Industry News

 

The Hilb Group Acquires Massachusetts’ Mackintire Insurance Agency

The Hilb Group LLC (THG) has acquired Massachusetts-based Mackintire Insurance Agency Inc. The transaction became effective December 1, 2018. Mackintire is a commercial and personal lines retail insurance agency founded in 1991. Located in Westborough, Mass., the company serves clients …

Posted Date : 12/13/2018

Rhode Island Equine Insurance Agent Pleads Guilty in $1.3M Fraud Scheme

A Rhode Island insurance agent and agency owner who specializes in providing equine insurance coverage has admitted to operating schemes which defrauded customers, insurance companies and finance companies of approximately $1.3 million. Randall N. Levesque, 57, of Middletown, R.I., is …

Posted Date : 12/13/2018

Hub Acquires Assets of Pennsylvania’s Nolen Associates, Massachusetts’ Dadgar Insurance

Hub International Limited (Hub), a global insurance brokerage, has acquired the assets of Nolen Associates Inc. Terms of the transaction were not disclosed. Located in Springfield, Penn., Nolen Associates is a full-service medical malpractice insurance agency representing more than 1,000 …

Posted Date : 12/13/2018

New York Lawmakers Pledge to Change Laws That Enable Predatory Lending

New York legislators are pledging to change laws that have allowed predatory lenders to use the state court system to seize the assets of thousands of small businesses across the country. Brad Hoylman, incoming chairman of the Senate Judiciary Committee, …

Posted Date : 12/13/2018

Average World Temperatures to Far Exceed Paris Climate Agreement Goals: Report

Average world temperatures are on course to far exceed the main goal set in the 2015 Paris Agreement on limiting global warming, a study showed on Tuesday [Nov. 11]. But the overshoot by the end of this century could be …

Posted Date : 12/13/2018

Most UK SMEs Don’t Understand Risks of Cyber Attacks, Data Loss: Aon Poll

A poll of small and medium-sized enterprises (SMEs) and micro businesses in the UK shows over half are confused by or even unaware of the rules around the EU’s General Data Protection Regulation (GDPR), while more than eight out of …

Posted Date : 12/13/2018

Gallagher Bassett Acquires UK-Based Property Claims Management Services

Gallagher Bassett, the risk management services subsidiary of Arthur J. Gallagher, has boosted its size and offering in the United Kingdom by acquiring Property Claims Management Services Ltd. (PCMS). With origins dating back to 1991, Tamworth, England-based PCMS business provides …

Posted Date : 12/13/2018

Italian Oil Services Firm Saipem Blames Cyber Attack on Shamoon Virus Variant

A hack on Italian oil services firm Saipem that crippled more than 300 of the company’s computers used a variant of the notorious Shamoon virus, Saipem said, a development that links the case to a massive attack in 2012 on …

Posted Date : 12/13/2018

UK Fintech Startup Revolut Gets EU Banking License in Lithuania

Revolut, the London-based financial technology startup, has obtained a European banking license as Brexit looms, with plans to launch checking and savings accounts as well as retail and business lending. The Bank of Lithuania, the eastern European country’s central bank, …

Posted Date : 12/13/2018

Spicer Joins Oklahoma Agents Group as Workers’ Comp Program Account Manager

Nikki Spicer has joined the Independent Insurance Agents of Oklahoma (IIAO) as the association’s new workers’ compensation program account manager. She will be working alongside Susan Starr and is replacing Niki Wigington, who has taken on a new role with …

Posted Date : 12/12/2018

New Consumer Financial Protection Bureau Chief Outlines Priorities

The new head of the U.S. consumer financial watchdog on Tuesday said she intended to continue some of the work begun by her predecessor Mick Mulvaney, including a review of decades-old rules preventing lending discrimination against minorities. Industry and consumer …

Posted Date : 12/12/2018

Current Congress Unlikely to Pass Federal Bill to Speed Up Driverless Vehicles

A landmark U.S. bill that would speed adoption of self-driving cars is now “a long shot” to pass before the current Congress adjourns in the coming weeks, a key Republican senator behind the legislation said. Many automaker lobbyists and congressional …

Posted Date : 12/12/2018

Tennesse Governor-Elect Reappoints McPeak as Insurance Commissioner

Tennessee Insurance Commissioner Julie Mix McPeak will continue to serve as the state’s top insurance regulator, according to a statement from Governor-elect Bill Lee. Lee announced four appointments this week to his cabinet for departments including Commerce and Insurance, Financial …

Posted Date : 12/12/2018

Citizens to Request 8.2% Rate Increase from Florida Regulators

Citizens Property Insurance Corp. will file for a statewide average increase of 8.2 percent for personal lines policyholders – homeowners, condominium owners and renters. The Florida insurer of last resort’s Board of Governors on Wednesday approved a 2019 rate package …

Posted Date : 12/12/2018

The PURE Group Expands Excess & Surplus Lines Offering Into California

The PURE Group has expanded its excess & surplus (E&S) high net worth offering, PURE Programs, into California. The coverage is tailored to high value, high-risk homes with broader coverage than is typically found in the high net worth E&S …

Posted Date : 12/12/2018

Senate OK of Farm Bill Sends It to President Trump Who Is Expected to Sign It

The House cleared farm legislation that renews agricultural subsidies and food aid for low-income families without a controversial provision backed by conservatives and President Donald Trump that would have toughened work requirements to qualify for assistance. The bill passed 369 …

Posted Date : 12/12/2018

Report: Workers’ Comp Premiums in California for First 9 Months of the Year Down 3%

The Workers’ Compensation Rating Bureau of California issued its quarterly experience report on Wednesday showing premium for the first nine months of 2018 was 3 percent below the same period for 2017. The WCIRB issued a report in September that …

Posted Date : 12/12/2018

UK Prime Minister Survives Confidence Vote but Party Is Bitterly Divided

Prime Minister Theresa May survived a confidence vote from her Conservative party on Wednesday, but more than a third of her lawmakers said she was no longer the right leader to implement Britain’s exit from the European Union. Britain’s March …

Posted Date : 12/12/2018

Official Figure on Insured Losses for 2018 California Wildfires Reaches $9B

The official tally for insured losses from this year’s major California wildfires is $9.05 billion – for now. California Insurance Commissioner Dave Jones on Wednesday released official figures for losses from the Camp Fire in Northern California and the Woolsey …

Posted Date : 12/12/2018

AM Best Downgrades Ratings of Mercury in California, Wildfires a Factor

AM Best has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “aa-” for the members of Los Angeles, Calif.-based Mercury Casualty Group. The record wildfires …

Posted Date : 12/12/2018

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