INSURANCE NEWS
Velocity Risk Partners with LSU to Develop Gulf Coast Hurricane Model
Velocity HoldCo, the parent company for Velocity Risk Underwriters, announced a joint venture with Louisiana State University (LSU) on a Gulf Coast-central hurricane model. The model uses daily data to predict US hurricane seasonal activity, representing a significant advancement in …
Uber Picks Once-Rival Aurora to Launch Driverless Truck Offering in Texas
Nearly a decade after it began working on self-driving vehicles, Uber Technologies Inc. plans to haul freight fully autonomously for the first time later this year through an expansion of an earlier deal with Aurora Innovation Inc. The former rivals …
SE People Moves: Floyd Named IIAG President; CRC Adds Two to Tampa Team
Jimbo Floyd, head of Turner Wood and Smith Insurance in Gainesville, Georgia, has been sworn in as president of the Independent Insurance Agents of Georgia. Floyd has previously served as IIAG’s chairman of the board, vice president, secretary-treasurer and chair …
BlackSuit Cybercrime Gang Blamed in CDK Hack That Roiled Car Dealers
A hacking group called BlackSuit is behind the cyberattack on CDK Global that’s paralyzed car sales across the US, according to Allan Liska, a threat analyst at the security firm Recorded Future Inc. The cybercrime group has demanded an extortion …
Zurich Insurance Adding 600 People in India Following Kotak Deal
Zurich Insurance Group AG plans to increase headcount in India by 40% over the next three years, adding 600 people following its acquisition of a majority stake in Kotak Mahindra Bank Ltd.’s general insurance unit. The Swiss firm is pursuing …
US Judge Skeptical of Biden Overtime Pay Rule
A federal judge in Texas on Monday seemed likely to stop a Biden administration rule that would extend mandatory overtime pay to 4 million U.S. workers from taking effect, but was unsure whether he could block it nationwide or only …
Markets/Coverages: Relm Insurance Releases Difference in Conditions Solution for D&O
Relm Insurance, the Bermuda-based specialty insurance carrier, announced the release of its Side A Difference in Conditions (DIC) solution. Relm’s Side A DIC solution was created for clients that have been unable to secure enough limit or consistent terms across …
Ford Recalls 668,000 2014 F-150 Pickup Trucks Over Transmission Issue
Ford Motor said Tuesday it is recalling 668,000 F-150 pickup trucks worldwide from the 2014 model year because vehicles can unexpectedly downshift into the first gear causing a loss of driver control or rear-wheel lockup. A loss of signal can …
PCF Insurance Acquires Multiple Agencies, Benefits Platform
PCF Insurance Services, a multi-state brokerage headquartered in Utah, announced it has acquired four new operations, two of them in the Southeast. The Brady Agency, offering commercial and personal lines coverage in North Carolina and Virginia with offices in the …
Business Moves: Broker PCF Makes 4 Acquisitions in 4 States
Broker PCF Insurance Services continued its recent buying spree with the purchase of four insurance businesses in North Carolina, Pennsylvania, Mississippi, and Iowa. “At PCF Insurance, we are committed to accelerated and strategic expansion through M&A—not to be confused with …
Dollar Tree Sold Lead-Tainted Applesauce After Recall
Dollar Tree Inc. continued to sell children’s applesauce tainted with “extremely high” levels of lead long after the company recalled the product due to contamination concerns, US regulators said. The discount store kept pouches of tainted cinnamon applesauce on store …
Protecting 1.2% of Earth Would Prevent Most Extinctions, Study Says
Setting aside an additional 1.2% of the world’s land as nature preserves would prevent the majority of predicted plant and animal extinctions and cost about $263 billion, according to a study published on Tuesday. The world is racing to meet …