INSURANCE NEWS
Explorers Discover Wreckage of Old Cargo Ship That Sank in Lake Superior Storm
Twenty years before the Titanic changed maritime history, another ship touted as the next great technological feat set sail on the Great Lakes. The Western Reserve was one of the first all-steel cargo ships to traverse the lakes. Built to …
State Attorney Generals Are Grabbing Headlines With Lawsuits. Missouri’s Bailey Stands Out
When Missouri Attorney General Andrew Bailey says he’ll seize assets to force China to pay a $24.5 billion award won in a lawsuit over COVID-19, the action might be aimed more at bolstering conservatives’ arguments that China was responsible for …
US Property-Catastrophe Reinsurance Rates Likely to Stabilize During Midyear Renewals
Reinsurance renewal rates continued dropping during this year’s January renewals, but US property-catastrophe reinsurance pricing is likely to stabilize during the coming midyear renewals, according to a report from Moody’s Ratings. “The upcoming midyear 2025 reinsurance renewals, which focus on …
MLB’s Rays Bail on Deal for New Ballpark in St. Petersburg
The Tampa Bay Rays are backing out of a deal to build a new $1.37 billion stadium in St. Petersburg, Florida, the team announced on Thursday. The Major League Baseball team was expected to partner with the city and Pinellas …
Billions in Hurricane Helene Aid to Farmers to Start Flowing by March 21
ATLANTA (AP) — Tens of billions in aid for victims of Hurricane Helene should start flowing later this month, U.S. Agriculture Secretary Brooke Rollins pledged Wednesday, but delays are already making it hard this year for some farmers to plant …
People Moves: Shipper to Head Beazley N.A. Commercial Property; Porch Group Names New Leadership; Allstate Names Carter as CHRO
Specialty insurer Beazley appointed Lindsay Shipper as head of commercial property, North America, effective April 1. She will report to Richard Montminy, group head of property risks, and will be based in Atlanta. Shipper brings close to two decades experience …
Meta Wins Halt to Promotion of Tell-All Book by Ex-Employee It Says Is Defamatory
Meta Platforms on Wednesday won an emergency arbitration ruling to temporarily stop promotion of the tell-all book “Careless People” by a former employee, according to a copy of the ruling published by the social media company. The book by Meta’s …
Four Sailors Involved in Major Singapore Oil Spill Plead Guilty, Straits Times Reports
Four Dutch crew members involved in a ship collision in Singapore have pleaded guilty for their role in the city-state’s worst oil spill in a decade, the Straits Times reported Wednesday. Richard Ouwehand, Martin Hans Sinke, Eric Peijpers, and Merijn …
Carrier Management to Host New Wildfire Conference
Carrier Management, a sister publication of Insurance Journal, will host a free online event spotlighting wildfire risk assessment, prevention and intelligence tools for risk and insurance professionals. The first Wildfire Risk Intelligence Demo Day will be held on Wednesday, March …
China State Firms Curb Russian Oil Imports on Sanctions Risks, Sources Say
Chinese state oil companies are shying away from Russian oil this month, with two importers halting purchases while two others scaled back volumes as they assess compliance following recent U.S. sanctions on Moscow, multiple trade sources said. Russian oil supplies …
Tech Sector Sees Softer Insurance Market but Less Comprehensive Policies
A softer-than-expected market kept insurance premiums for technology companies down or flat in some lines in 2024, according to a new report from business insurance platform Embroker. Embroker’s 2024 Business Insurance Index: Tech Sector found average errors & omissions/cyber premiums …
Delaware Forest Service Warns of Elevated Wildfire Risk
Delaware officials are reporting that the ongoing drought and current weather conditions have caused an uptick in wildfires in all three counties. Due to an elevated wildfire risk, the Delaware Forest Service is urging all residents to refrain from outdoor …