AIG Files Amended Suit Against Former Execs, Dellwood Insurance
American International Group and a group of its companies have filed a new, amended complaint against Dellwood Insurance Group, started earlier this year by a group of former AIG executives. The lawsuit filed July 10 in U.S. District Court for …
Dollar General to Pay $12M Penalty, Improve Safety
Discount store operator Dollar General has agreed to pay $12 million in penalty for alleged safety violations that led to blocked exits and fire extinguishers and unsafe storage, the U.S. Labor Department said in a statement. The company is also …
Georgia Governor Reappoints Bahl to Workers’ Comp Board
Georgia Gov. Brian Kemp has reaapointed Neera Bahl to another term on the state Board of Workers’ Compensation. The three-member board, which includes Director Benjamin Vinson and Chairman Frank McKay, acts as the appeals panel, hearing appeals from administrative law …
Washington Roofers Fined $1.27M for Putting Workers at Risk of Falling
Four Washington roofing companies are facing $1.27 million in fines from the Washington State Department of Labor & Industries for safety violations including allowing workers on top of homes without fall protection. L&I cited and fined Allways Roofing Inc. $345,700 …
Federal Appeals Court Upholds Dismissal of Manufacturer’s COVID-19 Claims
A Connecticut-based manufacturer has been denied another opportunity to seek $100 million in insurance coverage for business losses it claims it sustained because of the COVID-19 virus. Amphenol Corp.– a manufacturer of connectors, antennas, sensors, and high-speed specialty cable – …
People Moves: Fischtrom Joins Altamont Capital Partners as Operating Partner; Williamson Joins Alliant in Denver
Fischtrom Joins Altamont Capital Partners as Operating Partner Altamont Capital Partners, based in Palo Alto, California, hired Brad Fischtrom as an operating partner. Fischtrom has more than 20 years of insurance industry experience. He most recently served as chief operating …
People Moves: Virginia Regulatory Agency Names Damico Chief Administrative Officer
Virginia’s business regulator authority, the Virginia State Corporation Commission (SCC), named Joseph F. Damico chief administrative officer. Damico will oversee administrative divisions responsible for the SCC’s budget, human resources, computer technology, data security, public relations, procurement and facilities management. Damico, …
Vermonters Assess Beryl Damage, Begin Cleanup One Year After Major Flooding
PLAINFIELD, Vt. — Volunteers, some with heavy equipment, shoveled river silt and mud from roads, homes, yards and driveways and removed flood-ravaged items from homes Friday in one of the Vermont communities hardest hit by flooding from the remnants of …
Allstate Seeking 34% Rate Hike on California Homeowners Insurance
Allstate is seeking an increase in its California homeowners insurance premiums by an average of 34%. According to the California Department of Insurance, the Allstate homeowners filing was received by the Department on April 14, 2023. The initial rate request …
California Insurance Commissioner OKs Lower Workers’ Comp Benchmark Rate
California Insurance Commissioner Ricardo Lara today issued a decreased pure premium rate for workers’ compensation insurance, lowering the annual benchmark rate from $1.41 to $1.38 per $100 of payroll— representing a 2.1% percent decrease from last year. The advisory rate …
People Moves: Leif Assurance Promotes Worden to Sales Manager
Leif Assurance, headquartered in St. Louis, promoted Robert Worden to sales manager. Worden will also serve as the commercial lines’ sales manager for Leif’s sister company, Powers Insurance & Risk Management. Worden has 30 years of experience in the insurance …
Ex-Red Hot Chili Peppers Guitarist Sued for Wrongful Death in Alleged Fatal Collision
Ex-Red Hot Chili Peppers guitarist Josh Klinghoffer is being sued for wrongful death and negligence after allegedly hitting and killing a pedestrian earlier this year. The lawsuit was filed by Ashley Sanchez, the daughter of 47-year-old Israel Sanchez, who died …
Hurricane Beryl: Insurers See Minimal Impact, Brace for Active Season
Insurers’ losses from Hurricane Beryl will be “low and readily absorbed” and the storm is not expected to change pricing conditions in the P&C and reinsurance sectors, Moody’s Ratings said. Beryl made landfall along the Texas coast as a category …
Florida Tax Watch Calls for Renewed Tax Breaks for Home Hardening Efforts
Florida Tax Watch, a nonprofit government watchdog in operation for 45 years, is urging state lawmakers to expand wind-mitigation tax breaks for homeowners struggling with higher insurance premiums. The group this week posted an analysis of the Florida property insurance …
Ships Fleeing the Red Sea Now Face Perilous African Weather
Ships sailing around the southern tip of Africa are wrestling with a bout of bad weather that has already run one vessel aground and seen another lose more than 40 containers overboard. CMA CGM SA said on Thursday that its …
What Happened to Reinsurance ‘Class of 2023’? Hard Market Defies Age-Old Patterns.
Catastrophic events, such as major hurricanes and the Sept. 11 terrorist attacks, traditionally have led to hard markets that in turn drove the formation of startup reinsurers to fill capacity needs. Reinsurers launched in “the class of 1992,” “the class …
Abbott Accused at Trial of Hiding Fatal Risk of Infant Formula
Abbott Laboratories hid the risks of its premature-infant formula causing a potentially fatal bowel disease from parents even though company officials acknowledged the peril in internal documents, a lawyer told a Missouri jury. The company was accused of putting profits …
Insurers Hike Rates as Extreme Storms Like Beryl Proliferate
Destructive storms like Hurricane Beryl that knocked out power to 3 million homes and businesses in Texas are growing more frequent and intense, and insurers are jacking up rates in response. That could mean big profits for property and casualty …
Hurricane Beryl’s Remnants Spawn Severe Storms in Midwest and Northeast
INDIANAPOLIS (AP) — The remnants of Hurricane Beryl dropped tornadoes and threatened flooding Wednesday as the system churned into Canada and the northeastern U.S. after leaving millions in the Houston area without power. Beryl, which landed in Texas on Monday …
Texas Steel Plant Fined $269K for Endangering Workers
Two years after the U.S. Department of Labor added Kyoei Steel LTD to its program for severe violators of federal safety and health regulations, inspectors returned for a follow-up inspection at the Vinton, Texas steel fabrication and recycling facility and …