INSURANCE NEWS
Sentry Expands to Marine Cargo With Falvey Partnership
Sentry Insurance announced it has partnered with Falvey Insurance Group to offer admitted and non-admitted marine cargo capacity to Falvey’s broker partners. Falvey is a niche leading MGA offering several property and casualty solutions focused on the supply chain and …
Insurance Council of Texas Offers Tips for Hurricane Preparation
With June marking the start of 2024 Atlantic Hurricane Season, the Insurance Council of Texas (ICT) is reminding residents of steps to take to prepare for hurricanes. The National Oceanic and Atmosphere Administration (NOAA) has predicted an above-average hurricane season …
Louisiana Law That Limits Filming of Police Violates First Amendment, Attorneys Say
A new Louisiana law that makes it a crime to approach within 25 feet (7.6 meters) of a police officer under certain circumstances is an affront to the movement for racial justice and violates the First Amendment, civil rights attorneys …
Kansas Workers’ Comp Bill Increases Some Benefits, Streamlines Processes
Kansas Governor Laura Kelly last week signed Senate Bill 430, bipartisan legislation making comprehensive reforms to the state’s workers compensation system. The bill, a result of collaboration between business and labor, provides coverage for members of the Kansas National Guard …
Report: Cost of Prescriptions in Workers’ Comp on The Rise
While overall utilization is trending downward, cost of prescriptions in workers’ compensation is on the rise, driven by “high-dollar topical agents” that primarily come from out-of-network channels, as well as increased utilization and spend on migraine medicines, and rising trends …
RiverStone Acquires Electric Insurance; Plymouth Rock Gets Renewal Rights
RiverStone International reports it has closed on its acquisition of Electric Insurance Co. and its two subsidiaries, Elm Insurance Co. and Electric Insurance Agency. Electric Insurance is a Beverly, Massachusetts-domiciled insurer licensed in all 50 states and the District of …
American Airlines Sued for Removing Black Passengers From Flight
American Airlines was accused in a lawsuit on May 29 of race discrimination for temporarily removing three Black men from a flight from Phoenix, Arizona, to New York City. In a complaint filed in federal court in Brooklyn, the plaintiffs …
Universal Says it Completed Reinsurance Program with only a Slight Bump in Cost
Universal Insurance Holdings, the publicly traded parent of one of Florida’s largest property insurers, said it has completed its reinsurance program for its two subsidiaries ahead of the June 1 renewal. “For this renewal, we approached the market with considerably …
Firefighters Battle California Wildfire with Hot Weather in The Forecast
Firefighters battling a California wildfire burning east of San Francisco have increased containment on the fire, but hot weather is in the forecast for the next few days. Nearly 500 firefighters, along with several air tankers from throughout the state …
After First Net Loss Since 1923, USAA Back to Profit in 2023
USAA on Friday said it recorded net income for 2023 of about $1.2 billion, reversing a 2022 loss—the first for the company since 1923—of about $1.3 billion. The San Antonio, Texas-based reciprocal exchange said revenue was up 17% year-over-year to …
5 Killed in Fiery Crash on South Carolina Coastal Road
ST. HELENA ISLAND, S.C. (AP) — Five people, including a 4-year-old, were killed during a fiery three-vehicle crash near the southern South Carolina coast, authorities said Thursday. The South Carolina Highway Patrol said a BMW was traveling south Wednesday night …
Kansas Storm Claims Total $442 Million for 2023
Kansas storm claims totaled nearly half a billion dollars in 2023. According to numbers shared by the state’s department of insurance, 147,710 claims totaling $442.8 million were paid last year. The Kansas Department of Insurance collected this data from all …