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February 4, 2021
 
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National

 

McKinsey to Pay $573 Million to States to Settle Opioid Claims

Consulting firm McKinsey & Co. has agreed to pay at least $573 million to resolve claims by 40-plus U.S. states related to its role in...
 

SEC Sues Giuliani Associates Parnas, Correia Alleging Fraud Over Insurance Startup

The U.S. Securities and Exchange Commission sued two associates of Rudy Giuliani, the former New York City mayor and lawyer for Donald...
 

Commercial Insurance Prices Rose 22% in Q4, but Some Lines Began to Plateau: Marsh

Global commercial insurance prices increased 22% in the fourth quarter of 2020, according to the Global Insurance Market Index released...
 

Bayer Strikes $2 Billion Deal to Resolve Future Roundup Cancer Claims

Bayer AG struck a $2 billion deal to resolve a class action of future claims relating to allegations that its widely used weedkiller...
 

Insurance Journal's Agency Partnership News Wrap-Up

Renaissance Alliance Insurance Services Adds 33 Members in 2020 Renaissance Alliance, a network for independent insurance agencies,...
 

Fed Survey Shows Most Small Businesses Lost Sales Due to Pandemic

The vast majority of U.S. small businesses took a hit to their revenue last year because of the coronavirus pandemic, with minority-owned...
 

Allstate Reports Net Income Rose 52% for Q4

Insurer Allstate reported improved auto underwriting results and strong investment returns for the fourth quarter 2020. Net income was up...
 

RMS Updates Cyber Application Offerings, Targets 'Silent' Cyber Risks

Catastrophe modeler RMS has made updates to its cyber offerings to target emerging cyber risks. Among the updates is the new Cyber...
 
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Professional Liability Underwriters Feeling Pressure From COVID: AM Best

The COVID-19 pandemic is creating varying levels of disruption for writers in the U.S. professional liability insurance market, with many...
 
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BI Innovation Coming Soon: Low-Limit Policies From InsurTech Thimble

See a need and then fill it. That's the secret of most successful businesses--and that was the driving motivator of...
 
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East

 

New York Regulator Issues Guidance for Insurers Writing Cyber Policies in the State

The New York State Department of Financial Services (DFS) has issued new guidance spelling out best practices for New York-regulated...
 

Construction Worker Killed in New Jersey When Excavator Goes Into Waterway

A construction worker was killed when the excavator he was operating fell into a waterway, leaving him trapped him inside the equipment,...
 

Massachusetts Solar Farm Ordered to Pay $1M for Polluting Wetlands, River

Owners of a solar energy farm in Massachusetts have reached a settlement with the state's attorney general's office to remediate a large...
 
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Midwest

 

Iowa Agent Again Charged with Insurance Fraud, Theft

A suburban Des Moines, Iowa, insurance agent has been charged with multiple felony counts after state officials say he collected...
 

Hanes Named President of Ryan Specialty's Stetson Insurance Funding

Anthony Hanes has joined Chicago-based Ryan Specialty Group's Stetson Insurance Funding (Stetson) as president. Stetson specializes in...
 

French to Serve as Director of Ohio Insurance Department

Former Ohio Supreme Court justice Judith L. French has been appointed as the next director of the Ohio Department of Insurance, Interim...
 

Fire Damage to Wisconsin School Buses Estimated at $525K

Investigators believe a fire that burned six school buses at a Racine County, Wisconsin, depot was ignited by an electrical problem and...
 
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Southeast

 

Climate Group Urges South Carolina Towns to Tackle Climate Change

A new group in Charleston is committed to lowering the area's carbon footprint, and they've notched a recent success on James Island. The...
 

Amazon Workers at Alabama Warehouse to Vote on Unionizing

Amazon workers at an Alabama warehouse will vote next week on whether to unionize in one of the most visible labor-organizing pushes at...
 

Racetrack Operator in Georgia Faces Charges Over Driver Death

A southwest Georgia man faces charges after a death last year a racetrack he operated. Insurance Commissioner John F. King said Thursday...
 

Georgia Lawmaker Seeks to Close Loophole in Hands-Free Phone Law

A Georgia state House member says drivers should not be able to avoid penalties by telling judges they have purchased hands-free devices...
 

USG Adds Reardon as Southeast Business Development Manager

USG Insurance Services, Inc., a national wholesaler and MGA, has added Bob Reardon as Business Development manager: Southeast. Reardon...
 
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South Central

 

Texas Governor Calls for COVID-19 Liability Protections for Businesses

In his State of the State address on Feb. 2, Texas Gov. Greg Abbott advocated liability protections for businesses faced with lawsuits...
 

Ashwood Named Oklahoma Captive Insurance Coordinator

The Oklahoma Insurance Department (OID) has appointed Donald Ashwood as captive coordinator, a position in which he will coordinate...
 

Texan Insurance Acquires Suzanne Brown Agency in Houston

Texan Insurance has acquired Houston-based Suzanne Brown Agency LLC in an all-cash transaction. Founded in 2001, Suzanne Brown Agency is...
 
