INSURANCE NEWS
Venture Capital Fund Ends Grant Program for Black Women After Lawsuit
An Atlanta-based venture capital fund on Wednesday agreed to stop operating a program that awarded grants to small businesses run by Black women to settle a lawsuit by an anti-affirmative action group that claimed it discriminated based on race. Fearless …
How Big Was the Cat? Investigator Warns About Claims of Clogged Toilets
Did you hear the one about cat poop clogging a toilet, resulting in thousands of gallons of sewage water in the home and a big insurance claim? Lin Werkheiser, an insurance fraud investigator, has heard that one and many more …
Buffett’s Insurance Leader Ajit Jain Sells Large Part of Berkshire Stake
Ajit Jain, the longtime top insurance executive at Warren Buffett’s Berkshire Hathaway BRKa.N, sold more than half of his Class A shares in the conglomerate this week. According to a Wednesday night regulatory filing, the 73-year-old Jain sold 200 Berkshire …
$1 Billion San Francisco Tower’s Revival Clouded by Lawsuit
One of San Francisco’s most iconic buildings is celebrating its reopening after a four-year, $250 million makeover meant to symbolize the city’s renewal. It’s doing so under the shadow of a lawsuit from one of its key tenants. The Transamerica …
Supreme Court’s Zeal to Curb Agency Power Looms in New Term
Fresh off a blockbuster US Supreme Court decision that rolled back the power of federal agencies to regulate business, big-government foes are pressing an even bolder agenda. As the court prepares to start its new term next month, conservatives are …
Francine Estimated to Cause $9B in Damage With $1.5B in Insured Losses
A preliminary estimate shows total damage and economic loss from Hurricane Francine in the U.S. is expected to be $9 billion. The storm effects are continuing to be felt, and some areas have yet to report complete information about damage, …
People Moves: Lockton Names Young SVP
Lockton, based in Kansas City, Missouri, hired benefits consultant Chad Young as senior vice president based in its Houston office. Young previously served as an account executive at Aetna and held senior account executive roles at Assurant and The Hartford. …
People Moves: JM Wilson Hires Musolf and Hudson as Assistant Property & Casualty Underwriters; Group Captive Program Leader Albian Joins Ryan Alternative Risk
JM Wilson, headquartered in Portage, Michigan, hired Savana Musolf and Lisa Hudson as assistant property and casualty underwriters. Musolf works with independent insurance agents and company underwriters in Michigan and Texas. Before joining JM Wilson, Musolf worked for over two …
Sentry Buys Nonstandard Auto Insurer The General From American Family for $1.7B
Sentry Insurance said it is buying nonstandard auto insurer The General from American Family Insurance for about $1.7 billion to mark the largest acquisition in the company’s 120-year history. Sentry will pay $1.1 billion in cash and assume liabilities and …
Florida Home Inspector Used Stock Photos 200 Times, Defrauding Citizens, DFS Says
A Florida home inspector allegedly used the same stock photographs in more than 200 home and wind-mitigation inspections, costing Citizens Property Insurance Corp. more than $88,000, the state Department of Financial Services said after the man was arrested. Jasiel Mena, …
Francine Knocks Out Power to Hundreds of Thousands in US South
Francine knocked out power to nearly half a million homes and businesses and canceled hundreds of flights across the US South after coming ashore as a hurricane. The storm has weakened to a tropical depression with winds of 35 miles …
Top EU Privacy Regulator Opens Probe Into Google’s AI Compliance
The top EU privacy regulator opened an inquiry on Thursday into whether search engine giant Google adequately protected European Union users’ personal data before using it to help develop its foundational AI Model. Ireland’s Data Protection Commission (DPC), the lead …