April 24, 2019

News You Can Use

Wed, 24 Apr 2019 15:36:45 +0000
It has been a long-held insurance axiom that flood is not considered an insurable peril due to its potentially catastrophic nature. Here is what the report, “Affordability of National Flood Insurance Program Premiums: Report 1” (National Research Counc...
Wed, 24 Apr 2019 15:36:29 +0000
Medical marijuana sales in Arkansas are set to begin around May 12 as cultivators plan to begin harvesting the plant in the coming days and regulators finish the approval process for the state’s first dispensaries. Department of Finance and Administrat...
Wed, 24 Apr 2019 15:32:41 +0000
The Lisle, Illinois-based national not-for-profit insurance advisory organization, American Association of Insurance Services (AAIS), has named Joseph Jonas as its new commercial lines product manager. Jonas is responsible for AAIS forms, manual rules ...
Wed, 24 Apr 2019 15:30:57 +0000
Michigan Attorney General Dana Nessel said her office will target businesses that cheat their employees of wages, pledging a forceful crackdown on what she called an under-the-radar problem that also lets companies dodge taxes. “Our office intends to b...
Wed, 24 Apr 2019 14:31:15 +0000
PG&E Corp. can pay employees up to $350 million in bonuses this year to spur them to help meet the bankrupt California power provider’s safety goals to prevent wildfires, a judge said on Tuesday. PG&E’s management has said the company …
Wed, 24 Apr 2019 14:14:37 +0000
While total dedicated reinsurance capital dropped in 2018, alternative capital continued its steady rise, according to a report published by Willis Re. Total dedicated reinsurance capital – which includes traditional and alternative capital – dropp...
Wed, 24 Apr 2019 13:59:39 +0000
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for trade talks beginning on April 30, the White House said in a statement on Tuesday. It said Chinese Vice Premier Liu He, who will lead …
Wed, 24 Apr 2019 12:53:56 +0000
Sixty-one percent of firms surveyed for insurer Hiscox had a cyber attack in the past year, compared to 45% in 2018. Meanwhile, the median cost for cyber incidents losses soared from $229,000 to $369,000. While those numbers are of concern, …
Wed, 24 Apr 2019 12:20:32 +0000
A contractor alleging breach of contract is suing a Massachusetts city for $1 million. The MetroWest Daily News reports that Lupachino & Salvatore alleges Framingham, Mass., illegally withheld payments related to the renovation of a city ice skating ri...
Wed, 24 Apr 2019 12:18:03 +0000
Members of the New York state Senate are joining the fight to encourage people to get vaccinated amid an ongoing measles outbreak in the state. Lawmakers in the Democrat-led chamber launched a public awareness campaign on Monday designed to give …
Wed, 24 Apr 2019 12:06:45 +0000
Paquin Insurance Agency has joined OceanPoint Insurance Agency’s organization in Rhode Island. Paquin Agency Principal Rick Paquin has accepted a position as vice president for OceanPoint, and he and his brother, Greg, will continue to serve the local ...
Wed, 24 Apr 2019 11:53:14 +0000
Dozens of lawsuits have been filed against drug makers and sellers over widely prescribed generic heart medications tainted with potential carcinogens, the first claims in what some lawyers expect to be a wave of litigation. Millions of Americans have ...
Wed, 24 Apr 2019 09:35:15 +0000
The head of Britain’s GCHQ spy agency on Wednesday will call on businesses and the finance sector to work with intelligence officials to help secure the internet and protect customers online. In extracts of a speech to be given at …
Wed, 24 Apr 2019 08:28:39 +0000
Aon plc announced it has combined its Construction & Engineering and Inland Marine teams into a single, dedicated global unit within its Reinsurance Solutions business. The new Global Construction & Inland Marine practice aligns with the approach of ma...
