INSURANCE NEWS
Florida Governor Signs Wind-Mitigation Funding Bills for Homes, Condos
Florida’s governor has signed two bills that will provide more matching grants for homeowners and condominium associations to fortify properties against the growing threat of windstorms. Senate Bill 7028 will send an additional $200 million to the My Safe Florida …
Williams-Sonoma Must Pay Nearly $3.2M for Violating ‘Made in USA’ Order
Home products retailer Williams-Sonoma will have to pay almost $3.2 million for violating a Federal Trade Commission “Made in USA” order. Williams-Sonoma was charged with advertising multiple products as being “Made in USA” when they were in fact manufactured in …
Hartford Q1 Income Up 41% on Commercial Lines as Auto Results Improve
The Hartford CEO Christopher Swift told analysts late last week that the insurer’s first quarter results included “progress toward restoring targeted profitability in auto” as it turned in an improved combined ratio for the quarter of 103.9 in the line …
Liberty Co. Names Allen, Hayes to Leadership Positions
The Liberty Co., a rapidly expanding insurance brokerage based in Gainesville, Florida, has named two insurance industry veterans to executive positions. Bill Allen, who was previously executive vice president at Hays Companies, now part of the large Brown & Brown …
Parts of US Gulf Coast Face Possible Tornadoes: Weather Watch
States across the US Gulf Coast are bracing for possible tornadoes as certain parts of the region face a marginal risk of severe thunderstorms, according to the US Storm Prediction Center. Severe thunderstorm warnings and watches have been posted for …
Manager Who Operated Crane Pleads Guilty to Manslaughter in Quarry Worker’s Death
An upstate New York court last week accepted a mine manager’s guilty plea to manslaughter in the second degree over the death of a worker in 2022. According to prosecutors, Anthony Valente, a mine manager at a Grafton limestone quarry, …
Supreme Court Won’t Hear Elon Musk Dispute Over SEC Settlement
The U.S. Supreme Court declined on Monday to hear Elon Musk’s bid to throw out part of a securities fraud settlement with the Securities and Exchange Commission restricting the billionaire businessman’s public statements about his electric car company Tesla. The …
Freight Train Derailment, Fire Forced Interstate 40 Closure Near Arizona-New Mexico Line
A freight train carrying fuel derailed and caught fire Friday near the Arizona-New Mexico state line, forcing the closure of an interstate highway that serves as a key trucking route. Initial passersby posted video and photos on social media of …
Philadelphia’s Republic First Bank Closed by Regulators, Sold to Fulton Bank
Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York. The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 …
Canada’s London Drugs Shuts Pharmacies After Cyber Incident
Pharmacy chain London Drugs Ltd. shut dozens of stores in western Canada on Sunday following a cyber incident. The chain discovered it was the victim of a cybersecurity incident on Sunday, a representative said by email, and shut all 79 …
Africa Specialty Risks Launches ASR Syndicate 2454 at Lloyd’s
Africa Specialty Risks (ASR), the pan-African focused re/insurance group, has launched ASR Syndicate 2454 focused on underwriting business across Africa. It is the first African-focused syndicate writing business at Lloyd’s and is managed by Apollo. ASR Syndicate officially began underwriting …
Amboss Underwriting Assumes Oilfield Insurance Agencies’ Downstream Portfolio
Zurich-based Lloyd’s coverholder Amboss Underwriting has assumed the portfolio of the Zurich branch of Oilfield Insurances Agencies. Effective April 17, 2024, the announcement marks the commencement of Amboss’ operations in Zurich and Amsterdam. Amboss has received approval from Lloyd’s of …