INSURANCE NEWS
People Moves: Mississippi Insurance Lawyer Nominated to Federal Appeals Court
President Donald Trump has nominated a longtime municipal insurance lawyer to serve as a judge on the U.S. 5th Circuit Court of Appeals. G. Todd Butler, managing partner at the Jackson office of the Phelps Dunbar law firm, has represented …
Florida Commissioner Suspends A-Cap’s Atlantic Coast Life Over Surplus Issues
Two weeks after South Carolina’s insurance regulator took steps to place Atlantic Coast Life Insurance into rehabilitation, another state’s commissioner has suspended the company amid concerns about its finances. “In making the decision to suspend Atlantic Coast’s COA (certificate of …
Allianz Appoints Kroetz and Floquet as CEOs at Allianz Partners and Allianz Direct
Allianz Group announced chief executive officer appointments at Allianz Partners and Allianz Direct, following Tomas Kunzmann’s appointment to the Allianz SE Board of Management. Philipp Kroetz, currently chief executive officer of Allianz Direct, will become CEO of Allianz Partners, effective …
People Moves: AIG Names Hussain CRO for Retiring Schaper
American International Group (AIG) said Turab Hussain was appointed executive vice president and chief risk officer of AIG, effective Oct. 12. Hussain will report to Eric Andersen, president & CEOr, AIG and will serve on AIG’s Executive Leadership Team. He …
People Moves: Plymouth Rock Home Names Stuckey VP of Customer Service
Plymouth Rock Home Assurance Corp. headquartered in Boston, Massachusetts, named Jared Stuckey as vice president of customer service and underwriting. Stuckey previously led underwriting strategy and managed personal and commercial products for Plymouth Rock’s Independent Agent auto business. He will …
Zurich Insurance Completes £8.1 Billion Acquisition of Beazley
Zurich Insurance Group has completed its £8.1 billion ($10.7 billion) of Lloyd’s insurer Beazley, effective today. Beazley shares were suspended this morning from the London Stock Exchange with delisting planned for Oct. 2. Under the terms of the deal (known …
Senate Blocks Bill to Address Data Center Costs
The US Senate on Sept. 30 blocked legislation requiring state utility regulators to consider whether large electricity users, including data centers, should bear the incremental costs of power infrastructure built to serve them and thus ease the burden on households. …
US Fund Accuses Radiant World of Fraud in Swiss Complaint
A US fund has filed a criminal complaint in Switzerland accusing Radiant World and related companies of fraud and money laundering, according to a US court filing, adding a new jurisdiction to the iron ore trader’s escalating legal and financial …
Wisconsin Manufacturer Settles Religious Accommodation Request
Generac Power Systems, a Wisconsin generator manufacturer, reached an agreement with the U.S. Equal Employment Opportunity Commission (EEOC) to resolve for monetary and injunctive relief a religious accommodation charge involving an employee’s request to use biological pronouns for another employee, …
Illinois Governor Creates Cabinet to Explore AI Regulation
Gov. JB Pritzker is setting up a new group within state government to explore more regulations for artificial intelligence as calls grow across the country for new restrictions. Pritzker signed an executive order lsat week to establish an AI Cabinet …
Seven Indicted in Louisiana Arson Scheme to Defraud Insurers
Seven people were indicted this week in a years long arson-related insurance fraud scheme involving fires set intentionally in Monroe, Louisiana. The U.S. Attorney’s Office in the Western District of Louisiana alleges that between 2019-2026, the defendants rented homes, obtained …
Texas Stock Exchange Raises $155 Million After First Listings
The parent company of the Texas Stock Exchange raised $155 million in a third funding round, bolstering its financial firepower as it challenges the New York Stock Exchange and the Nasdaq for equities listings. TXSE Group Inc.’s existing shareholders are …