INSURANCE NEWS
Michigan’s Conifer Holdings Sells Insurance Agency Operations
Conifer Holdings announced that it completed the sale of its insurance agency operations for consideration equal to $45 million (subject to transaction expenses and customary purchase price adjustments), plus possible additional earn-out payments of up to $25 million based on …
Oklahoma Manufacturer Sued For Firing Employees Over COVID Vaccine Exemptions
AG Equipment Company, a Broken Arrow, Oklahoma compressor packaging manufacturer, violated federal law when it fired 10 employees for failing to receive a COVID-19 vaccination because of their religious beliefs or medical restrictions, the U.S. Equal Employment Opportunity Commission (EEOC) …
Bus Crash Involving Abilene Christian Football Team Injures 4
Four people were injured after a bus carrying the Abilene Christian University football team was involved in a crash with another vehicle in Lubbock, Texas, on Saturday night. One player, two coaches, and the bus driver were taken to University …
Tornadic Winds Derail 43 Train Cars in North Dakota
STEELE, N.D. (AP) — Tornadic winds knocked nearly four dozen train cars off a track in North Dakota, part of a storm system that spurred reports of five tornadoes across the Dakotas. BNSF Railway spokesperson Kendall Sloan said a train …
Michigan Court: Businesses Can’t Get State Compensation Over Pandemic Closures
DETROIT (AP) — The Michigan Supreme Court on Friday shut the door on businesses seeking to be paid by the state for restrictions that harmed sales during the COVID-19 pandemic. The court, in a pair of 5-2 orders, let stand …
Global Non-Life Reinsurer’s Profits to Peak in 2024: Fitch Ratings
Fitch Ratings published midyear underwriting results for 19 non-life reinsurers, finding that the group’s average first-half 2024 combined ratio was 84.2, and forecasting continued profits for the rest of 2024 and 2025 also. But while reinsurers will continue to maintain …
Ryan Specialty Agrees to Buy Certain Assets of Ardonagh’s Geo Underwriting Europe
Ryan Specialty, the Chicago-based international specialty insurance firm, announced it has signed a definitive agreement to acquire certain assets of the European managing general agent Geo Underwriting Europe BV (Geo Europe), part of London-based Ardonagh Group. Terms of the transaction …
Ryan Specialty to Acquire P&C MGUs From Ascot’s Ethos Specialty
Ryan Specialty, the Chicago-based international specialty insurance firm, announced it has signed a definitive agreement to acquire the property and casualty (P&C) MGUs owned by Ethos Specialty Insurance LLC from Ascot Group Ltd. Financial details of the transaction were not …
HP to Continue $4 Billion Damages Case Against Mike Lynch
Hewlett Packard said Monday it would continue legal proceedings to seek up to $4 billion in damages from British billionaire Mike Lynch’s estate in the UK. The U.S. company had been seeking compensation over its acquisition of British tech firm …
Sponsor of Florida Anti-Squatting Bill Indicted on Forgery Charges
TALLAHASSEE, Fla. (AP) — A Republican state representative in central Florida, a lead sponsor of an anti-squatting property rights bill signed into law this year, has been indicted on felony forgery charges related to her administration of a private Christian …
Halliburton Says August Cyberattack Took Information From Systems
Oil service company Halliburton on Tuesday said a cyberattack last month has caused “disruptions and limitations” to business applications that support operations. “The company believes the unauthorized third party accessed and exfiltrated information from the company’s systems,” Halliburton said in …
Finance Chief Resigns After Connecticut Town Hacked for $200K
The Connecticut town of Plymouth has been hacked for more than $200,000 and the town’s finance director has resigned as a result of the cybersecurity incident. Mayor Joseph Kilduff said the town fell victim to a “social engineering scam” after …