The problem, Merlin argued, isn’t the existence of affiliated service providers – it’s the lack of transparency and oversight. “Managing general agents, service companies, reinsurers all have a proper place, and they can be affiliated,” he said. “But that’s why the transactions have to be audited.” Source link
Metalworking, which dates back to prehistoric times, began with shaping soft metals like gold and has since advanced into a sophisticated industry that includes techniques such as hammering, smelting, forging, and welding. Metalworking helps support nearly every facet of our lives, from essential tools and appliances to construction projects like buildings and bridges to the…
The dispute stemmed from an April 2013 explosion at Exxon’s Beaumont, Texas refinery during a maintenance project. Exxon had contracted Brock Services, Ltd. to provide scaffolding services. Under the service agreement, Brock was identified as an independent contractor and was required to obtain insurance coverage, including workers’ compensation, employer’s liability, and commercial general liability (CGL)…
Alongside HB 1302, lawmakers are also reviewing a separate proposal—House Bill 1182—which would impose new disclosure and notification requirements on insurers using wildfire risk models in underwriting. If passed, HB 1182 would mandate greater transparency from insurers about their use of catastrophe models, risk scores, and other tools used to assess wildfire exposure when determining…
Kevin Martin, executive director of the Illinois Insurance Association (IIA), said the office has previously introduced legislation aimed at banning the use of underwriting factors like credit scores and age, calling into question the agency’s objectivity. “Putting the wolf in charge of the hen house,” Martin said, referencing the potential conflict of interest. Source link
Nicole Maccalla, an Altadena resident, was among the first to experience the frustration of navigating insurance claims. Her home suffered significant damage from embers, leaving it filled with soot, ash, and debris. Despite initially being told by USAA that contamination testing would be covered, Maccalla’s claim was later denied. Source link
The dispute began when Steven Bellshaw, an Oregon policyholder, filed a class action lawsuit against Farmers Insurance Company of Oregon. He alleged that the company’s notice, issued with his motor vehicle insurance policy in 2011, violated ORS 746.290(2)(b), which requires every policy to be accompanied by: Source link
Michigan’s top court affirms that providers can’t rely on 2019 tolling rules Source link
Last year, State Farm filed for property/casualty rate increases of 30% to 55%, citing concerns about maintaining solvency. The proposed hikes include a 30% increase for non-tenant homeowners, 55% for condominium coverage, 41.6% for tenant policies, 53.6% for personal liability umbrellas, 38% for rental property damage, and 55% for business owner policies, according to the…
The case, Gerald J. Candeloro v. Allstate Insurance Co., et al., involves a dispute between Gerald J. Candeloro and Jason Garoppolo, an Allstate agent and owner of the insurer’s Groton, Connecticut franchise. Candeloro, who owns property in Mystic, Connecticut, had consistently purchased a FEMA flood insurance policy for the property through Allstate since 2000. His…
Gallagher stated that Woodruff Sawyer recorded estimated pro forma revenue of $268 million for the 12 months ending December 31, 2024. Its earnings before interest, taxes, depreciation, amortization, and coronavirus (EBITDAC), including anticipated synergies, were approximately $88 million. The transaction values the firm at around 4.5 times revenue and 13.6 times EBITDAC, aligning with recent…
True-Course provides insurance services to aviation-related clients, including aircraft manufacturers, flight schools, and corporate aviation operators. As part of the acquisition, owner Alejandro Galioto will remain with the business and lead the development of Relation’s aviation practice. Source link
Bonnie Steen was promoted to regional vice president, overseeing operations in Louisiana, Arkansas, Mississippi, and Alabama. William Briscoe and Chris Siegel were elevated to vice presidents, with Briscoe managing offices in Oxford, Mississippi, and Birmingham, Alabama, and Siegel taking responsibility for all Florida offices. Berri Willis also became vice president, continuing to lead offices across…
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
In the latest edition of Insurance Business TV, join Daniel Mogelnicki, of Westfield Specialty, as he examines the state of the E&O and MPL market. In this interview he delves into the specific opportunities in MPL classes, and offers tips for brokers operating in the space. Source link
