Investment Deficit Puts Planet on Path to Miss 1.5C, Study Finds
A lack of investment in green energy has left the world on track to overshoot the 1.5C temperature increase that scientists have defined as a critical threshold in global efforts to contain climate change. The finding was published on Thursday …
US Justice Department to Meet Boeing Fatal Crash Victims’ Lawyers
The U.S. Justice Department next week will meet with lawyers for families of victims of two fatal Boeing 737 MAX crashes that killed 346 people in 2018 and 2019, as the government decides whether to move ahead with a criminal …
Applied Surety Underwriters Buys Majority of Argo’s In-Force Coal, Oil, Gas, Mining Biz
Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters’ United Risk division, announced it will acquire the majority of Argo Surety group’s in-force coal, oil, gas, and mining business. ASU will immediately assume the management and administration of the exposures …
US SEC Stays Climate Disclosure Rule Amid Legal Challenges
Wall Street’s top regulator has stayed new climate-related disclosure requirements pending judicial review, the agency said in a statement on Thursday, after criticism from across the political spectrum. The Securities and Exchange Commission’s (SEC) first-of-its-kind regulation on how companies share …
Buyers’ Market Prevails During April Renewals as Reinsurers Seek Growth
Brokers Aon and Gallagher Re described a buyers’ reinsurance market for the April 1, 2024 property and specialty renewals as reinsurer profit margins benefited from last year’s “redistribution of risk” to cedents. Reinsurers are not only venturing out with increased …
D.C.’s Pro Sports Teams Owner Scores Partial Win in COVID-19 Insurance Skirmish
The company that owns several District of Columbia professional sports teams and a major sports arena has settled its lawsuit against its insurance company over losses related to the shutdown caused by COVID-19. It was only a partial victory for …
Arrowhead Workers’ Comp Program Launching Commercial Auto Product in California
Arrowhead General Insurance Agency Inc. in California launched a new commercial auto product. Arrowhead’s Commercial Auto is available to California customers in construction-related industries. The program includes: Contractor/construction risks. Target premium range of $2,500 to $50,000 in total premium. California …
Weather and Inflation Have Not Been Kind to Vermont Mutual
For Vermont Mutual Insurance Group, which has been around since 1828, the past few years have been among the most challenging in its history. “The disruption was not from a single event, but a confluence of disrupters that had successive …
Hub International Acquires Pollock Insurance in Washington
Hub International Ltd. acquired the assets of Pollock Insurance Inc. Andrea Pollock Wood, the firm’s owner, and the Pollock Insurance team, will join Hub Northwest. Pollock Insurance will be referred to as Pollock Insurance, Inc., a Hub International company. Established …
Construction Workers Had Little Warning as Baltimore Bridge Collapsed. Why?
In the moments before the cargo ship Dali rammed into the Francis Scott Key Bridge and sent it crumbling into the water, a flurry of urgent warnings crackled over radios and enabled police to block traffic from getting on the …
People Moves: Co Named WCF COO; Spera Joins Alliant as SVP in Real Estate Specialty
WCF Insurance Promotes Co to Chief Operating Officer WCF Insurance promoted Janice Co to chief operating officer. Co will play a part in the strategic evolution, overseeing day-to-day operations across the organization. Co joined WCF in 2022 as the senior …
Weather Forecasters Predict ‘Extremely Active’ 2024 Atlantic Hurricane Season
Weather forecasters at Colorado State University (CSU) on Thursday predicted an “extremely active” 2024 Atlantic hurricane season because of warm sea surface temperatures and less wind shear to break up storms in the summer and fall. The widely watched CSU …
People Moves: Leif Assurance Hires Galvan as Commercial Lines Account Manager; Applied Underwriters Names Holtmeier VP, Strategic Development, for M&A and Partnership Alliances
Leif Assurance Hires Galvan as Commercial Lines Account Manager Leif Assurance, headquartered in St. Louis, hired Mayra Galvan as commercial lines account manager. Galvan is responsible for managing clients’ renewal process and assisting with new business acquisitions. Galvan brings 13 …
Progressive, Cleveland Guardians Extend Stadium Naming Rights Deal
Progressive Insurance is doubling up its commitment with the Cleveland Guardians. Progressive and the Cleveland Guardians this week announced a 13-year deal for Progressive to remain the official insurance provider of the Major League Baseball club and continue the naming …
People Moves: HSB Canada Appoints Bellissimo as President and CEO; Canopius Taps Lee From AIG as CEO, Asia-Pacific & MENA
This edition of International People Moves details appointments at HSB Canada and Canopius Group. A summary of these new hires follows here. HSB Canada announced the appointment of Barbara Bellissimo as president and chief executive officer, effective April 1, 2024. …
Iowa Man Sentenced for Insurance Fraud
An Iowa man was sentenced in March after pleading guilty to one count of Theft 3rd Degree (Aggravated Misdemeanor) following an investigation by the Iowa Insurance Division’s Fraud Bureau. Khalil Justin Crawley, age 22, of Waterloo was sentenced on March …
US D&O Insurance Segment’s Improved Results Unlikely to Be Sustainable: Fitch
The U.S. directors and officers (D&O) liability insurance segment’s strong underwriting profit of 2023 is unlikely to be sustainable, according to Fitch Ratings. Fitch attributed this reality to declining premium revenues from lower premium rates, as well as the segment’s …
People Moves: Risk Strategies Appoints Conklin; Edwards Joins Alliant in New York
Risk Strategies, headquartered in Boston, appointed Josh Conklin as national employee benefits growth leader and senior managing director. Conklin joined Risk Strategies in 2019 through the acquisition of National Insurance Consulting Group (NICG), an employee benefits and human capital consulting …
Major Highway, Rail Service Shut Down in Philadelphia After Truck Hits Bridge
A stretch of a major interstate highway will be closed for several days after a tractor-trailer carrying an oversize load struck a railroad bridge in Philadelphia. The truck crashed on I-95 northbound around 1:30 p.m. Monday in the city’s Port …
Nationwide Wants 19% Increase in Auto Rates in West Virginia
Nationwide Insurance is asking West Virginia regulators for a 19% average rate increase on auto liability insurance, a move that could affect more than 27,000 insured drivers. The West Virginia insurance commissioner said in a bulletin this week that written …