INSURANCE NEWS
UK Corporate Distress at Level Last Seen Post-COVID, Report Says
Distress among UK companies has risen for a third consecutive year, to its highest level since the onset of the COVID-19 pandemic, according to a report by consulting firm Alvarez & Marsal. A&M found that 11.2% of UK firms suffered …
Atlas Insurance Brings Benefits Business Under One Roof
Atlas Insurance Agency, based in Sarasota, Florida, announced it has acquired its sister company, Atlas Employee Benefits. The firms will now operate under a single brand name. “While Atlas Insurance and Atlas Employee Benefits have operated separately in the past, …
Florida Bill Barring Citizens Coverage for Noncompliant Condos Passes Committee
A Florida House bill that would bar Citizens Property Insurance Corp. from writing condominium properties that haven’t complied with inspection deadlines passed its first hurdle this week. But the measure has been questioned by some as unnecessary and potentially detrimental …
People Moves: NJM’s CEO Livingston to Retire; Voorhees Named Successor
NJM Insurance Group’s President and Chief Executive Officer Mitch Livingston, will retire on July 31, after 19 years at the company, including the past seven as its leader. The company’s board of directors has selected Carol Voorhees, NJM’s executive vice …
Third Magellan Diagnostics Exec Pleads Guilty Over Lead-Test Device Defect
The former CEO of Magellan Diagnostics pleaded guilty on Monday to a criminal charge related to a malfunction in the company’s lead-testing devices that produced inaccurately low results for tens of thousands of patients. Amy Winslow was the last of …
California Body Shop Owner Charged With Insurance Fraud on Bait Car
A San Jose, California, body shop owner was charged with insurance fraud following an undercover sting operation that reportedly revealed he jacked an insurance damage estimate on a bait car. The operation, led by investigators from the Santa Clara County …
Insurer Payouts Now at $12B for LA Wildfires, Report Shows
Insurance companies have so far paid out more than $12 billion for losses from the two biggest of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes in January. California Insurance Commissioner Ricardo …
People Moves: Arch Insurance Names 2 Senior Leaders for Casualty Team in Spain
Arch Insurance Names 2 Senior Leaders for Casualty Team in Spain Arch Insurance announced the appointments of Carmen Cobeta as head of Casualty, Spain, and Irene Fernandez Franic as senior casualty underwriter, effective immediately. Cobeta and Fernandez Franic join Arch …
J.P. Morgan Economist Sees 40% Chance of US Recession
There is about a 40% chance of a U.S. recession this year and a risk of lasting damage to the country’s standing as an investment destination if the administration undermines trust in U.S. governance, according to J.P. Morgan’s chief economist. …
Texas Reports 25 New Measles Cases, Bringing State Total to 223
Authorities in Texas reported 25 new measles cases over the last five days, bringing the state’s total to 223 as the outbreak continues to spread. Authorities in Texas, the hardest-hit state with the first confirmed US measles death in a …
Potent Storm System Threatens Central US
A potent storm system is expected to pour heavy rain on western states later this week before rumbling into the central United States, where it could spawn tornadoes in the South and dump heavy snow across the parts of the …
Missouri Threatens to Seize Chinese Assets Across U.S. in $24 Billion Lawsuit
Missouri’s attorney general is threatening to seize Chinese assets across the U.S. to collect $24.5 billion awarded in a lawsuit against China stemming from the COVID-19 pandemic, but experts were skeptical Monday, with one saying, “Good luck with that.” China’s …