INSURANCE NEWS

Only a Third of $2.7M Stolen in Miss. County Hacking Scam Has Been Returned

CANTON, Miss. (AP) — Madison County has recovered an estimated $900,000 after an investigation found that the county was defrauded out of millions of tax dollars, authorities said Monday. Sheriff Randy Tucker updated the Board of Supervisors on Monday about …
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Surgeons Can’t Slip Out of GEICO’s Latest RICO Fraud Lawsuit in NC, Judge Says

GEICO Insurance companies have continued their campaign against alleged auto insurance fraud actors, including some well-known physicians and medical clinics. And a federal judge ruled this week that two of those practitioners cannot escape a $2.8 million lawsuit in North …
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The Nitsche Group Announces Relocation of Round Rock Office

The Nitsche Group has announced the relocation of its Round Rock office. The office, previously at 893 North IH 35, Suite 120, Round Rock, is now located at 551 S. I-35 Frontage RD., Suite 320, Round Rock, TX, 78664, just …
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Kansas Man Sentenced to Probation for Auto Insurance Fraud

Kansas Insurance Commissioner Vicki Schmidt announced that a Kansas man has been sentenced to six months of probation for insurance fraud. Robert Heidbreder, age 30, pleaded guilty in the District Court of Sedgwick County to one misdemeanor count of insurance …
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Louisiana Gun Bill Risks Roiling Wall Street’s Muni Business

Louisiana could soon bar banks that “discriminate” against firearm entities from working on government contracts, after lawmakers advanced legislation that’s similar to a Texas statute that has whipsawed Wall Street firms’ public-finance work. State lawmakers passed Senate Bill 234 last …
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AM Best Downgrades Credit Ratings of Farm Bureau Mutual Insurance Company of Arkansas

AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bbb-” (Good) of Farm Bureau Mutual Insurance Company of Arkansas, Inc. Concurrently, AM Best has maintained …
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Hilb Group Acquires German American for $40M

Hilb Group announced and closed the sale of the assets of the wholly-owned subsidiary German American Insurance (GAI) to Hilb Group in an all-cash transaction of $40 million. The sale creates a significant after-tax gain, net of transaction costs, of …
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Dozens More Former Youth Inmates Sue Over Alleged Sexual Abuse at Illinois Detention Centers

Dozens more former youth inmates filed lawsuits seeking millions of dollars in damages for sexual abuse they allegedly endured at Illinois detention centers dating back to the late 1990s. Thirteen women and 95 men filed two separate lawsuits Friday in …
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Markets/Coverages: Sompo Offers Tech Insurance Cover for UK Middle Market Clients

Sompo announced the launch of a new technology insurance product for middle market clients in the United Kingdom. The package includes coverages comprising property, casualty, professional indemnity (PI) and cyber. Excess PI and cyber can be provided separately. All covers …
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Lobster Monster Truck Gone Airborne Topples Utility Poles, Injuring Spectators

TOPSHAM, Maine (AP) — A lobster-themed monster truck performing for spectators in Maine clipped an aerial power line, toppling several utility poles and sending two people to hospitals, police said. Others suffered minor injuries. The Topsham Fairgrounds was hosting the …
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MGA Alta Signa Launches in Switzerland

Alta Signa Europe B.V., the European boutique managing general agent (MGA) and Lloyd’s coverholder, announced the opening of an office in Switzerland, marking a significant milestone in the company’s expansion strategy in the Germany, Austria and Switzerland (DACH) region. Based …
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Independence Pet Buys Bigger Stake in Miami-based Spot Pet Insurance

Independence Pet Holdings has acquired a majority interest in Spot Pet Insurance, an expansion of IPH’s 2022 investment in the Miami-headquartered insurer. Independence, founded in 2021 and helmed by CEO Lane Kent, already handles Spot’s underwriting, customer service, claims and …
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