INSURANCE NEWS
Cash-Flush Florida Seeks to Retire $1.7 Billion of Debt and Prepare for Storms
Municipal bonds sold by the state of Florida are poised to become much scarcer. That’s because Governor Ron DeSantis plans to pay down $1.7 billion of tax-supported debt as part of his budget proposal for the fiscal year that begins …
Case to Clarify Economic Loss Rule Settles Days Before Fla. Supreme Court Arguments
A potentially landmark ruling from the Florida Supreme Court, which liability insurers had hoped would greatly expand how much they can recover in subrogation actions, will have to wait for another day. In the closely watched NBIS Construction and Transport …
North Carolina Insurance Agent Charged With Forgery, ID Theft on Life Insurance Policy
A North Carolina insurance agent is awaiting a court appearance next week after he was charged with fraudulently taking out a life insurance policy with Southern Farm Bureau Life Insurance Co. The North Carolina Department of Insurance said that Matthew …
Whitewater Rafting Businesses Face Uncertain Future After Hurricane Helene
ERWIN, Tenn. (AP) — After 24 years of guiding whitewater trips on the Nolichucky River Gorge for other companies, Patrick Mannion finally received a permit last year to operate his own outfitter business. But following the devastation of Hurricane Helene, …
AIG Q4 General Insurance Underwriting Income Down 29% on Catastrophes
American International Group reported fourth quarter 2024 net income of $898 million compared to $86 million the prior year, but insurance underwriting income was down 29% on high catastrophe losses. AIG said the dramatic increase in income for the quarter …
Insurance Commissioner OKs FAIR Plan Request for $1B Assessment for LA Wildfires
California Insurance Commissioner Ricardo Lara approved a California FAIR Plan request for a $1 billion assessment on admitted market insurers to cover claims from the Los Angeles wildfires. The FAIR Plan reported it has paid more than $914 million to …
Alera Group Acquires Kaplansky Insurance Agency in Massachusetts
Needham, Massachusetts-based Kaplansky Insurance Agency has been acquired by the national financial services firm Alera Group. This new partnership brings more than 100 agents to add to Alera Group’s property/casualty offerings in the Northeast. The independent agency was founded in …
Michigan DIFS Advocates for Careers in the Insurance Industry as Part of Careers Month
The Michigan Department of Insurance and Financial Services (DIFS) is highlighting in-demand jobs available to Michiganders in the insurance field as part of Insurance Careers Month. More than 73,000 Michiganders work in the insurance industry, according to a study conducted …
Delay in Federal Permits Hinders Texas Oil Companies’ Carbon Capture Projects
Texas oil companies and regulators have waited years for federal permits that would allow those companies to suck carbon dioxide — the largest contributor to climate change — from the atmosphere and inject it underground. After sweeping environmental reviews and …
People Moves: CoVerica Names Holland as President & CEO, Expands with BenefitHelp Acquisition
CoVerica, headquartered in Dallas, appointed Mark Holland as president and CEO. Holland has over three decades of experience in the insurance and benefits industry. He entered the industry in 1994, focusing on worksite marketing, benefits communication and electronic enrollment. He …
First MainStreet Adds 4 Partner Agencies
First MainStreet Insurance L.C. has announced addition of four new partner agencies. Borchardt Agency joined the platform on January 1st. Justin Borchardt, a third-generation insurance owner, has partnered with FMSI and TrueNorth to further fuel the impressive growth of his …
People Moves: Marsh Names Former AXA XL Exec as UK Chair; Rokstone Taps Howden’s Winsley as Capacity Mgr. and Broker Relationship Dir.
This edition of International People Moves details appointments at the broker Marsh and the managing general agency Rokstone. A summary of these new hires follows here. Marsh Names Former AXA XL Exec as UK Chair Marsh, the world’s leading insurance …