Road trips are a timeless way to explore new places, spend quality time with loved ones, and create lasting memories. But before hitting the open road, it’s important to make sure you’re prepared for anything that might come your way. From pre-trip vehicle checks to understanding your insurance coverage, a little planning goes a long…
The company launched quietly in Hungary just 12 months ago and has already sold over 300,000 policies, capturing 7% of the car insurance market and turning a profit. Its next moves are bold: Ominimo plans to enter Sweden and the Netherlands soon after Poland, and aims to expand into at least ten countries in the…
As federal oversight pulls back, school districts are taking insurance into their own hands Source link
This imbalance masks a more concerning trend. As Sean Kevelighan, CEO of the Insurance Information Institute (Triple-I), noted, “Insurers have sounded the alarm… but change has been slow and the consequences are now clear.” According to Triple-I, the state’s regulations, though well-intentioned, have limited insurers’ ability to cover reinsurance costs and accurately price for wildfire…
For Hurricane Milton, insurers closed 81.7% of the 343,789 total claims filed across multiple lines, including personal and commercial property, auto, private flood, and business interruption, as of February 28. Of these, 35,043 claims remained open without payment, while 27,894 were still open with payment. Source link
The council includes representatives from the insurance industry, regulatory agencies, consumer advocacy groups, environmental and climate science, construction, academia, and emergency management. Its latest progress report details the formation of three subgroups, each tasked with developing a specific component of the overall strategy. Source link
“If the problem stems from the design, manufacturing, sale or installation of the product (including training and maintenance), E&O coverage can help ensure that your client’s business is protected from financial fallout,” said Harsch. “For example, if a manufacturing flaw causes a third-party business to lose revenue or incur recall costs, E&O insurance can help…
“With this reform package, we are directly addressing the cost drivers within our legal system, such as medical billing transparency, comparative fault, and general damages,” Temple said. “These are measures that we know will make a significant difference and begin to lower costs for families and businesses.” Source link
The fund operated effectively throughout the 1990s, insuring approximately 155,000 policyholders statewide by 1999. However, as private insurers gradually returned to the market, the HHRF ceased issuing new policies in December 2000 and became dormant by 2002. Despite its inactivity, the fund maintained a reserve balance to ensure readiness in the event of future market…
David Appel, an economist serving as a consultant for State Farm General, said denying the rate request could affect the company’s ability to continue operating in the California market. He recommended allowing the increase on an interim basis, with a full rate hearing to follow to evaluate whether the emergency adjustment was warranted. Source link
Eligibility for a policy requires applicants to have been declined by three admitted insurers. Coverage includes essential perils such as fire and lightning, with limits of up to $750,000 for residential properties and $5 million for commercial buildings. Some additional coverages, including wind and hail, may be purchased. All policies are issued on an actual…
Ajax operates as a wholesale broker with a focus on management and professional liability lines, including Directors and Officers (D&O), Errors and Omissions (E&O) and Technology/Cyber Liability. The firm was founded in 2012 by Andy Bierbaum, who was later joined by Karen Kutger as co-owner and partner in 2018. Source link
Spinelli will oversee claims within Willis’ Alternative Asset Insurance Solutions (AAIS) division, managing claims for representations and warranties, tax, and contingent risks. He brings 15 years of experience in insurance and litigation, including prior roles at VALE Insurance Partners and Liberty Global Transaction Solutions, as well as a background in underwriting and commercial litigation. Spinelli…
“Originally, workers’ compensation was fundamentally about traumatic injuries in the workplace,” says Mark Walls, Chief Marketing Officer at Safety National, and Founder at Work Comp Analysis Group. Walls, who has over two decades of experience in the workers’ compensation field, adding that “over time, you saw that start to change as occupational diseases came into…
Strategic plan includes three main areas of focus Source link
