January 21, 2021

News You Can Use

Thu, 21 Jan 2021 14:00:31 +0000
China’s top financial regulator dismissed claims the nation is distorting its economy through “state monopoly capitalism” as pressure grows on China to align more with global trade rules. Guo Shuqing, chairman of the China Banking and Insurance Regulat...
Thu, 21 Jan 2021 13:47:14 +0000
On his last full day in office, President Donald Trump signed an executive order the White House said was aimed at preventing foreign malicious cyber-actors from using U.S. online infrastructure to carry out their activities. The order, which provides ...
Thu, 21 Jan 2021 13:40:45 +0000
Three Maryland independent insurance agencies contracted with Erie Insurance have filed complaints with the Maryland Insurance Administration alleging Erie engaged in discriminatory practices against low-income and minority communities in the Baltimore...
Thu, 21 Jan 2021 13:29:28 +0000
A failed attempt to settle debt insurance on a struggling French car-rental company is the latest blow to the $9 trillion market in credit derivatives, but this time the focus is on speculators. Protection buyers who didn’t hold any of …
Thu, 21 Jan 2021 13:24:19 +0000
Automakers in Japan, where almost 30% of the population is 65 or older, are taking the lead on adapting cars so the nation’s legions of elderly drivers can feel more confident — and be safer — behind the wheel. A …
Thu, 21 Jan 2021 06:25:50 +0000
Overland Park, Kansas-based MutualAid eXchange (MAX) has named Dr. Lisa Bage, currently chief operating officer at MAX, as CEO and president effective Feb. 15, 2021. She will succeed current President and CEO David M. Wine, who is retiring following 20 …
Thu, 21 Jan 2021 06:00:51 +0000
Alera Group has acquired CSNW Benefits in Portland, Ore. The CSNW Benefits team will continue serving clients in their existing roles. Terms of the deal were not announced. CSNW Benefits serves clients throughout the Northwest region, creating employee...
Thu, 21 Jan 2021 06:00:42 +0000
Poms & Associates has added Ed Fontelieu and Jason Toland to the commercial insurance production team. Fontelieu and Toland will work with Poms & Associates clients to deliver risk management solutions. Fontelieu is based in Fresno, Calif. He joins Poms …
Thu, 21 Jan 2021 06:00:26 +0000
Insurance agents and brokers should prepare for a big agency errors and omissions (E&O) litigation wave to crash their shores in 2021. Agency E&O claims are a lagging indicator, meaning plaintiffs typically only go after agents and brokers after they …
Thu, 21 Jan 2021 06:00:09 +0000
Starting an independent insurance agency, or any business, is a risky proposition. You’re moving from a secure position with a regular income and foreseeable future to a place where uncertainty is the new normal. Some may think that’s truer than …
Thu, 21 Jan 2021 05:09:14 +0000
HUB International Limited (Hub), a global insurance broker, has acquired the assets of MPE Employee Benefit Services. Terms of the transaction were not disclosed. Located in Ridgeland, Miss., MPE Employee Benefit Services is a third-party administrator...
Thu, 21 Jan 2021 02:28:41 +0000
Authorities say an explosion at an oil tank battery near New Town, North Dakota, on Jan. 18 sent 14 tanks up in flames and caused oil and brine to spill. No injuries were reported. New Town Fire Chief John DeGroot …
Thu, 21 Jan 2021 02:15:23 +0000
Corteva, a spinoff that took over DuPont’s agriculture division, will contest the charges against DuPont stemming from a 2014 poisonous gas leak that killed four workers at a Houston-area plant. A former DuPont employee has also been charged. Four empl...
Thu, 21 Jan 2021 01:58:34 +0000
The Army Corps of Engineers is getting nearly $12.5 million to help build a Louisiana hurricane protection system and could pay $2.1 billion of the expected cost, officials said. Three Republicans in Louisiana’s congressional delegation announced appro...
