INSURANCE NEWS

People Moves: AEU Names Lake VP and Loss Control Director

The American Equity Underwriters, one of the largest providers of workers’ compensation insurance for waterfront employees, has named Jason Lake senior vice president and director of loss control. Lake will succeed Jimmy Burgin, who plans to retire in July after …
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San Diego Approves $6M Settlement With Insurers for Flood Damage

The city of San Diego is paying $6 million to a group of insurers to compensate them for paying claims from floods in January 2024 floods. The city council granted final approval Tuesday to the settlement, part of a longer …
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Marsh Awarded Injunction Against Former Employees Now With Howden US

A federal judge this week granted Marsh its request to prohibit a group of employees who left for Howden US from using its confidential information, soliciting other former employees, and trying to acquire current and prospective Marsh clients. An opinion …
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NC State Workers Should Seek Comp Benefits, Not Constitutional Claims, Court Told

College workers stricken with cancer should seek remedy through the workers’ compensation system, and injured students can bring negligence lawsuits, not claims that their constitutional rights have been violated, attorneys for North Carolina State University said in asking a court …
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AI Lost Out to Traditional Models in Forecasting NYC’s Blizzard

Two days before New York’s biggest snowstorm in a decade began, forecasters were still unsure how much snow would fall. One traditional US model had consistently predicted a major hit, while newer artificial intelligence systems weren’t so certain. The long-running …
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Munich Re Plans to Return €5.3 Billion to Investors

German reinsurer Munich Re announced plans to return €5.3 billion ($6.3 billion) to shareholders through a new buyback program and a higher dividend. The firm aims to repurchase as much as €2.25 billion of its stock, according to a statement …
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Markets/Coverages: Liberty Mutual, Floodbase Partner on Parametric Flood

Floodbase and Liberty Mutual announced the launch of an instant quoting application for parametric flood insurance in the U.S., allowing wholesale and retail brokers to price parametric flood covers in minutes Designed specifically for the U.S. market, Liberty’s pricing engine …
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Alabama Governor Signs Law Barring New Environmental Regulations

Alabama Gov. Kay Ivey has signed legislation Thursday that restricts the state’s ability to set new environmental regulations. The measure prohibits state agencies from setting restrictions on pollutants and hazardous substances exceeding those set by the federal government. In areas …
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Vistria Acquires Texas-Based MGA Lumen

Vistria, a middle market private investment firm with deep sector expertise across essential industries, announced the acquisition of Lumen, a technology-enabled Managing General Agent headquartered in Dallas, Texas. Founded in 2019, Lumen underwrites commercial property, builders’ risk, commercial general liability, …
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Tree-Planting in Louisiana Wetlands Aims to Rebuild Natural Barriers

Across the calm waters behind a pumping station near Lake Borgne, hundreds of saplings stand out in the mist, wrapped in white plastic cylinders. To get there and to other sites like it, organizers have ferried dozens of volunteers week …
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New MGA Elitium Offers Cover for Manufacturing Firms, Unoccupied Properties

Elitium, a UK-based specialist MGA incubated by Mission Underwriters, has been launched to provide commercial combined insurance for select trades within the manufacturing sector, as well as property cover for well-maintained unoccupied residential and commercial properties. The MGA’s commercial combined …
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Michigan Health Care Provider Sued for Race Discrimination

Mid-Michigan Home Health & Hospice LLC, an in-home health care provider of bathing assistance to clients in central Michigan, violated federal law when it did not assign home visits in Grand Blanc, Michigan to a black certified nurse assistant (CNA) …
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