INSURANCE NEWS
Musk’s DOGE Effort Spurs Copycat Push in Texas With New Bills
Texas Lieutenant Governor Dan Patrick wants to follow in the footsteps of Elon Musk. The state’s powerful Republican announced on Wednesday that one of the 40 bills he was prioritizing this legislative session is called “Texas DOGE – Improving Government …
Florida-Based Brown & Brown Reports Stronger Profits for 2024
DAYTONA BEACH, Fla. (AP) — Brown & Brown Inc. (BRO) on Monday reported fourth-quarter net income of $210 million, down from 2023’s Q4 results, but year-end results for 2024 were well above 2023’s numbers. On a per-share basis, the Daytona …
Marsh McLennan Reports Organic Growth of 7% During Q4 and Full-Year 2024
Marsh McLennan reported fourth quarter net income of $788 million, compared with $756 billion during Q4 2023. For the full-year 2024, MMC had net income of $4.1 billion, compared with $3.8 billion reported for FY 2023. Operating income for the …
OSHA Fines GE Appliance Maker Max Amount in Death of Alabama Worker
Safety regulators fined a GE appliance manufacturer the maximum amount allowed by law in the 2024 death of an Alabama worker who was killed after the company ignored standard safety procedures, the U.S. Occupational Safety and Health Administration said this …
American Airlines Plane Collision Leaves No Hope for Survivors
The collision between an American Airlines Group Inc. regional jet and a military helicopter near Ronald Reagan airport in Washington left no survivors on board the two aircraft, authorities said, making it one of the most deadly US air disasters …
Fortress Targets $1 Billion for Latest Litigation Finance Fund
Fortress Investment Group is seeking to raise about $1 billion for its latest fund in litigation finance, a sector in which it’s becoming a powerhouse, according to people familiar with the matter. The new fund, dubbed Fortress Legal Assets Fund …
Exposed Utility Wires May Have Contributed To LA’s Eaton Fire, Law Firm Says
A law firm representing victims of the Eaton Fire in Los Angeles has submitted photos with a legal filing on Wednesday that appear to show exposed wire at the base of a Southern California Edison tower that the firm alleges …
Net Income at Selective Insurance Drops on Unfavorable Casualty Reserve Development
Selective Insurance Group reported a 24% drop in fourth quarter 2024 net income as its chief executive admitted the year did “not meet expectations.” Fourth quarter net income was $93.2 million compared to $122.5 million a year ago. Net income …
Alphabet’s Waymo to Test Autonomous Driving Technology in New Cities
Alphabet’s self-driving unit Waymo announced on Wednesday it plans to expand testing of its autonomous driving technology in over 10 new cities in 2025. After testing the Waymo Driver in multiple cities, the company says the technology is adapting successfully …
How Competitive Is E&S Property? Exec Views Vary
E&S property insurance market conditions were a recurring talking point on two recent earnings conference calls, but the leaders of specialty insurers offering commentary were not perfectly in lockstep in their assessments of the competitive landscape. At RLI Corp., property …
Generali to Pay Out Over €7 Billion in Dividends by 2027
Assicurazioni Generali SpA plans to return more than €7 billion ($7.3 billion) in dividends and buy back at least €1.5 billion in shares by 2027, as Chief Executive Officer Philippe Donnet pursues growth in asset management and high-margin insurance. Italy’s …
EU Says Drive to Simplify Will Not Weaken Climate Agenda
The European Union’s drive to simplify rules will not weaken the bloc’s climate change goals, European Commission President Ursula von der Leyen said. She was speaking on Wednesday after the Commission published a plan to boost EU competitiveness, the first …