News
National News
- Markets/Coverages: US Cyber Industry Loss Index Launched by Perils, CyberAcuViewon September 12, 2023 at 1:13 pm
A U.S.-focused Cyber Industry Loss Index has been launched by Zurich-based Perils and CyberAcuView, an independent U.S.-based organization formed by leading cyber insurers, to keep capital flowing in the cyber insurance market. The Cyber Industry Loss Index reports affirmative U.S. …
- Judge in $6 Billion 3M Settlement Issues Order to Stop Litigation Fundingby Admin on September 12, 2023 at 5:26 am
A federal judge has barred attorneys and claimants involved in 3M’s $6 billion settlement with U.S. military servicemembers from any third-party litigation funding agreements. District Judge M. Casey Rodgers in the U.S. District Court for the Northern District of Florida …
- First-Half P/C Underwriting Loss Just $2B Shy of Loss for All of 2022on September 12, 2023 at 5:25 am
The total net underwriting loss of $24.5 billion for the U.S. property/casualty industry after the first six months of 2023 is $2 billion less than total losses recorded for all of 2022, according to a new AM Best report. Catastrophe …
- Q2 US Commercial Lines Prices Up 6.1%: WTWon September 12, 2023 at 5:01 am
According to WTW’s Commercial Lines Insurance Pricing Survey (CLIPS), commercial insurance prices in the U.S. continued to increase in the second quarter. The quarterly survey, answered by insurance carriers, indicated an overall price increase of 6.1% on polices written in …
- Executives Go Quiet on Diversity After Affirmative Action Rulingon September 11, 2023 at 4:00 pm
US executives drastically cut back on public discussions of workplace diversity last quarter, in the first earnings season since the Supreme Court’s ruling against affirmative action sent a chill through corporate boardrooms. Mentions of diversity, equity and inclusion on earnings …
East News
- Central Massachusetts Experiencing Severe Flash Floodingon September 12, 2023 at 12:08 pm
The central Massachusetts city of Leominster and other nearby communities are dealing with severe flash flooding from excessive rainfall. A state of emergency has been declared in Leominster, a city of about 43,000, due to what officials are calling life-threatening …
- Virginia Town Settles Lawsuit Over Police Pepper-Spraying of Army Officeron September 12, 2023 at 5:00 am
A town in Virginia has agreed to independent reviews of misconduct allegations against its police force to settle a lawsuit filed after a Black and Latino Army lieutenant was pepper sprayed during a traffic stop. The town of Windsor also …
- Injured Worker Upheld in Refusing Suitable Return Job Because He Opposed Vaccinationby Andrew G. Simpson on September 12, 2023 at 5:00 am
It was reasonable for an injured employee who is returning to work to refuse a job that accommodated his disability because he had personal and religious objections to getting a COVID-19 vaccine. The Virginia Workers’ Compensation Commission (WCC) ruled against …
- Mother Sues Peloton for Death of Son Killed When Bike Fell on Him During Workouton September 12, 2023 at 5:00 am
A woman has filed a lawsuit against Peloton over the death of her son, who was killed when his exercise bike fell on his neck during a workout in his New York City apartment. Ryan Furtado, 32, was doing a …
- Ground Zero Employers Must Notify Workers of 9/11 Benefits Under New Lawon September 11, 2023 at 12:29 pm
New York Gov. Kathy Hochul is expected to sign legislation today to assure that people who returned to work in close proximity to Ground Zero during the critical period following the 9/11 terrorist attacks are informed that they could be …
Midwest News
- Property Owners Win Key Ruling in Lawsuit Against State of Michigan Over 2020 Dam Failureby Admin on September 12, 2023 at 8:00 am
DETROIT (AP) – Property owners seeking to hold the state of Michigan responsible for the disastrous failure of a dam in 2020 have won a critical ruling from an appeals court. The court said claims of “inverse condemnation” – state-imposed …
- FirstChoice, a MarshBerry Company, Adds 500th Member to Networkon September 11, 2023 at 4:51 pm
MarshBerry, an investment banking and consulting firm serving the insurance distribution and wealth management industries based in Woodmere, Ohio, announced that FirstChoice, a MarshBerry Company, has welcomed its 500th member to the network. “We are so pleased to achieve this …
