INSURANCE NEWS
UK Hospital Hack Leaves Kidney Patients at Higher Risk of Heart Failure
Regular blood tests are critical for 46-year-old Londoner Amit Sanchadev, who relies on dialysis to keep him alive after his only functioning kidney failed in 2016. He wakes up at 6 a.m. three times a week to plug himself into …
People Moves: Incline P&C Group appoints Galiardo as Chief Actuary/Chief Underwriting Officer and Urban as Chief Development Officer
Incline P&C Group, headquartered in Austin, Texas, appointed Scott Galiardo as chief actuary and chief underwriting officer for commercial and specialty lines and Tony Urban as the chief development officer. In this newly created role, Galiardo will develop Incline P&C …
Canada Insurers Investing in Fossil Fuels as Climate Risks Grow: Shareholder Group
Canada’s top property and casualty insurers have invested more than C$19.5 billion ($14.30 billion) in fossil fuels production at a time when climate change is driving up risks for the industry, according to a report by a shareholder advocacy group. …
Insurance Broker TWFG Aims to Raise Up to $176M in IPO
Insurance broker TWFG, backed by reinsurer RenaissanceRe, said on Tuesday it is aiming to raise as much as $176 million in its initial public offering in the United States. TWFG is offering 11 million shares at a price range of …
Viewpoint: Premium Audits Help Insurers Navigate Regulatory Compliance
Leading carriers and managing general agents (MGAs) are increasingly seeking to assess their premium income via audits to ensure exposures are reported accurately, while tackling potential premium leakage and addressing possible non-compliance with state regulatory and rating bureau guidelines. How …
Marsh McLennan Agency to Acquire The Horton Group
Marsh McLennan Agency said it has a definite agreement to buy Illinois-based brokerage The Horton Group, Inc. Terms were not disclosed. The deal is expected to close during the third quarter 2024. “We have been impressed by the Horton team …
CSU Research Team Increases Atlantic Hurricane Forecast
Hurricane Beryl got the respected team of researchers at Colorado State University to rethink its forecast for the Atlantic hurricane season, which has already seen three named storms. CSU’s Department of Atmospheric Science now calls for an “extremely active” total …
Oxendine Asks Judge to Go Easy on Sentencing. Former Commissioners Weigh In
Federal prosecutors want former Georgia Insurance Commissioner John Oxendine to serve 44 months in prison and pay $700,000 in restitution after his guilty plea to health care fraud conspiracy. But Oxendine is urging the judge to reduce the penalty. “Mr. …
Houston Struggles With Beryl’s Blackouts and Searing Heat
Houston is struggling through Hurricane Beryl’s chaotic aftermath, with blackouts, blocked roads, internet disruptions and spotty access to gas expected to linger well after the storm’s floodwaters recede. More than 1 million homes and businesses are likely to be without …
Southern California Wildfire Has Now Burned Nearly 27,000 Acres
A Southern California wildfire that grew to be the biggest of the year is now at nearly 27,000 acres. The Lake Fire in Santa Barbara County erupted on Friday northeast of Los Olivos. An evacuation order was issued for an …
Michigan DIFS Bulletin Prohibits Discounting Labor Costs for Depreciation
Michigan Department of Insurance and Financial Services (DIFS) Director Anita Fox released a new bulletin explicitly prohibiting insurers from discounting labor costs for depreciation when paying a homeowners insurance claim unless the insured has agreed in advance to the reduction …
Ohio Apartment Building Set to Reopen After Nearby Deadly Gas Explosion
A 16-story apartment building in Ohio may reopen early next month, several weeks after it was temporarily shuttered following a deadly natural gas explosion that severely damaged a neighboring building. Youngstown officials had ordered the evacuation of the International Towers …