INSURANCE NEWS
Decayed, Broken Utility Pole Caused Largest Wildfire in Texas History: Report
LUBBOCK — A decayed utility pole that broke, causing power wires to fall on dry grass in the Texas Panhandle, sparked the state’s largest wildfire in history, a Texas House committee confirmed Wednesday. And other poorly maintained power equipment sparked …
Catastrophe Bonds Use Models Underestimating Climate Risks, Investors Say
The risk models that helped drive one of the most lucrative bets of 2023 are increasingly being tested by smaller weather shocks fueled by climate change. Catastrophe bonds and other insurance-linked securities, which powered last year’s highest-returning hedge fund strategy, …
Supreme Court Rules Against Warner Music in Copyright Damages Case
The U.S. Supreme Court on Thursday ruled in favor of a Miami music producer in a legal fight with Warner Music over a song by rapper Flo Rida, finding that there is no time limit for recovering monetary damages in …
Hackers Behind MGM Attack Targeting Financial Sector in New Campaign
The hacking group accused of disrupting casinos and hotels at MGM Resorts International last year is engaged in a new campaign targeting banks and insurance companies, according to cybersecurity researchers. The group, known as Scattered Spider, has targeted 29 companies …
Florida OIR Fines Heritage P&C $1M for Ian Claims Issues
The Florida Office of Insurance Regulation in recent weeks has fined five property and casualty insurers, including Heritage Property & Casualty Insurance Co., which was hit with a $1 million penalty for failing to properly handle hundreds of claims after …
Maryland Governor Signs Online Data Privacy, Child Protection Bills
Maryland Gov. Wes Moore signed two measures into law on Thursday that are aimed at better protecting personal data online from Big Tech, including a bill making Maryland the second state to try to create strong limits on information collected …
Washington AG Says Catholic Church Stonewalling Sex Abuse Investigation
The Catholic church is refusing to cooperate with a Washington state investigation into whether it unlawfully used charitable trust funds to cover up sexual abuse by priests, Attorney General Bob Ferguson said, asking a court to force the Seattle Archdiocese …
First Washington Heat Wave of the Year to Trigger New Heat Rules for Outdoor Workers
Forecast temperatures in Washington this week are exapted to will trigger protections designed to prevent heat-related illness in agriculture, landscaping, construction, and other outdoor jobs. The forecasted temperatures above 90 degrees in Eastern Washington mean the rules, overseen by the …
Insurers Like California Governor’s Statement About Expedited Rate Filings
Insurers are applauding a move by California Gov. Gavin Newsom to try and expedite the insurance rate filing process. Newsom made the proposal while discussing the state’s budget. It was mentioned in a press conference to talk about the budget, …
Wisconsin Wedding Barns Sue Over State’s New Liquor Law Requiring Licensing
MADISON, Wis. (AP) — A pair of Wisconsin wedding barns sued the state Tuesday seeking to block enactment of a new law that requires them to get liquor licenses similar to other establishments that host events. Owners and operators of …
Inszone Acquires Texas’ Brazos Valley Insurance Agency
Inszone Insurance Services announced its 15th acquisition in the state of Texas with the successful integration of Brazos Valley Insurance Agency. The move further solidifies Inszone’s commitment to enhancing its presence in the Texas market and marks another significant milestone …
Florida’s HCI Group Reports Another Healthy Quarter
TAMPA, Fla. (AP) — HCI Group Inc. (HCI) on Wednesday reported first-quarter profit of $47.6 million, which follows a $38 million profit for Q4 2023. The Tampa-based company said it had profit of $3.81 per share. Earnings, adjusted for non-recurring …