- Illinois Plant Explosion Injures Eight Peopleby Admin on September 11, 2023 at 4:30 pm
A Sunday evening explosion in Archer-Daniels-Midland Co.’s processing complex in Decatur, Illinois, has injured at least eight people, according to the Decatur Fire Department. The blaze was largely under control within a few hours, but a crew remains on standby …
- Wisconsin Sawmill to Pay $191,000 and Cease Hiring Children Under 16 Following Teenager’s Death on the Jobon September 11, 2023 at 4:21 pm
MADISON, Wis. (AP) – A northern Wisconsin sawmill has agreed to pay nearly $191, 000 and stop hiring children under 16 to settle a federal lawsuit labor regulators filed after a teenager was killed on the job this summer and …
- Class Action Claims Mobile Home Park Managers Conspired to Fix and Inflate Lot Rental Priceson September 8, 2023 at 4:49 pm
CHICAGO (AP) – A lawsuit seeking class-action status accuses nine mobile home community management companies and a mobile home market data provider of conspiring to fix and inflate lot rental prices at more than 150 locations across the U.S. The …
Southeast News
- Oakbridge Adds Another Agency with BDH in Georgiaon September 12, 2023 at 5:02 am
Oakbridge Insurance has acquired Georgia-based Bishop-Durden-Hale Insurance Group, the companies announced. Bishop-Durden, which specializes in coverage for manufacturers, municipalities and schools, will keep its offices in Vidalia and Savannah. The firm was founded in 1996. Brian Bishop is the agency’s …
- Infamous Plaintiffs’ Firm Files For Bankruptcy. Will Strems Get His $36 Million?by William Rabb on September 12, 2023 at 5:01 am
The successor to a law firm that was known as “public enemy number one” by Florida’s property insurance industry after it filed thousands of unnecessary lawsuits – many of them on the same claim – has slipped into bankruptcy, putting …
- Death Toll for Idalia Rises to Four as Disaster Declaration Added for Georgia Countieson September 11, 2023 at 1:35 pm
CROSS CITY, Fla. (AP) — An elderly man who was cleaning debris from Hurricane Idalia in north Florida when a tree fell on him has been declared the state`s third death from the Category 3 storm, officials said Thursday. The …
- Wetlands Permit Dispute Pauses Construction on $2B Scout Motors EV Plant in SCon September 11, 2023 at 1:16 pm
BLYTHEWOOD, S.C. (AP) — Construction work has been temporarily stopped on a $2 billion new electric vehicle plant in South Carolina being built by a Volkswagen Group-backed group trying to revive a brand that was a forerunner to today’s SUVs. …
- Carolina Insurance Agent Charged with ID Theft, Taking out Secret Life Policyon September 11, 2023 at 5:01 am
North Carolina authorities have charged a Charlotte-area insurance agent with identity theft after he reportedly took out a life insurance policy without the man’s knowledge. Derek Urban Ezzell, 56, a multi-lines producer in Concord, submitted an insurance application in the …
Southcentral News
- Climate Change Drives Insurance Woes in Louisianaby Admin on September 11, 2023 at 4:36 pm
A little over a year ago, Peter Gardner, a Louisiana developer, completed rehabbing an apartment building with 144 units and got a surprise so ugly it made him decide to move his business out of town. When the project began, …
- Texas Power Grid Faces New Challenges Amid Summer Heat and High Demandby Admin on September 11, 2023 at 4:27 pm
HOUSTON (AP) – Texas’ power grid has been under tremendous stress during this summer’s sweltering heat, with the state setting 10 new records for electricity demand. The grid`s reliability has been questioned by residents and lawmakers since a deadly winter …
- Litigation Funding Firms Seek to Intervene in Disciplinary Proceedings Against McClenny Moseley & Associatesby Jim Sams on September 8, 2023 at 4:29 pm
Two litigation funding firms are seeking to intervene in disciplinary proceedings against McClenny Moseley & Associates after a federal judge in Louisiana ruled that the law firm has no right to any attorney fees for 201 hurricane-damage claims. The Equal …
- Severe Storm Leaves Thousands Without Power in Little Rock, Arkansason September 8, 2023 at 4:25 pm