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Business Income Insurance Demystified
 
Business income coverage is arguably one of the most important coverages your commercial clients should have. Get THE book on the subject.
 
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West

 

Washington Farmers Suing Over Virus Rules for Migrant Workers

Two farm groups are suing the state of Washington for failing to revise emergency regulations that seek to protect migrant farmworkers...
 

National Fire Protection Association, State Farm Funding Wildfire Preparedness

The National Fire Protection Association and State Farm have kicked off a funding awards application period for the eighth national...
 

Newfront Insurance in California Adds Relation's Chenu

San Francisco, Calif.-based Newfront Insurance has named Jeff Chenu a principal and commercial insurance broker. Chenu is based in...
 

California Warehouse Worker Arraigned for Alleged Workers' Comp Fraud

Crescencio Velasco Covarrubias, 45, of Button Willow, Calif., was arraigned this week on multiple felony counts of insurance fraud after...
 
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CA Dwelling Fire Decreased Rates
 
We are pleased to announce that we recently decreased rates by 3.5 - 6.1% in certain territories for our California Dwelling Fire Program.
 
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International

 

Commercial Insurance Prices Rose 22% in Q4, but Some Lines Began to Plateau: Marsh

Global commercial insurance prices increased 22% in the fourth quarter of 2020, according to the Global Insurance Market Index released...
 

Mosaic Launches Bermuda-Based Specialty Insurer, Along with Lloyd's Syndicate 1609

Mosaic, a Bermuda-based global specialty insurer, has launched operations in Bermuda, London, the United States and Asia, along with a...
 

Property Catastrophe Bond Placement Reaches Record in 2020 and Q4: Aon

Approximately $11 billion of property catastrophe bond limit was placed in 2020, the highest on record, according to a new Aon report...
 

Applied Underwriters to Acquire UK Yacht Insurance MGA, Concept Special Risks

Applied Underwriters announced it will acquire Concept Special Risks, a UK-based international managing general agent, which provides...
 

Quotech and Tenefit Form Partnership to Expand Industry's Global Risk Intelligence

Quotech and Tenefit have announced a new partnership to bring new peril and loss-event data into insurance-market systems in real time,...
 

Hiscox Appoints Flaquet to Newly Created Role of Chief Transformation Officer

Hiscox Ltd., the international specialist insurer, announced the appointment of Stéphane Flaquet, who currently serves as CEO of Hiscox...
 
More International News »
 
 
 
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Understanding Business Income
 
Business income coverage is arguably one of the most important coverages your commercial clients should have. Get THE book on the subject.
 
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Insurance Journal's Academy of Insurance
 
 
 
 
 
 
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Research and Webinars

 
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How to Grow Your Agency with Digital Marketing

Join Us Wednesday, Feb. 17th, 10 am PT, 1pm ET In today's marketplace, increasing your number of clients, policies sold, and...
 
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Weigh Your Options on Starting Your Own Premium Financing Program

Agencies arranging financing to insureds through premium finance companies can increase their top and bottom lines by offering...
 
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The SEO Guidebook for Insurance Agents

Have you thought about how your insurance agency can be found online? Consumers have been turning to the internet to shop for...
 
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Broker Success Checklist

P&C brokers, are you helping your clients navigate their critical areas of risk? Businesses choose to work with brokers that...
 
More research and webinars »
 
 

Insurance Journal TV

 
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ICS20 Soundbite: Capacity, Vaping Among Issues in Cannabis Industry Going Forward

Norman Ives, a wholesale insurance broker at Worldwide Facilities LLC specializing in custom...
 
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EP. 2: Forget the Stars, Insurers are Shooting for the Cloud

Recent research shows that more insurers are taking advantage of cloud technology for data...
 
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Reader Comments

 

Florida Condo Association Sues Resident for Feeding Stray Cat

Posted: Wed Feb 3 -- Wow ! There has to be at least ten different ways this could have been handled that would be condo friendly, animal friendly, elderly... Questionning
 

Texas Governor Vows to Fight President Biden's Energy, Climate Agenda

Posted: Fri Jan 29 -- "Abbott acknowledged that in Texas, there is “either zero or close to zero” federal lands where drilling is done." We are going to stand... CalDude
 

U.S. Issues Mask Mandate on Public Transportation

Posted: Mon Feb 1 -- Glad to see Biden implemented his mask mandate that Republican's argued he should've done while Trump was still President ¯\_(ツ)_/¯ Rosenblatt
 

OSHA Issues COVID-19 Workplace Safety Guidance

Posted: Mon Feb 1 -- This sentence summed up the article well: "Much of the guidelines released Friday are similar to ones from the Trump administration".... TR714
 

As Insurers Exit Coal Underwriting, They May Find It's Good for Stock Valuations

Posted: Tue Feb 2 -- Didn't know Underwriters are now Stock Analyst. SMH. Wonder if Stockholders want underwriters to just focus on stock price and not actually... TX Agent
 
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