INSURANCE NEWS
AM Best Downgrades Credit Rating of Shelter Mutual
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a+” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Shelter Mutual Insurance Company (Shelter Mutual) (Columbia, MO) and its property/casualty (P/C) …
Bowen, Miclette & Britt Acquires Texas’ M Surety Services
Bowen, Miclette & Britt Insurance Agency, LLC (BMB) has completed the acquisition of M Surety Services, a provider of contract surety bonds. BMB said the acquisition further strengthens its position in the surety bond market, following a series of strategic …
MNK Group Launches Labuan, Malaysia-Based Reinsurance Unit
MNK Group has launched a specialty reinsurance subsidiary in Labuan, Malaysia, called Pt Mekong Re. The business will offer flexible reinsurance solutions across Asia Pacific in addition to South Asia, the Gulf Cooperation Council (CGC) and Eastern Europe, providing additional …
Baltimore Unveils Details of $45M Opioid Litigation Settlement With Walgreens
Baltimore Mayor Brandon M. Scott has unveiled the terms of the settlement reached last month with Walgreens to resolve the city’s claims against the company for its role in fueling the opioid epidemic in Baltimore. The city also said it …
Supreme Court Rejects ‘Pharma Bro’ Shkreli’s Appeal of $64.6 Million Penalty
The U.S. Supreme Court declined on Monday to hear former pharmaceutical company CEO Martin Shkreli’s challenge to a $64.6 million financial penalty imposed by a judge after he raised a lifesaving drug’s price by more than 4,000%. The justices turned …
Inside the Caroline Mountain Town that Helene Nearly Wiped Off the Map
CHIMNEY ROCK VILLAGE, N.C. (AP) — The stone tower that gave this place its name was nearly a half billion years in the making — heated and thrust upward from deep in the Earth, then carved and eroded by wind …
Fourth Storm in 14 Months Takes Aim at West Florida. Citizens Most Exposed
Another day, another hurricane. That may be the thought in the minds of thousands of Floridians as Hurricane Milton makes its way toward the west coast of Florida – the fourth hurricane in 14 months to target the low-lying shoreline …
Italian Prosecutors Accuse 7 People, 2 Firms Over Flawed Boeing Plane Parts
Italian prosecutors on Saturday accused seven people and two sub-contractors of crimes including fraud and breaching airplane safety rules following an investigation into suspected flawed parts produced by an Italian company for Boeing. The prosecutors launched their investigation in late …
California Vineyard Owner Fined $120K for Giving Free Housing to Employee Files Suit
A California vineyard owner is suing Santa Clara County after officials fined him for allowing his longtime employee to live in an RV on his property for years. Michael Ballard, whose family owns Savannah-Chanelle Vineyards in a town south of …
Mpox Spreads to Ghana as Cases Surge in Megacity Kinshasa
The Africa Centres for Disease Control and Prevention said mpox is spreading rapidly in the Democratic Republic of Congo’s capital Kinshasa, a city of 17 million people, and a case in Ghana brings to 16 the number of countries on …
Karen Read Seeks Delay in Wrongful Death Civil Lawsuit Until Murder Trial Is Done
Karen Read is seeking to delay a wrongful death lawsuit filed by the family of her Boston police officer boyfriend until her criminal trial in connection with his death is done. The lawsuit filed last month blames the death of …
Nation’s Flood Insurance Program Is Making More Repeat Payouts
When Hurricane Helene barreled ashore last week, it caused devastating flooding across the southeastern U.S., including in the Shore Acres area of St. Petersburg, Florida. The neighborhood saw 6 feet of storm surge, which flooded roads and homes. It was …