Thu, 21 Jan 2021 01:48:27 +0000
Oklahoma schools are advising people to throw away milk products received from districts after a dairy company recalled its chocolate milk because some of it may have been contaminated. Hiland Dairy is recalling 4,800 cases of its one-half pint 1% …
Wed, 20 Jan 2021 17:51:52 +0000
Nebraska teachers and meatpacking workers worry it will take longer for essential workers like them to get the coronavirus vaccine now that the next group of people to be vaccinated has been expanded to include everyone 65 and older in …
Wed, 20 Jan 2021 17:46:34 +0000
E. I. du Pont de Nemours and Co. Inc. (DuPont) and a former employee have been indicted for knowingly violating requirements of federal safety regulations and negligently releasing an extremely hazardous substance at the company’s plant in LaPorte, Tex...
Wed, 20 Jan 2021 17:29:28 +0000
Louisiana Citizens Property Insurance Corp., the state-sponsored insurer of last resort, now in its 14th round of depopulation, continues to shed policies, according to the Louisiana Department of Insurance. The drop in policy count has occurred even d...
Wed, 20 Jan 2021 17:13:49 +0000
The Hilb Group LLC (THG) acquired Linwood, Michigan-based Owen Moore Insurance Agency (OMA) in a transaction that was effective Dec. 31, 2020. OMA is a full-service property/casualty agency, providing a broad range of personal and commercial insurance ...
Wed, 20 Jan 2021 16:09:53 +0000
The U.S. Supreme Court on Tuesday rejected Merck & Co. Inc.’s bid to revive a $2.54 billion jury verdict it won against rival drugmaker Gilead Sciences Inc. for infringing a patent in a dispute over a blockbuster hepatitis C treatment. …
Wed, 20 Jan 2021 15:58:09 +0000
California may have paid out nearly $10 billion in phony coronavirus unemployment claims – more than double the previous estimate – with some of that money going to organized crime in Russia, China and other countries, according to a security …
Wed, 20 Jan 2021 15:28:06 +0000
Florida’s property insurance market is “spiraling towards collapse” and requires immediate attention if there is any chance of protecting the market, consumers, and ultimately, the state’s economy, according to an analysis about to be presented to the ...
Wed, 20 Jan 2021 15:14:01 +0000
The future of Nord Stream 2 looks increasingly uncertain as the U.S. ramped up pressure on the project with new sanctions, and companies walked away from the controversial Russian gas link. The new sanctions come just days before work on …
Wed, 20 Jan 2021 14:45:58 +0000
Massachusetts Governor Charlie Baker vetoed a sweeping climate change bill Thursday, just days after top Democratic lawmakers on Beacon Hill vowed to immediately refile and pass it again if the Republican refused to sign the legislation. The bill had b...
Wed, 20 Jan 2021 14:45:38 +0000
International investment management firm TowerBrook Capital Partners and private equity firm Further Global Capital agreed to acquire 100 percent of the common stock shares of specialty insurer ProSight Global for $586 million cash. The deal, announced...
Wed, 20 Jan 2021 14:41:56 +0000
A woman who has Tourette’s syndrome may proceed with her lawsuit against a surgeon who declined to repair her injured shoulder because of her disability, the state Supreme Court ruled. The doctor performed surgery on Carol Cutting’s injured shoulder but …
Wed, 20 Jan 2021 14:38:12 +0000
Guardians of a Rhode Island moped driver who was sent into a coma with a head injury after he crashed while being followed closely by a Providence police cruiser filed a federal lawsuit on his behalf alleging brutality and excessive …
Wed, 20 Jan 2021 14:37:38 +0000
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Ltd., announced the hiring of two additional underwriters within its global Renewable Energy business. Nicholas Boswell Brown and Claire Whelan will join AXIS in April as...
Wed, 20 Jan 2021 14:03:47 +0000
There were 744 announced insurance agency mergers and acquisitions in 2020, up nearly 20% from 649 reported in 2019. The surge resulted from the pent-up supply of pending transactions from earlier in the year coupled with sellers looking to avoid …
Wed, 20 Jan 2021 13:42:49 +0000
Aon CEO Greg Case has been recognized for advancing the equality of LGBTQ+ employees and individuals. Specifically, Case was named the No. 1 ally on the INvolve OUTstanding LGBT+ Ally Executives list for 2020. INvolve is a global network and …