Alera Group Acquires DFG 401(k) in Arizona
Alera Group acquired DFG 401(k) Advisors in Phoenix, Arizona. The firm joins Alera Group under the name BCG 401(k) Advisors through Benefit Commerce Group (BCG), an Alera Group company headquartered in Scottsdale, Arizona. The BCG 401(k) Advisors team will continue …
SEC Approves Demotech as NRSRO
Insurance rating agency Demotech Inc. has become the tenth organization to named a Nationally Recognized Statistical Ratings Organization (NRSRO) by the U.S. Securities and Exchange Commission. With the new designation, Demotech joins the likes of A.M. Best, Fitch Ratings, S&P …
Meta VR Rival Claims It Was Obliterated When Facebook Took Its Name
A Meta Platforms Inc. rival claims in a federal trademark infringement lawsuit that its business has been obliterated after Facebook adopted its name. Closely held MetaX LLC said since October 2021, when Facebook rebranded as Meta Platforms, its ability to …
Lawsuit Filed After Autistic Utah Boy Dies in Hot Car Settled
A wrongful death lawsuit filed after an 11-year-old autistic boy was left in a hot car while under the watch of a care facility in Utah has been settled. The lawsuit filed against Roost Services and some of its employees …
Officials Suggest Pipeline Company Hid Problems After Montana Spill
U.S. prosecutors suspect a Wyoming company of potentially concealing problems with a pipeline that broke in 2015 and spilled more than 50,000 gallons of crude into Montana’s Yellowstone River, fouling a small city’s drinking water supply, court filings show. The …
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 …