INSURANCE NEWS
AM Best Downgrades Credit Rating of Michigan’s Wolverine Mutual
AM Best has downgraded the Financial Strength Rating to C++ (Marginal) from B- (Fair) and the Long-Term Issuer Credit Rating to “b” (Marginal) from “bb-” (Fair) of Wolverine Mutual Insurance Company, based in Dowagiac, Michigan. The outlook of these Credit …
Iowa Hotel Worker Charged With Insurance Fraud
An Iowa hotel worker was charged with insurance fraud, the Iowa Insurance Division announced Sept. 10. Jose De Jesus Rodriguez Esparza, age 39, was charged with one count of Insurance Fraud – Presenting False Information (Class D Felony) and Identity …
Francine Makes Landfall in Louisiana as Powerful Category 2 Hurricane
Hurricane Francine packed power just as it slammed into the coast of Louisiana, reaching Category 2 strength with 100 miles per hour winds and a dangerous storm surge. The storm made landfall in Terrebonne Parish, around 6 p.m. Eastern time …
In Latest Salvo AIG Says its Former Execs at Dellwood Are ‘Bad Leavers’
In its latest court filing to keep alive a lawsuit against start-up Dellwood Insurance, American International Group said its new competitor failed to explain why the suit cannot go on. AIG argued in a brief filed yesterday in U.S. District …
TSLA Unveils New Website and Management System
Kimmi Cantwell, President of the Texas Surplus Lines Association, Inc., announced that TSLA unveiled its new website and management system. This upgrade simplifies event registration, member updates, and membership applications. Key features include an enhanced membership directory, streamlined event management, …
LDI Urges Residents to Check for ALE Coverage Ahead of Hurricane Francine
The Louisiana Department of Insurance issued guidance for residents who have a homeowners policy with Additional Living Expenses (ALE) coverage ahead of Hurricane Francine. ALE coverage pays for additional living expenses like hotel stays and food while a policyholder’s home …
Hurricane Francine Bears Down on Louisiana With Dangerous Winds
Hurricane Francine is closing in on Louisiana with high winds and dangerous storm surge, picking up speed as it nears the coast. Francine is a Category 1 hurricane with top winds holding steady at 90 miles (145 kilometers) per hour, …
US Nuclear Verdicts Break Records and Drive Social Inflation to 7% in 2023: Report
Nuclear verdicts in the United States are breaking records with 27 court cases each awarding compensation of more than US$100 million during 2023, according to Swiss Re executives. Social inflation in US rose to 7% in 2023 – a 20 …
Two Workers Die in Accident at South Dakota Farm Silo
VOLGA, S.D. (AP) — Two people have died in an accident at a farm silo in South Dakota. The Brookings County Sheriff’s Office said in a Facebook post that the accident happened just before noon Saturday on a farm near …
New Southern California Wildfire Threatens Mountain Communities
A quick-moving wildfire raced toward Southern California mountain communities as authorities warned residents to evacuate. The Bridge fire exploded on Tuesday, burning into the Wrightwood community and nearby Mountain High ski resort. The fire has burned 47,288 acres and is …
Russia Loses EU Case Aimed at Unblocking Sanctioned €70 Billion
Russia’s National Settlement Depository lost a bid to overturn European Union sanctions over its alleged role in helping fund President Vladimir Putin’s invasion of Ukraine. The Moscow-based institution was hit by EU sanctions in 2022 when the bloc alleged that …
AM Best: Unfavorable Operating Performance Key Driver of Downgrades
Deteriorating market conditions and rising loss costs led to a 60 percent increase in rating downgrades of AM Best-rated U.S.-based insurers in 2023 compared with two years earlier, according to a newly issued report. The latest Best’s Special Report indicates …