INSURANCE NEWS
KKR Joins US Consortium to Buy Australian Broker Steadfast in $5.3 Billion Deal
Australia’s Steadfast said on Tuesday that the global investment firm KKR has joined the consortium of Amwins Group and Dragoneer Investment in their A$7.7 billion ($5.33 billion) proposal to buy out the insurance broker. Here are some more details: KKR …
People Moves: The Baldwin Group Hires Pierce as West Regional President for Insurance Advisory Solutions
The Baldwin Group announced the appointment of Phil Pierce as west regional president for its Insurance Advisory Solutions (IAS) segment. This appointment further underscores the firm’s sustained growth as well as the evolving scale of its IAS business. In this …
FDA Urges Infant-Formula Makers to Tighten Supplier Oversight After Product Recalls
The U.S. FDA on July 13 urged the infant-formula industry and supply-chain partners to exercise substantive oversight of their suppliers following multiple product recalls and recent botulism cases – the first outbreaks in the country linked to baby formula in …
Florida Property Tax Cut Plan Relies on Population Boom That Has Slowed Dramatically
From 2020 to 2024, Florida’s population grew by 8.5%, from 21.6 million to 23.4 million. This is nothing new: The state’s warm weather, amenities that include world-class golf courses and beaches, and lack of income tax have long attracted newcomers, …
20 Years After Hurricane Katrina: Are Insurers Ready for a Different $100B Disaster?
On August 29, 2005, Hurricane Katrina made landfall near Buras-Triumph, Louisiana, as a Category 3 hurricane with sustained winds of 125 mph. It had previously reached Category 5 intensity over the Gulf of Mexico, peaking at 175 mph, before weakening …
Philadelphia Area Digs Out From Damage Left by Microburst Storms
Residents in some Philadelphia neighborhoods and surrounding counties were cleaning up Sunday from widespread damage caused by a line of severe, short thunderstorms that passed through. The storms, called microbursts, passed through Saturday afternoon, downing trees and power lines, flooding …
Markets/Coverages: Clach Casualty Seeks Habitational Properties in NY Free Trade Zone
Clach Casualty Underwriting Managers, a part of Ryan Specialty Underwriting Managers, has launched an admitted general liability real estate program designed specifically for habitational properties within New York’s Free Trade Zone. “Placing complex New York habitational risks can be uniquely …
New York, Northeast Will See Temperatures Soar This Week
New York City and the Northeast will see temperatures surge this week as another wave of sultry weather shifts across the eastern US and southern Canada. Temperatures are forecast to top 90F (32C), potentially peaking at 98F in Central Park …
Meta Expands Louisiana Data Center to 5 Gigawatts, Investment Crosses $50B
Meta META.O said on Monday its data center in Richland Parish, Louisiana, will expand to 5 gigawatts of compute capacity, with investment in the project increasing to more than $50 billion. The planned data center, known as Hyperion, was earlier …
Appeals Court Revives Private Lawsuits Linking Tylenol to Autism
A federal appeals court on July 13 revived more than 500 private lawsuits against Tylenol maker Kenvue over the painkiller’s alleged link to autism. The 2nd U.S. Circuit Court of Appeals in Manhattan said a district court judge improperly excluded …
Oklahoma Opens Next Round of Grants for Fortified Roof Program
The Oklahoma Insurance Department is opening the next round of applications for the Strengthen Oklahoma Homes Grant Program on Monday, July 13, with grants awarded on a first come, first served basis. Homeowners can apply beginning at 12:00 p.m. CST …
Police Officer Sentenced for Role in Insurance Fraud Conspiracy With Other Officers
A federal judge in Maryland has sentenced a former Anne Arundel County police officer for his role in an auto-insurance fraud scheme that involved several other officers. Jaron Earl Taylor, of Ft. Washington, Maryland, was sentenced to three years of …