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Climate Change, Wildfire Risk and State Farm’s California Decision
Several reasons were given within State Farm’s announcement last week the carrier was no longer writing new personal or business property/casualty policies in California – including a challenging reinsurance market, increased risks and historic increases in construction costs outpacing inflation. …
POSTED JUNE 01, 2023 10:46 PM |
People Moves: Gallagher Re Appoints Brace of Exec Appointments for N. America, Brazil and China
Global reinsurance broker Gallagher Re announced the appointment of Linda Johnson as vice chairperson for its North American team, Daniel Veiga as CEO of Gallagher Re Brazil, Treaty Operation, Jia Lou as CEO of Mainland China & Hong Kong, with …
POSTED JUNE 01, 2023 4:52 PM |
World Insurance Associates Acquires Michigan’s Morris Insurance Group
World Insurance Associates LLC announced that it acquired the business of Morris Insurance Group, Inc. of Clinton Township and Rochester, Michigan on April 1, 2023. Terms of the transaction were not disclosed. Morris was founded over 60 years ago, and …
POSTED JUNE 01, 2023 4:37 PM |
Minnesota Governor Signs Bill Legalizing Recreational Marijuana
ST. PAUL, Minnesota (AP) – Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21 starting in August, making Minnesota the …
POSTED JUNE 01, 2023 4:33 PM |
1 Killed in Boiler Explosion at Southeastern Texas Power Plant
FRANKLIN, Texas (AP) – One person was killed when a boiler exploded at a southeastern Texas power plant Wednesday morning, according to a spokesperson for Dallas-based Luminant. “A contractor was fatally injured” in the blast about 8 a.m. at the …
POSTED JUNE 01, 2023 4:30 PM |
Whistleblowers File Lawsuits Against Oklahoma State Superintendent, Top Aide
OKLAHOMA CITY (AP) – Two former employees at the State Department of Education filed separate federal lawsuits Tuesday against Republican State Superintendent Ryan Walters and his top aide, alleging they were wrongfully fired last week. Cheryl McGee, the agency’s former …
POSTED JUNE 01, 2023 4:29 PM |
Iowa Apartment Collapse Leaves Residents Missing, Rubble Too Dangerous to Search
DAVENPORT, Iowa (AP) – Five residents of a six-story apartment building that partially collapsed in eastern Iowa remained unaccounted for Tuesday, and authorities feared at least two of them might be stuck inside rubble that was too dangerous to search. …
POSTED JUNE 01, 2023 4:21 PM |
Massachusetts Agency Owner Accused of Stealing Workers’ Compensation Premiums
The owner of a Gloucester, Massachusetts insurance agency has been indicted and arraigned in connection with an alleged embezzlement scheme that left client companies uninsured. The scheme included the agent transferring ownership of her agency to a family member after …
POSTED JUNE 01, 2023 3:29 PM |
About 33 Million U.S. Homes at Risk of Hurricane-Force Winds: CoreLogic
According to an analysis by CoreLogic, about 33 million U.S. homes with a combined reconstruction cost value of $11.6 trillion are at risk of hurricane-force winds. CoreLogic released its 2023 Hurricane Risk Report to mark the start of the Atlantic …
POSTED JUNE 01, 2023 3:26 PM |
Florida Governor Signs Insurer Accountability, Wind-Mit Discount Bills Into Law
Florida’s governor this week signed the Insurer Accountability Act and two other bills that put new restrictions on insurers and require premium discounts for homeowners’ wind-mitigation efforts. Senate Bill 7052 was passed this spring after the Florida Legislature approved controversial …
POSTED JUNE 01, 2023 2:57 PM |
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