INSURANCE NEWS
Kroger Chairman and CEO Resigns Following Investigation Into Personal Conduct
Kroger Chairman and CEO Rodney McMullen has resigned after an internal investigation into his personal conduct. Kroger, the nation’s largest grocery chain, said Monday that the investigation into McMullen’s personal conduct was unrelated to the business, but was found to …
Rain in Carolinas May Dampen Wildfires But Threat of Tornadoes, More Fires Looms
The Carolinas saw some much-needed rainfall Wednesday morning, helping to quell wildfires that had burned more than 2,600 acres – but also raising the threat of tornadoes. Even with the new rainfall, insurance and weather analysts say that fires and …
Floods in Indonesia’s Capital Displace Thousands, Shut Factories
Torrential rain triggered heavy flooding in Indonesia’s capital Jakarta and nearby cities, affecting more than 60,000 people and shutting down shops and factories. At least 1,500 people were displaced by heavy downpour that started Monday, the National Disaster Mitigation Agency …
Marsh Acquires Milan-Based Brokerage Fontana Rava-Toscano & Partners
Marsh, the insurance brokerage business of Marsh McLennan, announced that it has acquired Fontana Rava-Toscano & Partners (FRT), a Milan-based insurance brokerage. Terms of the acquisition were not disclosed. Founded in 1992 by the current partners together with Giancarlo Fontana …
Frito-Lay Employee’s Injury in Hoops Tourney Ruled Out of Bounds for Workers Comp
A forklift driver for Frito-Lay who injured his achilles tendon playing in a company basketball game is not covered by workers compensation. The Virginia Workers Compensation Commission (VWCC) upheld the denial of benefits because the employee’s voluntary participation in the …
Australia’s Insured Losses From Cyclone Alfred Could Top A$2Billion: S&P
Australia’s largest property and casualty (P/C) insurers should be well placed to manage claims stemming from tropical cyclone Alfred, which could surpass A$2billion (US$1.3 billion), according to a report published by S&P Global Ratings. While the path and strength of …
AM Best Downgrades Vermont Mutual to ‘A’ Rating; Cites Improvements in 2024 Results
AM Best has downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings to “a+” (Excellent) from “aa-” (Superior) of Vermont Mutual Insurance Co. and its fully reinsured subsidiaries, Northern Security Insurance Co., …
Progressive’s Margins Leave Room for Tariff Impacts: CEO
With its 2024 combined ratio falling comfortably more than 7 points below a targeted level of 96, Progressive has room to deal with the impacts of tariffs on car repair and replacement costs, the chief executive said. But that doesn’t …
CFPB Drops Suit Against US Banks Over Alleged Fraud on Zelle
The Consumer Financial Protection Bureau dismissed another Biden-era lawsuit, this one targeting some of the world’s largest banks for allegedly rushing out a peer-to-peer payment network that then allowed fraud to proliferate. The agency dropped the case against JPMorgan Chase …
Texas Reports 13 New Measles Cases as CDC Arrives in State
Texas reported 13 new cases of measles Tuesday even as the US Centers for Disease Control and Prevention is sending a team of epidemiologists and doctors to help the state with the growing outbreak. The state has now reported a …
Scientists Predict Major Quake in Chile’s Mineral-Rich North
Fifteen years ago on February 27, a devastating 8.8 magnitude quake struck southern Chile off the coast of Concepcion, shaking the ground for four minutes and unleashing a tsunami that left 550 dead. It was the deadliest natural disaster in …
Cyclone Forces Australian Evacuations as Brisbane Braces for Hit
Millions of Australians are bracing for a direct hit from a tropical cyclone heading toward the nation’s third-biggest city, with the storm already forcing evacuations and closing ports and schools throughout Queensland. Tropical Cyclone Alfred, a category 2 cyclone, was …