INSURANCE NEWS
Supreme Court Overturns Chevron Rule in Blow to Regulators
A divided US Supreme Court threw out a decades-old legal doctrine that empowered federal regulators to interpret unclear laws, issuing a blockbuster ruling that will constrain environmental, consumer and financial-watchdog agencies. The 6-3 decision, which came in a fight over …
Three Charged With Helping Agents Cheat on Florida Insurance License Exams
Three Miami people, two them licensed insurance agents, have been charged with operating an unauthorized insurance agent licensing school and taking license examinations in applicants’ place. At least five agents’ licenses have been suspended because of the investigation. Rainer Miguel …
Millions of Texans Live in Counties Without Hazard Mitigation Plan
LUFKIN — More than 100 Texas counties do not have a hazard mitigation plan, federal data shows, cutting off access to billions in non-emergency grants to help rebuild infrastructure after natural disasters. Of 254 counties in the state, 103 counties …
House Collapses Into Flood-Swollen River Near Minnesota Dam Amid Storms
DES MOINES, Iowa (AP) — A house that was teetering on the edge of an eroding riverbank near a Minnesota dam collapsed into the river in the latest jarring example of extreme weather gripping the upper Midwest. Video shows the …
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P
In the topsy-turvy world of homeowners insurance, first-quarter loss ratios have been bouncing around for the last five years—from below 50 in 2020 to over 70 in 2021 and 2023, a new analysis shows. The S&P Global Market Intelligence analysis …
Ex-Staffers of Missouri Boarding School Face Suit Alleging Abuse of Students
JEFFERSON CITY, Mo. (AP) — Yet another civil lawsuit filed Wednesday against a Missouri Christian boarding school by a former student accuses staffers of forced child labor, physical abuse and tactics aimed at hiding mistreatment from authorities. The lawsuit, filed …
Onex Partners Completes Acquisition of R&Q’s Program Manager, Accredited
Accredited, the property/casualty program manager and subsidiary of R&Q Insurance Holdings Ltd., announced the completion of its acquisition by Onex Partners, the Toronto-based private equity company. The sale of the unit comes on the heels of R&Q’s decision on June …
California Workers’ Comp Med-Legal Costs up Sharply Under New Fee Schedule
Payments for medical-legal evaluations and reports used to resolve medical disputes in California worker injury claims rose more than expected since a new Med-Legal Fee Schedule (MLFS) took effect in 2021, according to a new study. The study by the …
Vertafore Report Highlights Agency Recruitment, Hard Market Challenges
Independent insurance agencies are struggling to find qualified job candidates, and nearly a third of agents surveyed for a recent Vertafore report said they’re finding that “young people just aren’t that interested in insurance.” Vertafore’s annual insurance workforce survey report …
Fisker to Recall Over 12,000 Ocean Vehicles
Electric-vehicle firm Fisker is recalling more than 12,000 Ocean vehicles to fix an issue where exterior door handles can stick and fail to open, the company said on Friday, marking its third recall this month. The U.S. National Highway Traffic …
Australia Approves ANZ’s $3.3B Buyout of Suncorp; Deal Will Help With Insurance Focus
Australia on Friday gave the go-ahead for ANZ Group’s A$4.9 billion ($3.26 billion) buyout of Suncorp’s banking business, clearing the deal to proceed after almost two years of scrutiny by financial regulators and treasury. Treasurer Jim Chalmers said the deal …
People Moves: Gallagher Re Appoints Rudden as Head of Green Solutions; Markel Taps BHSI’s Gebran as Head of Casualty in MENA Region
This edition of International People Moves details appointments at Gallagher Re and Markel. A summary of these new hires follows here. Gallagher Re Appoints Rudden as Head of Green Solutions Gallagher Re announced the appointment of Richard Rudden as head …