INSURANCE NEWS
AM Best Revises Outlook to Negative for Texas’ Service Insurance Group
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Service Lloyds Insurance Company, a Stock Company and Service American Indemnity …
Focus on First Responders’ Mental Health Grows in Texas Flood Recovery
Riding on horseback through brush and over numerous dead turkeys, Margo Mellon spent Tuesday scanning the flood-ravaged ground of Texas’ Hill Country for dead bodies. As she and her rescue mates trudged through the muddy terrain, state officials announced that …
Trump Vows No Tariff Extension, Hardens Threats on Copper, Drugs
President Donald Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new …
US Tariffs Projected to Slow Global Economy and Insurance Premium Growth: Swiss Re
Global growth is slowing as US tariff policy reduces trade and heightens geopolitical uncertainty, which ultimately will lead to decelerating growth in insurance premiums, according to Swiss Re. Global GDP growth (adjusted for inflation) is expected to slow to 2.3% …
House Swept Away as Flash Flooding Hits Mountain Village in New Mexico
At least three people were missing in a mountain village in southern New Mexico that is a popular summer retreat after monsoon rains triggered flash flooding Tuesday that was so intense an entire house was swept downstream. Emergency crews carried …
Villages Health System Sees $350 Million in Medicare Overcharges
A health-care system serving the largest retirement community in the US has filed for bankruptcy after disclosing it potentially overbilled Medicare by at least $350 million, according to court filings. The Villages Health System LLC, which operates clinics for retirees …
Ken Griffin-Backed Florida Bill for Non-Competes Becomes Law
Florida enacted legislation allowing non-competes of up to four years, handing a victory to Citadel’s Ken Griffin, who pushed for the policy. Labor lawyers say it’s one of the most employer-friendly policies in the country. It also goes in the …
Family of Four Killed in North Carolina Plane Crash
A North Carolina family of four, including two school-age children, died when their small plane crashed as they flew back from Florida. A National Transportation Safety Board crash investigator arrived Tuesday at the site of Monday’s crash in a field …
Insurtech Inshur Raises $35 Million From Trinity Capital for US Expansion, AI Tech
Inshur said it as received a $35 million capital raise from alternative asset manager Trinity Capital to invest in research and development of artificial intelligence technology to support its embedded auto insurance policies within the autonomous vehicle market. The company …
Online Ticket Seller to Pay $85K for Violating Connecticut’s New Data Privacy Law
Connecticut Attorney General William Tong announced a settlement with TicketNetwork, Inc. as a result of an investigation into violations of the Connecticut Data Privacy Act. Under the settlement, TicketNetwork has agreed to comply with the requirements of the CTDPA, maintain …
Markets/Coverages: Markel Launches Pre-Loss Services for UK Cyber Clients
Markel Insurance, the insurance operations within Markel Group Inc., announced the launch of its pre-loss services for UK Cyber360 policyholders. These new offerings include a complimentary one-hour call with an experienced cyber and data risk lawyer from Markel Law to …
Credit Fund’s Collapse Leads to $1 Billion Lawsuit Against EY
Bridging Finance Inc.’s receiver is suing Ernst & Young LLP for C$1.4 billion ($1 billion), alleging the auditor failed to detect fraud and misstatements that contributed to the Toronto private lender’s collapse. In a claim filed with Ontario’s Superior Court …