INSURANCE NEWS
LA Wildfire Losses Seen as High as $164 Billion, UCLA Says
Economic losses from the fires that tore through Los Angeles County in January range from $95 billion to $164 billion, according to a new report, potentially making the blazes the second-costliest natural disaster in U.S. history. The Eaton and Palisades …
Jupiter Launches $1M in Added Capacity Above FAIR Plan for California Homeowners
Jupiter Risk Services has launched its Jupiter Private Client Excess Homeowners Insurance (XS Homeowners), a property insurance product providing up to $1 million in additional capacity above the California FAIR Plan. Features of XS Homeowners Insurance include: Available through certain …
California Food Distributor Settles False Claims Liability for Small Business Contracting Violations
The GS Foods Group Inc. in Ontario, California, agreed to pay more than $949,000 to settle allegations of False Claims Act violations related to small business contract bidding. The company was accused of improperly securing contracts designed for small businesses …
‘It’s Surreal’: Trump’s Freeze on Climate Money Sows Fear and Confusion
When President Donald Trump’s administration last week shut off the spigot of federal grant money, which a federal judge said is likely in violation of US law, it caused confusion and panic among groups and researchers that work on clean …
Orion180 Launches FLEX Home Insurance in Texas
Orion180 announced that its FLEX Home Insurance product is now available in Texas. Orion180 said that FLEX is designed to address the diverse needs of Texas homeowners, including those in high-risk areas prone to natural disasters like tornadoes and hailstorms. …
King Risk Partners Acquires Ohio’s Barker, Beck, Collins & Kronauge Agency
King Risk Partners announced the acquisition of Barker, Beck, Collins & Kronauge Agency (BBC&K), an independent insurance firm in Dayton, Ohio. BBC&K was founded in founded in 1923. Over the decades, the agency has expanded its expertise in auto, home, …
Washington Crash Investigators Complete Interviews, Probe Plane Wreckage, Flight Logs
The National Transportation Safety Board said on Monday it has completed interviews with air traffic controllers in its investigation into the collision last week between an American Airlines regional passenger jet and a U.S. Army helicopter over the Potomac River …
Maryland Supreme Court Upholds Child Victims Act
The Maryland Supreme Court, in a 4-3 ruling, has upheld the Child Victims Act as constitutional. The Child Victims Act (CVA) enacted in 2023 eliminates restrictions put in place in 2017 that had prevented many adult victims of child sexual …
Sica Fletcher Index: Total Agency-Broker M&A Revenue Down 26% in 2024
The 22 acquirers that make up the Sica Fletcher Index were involved in 533 agent-broker deals in 2024, down 6% from 2023. Members completed 146 acquisitions during the fourth quarter 2024. This was 11% less than a year ago. Total …
Texas Regulators Grapple With Plugging Leaky Abandoned Wells
In arid West Texas, water seeps and bubbles from old wells, sometimes carrying oil, brackish water or other pollutants to the surface. But the real danger lies underground — where oil, salt, and toxic minerals could migrate into the aquifers …
Chicago Sued by White Men Barred From Bally’s Casino Investment
Bally’s Corp. and the City of Chicago were accused of discriminating against White men in a lawsuit by a conservative legal group challenging a $1.7 billion casino project that offered a 25% ownership stake only to women and people of …
WTW Reports Net Loss in 2024 With Organic Revenue Growth of 5%
WTW reported net Income for the fourth quarter of 2024 of $1.25 billion, compared to net income of $623 million in the same period in 2023. However, the broker saw a net loss for the year of $88 million, compared …