INSURANCE NEWS
Bermuda Re/Insurers to See U/W Profit Drop; M&A Returns as Organic Growth Wanes
Bermuda-based re/insurers monitored by Fitch are expected to see a drop in underwriting profit in 2025, reporting an average combined ratio of 92% in 2025, up from 90.7% in 2024, the ratings agency said. For the first nine months of …
Alabama DOI Report Shows Litigation is Up, Raising Liability Costs and Rates
A new report from the Alabama Department of Insurance suggests that claims litigation and big verdicts are on the rise in the state, inflating loss costs for insurers and putting upward pressure on auto and commercial liability premiums. “…The average …
Oregon Baby Still Battling Botulism After ByHeart Formula Exposure
A Portland, Oregon, boy is struggling to recover from infant botulism after drinking contaminated ByHeart baby formula donated through a program that aims to help poor and homeless families. Ashaan Carter, now 10 months old, was hospitalized twice and remains …
NHTSA Opens Probe Into About 600,000 GM Vehicles Over Engine Failure Issue
The U.S. National Highway Traffic Safety Administration said on Monday it opened a recall query into about 597,571 vehicles from General Motors over engine failure. The recall affects GM vehicles equipped with a L87 6.2L V8 gas engine that experienced …
Oklahoma Reaches Settlement With Poultry Company Over Litter Pollution
Oklahoma Attorney General Gentner Drummond announced the State of Oklahoma has reached a settlement agreement with George’s, Inc., resolving claims related to poultry litter pollution in the Illinois River Watershed. “This settlement demonstrates that fair, good-faith negotiations can produce outcomes …
Ohio Engineering Firm Penalized for 401(k) Plan Breach
A federal court has ordered a Cincinnati, Ohio civil engineering firm and its owner to pay $45,699.63 to employee accounts in the company’s 401(k) plan after the U.S. Department of Labor found the company violated federal employee benefits law. The …
Michigan Bulletin Provides Guidance for AI Use in Financial Services
The Michigan Department of Insurance and Financial Services issued a bulletin to provide guidance to financial service providers on the use of artificial intelligence. The bulletin says that financial service providers including insurers are expected to develop, implement, and maintain …
Texas Forecast to be Top Market for Data Centers
Texas is poised to become the largest home for data centers in the country within the next three years as artificial intelligence continues to boom, according to a report published Tuesday. Bloom Energy, a California-based company that provides onsite power …
Edison Sues LA County Over Fire Deaths for Delayed Alerts
Edison International sued Los Angeles County and other public agencies for allegedly failing to ensure timely evacuation alerts that the company says could have saved most of the 19 people who died in a massive wildfire last year. If the …
10,000 Travelers Employees Get AI Assistants Via Anthropic Partnership
Nearly 10,000 engineers, data scientists, analysts and product owners at Travelers are being empowered with personalized AI assistants, Travelers announced in mid-January. In a joint announcement with Anthropic, the two firms announced a partnership aimed at expanding Travelers AI-enabled engineering …
Former County Employee Pleads Guilty to Embezzling From Labor Union
A former Massachusetts county employee pleaded guilty yesterday in federal court in Boston to embezzling from a Barnstable County employee labor union. Kenneth Mattoon, of West Yarmouth, pleaded guilty to embezzlement of labor union assets. According to prosecutors, Mattoon admitted …
Insurance Regulators, Trades Get Behind Latest Effort to Abolish FIO
The nation’s insurance commissioners and industry trade associations are looking to support efforts to put the Federal Insurance Office (FIO) back on the chopping block. Late last week, Rep. Troy Downing, R-Mont., introduced the McCarran-Ferguson Restoration Act to eliminate the …