Wed, 24 Apr 2019 08:01:16 +0000
Tropical Cyclone Kenneth is gathering strength on a track to strike northern Mozambique Friday, less than a month after a storm came ashore further to the south and killed more than 1,000 people. Kenneth has top winds of 52 miles …
Wed, 24 Apr 2019 07:00:29 +0000
Eugene Viollet-le-Duc is still the man to go to when it comes to restoring Notre Dame, even though he died nearly 140 years ago. As a young architect in Paris, Viollet-le-Duc made it his life’s work to preserve the iconic …
Wed, 24 Apr 2019 05:09:51 +0000
Nearly three dozen men and women have filed a federal class-action lawsuit accusing Florida authorities of unlawfully videotaping them as they received legal massages at a parlor where New England Patriots owner Robert Kraft and others allegedly paid f...
Wed, 24 Apr 2019 05:00:48 +0000
An offshoot of Alphabet Inc.’s Google has become the first drone operator to receive government approval as an airline, an important step that gives it the legal authority to begin dropping products to actual customers. The subsidiary, Wing Aviation LL...
Wed, 24 Apr 2019 05:00:44 +0000
San Diego, Calif.-based K2 Insurance Services LLC is in the process of recapitalizing with a new private equity firm, one of the owners has confirmed. Privately-held K2 is a specialty insurance services holding company with a diverse set of program …
Wed, 24 Apr 2019 05:00:24 +0000
Federal prosecutors unveiled the first criminal charges against pharmaceutical executives for illegally diverting opioids, accusing the former chief executive officer and the head of compliance at a major U.S. drug distributor with a narcotics conspira...
Wed, 24 Apr 2019 04:40:02 +0000
Medical Mutual Holdings, Inc., is rebranding to Curi, a new name and brand that the company says better reflects its mission of helping physicians in medicine, business, and in their personal lives. “The Curi name captures the constant curiosity that …
Wed, 24 Apr 2019 04:05:38 +0000
Dovetail Insurance, an insurtech company serving independent agents providing small commercial insurance, has appointed Michael Ferber as chief executive officer, effective immediately. Dovetail is a member of Victor, the global managing general underw...
Tue, 23 Apr 2019 20:18:58 +0000
California State Fund announced the rollout of a solution the worker’s comp carrier says will enable doctors to provide expedited care for injured workers. State Fund’s utilization review technology, called UR Connected, is designed to speed up the app...
Tue, 23 Apr 2019 20:08:47 +0000
Wildfires have evidently been driving more Californians into the surplus lines market, pushing up homeowners surplus premium volume to more than $122 billion in 2018, according to the Surplus Line Association of California. “We have seen over the last ...
Tue, 23 Apr 2019 17:40:20 +0000
Nonprofits Insurance Alliance of California has declared a $3 million dividend in 2019. The group will issue the dividend to its qualifying member-insured 501(c)(3) nonprofits renewing their policies from June 1, 2019, to May 31, 2020. NIAC’s dividend ...
Tue, 23 Apr 2019 17:34:51 +0000
Angel Estrada, 22, a formerly licensed insurance producer and owner of Angel Estrada Agency, swindled a national insurer out of more than $140,000 in commissions by writing bogus commercial insurance policies to earn large commissions, the California D...
Tue, 23 Apr 2019 16:59:23 +0000
Everest Insurance has released a new lawyers professional liability policy – Everest Elevation – designed to provide law firms with liability coverage for financial loss suffered by third parties arising from acts, errors, and omissions in providin...
Tue, 23 Apr 2019 16:42:01 +0000
The country’s largest electric company says it’s challenging an order by North Carolina’s environmental agency to excavate coal ash from all of its power plant sites in the state. Duke Energy Corp. said April 11 it will file an administrative …
Tue, 23 Apr 2019 16:41:21 +0000
California’s new commissioner wasn’t getting along so well on Earth Day with groups of climate change and consumer activists. California Insurance Commissioner Ricardo Lara, who put battling climate change on top of a liberal and consumer friendly plat...
Tue, 23 Apr 2019 16:38:05 +0000
The governing board of Kentucky Employers’ Mutual Insurance has recommended that its chief executive take a pay cut and lose his long-term job contract in favor of year-to-year probation. The Lexington Herald-Leader reports the action follows an audit ...