Industry News

 

California Lawmakers Advance Resilient Homes Initiative

A bill to enable the California Earthquake Authority to expand mitigation programs cleared its first hurdle this week when it passed the Senate Insurance Committee. The Resilient Homes Initiative, Senate Bill 254, was authored and introduced in earlier this month …

Posted Date : 4/25/2019

Report: Number of Michigan Traffic Deaths Fell Below 1,000 in 2018

Officials say Michigan traffic deaths dipped below 1,000 in 2018 for the first time since 2015. The Michigan State Police Criminal Justice Information Center announced Wednesday that Michigan traffic deaths totaled 974 in 2018, down 5% from 1,028 in 2017 …

Posted Date : 4/25/2019

Insurtech, Cover, Now Selling Its Own Auto Policies in Texas

Cover, a mobile-first insurance brokerage, has begun selling its own auto insurance policies in Texas. The new service — an evolution from the company’s nationally-licensed insurance brokerage — combines a streamlined process for buying policies, using smartphone technology such as …

Posted Date : 4/25/2019

Pro Global to Buy UK MGA Incubator, Vibe MGA Management

Pro Global Insurance Solutions, the London-based re/insurance consultant and service provider, announced it will acquire Vibe MGA Management Ltd. (VibeMM), an MGA incubator business. Pro is acquiring VibeMM from Vibe UK Holdings, the owners of Lloyd’s managing agent Vibe Syndicate …

Posted Date : 4/25/2019

Train Cars Carrying Ethanol Derail, Catch Fire in Texas

No one was hurt when a Union Pacific train carrying ethanol derailed in a residential area in Fort Worth and caught fire. Union Pacific spokeswoman Kristen South says the train derailed at about 12:30 a.m. Wednesday near Echo Lake in …

Posted Date : 4/25/2019

Seeman Holtz Acquires Schwarz Insurance Agency in Wisconsin

Seeman Holtz Property & Casualty LLC has acquired Schwarz Insurance Agency Inc., headquartered in Prairie du Sac, Wisconsin, with six other offices across the state. Kathy Schwarz, an active employee of the Schwarz Insurance Agency since 1987 and a co-owner …

Posted Date : 4/25/2019

Minnesota AG: For-Profit Health Insurers Could Raid State’s Reserves

Minnesota Attorney General Keith Ellison has called on lawmakers to reverse a consequence of 2017 law that repealed the state’s ban on for-profit health maintenance organizations, saying for-profit companies could pocket billions in assets now held by the state’s nonprofit …

Posted Date : 4/25/2019

Arizona Becomes 48th State with Cellphone-Driving Law

Arizona ended a decade of resistance to restrictions on using a cellphone while driving when Gov. Doug Ducey signed a law this week outlawing holding a phone behind the wheel. It is now the 48th state to ban texting and …

Posted Date : 4/25/2019

Bayer Seeks Dismissal of $78M Roundup Glyphosate Verdict or New Trial

Bayer AG on Wednesday asked a California appellate court to throw out a $78 million judgment it was ordered to pay to a school groundskeeper who claimed the company’s weed killers gave him cancer. In a filing in California’s Court …

Posted Date : 4/25/2019

Direct-to-Consumer Auto Insurers Grabbing Market Share

Direct-to-consumer auto insurers appear to be gaining serious market traction, according to a report from J.D. Power. The firm reports that auto insurance revenue hit $245 billion in 2018, reflecting industrywide growth of 6.2 percent. But 54 percent of those …

Posted Date : 4/25/2019

Upstate New York Prepares as Lake Ontario Water Rises Again

Emergency officials in upstate New York are again preparing for possible flooding along Lake Ontario. Niagara County’s director of emergency services, Jonathan Schultz, says lake levels have risen about five inches in 10 days. Recent heavy rains, seasonal thaw and …

Posted Date : 4/25/2019

Indictment Alleges Ex-CEO Ignored Red Flags as Opioid Crisis Raged

The pharmaceutical industry executive hit Tuesday with criminal charges stemming from the opioid crisis doesn’t have his name on a museum wing, and his company isn’t within earshot of Apple or anyone else on the Fortune 500. Even his $1.5 …

Posted Date : 4/25/2019

NTSB Cites Poor Planning for Toy Run Crash That Killed Two in Maine

The National Transportation Safety Board faults law enforcement planning in a report on a double fatal crash during the United Bikers of Maine Toy Run in September 2017. The report, released Tuesday, said an unsafe maneuver by a motorcycle rider …

Posted Date : 4/25/2019

Board Faults Utility’s Equipment in Fatal 2016 Explosion in Maryland

A gas company’s faulty equipment is the most likely cause of an explosion at a suburban Maryland apartment complex that killed seven people in 2016, according to federal report issued Tuesday. The explosion and fire at the Flower Branch apartments …

Posted Date : 4/25/2019

W.R. Berkley Q1 Results Show Rate Increases Working

W.R. Berkley Corp. enjoyed solid premium growth in the 2019 first quarter and its reinsurance arm booked encouraging results, with the carrier crediting “further rate improvement” for the positive trend. The insurer said its rate increases appear to be outpacing …

Posted Date : 4/25/2019

Cyclone Kenneth Grows Stronger as It Barrels Towards Mozambique

Tropical Cyclone Kenneth continued to grow stronger as it swirled toward the coast of Mozambique, where Anadarko Petroleum Corp. has halted all flights to and from its liquefied natural gas site. Mozambican authorities declared a “red alert” in Cabo Delgado …

Posted Date : 4/25/2019

China’s Swine Virus Epidemic Should Be a Global Concern: Opinion

It’s a familiar and ominous story. A deadly pathogen with no known cure begins spreading in China. Rather than acknowledge the problem, officials throughout the Chinese government shut down media coverage, while underreporting infection and mortality rates for fear of …

Posted Date : 4/25/2019

Japan Insurers to Invest in Riskier Non-Government Bonds, Seeking Higher Returns

As bond yields evaporate globally, many Japanese insurers are looking to secure higher returns at home and abroad by diversifying into riskier corporate and other non-government bonds in the financial year that began this month. Officials at Japan’s top 10 …

Posted Date : 4/25/2019

AXA XL Promotes Wilson to Global Head of Portfolio Solutions

AXA XL announced the promotion of Charlotte Wilson to global head of portfolio solutions, with responsibility for developing and executing the team’s global strategy. Wilson will be part of Philippe Gouraud’s Global Strategic Distribution team and will take up her …

Posted Date : 4/25/2019

AXA Confirms It Insured Some Notre-Dame Artworks for Several Million Euros

French insurer AXA said on Wednesday that it had provided insurance coverage for a few artworks from Notre-Dame Cathedral for a maximum amount of a few million euros. The insurer had said last week that it provided insurance for a …

Posted Date : 4/25/2019

12