LITTLE ROCK, Ark. (AP) – Thousands of Little Rock residents were without power Wednesday after a severe storm uprooted trees and damaged homes in neighborhoods rebuilding from a tornado that hit the state last spring. There were no immediate reports …
- Hooters of Louisiana to Settle $650K Race and Retaliation Lawsuiton September 7, 2023 at 4:44 pm
Hooters of Louisiana, LLC and associated companies (“Hooters”) have agreed to pay former African American employees $650,000 to settle a race and retaliation lawsuit brought by the U.S. Equal Employment Opportunity Commission (EEOC), the agency announced. According to the EEOC’s …
West News
- California School District Paying $2.25M to Settle Suit Involving Teacher Who Had Student’s Babyon September 12, 2023 at 5:00 am
A Southern California school district will pay $2.25 million to settle the latest lawsuit involving a teacher who became pregnant by one of at least two students she was accused of sexually abusing. The settlement brings to $8.25 million the …
- Fire Restrictions Across Much Of Western Nevada Lifted After Six Weekson September 11, 2023 at 7:55 pm
Cooler temperatures and increasing moisture levels allowed state and federal public land managers last week to lift fire restrictions that have been in place across much of western Nevada since late July. An unusually mild wildfire season, combined with the …
- Most Of West Maui Will Welcome Back Visitors Next Monthon September 11, 2023 at 2:13 pm
Most of West Maui will officially reopen to travelers Oct. 8 under a new wildfire emergency proclamation signed last week by Hawaii Gov. Josh Green. Nonessential travel to much of the island`s western coastline has been strongly discouraged since devastating …
- Wynn Resorts in Nevada to Settle Sexual Harassment Inaction Claim From Female Salon Workersby Admin on September 11, 2023 at 2:11 pm
Wynn Resorts and nine unnamed women are settling a lawsuit alleging the casino company failed to investigate allegations that female employees were sexually harassed by former company CEO Steve Wynn, according to a court document. Attorneys for Wynn Resorts and …
- Kaiser to Pay $49M in California for Dumping Private Medical Records, Medical Wasteby Admin on September 11, 2023 at 2:09 pm
Kaiser Permanente has agreed to pay $49 million as part of a settlement with California prosecutors who say the health care giant illegally disposed of thousands of private medical records, hazardous materials and medical waste, including blood and body parts, …
International News
- Extreme Heat Threatens Global Fuel Securityby Admin on September 12, 2023 at 11:37 am
Searing temperatures from Texas to Tokyo over the summer are the latest reminder of a growing headache for the energy system, as extreme heat becomes a threat to fuel supply. In addition to causing spikes in electricity demand as people …
- China Relaxes Rules for Insurers to Invest in Stock Marketson September 12, 2023 at 5:20 am
China’s financial regulator on Sunday reduced the risk weighting it attaches to insurance companies’ holdings of blue-chip shares and tech stocks, encouraging them to invest more in the country’s lagging stock market. The National Administration of Financial Regulation (NAFR)said on …
- How Reinsurers Can Win in the Game of Volatilityby L.S. Howard on September 12, 2023 at 5:10 am
Executive summary: Reinsurance underwriting is all about finding equilibrium between reinsurers’ reason for being—reducing the volatility of cedents earnings—and producing stable profits in their own businesses. With new laws promising to change a Florida litigation environment that was out of …
- World’s Largest Ports May Be Unusable by 2050 Without More Climate Action: Reportby Admin on September 12, 2023 at 3:57 am
Some of the world’s largest ports may be unusable by 2050 as rising sea levels hit operations, and efforts to speed up decarbonization of the maritime sector and bring in new technology are vital, a study showed on Friday. Weather-related …
- Markets/Coverages: Reinsurance MGA Envelop Risk Launches Program to Aid Cedents’ Entry Into Cyberon September 11, 2023 at 12:29 pm
Envelop Risk, the UK-based cyber re/insurance and analytics specialist, announced the launch of a program for cedents that want to enter the cyber risk market or expand their existing participation. The initiative, called Cyber Partnership Platforms, is designed to enable …