INSURANCE NEWS
Everton FC Buyer Accused of Fraud, Double-Pledging Assets in Lawsuit
Lenders to 777 Partners have accused it of fraud, claiming that the Miami-based investment firm borrowed against $350 million of assets that it didn’t own, didn’t exist or were already promised to someone else. Josh Wander, co-founder of 777 Partners, …
Fannie/Freddie Rock Insurance World with Guidelines that Bar ACV Coverage for Homes
A new rule from Fannie Mae and Freddie Mac, if it stands, could throw a wrench into the property-casualty insurance industry’s move toward actual cash value for more homeowners and condo coverage. Starting June 1, the government-backed mortgage corporations, which …
Hub Acquires Cargill Agency of Massachusetts
Insurance broker Hub International Limited announced it has acquired the assets of William R. Cargill Insurance Agency, Inc. Terms of the transaction were not disclosed. Based in Topsfield, Massachusetts, Cargill Insurance is a family owned and operated insurance agency providing …
Monsanto Gets $185 Million PCB Verdict Tossed in Washington
Bayer AG’s Monsanto unit persuaded an appeals court in Washington state to throw out a $185 million jury award to three former teachers at a Seattle-area school who blamed exposure to the firm’s toxic chemicals for their brain injuries. A …
Runaway Steel Drum From Construction Site Kills Woman
A steel drum weighing thousands of pounds somehow rolled out of a construction site in Pittsburgh and eventually struck and killed a woman who was walking on a nearby sidewalk, police said. The accident occurred around 10:40 a.m. last Friday …
People Moves: Leif Assurance Hires Sills as Commercial Lines Account Executive
Leif Assurance, headquartered in St. Louis, hired Kristine Sills as a commercial lines account executive. Sills’ responsibilities include managing new business acquisitions, as well as handling the renewal process for existing clients. Sills has more than 12 years of insurance …
Iowa and Iowa State Athletes File Lawsuit Against State Over Gambling Sting
Attorneys for more than two dozen Iowa and Iowa State athletes who were ensnared in a state gambling sting filed a civil lawsuit seeking unspecified monetary damages from the state and its public safety and criminal investigation agencies for violating …
Hundreds Rescued From Flooding in Houston
HOUSTON (AP) — High waters flooded neighborhoods around Houston on Saturday following heavy rains that have already resulted in crews rescuing more than 400 people from homes, rooftops and roads engulfed in murky water. Others prepared to evacuate their property. …
USI Insurance Services Acquires Texas’ Hignojos Insurance Agency
USI Insurance Services announced the acquisition of Odessa, Texas-based Hignojos Insurance Agency. Founded in 2009, Hignojos Insurance Agency is an independent brokerage firm specializing in commercial and personal risk insurance programs. Terms of the transaction were not disclosed.
Google Trial Wraps Up as Judge Weighs Landmark US Antitrust Claims
Google and the U.S. Justice Department wrapped up closing arguments on Friday over claims that the Alphabet unit has unlawfully dominated web search and related advertising, in a case the government contends could shape the “future of the internet.” U.S. …
Oil Majors Offered Faster Nigerian Exit if They Pay for Cleanup, Compensation
Major oil companies, such as Exxon Mobil and Shell, that aim to exit Nigeria’s onshore oil can get quicker approval to do so if they take responsibility for spills rather than wait for authorities to apportion blame, the regulator said …
Georgia Governor Signs First Responders’ PTSD Benefits Bill Into Law
Starting in January, Georgia’s first responders will be eligible for limited, supplemental benefits to help cover treatment for post-traumatic stress disorder, after Gov. Brian Kemp signed House Bill 451 into law. The law requires municipalities and other jurisdictions to provide …