INSURANCE NEWS
Hub Acquires Missouri’s AIG Agency
Hub International Limited (Hub) announced that it has acquired the assets of AIG Agency Inc. (d/b/a Associated Insurance Group). Terms of the transaction were not disclosed. Located in Maryland Heights, Missouri, Associated Insurance Group is an independent insurance agency providing …
No Sovereign Immunity for Virginia City or Truck Driver In-Between Garbage Pick-Ups
The Virginia Court of Appeals has ruled that a trial court erred in finding that a garbage truck driver and the city of Chesapeake were shielded by sovereign immunity for their role in an accident caused by the truck driver …
Illinois Manufacturer to Pay $1.3M After Plant Explosion
Chemical products manufacturer AB Specialty Silicones LLC will pay $1.3 million in penalties after an explosion and fire at its Waukegan, Illinois plant in May 2019 claimed the lives of four workers. The U.S. Department of Labor’s Occupational Safety and …
As Milton Nears, Flood-Proof Fences Will Face a Major Test in Tampa
For the second time in two weeks, Tampa General Hospital is getting ready to keep water at bay. Hurricane Milton is expected to make landfall Wednesday and will test the hospital’s flood barrier. It takes dozens of facilities workers to …
Former Hurricane Kirk Set to Lash France With Heavy Rain
The remnants of Hurricane Kirk are forecast to hit France on Wednesday, after weakening to a post-tropical cyclone. The storm will bring wind gusts as strong as 150 kilometers (93 miles) per hour to the Pyrenees, according to Météo-France. It …
13 States and DC Sue TikTok, Accusing Platform of Harming Younger Users
TikTok faces new lawsuits filed by 13 U.S. states and the District of Columbia on Tuesday, accusing the popular social media platform of harming and failing to protect young people. The lawsuits filed separately in New York, California, the District …
Florida CFO Issues Order Allowing Agency Customer Reps to Work Remotely
Florida law requires insurance agencies’ customer service representatives to work only at the agency office. But with another hurricane headed toward the state, and much of the western part of the state under evacuation orders, Florida’s chief financial officer has …
Markets/Coverages: Beazley Launches Cyber Consortium for Large Corporates
Specialty insurer Beazley announced the launch of a cyber consortium that provides comprehensive cover for large corporates with a turnover in excess of $1 billion, infusing $100 million of new capacity into the cyber market. Called Beazley Quantum, the consortium …
Why Homeowners Insurers Are Unprofitable and What To Do About It: Aon
A new report from insurance broker Aon reveals that the prospective return on equity (ROE) for diversified homeowners insurance carriers decreased by 100 basis points to 5.0% from last year’s ROE, despite carriers receiving significant rate increases in 2023/2024. More …
American Water Reports Cyber Incident; Shuts Down Customer Portal
New Jersey-based American Water, which runs water treatment, transmission, wells and other water facilities for 14 states, has reported a cyber incident. The company has deactivated its customer portal, MyWater, as a precaution, but does not believe any of its …
Leader of Crew That Stole 500 Catalytic Converters Worth $2 Million Sentenced
The leader of a regional organized theft crew, who orchestrated the thefts of catalytic converters from nearly 500 vehicles across the region, multiple jewelry store robberies and the stealing of banks’ automated teller machines has been sentenced in federal court …
Pro-Palestinian Activists Target UK Offices of Germany’s Allianz
Pro-Palestinian activists targeted the British offices of German financial services firm Allianz on Tuesday, daubing the outside with red paint in protest over the company’s links to Israeli defense firm Elbit Systems. Palestine Action claimed responsibility for the protest on …