INSURANCE NEWS
Malibu Retrofit at $300,000 Shows Limits of Wildfire-Prepping
Evelin Weber and her neighbors fled their Malibu homes as the deadly Woolsey Fire tore across the California coast in 2018. Ever since, haunted by fears of another blaze, she’s spent $300,000 on fireproofing her house. Weber installed a fire …
Monarch E&S Acquires Texas’ Professional Insurance Executives
Monarch E&S Insurance Services (Monarch E&S), a division of Specialty Program Group LLC, announced its strategic acquisition of the assets of Professional Insurance Executives, Inc. (PIE), a leading contract binding/brokerage business located in Garland, Texas. This acquisition strengthens Monarch E&S’s …
Will People Leave Florida After Hurricanes? History Suggests Not
ORLANDO, Fla. (AP) — The news rippled through Treasure Island, Florida, almost like a third storm: The mayor planned to move off the barrier island a month after Hurricane Helene flooded tens of thousands of homes along the Gulf Coast …
Fire Closes Ohio River Bridge Near Cincinnati and Damges its Steel Structure
CINCINNATI (AP) — A massive fire underneath a bridge spanning the Ohio River closed a heavily traveled route between Cincinnati and northern Kentucky on Friday and damaged part of the steel structure. No injuries were reported. The fire broke out …
Vehicle Crashes Into Tree in Wisconsin, Killing 5
Five people died in a fiery vehicle crash in Wisconsin, authorities said Saturday. The Dane County Sheriff’s Office said in a statement that the vehicle crashed into a tree Friday night off a roadway just south of Verona, a town …
Texas Agency Seeks $100M to Tackle Well Blowouts
Unable to keep up with the growing number of leaking and erupting wells in the state’s oil fields, the Texas Railroad Commission, which regulates the state’s oil and gas industry, has asked lawmakers for an additional $100 million in emergency …
Helicopter Pilot Was Talking With Air Traffic Controller at Time of Fatal Houston Crash
HOUSTON (AP) — A helicopter pilot was speaking with an air traffic controller in Houston when the aircraft crashed into a radio tower, killing all four people on board, according to a preliminary report by the National Transportation Safety Board. …
People Moves: Aon Underwriting Managers Appoints LSM’s Clapham as CUO; Lloyd’s Taps Aviva’s Adams as Chief People Officer, Succeeding Gomez
This edition of International People Moves details appointments at Aon Underwriting Managers and Lloyd’s of London. A summary of these new hires follows here. Aon Underwriting Managers Appoints LSM’s Clapham as CUO Aon plc, the global professional services firm, announced …
Spain’s Floods to Cost Insurers More Than €1 Billion: Morningstar DBRS
Southern Spain’s devastating floods are expected to cost insurers well above €1 billion ($1.1 billion), given the significant damage to people, properties, vehicles and businesses as well as to the region’s agriculture sector, according to a commentary from Morningstar DBRS. …
NFIP to Begin Taking Monthly Flood Insurance Payments
The National Flood Insurance Program will soon start to accept monthly payments for flood insurance premiums, ending 55 years of requiring full payment upon application or renewal. The Federal Emergency Management Agency(FEMA), administrator of the NFIP, said the change was …
NC Insurers Warned on Flood Denials in Underwriting; NFIP Allows Monthly Premiums
North Carolina Insurance Commissioner Mike Causey is reminding property insurers to refrain from raising homeowners’ premiums just because an insured filed a claim or inquiry in order to qualify for flood insurance indemnity or federal assistance. In most cases, the …
Markets/Coverages: Marsh Offers Insurance to Manage Risks of Fake Carbon Credits
Marsh, the insurance broker and business of Marsh McLennan, has partnered with We2Sure, a specialist in insurance and risk management solutions for carbon credit certificates, to launch a new insurance facility to help organizations in the UK, EU, and US …