INSURANCE NEWS
North Carolina Rate Bureau Calls for 68% Dwelling Policy Rate Hike Over 2 Years
The North Carolina Rate Bureau is asking for 28.5% and 31% average rate increases for dwelling policies over the next two years, numbers that will likely be reduced after negotiations with the state insurance commissioner. The Rate Bureau, representing insurance …
US Prosecutors Say Cybersecurity Pros Ran Ransomware Operation
Prosecutors said three American cybersecurity professionals secretly ran a ransomware operation aimed at shaking down companies across the United States. The three people, only two of whom – Ryan Goldberg and Kevin Martin – were identified by name, collaborated with …
People Moves: Westfield Specialty Int’l Taps Former AIG Exec Baldwin as President; Vantage Promotes Senior Leaders in Reinsurance, Partnership Capital Platform
This edition of International People Moves details appointments at Westfield Specialty International and Vantage Group Holdings. A summary of these new hires follows here. Westfield Specialty Int’l Names Former AIG Exec Baldwin as President Westfield Specialty International announced the appointment …
Arthur J. Gallagher Acquires Surescape Insurance Services in Colorado
Arthur J. Gallagher & Co. acquired Denver, Colorado-based Surescape Insurance Services LLC. Doug Rothey and his team will remain in their current location under the direction of Bret VanderVoort, head of Gallagher’s South Central retail property/casualty brokerage operations. Surescape is …
Progressive’s $950M in Florida Regurgitation to Mostly Be Credits in Renewals
Progressive’s insureds in Florida who held auto policies in 2023 and 2024, then switched to another carrier, may not qualify for a refund, despite a state law that measures excess profits over a three-year period. Progressive officials said that the …
Marsh Sues More Former Employees Over ‘Scheme’ to Open Howden US
Already suing the current CEO of Howden US and others, all former employee, for breach of various employee contracts, broker Marsh has filed a new lawsuit again another group of former employees now at Howden US. The lawsuit filed Nov. …
Insurer Balks at Covering Sex Trafficking Judgment Against Hotel
A Chubb subsidiary says it is not obligated to cover a Ramada Inn franchise policyholder that has been ordered to pay $4.1 million to its parent company for a judgment in a sex trafficking case. The Philadelphia motel franchisee, Eighty …
Meatpacker JBS to Pay $1.1 Million to Settle New York Climate Suit
JBS SA, the world’s largest meatpacker, has agreed to pay $1.1 million to settle a lawsuit by the state of New York over allegations the company misled the public about reducing the impact of its operations on the environment. As …
Advocates Want Public Involvement When Nursing Homes Change Ownership
Some of the most sizable and troubled nursing homes in the state of Vermont have struggled for much of this year to provide sufficient care under new ownership, logging violations that included a death, injuries and neglect of residents. The …
G20 Climate Targets Show Acceleration in Reducing CO2, LSEG Says
Global efforts to slash emissions are set to pick up significantly in the years to come. That’s according to an analysis of the Group of 20 countries by London Stock Exchange Group Plc. The findings, which point to “a material …
Jamaica to Get Record $70.8M Parametric Payout From CCRIF for Hurricane Melissa
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced it will make a payout of US$70.8 million to the government of Jamaica to cover damages from Hurricane Melissa. This marks the largest single payout in the history of CCRIF, the Cayman …
Typhoon Kalmaegi Kills 21 as It Pummels Central Philippines
Typhoon Kalmaegi killed 21 people and displaced nearly 400,000 more as it dumped heavy rains and caused widespread flooding in central Philippines, according to officials and local media. Many of the fatalities were in Cebu province where residents were trapped …