Surge of Supercharged Hurricanes Prompt Call for Cat 6 Classification
Scientists warn that warming sea surface temperatures are fueling a surge of extreme, off-the-charts storms, prompting a new hurricane category. Warm, deep ocean hot spots are leading to stronger and more dangerous hurricanes and typhoons, according to new research by …
Law Firm Faces Sanctions for Failing to Vet Ugandan Claims in $6B 3M Case
An Alabama law firm will likely have to pay more than $800,000—plus another $100,000 in sanctions—for failing to verify hearing loss in hundreds of Ugandans who claimed part of the massive settlement over faulty 3M earplugs. “It’s been a learning …
Company Hit With $9 Million Fine for 2023 Oil Spill off Louisiana Coast
Pipeline safety regulators this week assessed their largest fine ever against the company responsible for leaking 1.1 million gallons of oil into the Gulf off the coast of Louisiana in 2023. But the $9.6 million fine isn’t likely to be …
Russian-Bound Tanker Hit by Drone in Black Sea, Maritime Sources Say
A Russia-bound oil tanker suffered a drone attack in the Black Sea that prompted it to request Turkish coastguard assistance and divert from its course, according to a notice by Lloyd’s List Intelligence and a separate maritime security source on …
China Urges Nestlé to Work Quickly on Baby Formula Recall
Chinese authorities are urging Nestlé SA to work quickly in recalling baby formula products in the mainland over potential contamination concerns. The State Administration for Market Regulation said Thursday that Nestlé had an important corporate responsibility to protect the rights …
Markets/Coverages: Mosaic Insurance Launches Bermuda Excess Casualty Business
Mosaic Insurance has launched an excess casualty unit, its eighth global product line, and hired specialist April Andruczyk to lead the business from Bermuda. The new division, which begins underwriting immediately, will provide support to large corporate and multinational clients …
Insurers Buy Erste SRT Deal Linked to €10 Billion Loans for M&A
Erste Group Bank AG sold a significant risk transfer linked to more than €10 billion ($11.7 billion) of loans as the Austrian bank seeks to free up capital for its largest ever acquisition. The Vienna-based lender sold the SRT to …
CRC Group Completes Acquisition of Lloyd’s Managing Agency Atrium
CRC Group, the Charlotte, North Carolina-based wholesale specialty and MGA business, announced the completion of its acquisition of Atrium, the Lloyd’s managing agency. Atrium will retain its brand name and operate independently under the leadership of CEO John Fowle and …
Japanese Insurer Sompo to Ramp Up Overseas Credit Investments
Sompo Holdings Inc. is aiming to increase investments in higher-yielding overseas credit to boost profits as traditional business flounders at Japan’s third-biggest property and casualty insurer. The Tokyo-based company moved several investment managers from its Japan insurance subsidiary to work …
Detroit Suburb to Pay Settlement in the Case of Woman Improperly Declared Dead
A Detroit suburb has agreed to a $3.25 million settlement with the family of a young woman who had been declared dead at home but then gasped for air and opened her eyes when her body bag was unzipped at …
Texas Congresswoman Wants Legal Status for Migrant Construction Workers
U.S. Rep. Monica De La Cruz promised to explore new ways for migrants to work legally in the construction industry. The Edinburg Republican announced on Monday her plans to meet with the U.S. Department of Labor, after South Texas builders …
People Moves: IICF Names Marohn Chair, McDonough Vice Chair of Board of Governors; AXA XL Promotes Stitham to CUO, Casualty, Americas
Insurance Industry Charitable Foundation Announces Marohn as Chair of IICF Board of Governors The Insurance Industry Charitable Foundation (IICF) named Steve Marohn, president, commercial lines at Grange Insurance, as chair of IICF’s board of governors. Adam McDonough, executive vice president …
Insurance Journal Opens Nominations for Annual Agents of the Year Awards
Insurance Journal is now accepting nominations for its annual Agents of the Year awards, which recognize top-performing property/casualty insurance agents and producers across the industry. The awards program highlights professionals who demonstrate exceptional expertise, leadership, and career achievement within their …
Goldman Sachs Warns US Grids Face Power Crunch by 2030
Almost all US power grids will lack critical spare capacity by 2030 as demand surges to supply data centers, with bottlenecks threatening to hand China an edge in the artificial-intelligence boom, according to an analyst at Goldman Sachs Group Inc. …
Fire Safety Inspections Lapsed for Years at Swiss Bar Where 40 Died in New Year’s Blaze
Fire safety inspections hadn’t been carried out since 2019 at the Swiss bar where a fire at a New Year’s party left 40 people dead and over 100 injured, local authorities said Tuesday. Investigators have said they believe sparkling candles …
People Moves: Patriot Growth Appoints Rogers: Alliant Adds Lowe
Patriot Growth Insurance Services, headquartered in Fort Washington, Pennsylvania, appointed Tom Rogers as chief sales officer. Rogers leads Patriot’s sales strategy and new-business growth initiatives, focusing on producer performance, sales infrastructure, and long-term, sustainable growth across the organization. Rogers has …
Less Than a Dozen Homes Have Been Rebuilt a Year After LA Wildfires
On the first anniversary of the most destructive wildfires in the L.A. area, the scant home construction projects stand out among the still mostly flattened landscapes. Fewer than a dozen homes have been rebuilt in Los Angeles County since the …
Andover Companies Completes Reorganization
The Andover Companies has completed its reorganization into a mutual holding company structure, effective January 1, 2026. The plan of reorganization was recently approved by the Massachusetts Division of Insurance and the policyholders of Merrimack Mutual Fire Insurance Co. and …
Union Warned of Mass Resignations With Return-to-Office. They Haven’t Happened.
When Vermont Gov. Phil Scott announced that state workers would need to return to offices at least three days per week starting Dec. 1, the state employees’ union warned the initiative could cause a mass exodus of top staff. So …
Trump Prosecutor Targeting NY’s Letitia James Is Disqualified
Another Trump administration effort to punish a political opponent is in legal limbo after a federal judge disqualified the US attorney in Albany, New York, investigating state Attorney General Letitia James. John Sarcone, the acting US attorney for the Northern …