Tue.Jul 16, 2024

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Insurers Tied to Apollo, KKR Buy Mortgages Outright in New Twist

Insurance Journal

Yield-hungry insurance firms are adopting an unconventional strategy: they’re skipping mortgage-backed bonds and buying the underlying whole loans outright. It’s a trend that’s picked up pace over the last few years.

Insurer 345
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What Does Plumbers Insurance Cover?

Central Insurance

Plumbing claims can be costly and complicated. It's essential to choose an insurance partner who understands the industry. Explore the key types of plumbers insurance coverage Central offers to protect your business. The post What Does Plumbers Insurance Cover? appeared first on Central Insurance Blog.

Insurance 130
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Progressive Q2 Net Income Skyrockets Over 320%

Insurance Journal

Progressive Corp. today reported second quarter 2024 results of about $1.5 billion and a combined ratio of 91.9. Results for the Mayfield Village, Ohio-based insurer are in comparison to second quarter 2023 net income of $345.

Insurer 299
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Optimize Your Insurance Company’s Online Presence: SEO Best Practices

Neilson Marketing Services

With market shifts, changing technologies, and increased consumer expectations, what does SEO for insurance companies look like today? To ensure your agency appears prominently in search results, you need a solid SEO strategy that lets you achieve visibility and click-throughs. To help you hone your SEO for insurance company success and get in front of your customer base, we’ve created this guide to the latest trends and best practices in SEO tailored for insurance companies.

Insurer 52
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Disaster-Struck Cities Fight for Aid as FEMA Funding Runs Low

Insurance Journal

A once in 200-years storm dumped 11 inches of rain over four hours on the central Massachusetts town of Leominster in September, washing away culverts, creating a sinkhole that swallowed cars at a dealership and flooding the city council chambers …

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Steps to Take Immediately After a Car Accident

Paragon Independent Insurance Agencies

If you are involved in a car accident, there are several steps you should take afterward. The correct response could save lives and prevent further issues. We’ve outlined a response process below. If you’re looking for auto insurance and an agency that provides services in Plano, TX, contact Paragon Independent Insurance Agency. What Comes After an Accident Firstly, if you have been in a car accident, thoroughly check yourself for any serious injuries.

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Cowbell and Palomar Renew Treaty Agreement

Cowbell

Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), today announced the successful completion of its reinsurance renewal with Palomar Holdings, Inc. (NASDAQ: PLMR) effective July 1st. This is the fourth renewal agreement between the two companies. Writing on both PLMR insurance entities (Palomar Specialty Insurance Company and Palomar Excess and Surplus Insurance Company) the new treaty renewed July 1 st and covers a large portion of Cowbell’s US cyber p

Cyber 40
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Michigan Health Care System to Pay $30K Over Racial Discrimination Suit

Insurance Journal

Beaumont Health (now Corewell Health), a health care system in southeast Michigan, will pay $30,000 and furnish other relief to settle a race discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced.

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Agency Revolution Receives SOC 2 Type 1 Certification, Enhancing Security for Its Customers

Agency Revolution

SAN DIEGO, CALIF., July 16, 2024 – Agency Revolution, the leading marketing and communication enablement and website provider for independent insurance agencies, is thrilled to announce it has received its Service Organization Controls (SOC) 2 Type 1 certification, taking a major step forward in its cybersecurity. SOC2 certification validates a company’s cybersecurity controls at a specific point in time, with the critical purpose of: Confirming the adequacy of policies, procedures, and contro

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Catastrophe Bondholders Sidestep Large Losses From Weather-Related Calamities

Insurance Journal

Last month, amid reports that Hurricane Beryl would become the earliest Category 5 hurricane in history, a group of money managers were busy trying to figure out whether their highly calibrated bets centered on natural catastrophes were about to take …

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Agency Revolution Receives SOC 2 Type 1 Certification, Enhancing Security for Its Customers

Agency Revolution

SAN DIEGO, CALIF., July 16, 2024 – Agency Revolution, the leading marketing and communication enablement and website provider for independent insurance agencies, is thrilled to announce it has received its Service Organization Controls (SOC) 2 Type 1 certification, taking a major step forward in its cybersecurity. SOC2 certification validates a company’s cybersecurity controls at a specific point in time, with the critical purpose of: Confirming the adequacy of policies, procedures, and contro

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Hawaiian Residents Return Home After Crews Contain Wind-Swept Wildfire

Insurance Journal

Firefighters have contained a wind-swept wildfire that was threatening about 200 homes on the Hawaiian island of Kauai, authorities said late Monday night, and an evacuation notice for the area has been lifted. The fire burned 1.

Damage 278
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PwC Weighs Halving of China Financial Services Audit Staff, Sources Say

Insurance Journal

PricewaterhouseCoopers (PwC) is considering slashing up to half its financial services auditing staff in China, two people with knowledge of the matter said, as a regulatory investigation and an exodus of clients darken business prospects.

Risk 278
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TWIA Actuarial Committee Recommends 10% Rate Increase for 2025 Policies

Insurance Journal

The Texas Windstorm Insurance Association Actuarial & Underwriting Committee voted on Monday, July 15 to recommend that the TWIA Board of Directors approve a rate filing to increase rates by 10% for 2025 residential policies and by 10% for 2025 …

Policy 278
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Buffett’s Berkshire Hathaway Sets, Closes at Record High

Insurance Journal

Berkshire Hathaway’s share price set a record high on Monday, reflecting investors’ confidence in Warren Buffett’s company, which is often regarded as a microcosm of the broader American economy. The price of Berkshire’s Class A shares closed up 2.

