With American Mobile Cancellations, Florida Mobile Home Market Has ‘Fallen Apart’
Reinsurance in Florida’s long-stressed property insurance market was supposed to have stabilized this year – with moderate rate increases and more availability. But those calmer waters apparently have not reached the mobile home market, and Florida insurance agents are now …
New Jersey Group Eyes Insurance Surcharges, Oil Fees to Fund Resiliency Projects
A 2% surcharge on property insurance policies, mandatory fees on the oil and gas industries, and holding a public referendum are ways a public-private group formed in the aftermath of Superstorm Sandy recommends to pay for projects to protect New …
People Moves: Risk Strategies Names Bagwell Commercial Lines Leader in West
Risk Strategies named Troy Bagwell commercial lines leader for the West region. Bagwell, who is based in Los Angeles, is responsible for building and executing the regional strategy for the commercial property/casualty business segment. Bagwell joins Risk Strategies from Panorama …
Hurricane Beryl Caused Estimated $2-3B in Insured Losses to US Property: Verisk
Estimated industry insured losses to onshore property from wind in the U.S. for Hurricane Beryl will range between $2 billion to $3 billion, Verisk’s Extreme Event Solutions business unit said. Beryl made landfall near Matagorda Bay, Texas the morning of …
Global IT Crash That Blocked 911 Calls and Grounded Planes Eases
In what will go down as the most spectacular IT failure the world has ever seen, a botched software update from cybersecurity firm CrowdStrike Holdings Inc. crashed countless Microsoft Windows computer systems globally. Microsoft Corp. and CrowdStrike have rolled out …
Tesla’s California Car Registrations Fall for Third Straight Quarter
Registrations of Tesla cars in California fell 24% in the April to June period, marking the third consecutive quarter that the company posted a sales drop in its key market, indicating mounting challenges for the EV maker, according to industry …
People Moves: Ohio Bar Liability Insurance Company Names Tribble as CEO
Ohio Bar Liability Insurance Company announced that John R. Tribble, MBA, CPCU, CCLA will be joining the company as its next President and CEO. Tribble has held a variety of positions during the past eight years with Church Mutual Insurance …
Why Texas Mass Power Outages Continue to Happen
It’s become a familiar cycle: A powerful storm sweeps through a swath of Texas and takes the electric system down in its grip. Trees might bend and topple, crashing down onto a power pole. Sometimes the weight of ice pulls …
Cargo Ship Sustains Damage After Houthi Attack in Gulf of Aden
A Singaporean-flagged cargo vessel was hit by Yemen’s Houthi missiles in the Gulf of Aden on Friday, forcing it to return to its last port of call to assess the damage. Iran-aligned Houthis launched ballistic missiles and drones towards the …
Insurance Broker TWFG’s Shares Rise Nearly 30% in Market Debut
Insurance broker TWFG’s shares gained nearly 30% in their Nasdaq debut on Thursday, signaling strong investor demand for new stocks as the U.S. initial public offering market aims for a recovery. IPOs in the U.S. are attempting to stage a …
EPA Watchdog Investigates Delay in Using Specialized Plane After Ohio Derailment
The EPA’s Inspector General is investigating why the agency didn’t get its specialized plane loaded with advanced sensors into the air over East Palestine until four days after the disastrous Norfolk Southern derailment last year. The Associated Press reported on …
Flooring Manufacturer Fined $300K for Exposing Texas Workers to Safety Violations
While one of the nation’s largest manufacturers of commercial flooring and surfaces — including recycled rubber products used throughout the nation in playgrounds, fitness centers and sports fields — touts its products’ safety and environmental benefits, a U.S. Department of …
What Disruptions Have Been Reported After the Global Tech Outage?
A global tech outage that appeared to be related to issues at cybersecurity firm CrowdStrike and Microsoft on Friday affected operations in sectors including airports, airlines, media and banks. Below is a list of disruptions that have been reported: AIRLINES, …
Travelers Reverses Q2 Income Loss, Narrows Underwriting Loss
The Travelers Companies, Inc. reported second quarter net income of $534 million, compared to a loss of $14 million during the same time a year ago, thanks to record net premiums of about $11.1 billion. The New York-based insurer posted …
Sizzle Safely: Insurance Strategies for a Worry-Free Summer BBQ
Independent agents play a critical role in helping clients find the right home insurance policies for them. They are also instrumental in sharing information about general safety considerations for homeowners, which is especially essential during the summer when risks tend …
West Virginia’s Ludewig Retires as Agency Joins with Leavitt Group
Longtime West Virginia insurance agent Charles Ludewig has decided to retire, paving the way for his agency to join the Leavitt Group, one of the largest privately held brokerages in the country. “I’m looking forward to this next chapter and …
Chicken Culling, Disposal Raise Concern as Bird Flu Spreads
The spread of bird flu among poultry and dairy farms has heightened some health experts’ concerns that the process of killing and disposing of poultry infected with the virus may pose a risk to humans and livestock. Recent instances of …
Soccer Officials Arrested After Melee That Damaged Hard Rock Stadium in Miami
MIAMI GARDENS, Fla. (AP) — Colombia’s soccer federation president and his son were among 27 people arrested during the crowd control issues that broke out at the Copa America final between Argentina and Colombia, a melee that may have caused …
Global Tech Outage Disrupts Industries, Highlights Online Risks
A worldwide tech outage crippled industries from travel to finance on Friday before services started coming back online after hours of disruption, highlighting the risks of a global shift towards digital, interconnected technologies. A software update by global cybersecurity firm …
Allstate Reports Second Quarter Pretax Catastrophe Losses of $2.1B
Allstate Corp. said it recorded pretax catastrophe losses of about $2.1 billion in the second quarter. The Northbrook, Illinois-based insurer on July 18 said the total included $230 million of pretax catastrophe losses for the month of June from 18 …
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