INSURANCE NEWS
Fitch Ratings: U.S. E&S Growth Slows but Remains Strong
Direct written premiums saw double-digit growth for the seventh straight year for U.S. excess and surplus (E&S) insurers, according to Fitch Ratings’ latest annual property/casualty market review. Per a Fitch press release, U.S. E&S direct written premiums grew by 11% …
California AG’s Brief Urges Court to Side With Employee in Discrimination Suit
California Attorney General Rob Bonta filed an amicus brief in the U.S. Court of Appeals for the Fourth Circuit in support urging the court to affirm an employee’s right to sue Liberty University for sex-based discrimination. The brief, filed as …
Texas Cabinet Supplier to Pay $12M Settlement Over False Claims Act Violations
Allied Stone Inc., a Dallas, Texas-based supplier of countertop and cabinetry products, and its President, Jia “Jerry” Lim, have agreed to pay a total of $12.4 million to resolve allegations that they violated the False Claims Act by knowingly and …
Woman Charged in Traffic Deaths of 2 Marquette Lacrosse Players Was Drunk: Prosecutors
A Wisconsin driver involved in a traffic crash last week that killed two Marquette University lacrosse players was drunk at the time, authorities alleged Wednesday in charging her with vehicular homicide. Amandria Brunner, 41, of West Allis, faces two counts …
Consilium Expands its Wholesale Presence in Caribbean With Launch of Jamaican Hub
Consilium, the London-based speciality re/insurance wholesale broker, announced the expansion of its international footprint with the opening of a new hub in Kingston, Jamaica (subject to regulatory approval). Max Pragnell has been appointed as managing partner to lead the office. …
Hurricane Forecasts Are Missing the Mark as the Atlantic Stays Calm — So Far
It’s the statistical peak of Atlantic hurricane season, and there isn’t a storm in sight — for now. September’s second week is usually when the season gets into full swing, as warm ocean waters fuel dangerous winds and coastal communities …
US Urges G-7 Sanctions on Russian Oil as Trump Loses Patience
The US will urge its allies in the Group of Seven to impose tariffs as high as 100% on China and India for their purchases of Russian oil in an effort to convince President Vladimir Putin to end his war …
Oh, the Places Broadband Won’t Go Under West Virginia Expansion Plan
Last week, Gov. Patrick Morrisey announced that the state had finalized its $1.2 billion plan to bring high-speed broadband to homes and businesses in the state. “We are excited about the opportunity to bring broadband to every corner of our …
Florida Condo Collapse Probe Zeroes in on Pool Deck Flaws as Preliminary Cause
Federal investigators have zeroed in on flaws in the pool deck as the preliminary cause of the 2021 collapse of a 12-story Florida beachfront condominium that killed 98 people. The National Institute of Standards and Technology said in a report …
After Merger Announcement, KBRA Puts Olympus’ Rating on Watch
A day after SageSure announced plans to acquire Florida-based Olympus Insurance, a financial rating firm said it has some concerns. KBRA, the Kroll Bond Rating Agency, issued a notice Thursday that it has placed Olympus’ “BBB+” financial strength rating on …
State Police Shortage Stalls Vermont Program to Protect Highway Workers
Kellen Cloud’s line of work has always been dangerous. For the better part of the past two decades, Cloud has worked at Green Mountain Flagging, a company that stations traffic controllers at construction sites around the state. He recalled when …
Hong Kong Boosts Flood Management as Climate Change Fuels Heavy Rains
Two years ago, extreme rainfall inundated Hong Kong, turning roads into raging rapids, submerging cars and flooding malls, making it one of the city’s most costly weather events ever. When another round of record-breaking rains drenched the city last month, …