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People Moves: Florida Peninsula Holdings Makes Cantor Vice Chair of Board

Insurance Journal

Florida Peninsula Holdings and Windward Holdings, which together own and manage Florida Peninsula Insurance Co., Edison Insurance and Ovation Home Insurance Exchange, has named is co-founder vice chairman of the board.

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Amazon Must Comply With EEOC’s Pregnancy Bias Probe, Judge Rules

Insurance Journal

A New York federal judge has ordered Amazon.com to comply with a subpoena from a U.S. civil rights agency investigating claims that the online retailer discriminated against pregnant warehouse workers. U.S.

Claim 276
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Occupational Healthcare Firm Concentra Eyes $3.3 Billion Valuation in IPO

Insurance Journal

Concentra Group, a Select Medical unit, is eyeing a valuation of $3.30 billion in its U.S. initial public offering, joining a growing list of firms testing the market after a near two-year dry spell.

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World Insurance Acquires Rhode Island’s Affiliated Insurance Managers

Insurance Journal

Insurance broker World Insurance Associates announced that it recently acquired the business of Affiliated Insurance Managers (AIM) of Warwick, Rhode Island. AIM was founded in 1937.

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Viewpoint: Deepfake Fraud Is On the Rise. Here’s How Insurers Can Respond

Insurance Journal

It is interesting—and telling—that one of the concerns around generative artificial intelligence has to this point largely revolved around copyright infringement.

Insurance 279
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People Moves: Aon Taps Thomas From Lloyd’s as Head of Lloyd’s Capital; McLarens Names 2 Leadership Appointments in Latin America

Insurance Journal

This edition of International People Moves details appointments at the broker Aon and claims services provider McLarens. A summary of these new hires follows here.

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Amazon Worker Injured Due to Repetitive Tasks Loses Workers’ Compensation Bid

Insurance Journal

An Amazon distribution center worker in Virginia whose job entailed repetitive lifting and stowing of items every day and who suffered rotator cuff tears has been denied workers’ compensation benefits because she failed to prove her injury resulted from an …

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CenterPoint Sued Over Hurricane Beryl Power Outages in Houston

Insurance Journal

A group of Houston restaurants that lost power for days after Hurricane Beryl sued the city’s main utility, accusing CenterPoint Energy Inc. of failing to adequately invest in infrastructure and respond to widespread power outages.

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Marathon Oil Reaches $241M Settlement for Air Quality Violations in North Dakota

Insurance Journal

The federal government announced a $241.5 million settlement with Marathon Oil last week for alleged air quality violations at the company’s oil and gas operations on the Fort Berthold Indian Reservation in North Dakota.

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Families of Workers Killed in Idaho Hangar Collapse Sue Construction Company

Insurance Journal

The families of two construction workers killed when an airport hangar in Idaho collapsed are suing several companies that were involved in the building process, alleging the businesses recklessly cut corners and used inappropriate materials for the build.

Building 255
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Markets/Coverage: Lemonade Expands Home Insurance Offering in UK

Insurance Journal

Lemonade, the New York-based insurtech, announced the launch of buildings and contents insurance in the United Kingdom in partnership with insurer Aviva.

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Washington Adult Family Home Operator Facing Felony Charge in Alleged Workers’ Comp Scam

Insurance Journal

A Spokane, Washington woman who ran an adult family home while claiming she was too injured to work faces a felony charge in a $60,000 workers’ compensation fraud case.

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Navigating Hard-to-Place Workers’ Compensation: A Path Forward for High-Risk Businesses

Insurance Journal

This post is part of a series sponsored by PCF Insurance Services. Frank Fasano, Director of Sales at ToughComp, a PCF business, shares insight from his years of experience working within industries that experience challenges finding affordable workers’ compensation policies.

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Hurricane Beryl Caused $2.5-$4.5B in Estimated Insured Losses, Says Moody’s

Insurance Journal

U.S. insured losses from Hurricane Beryl will likely fall between $2.5 billion to $4.5 billion, according to estimates by Moody’s RMS Event Response. Insured losses associated with the storm include wind, storm surge, and precipitation-induced flooding. Moody’s estimates total non-U.S.

Insurance 221
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Colorado Workers with Bird Flu Toiled in Heat, Without Effective Protective Gear

Insurance Journal

Colorado workers who contracted bird flu were working during extreme heat and under large fans, factors that made wearing protective equipment difficult and potentially contributed to their infections, the U.S. Centers for Disease Control and Prevention said on Tuesday.

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2024 OUTSTANDING CSR of the Year STATE WINNERS Announced

Insurance Journal

AUSTIN, TX, July 10, 2024 — Each year, a group of exceptional insurance professionals are selected to represent their states and then can compete to become the National Outstanding CSR of the Year.

Insurer 130
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Viewpoint: FEMA Flood Rule Will Lead to Safer Rebuilding Post-Disaster

Insurance Journal

FEMA issued a new rule that will increase the nation’s resilience to future flood disasters.

Risk 162
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Crew of Capsized Oil Tanker Off Oman Still Missing, Maritime Center Says

Insurance Journal

The 16-strong crew of a Comoros-flagged oil tanker that capsized off Oman are still missing, the country’s maritime security center said on Tuesday, a day after the sinking was reported.

Risk 263
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Toronto’s Traffic Crisis Is Keeping Workers Out of the Office, Poll Says

Insurance Journal

Traffic is so bad in Canada’s financial capital that a majority of Toronto residents are prepared to endure around-the-clock construction to improve the situation sooner, according to new polling data.

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