News
California’s Below-Normal Snowpack Start for the Year a Cause for Concern
California is beginning 2024 with a below-normal mountain snowpack a year after it had one of its best starts in decades, and officials said Tuesday that the weather whiplash has made the outcome of ...
AIG Leads Policy for Japan Airlines Plane Involved in Collision
U.S. insurer AIG was the lead insurer on a $130 million "all-risks" policy for the Japan Airlines airplane which collided with another plane at Tokyo's Haneda airport, two insurance industry sources ...
Every insurer evaluating property risk today is running the same math: more perils, more models, more data sources, and not...
States, Congress Wrestle With Cybersecurity at Water Utilities
The tiny Aliquippa water authority in western Pennsylvania was perhaps the least-suspecting victim of an international cyberattack. It had never had outside help in protecting its systems from a ...
Florida Suit Over Charged Lemonade Death Puts New Focus on Energy Drink Safety
Panera Bread Co. must face a lawsuit over a death allegedly linked to its new line of "charged" lemonades, which have thrust the company into the spotlight and brought a renewed focus on the safety ...
Gallatin Point Capital Acquiring Majority Stake in AmFam’s TRUE, Serving Cat Zones
Gallatin Point Capital and American Family Insurance Group announced that funds managed by Gallatin will invest over $1.25 billion from the attorney-in-fact for a reciprocal insurer set up by ...
GuideOne Is First Member of The Mutual Group; $200M From Bain Capital Bolsters Financial Strength
With a $200 million investment, Bain Capital Insurance acquired the operational platform of mutual insurer GuideOne Insurance Company, the companies announced in late December. The transaction ...
P/C Sector Responsible for Layoffs of Nearly 7,000 in 2023
U.S. property/casualty insurance carriers led layoffs in the insurance industry last year, according to S&P Global Market Intelligence analysis. Nearly 20 companies reduced staff in 2023, said ...
Odometer Fraud Up in the U.S.
Odometer rollbacks are on the rise nationwide. The number of vehicles with suspect odometers tops 2 million, according to the latest CARFAX data. Roughly 2.1 million vehicles on the road have had ...