INSURANCE NEWS
Small Quake Shook California Desert Near Site of Coachella Music Festival
A small earthquake shook the Southern California desert Saturday near Coachella, where the famous music festival was being held this weekend. No damage or injuries were reported. The quake, with a preliminary magnitude of 3.8, hit at 9:08 a.m. about …
Munich Re Specialty Launches FAIR Plan Commercial Wrap Product in California
Munich Re Specialty Insurance is launching a FAIR Plan Commercial Wrap, available to commercial insureds in California who seek comprehensive coverage in tandem with their FAIR Plan coverage. MRSI’s FAIR Plan Commercial Wrap is designed to enable insureds to more …
People Moves: RT Specialty Promotes Murrey to President of Commercial Lines Binding Authority
RT Specialty, the wholesale distribution division of Ryan Specialty, headquartered in Chicago, promoted Jason Murrey to president of commercial lines binding authority. Murrey joined RT Specialty in 2017 through the acquisition of N-Surance Outlets where he served as president and …
Lawyers Want Ohio Residents to Wait for Details of $600M Derailment Settlement
The lawyers who negotiated a $600 million settlement with Norfolk Southern over that railroad’s disastrous 2023 derailment in Ohio want residents to talk with them before deciding the historic deal isn’t enough. They said Wednesday that the settlement for everyone …
R&Q to Sell Stake in Obra Joint Venture for $30M, Expects “Significant Pre-Tax Loss”
R&Q Insurance Holdings, (R&Q) the Bermuda-based non-life speciality insurer that focuses on program management and legacy insurance business, announced it has agreed to sell its stake in a joint venture with Obra Capital for $30 million. At the same time, …
Storms Bring Floods and Damaging Wind Across the South
SLIDELL, La. (AP) — Severe storms blamed for a death in Mississippi spawned a tornado that demolished buildings in one Louisiana city Wednesday while inundating streets in low-lying New Orleans with hours of steady rain that snarled traffic and strained …
DeSantis Signs Bill Barring Local Worker Heat Protection Measures
Florida Gov. Ron DeSantis this week signed into law a prohibition on local governments requiring worker protections from heat exposure, a law that could potentially lead to more workers’ compensation claims from stricken laborers. At the same time, the state …
Georgia Regulator Bars Home Warranty Company for Failing to Secure Bond
A home warranty firm is now prohibited from doing business in Georgia after a cease-and-desist order was issued, the state insurance commissioner announced. Choice Home Warranty did not secure a $100,000 surety bond as required by law, despite warnings from …
USAA to Lay Off 220 Employees
USAA is laying off 220 employees in an effort to reprioritize positions amid changing business needs, the San Antonio-based insurer announced this week. This is the latest round of layoffs at USAA, which let go of nearly 1,000 employees in …
Travelers Survey: Distracted Drivers Making US Roads More Dangerous
Nearly 80% of respondents to a recent Travelers survey said inattentive driving is more of a problem now than it has been in past years. Travelers noted the pandemic triggered a new wave of dangerous habits. The 2024 Travelers Risk …
SC’s Top Officer: No Details on 2012 Hack That Forced $12M in Cyber Insurance
COLUMBIA, S.C. (AP) — Twelve years after a hacker stole personal data from more than 3.6 million people in South Carolina by obtaining Social Security numbers and credit card information from tax returns, the state’s top police officer said Wednesday …
US Senate Committee to Hold Hearing on Boeing Safety Culture Report
The U.S. Senate Commerce Committee said it would hold a hearing next week with members of an expert panel that released a report in February criticizing Boeing’s safety culture and calling for significant improvements. The hearing next Wednesday comes as …