INSURANCE NEWS
SpaceX Faces Concerns Over Environment Damage in South Texas
BOCA CHICA — It wasn’t just a day at the beach. But it never is on this small strip of sand near the Texas-Mexico border, not since SpaceX began launching rockets here. On this particular Saturday in August, about a …
AM Best Downgrades Credit Rating of Iowa’s IMT Insurance
AM Best has downgraded the Financial Strength Rating to A-(Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings to “a-” (Excellent) from “a” (Excellent) of IMT Insurance Company and its affiliate, Wadena Insurance Company. These companies are domiciled in …
CSU Forecasters Predict Quiet Hurricane Activity to Start September
The first two weeks of September are expected to be quiet for Atlantic hurricane activity, according to experts at Colorado State University. The CSU Tropical Meteorology Project, which has been forecasting the Atlantic hurricane season for more than 40 years, …
Three Charged With Auto Insurance Fraud in Miami After False Injury Claims
Florida authorities have charged a Miami-area nurse practitioner and two others with creating false medical reports and attempting to defraud an auto insurance carrier out of more than $47,000. Local news reports said that investigators with the state Department of …
Man Drives Car Through Restaurant Patio in Minneapolis Suburb, Killing 2
ST. LOUIS PARK, Minn. (AP) — A man drove his car through a restaurant patio where a group of medical workers were celebrating in a Minneapolis suburb on Sunday, killing two people and injuring at least four, police and hospital …
Explosion Destroys Southwest Louisiana Home, Killing 1 and Injuring 5
RAGLEY, La. (AP) — Investigators are trying to determine the cause of an explosion that destroyed a southwest Louisiana home, killing a teenage boy from Alabama and injuring five other people. Louisiana State Fire Marshal Bryan J. Adams said the …
Kansas Woman Sentenced to Probation for Insurance Fraud
Kansas Insurance Commissioner Vicki Schmidt announced an Arkansas City woman has been sentenced to 18 months of probation for insurance fraud. Misty Jane Dial, age 33, pleaded guilty in the District Court of Cowley-Arkansas City on July 9 to one …
People Moves: CRC Group Adds New Underwriters in Tennessee, Georgia
CRC Group, a wholesale specialty insurance distributor with headquarters in Birmingham, Alabama, has added new faces to its team in the Southeast. Sam Rector joined the Nashville office as underwriting team leader. He has spent almost 10 years in the …
Ryan Specialty Completes Buy of Assets of Greenhill From Alera
Ryan Specialty said it completed its acquisition of certain assets of Greenhill Underwriting Insurance Services from Alera Group, Inc, effective Sept. 1. The deal was previously announced last month. Alera acquired Greenhill in 2022. Houston-based Greenhill is a technology-enabled managing …
Reinsurers’ Appetite for Natural Catastrophe Risks Grows – But Discipline Remains
Top reinsurers are showing increasing – but disciplined – appetite for natural catastrophe risks as a result of rising demand, improved pricing, more favorable terms and conditions, and improving investment income, according to a report published by S&P Global Ratings. …
For Small Commercial Businesses, Insurance Satisfaction Is a Matter of Trust
Trust impacts customer satisfaction, loyalty and brand advocacy more than any other factors when small businesses choose a commercial insurance provider. J.D. Power’s 2024 U.S. Small Commercial Insurance Study found that among small businesses with the most trust in their …
New York City’s Biggest Taxi Insurer Is Insolvent, Risking Transit Meltdown
In an unassuming white and blue office building in Freeport, a few miles into Nassau County, sits the headquarters of American Transit Insurance Co. The 52-year-old, family-owned firm is hardly a household name, but it’s vital to how New Yorkers …