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Ryan Specialty agrees to acquire J.M. Wilson
Founded in 1920, J.M. Wilson operates six offices across the US. The company offers a wide range of products, including personal lines and surety, with a particular focus on transportation insurance. J.M. Wilson’s reputation in the transportation sector is supported by its historical underwriting profitability and longstanding relationships with carriers. It generated approximately $19 million…
Connecticut Senate passes bill on expanding state insurance commissioner’s authority
Jim Carson, legislative director for the department, said a separate proposal backed by Governor Phil Scott offers a more consistent approach. Under that bill, the department would maintain its existing review process but include an additional step allowing the commissioner to assess whether a rate is affordable. If a proposed rate exceeded the benchmark and…
Hurricane Irma-hit homeowner can’t sue surplus lines insurer Hamilton
Following the hurricane, Hamilton paid $81,521.13 to Shellpoint, which accepted the sum without objection. Ahmed, contending the payment was insufficient, sued the insurer directly, alleging breach of contract and seeking recovery as a third-party beneficiary. The breach of contract claim was dismissed early and not appealed. The remaining claim was dismissed with prejudice by the…
Foresters lapse ruling clarifies insurer liability under California notice laws
In 2014, Siino moved and attempted to update her address with Foresters, but the request was rejected because she failed to sign the change-of-address form. Her husband, however, successfully updated his address and continued to receive policy notices. As a result, Siino stopped receiving annual premium notices after her move. Source link
Over 100 Amtrak workers linked to $12 million insurance scam
The report detailed how employees in five states – Pennsylvania, Delaware, New Jersey, New York – and Washington, D.C., collaborated with three medical providers who submitted fraudulent or medically unnecessary claims using employee insurance information. In some cases, dependents’ information was also used. Source link
Auto insurance affordability under scrutiny in new report
In 2022, the most recent year for which data is available, US households spent an average of $1,127 per vehicle on auto insurance, representing 1.51% of the median household income of $74,580. This marked a slight increase from the previous year. State-by-state variations were significant, with North Dakota having the lowest expenditure share at 0.93%,…