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May 16, 2025

IICF to Host 2025 Global Conference in NYC, June 10 & 11

The Insurance Industry Charitable Foundation (IICF), a nonprofit organization dedicated to helping communities and enriching lives, will host the IICF Global Conference from June 10 to 11 at Gotham Hall in New York City. The event will gather hundreds of insurance professionals, C-suite executives, and business leaders for an action-oriented program focused on the theme of “Empowering our Future: Personal Leadership, Innovation and Winning Talent Strategies.” This year’s Global Conference features powerful sessions focused on topics such as innovation, leadership and talent led by C-suite executives, including:
  • CEO Perspectives: Talent and Trends in the Insurance Industry
    • Marc Adee, CEO, Crum & Forster
  • Future-Ready
    • Seth Mattison, Founder, FutureSight Labs
  • CEO Perspectives 2: Leadership Panel:  Personal Leadership, Innovation, Winning Talent Strategies
    • Katie McGrath, CEO North America, Swiss Re Corporate Solutions
    • Dawn Miller, Chief Commercial Officer, Lloyd’s & CEO Lloyd’s Americas
    • Rekha Skantharaja, CEO, Tangram Insurance Services
  • Faith & Purpose
    • Brian Duppereault, Executive Chairman, Mereo Insurance Limited and Mereo Advisors Limited
    • Wendy Davis Johnson, Author
  • Digital Transformation
    • Nicole K. Hart, Chief Strategy Officer, Microsoft Security
  • Leading in a World of Gray: Building Resilient and Adaptable Teams
    • Morris Tooker, President, The Hartford
    • Elixabete (Eli) Larrea, Senior Partner, McKinsey & Company
“This year’s Global Conference promises one of our strongest line ups of speakers, following more than a decade of delivering the leading voices in insurance, business and academia,” said Elizabeth Myatt, Vice President, Chief Program Officer and Executive Director of the IICF Northeast Division. “We are thrilled to announce such a dynamic slate of CEOs and senior industry leaders who will be on the stage inspiring action across our industry. IICF is proud to host the only industry leadership conference that offers our colleagues the opportunity to play a role in building the future of insurance while giving back to our communities and neighbors in need, and we’re looking forward to collaborating next month.” IICF’s events, including this year’s Global Conference, address societal and workforce challenges and opportunities authentically while benefiting charitable organizations through IICF's Community Grants Program. IICF’s Community Grants Program directly benefits individuals and families in need, providing support to address food insecurity, educational disparities, children at risk, disaster relief and preparedness, education, veterans and more. To learn more about the event and sponsorship opportunities, view the full list of speakers and the agenda, and register, please visit https://www.iicfglobalconference.org/. About the Insurance Industry Charitable Foundation (IICF) The Insurance Industry Charitable Foundation (IICF) is a unique nonprofit that unites the collective strengths of the insurance industry to help communities and enrich lives through grants, volunteer service and leadership. Established in 1994, IICF has served as the philanthropic voice and foundation of the insurance industry for more than thirty years, contributing $50 million in community grants along with over 370,000 volunteer hours by more than 130,000 industry professionals. IICF reinvests locally where funds are raised, serving hundreds of charities and nonprofit organizations, for maximum community impact. IICF is a registered nonprofit organization under section 501(c)(3) of the IRS code. Learn more at www.iicf.org or follow us on social media at: LinkedIn and Instagram. Get the latest insurance market updates and discover exclusive program opportunities at ProgramBusiness.com
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May 16, 2025

Florida’s New Condo Bill Eases Financial Pressure, Raises Insurance Questions

Florida lawmakers have passed a new condo bill aimed at easing some of the financial burdens placed on condominium associations and unit owners, while also introducing new provisions that raise questions in the insurance sector.

Background: Post-Surfside Regulatory Landscape

Following the tragic collapse of the Surfside condominium in 2021, Florida enacted stringent regulations in 2022. These included mandatory structural inspections, robust reserve funding, and limitations on unit owners’ ability to delay necessary repairs. These measures were implemented to improve building safety and prevent similar disasters.

However, as implementation of the new rules began, many condo owners and associations expressed concerns about affordability. Rising insurance premiums and limited carrier availability added to the pressure.

Overview of HB 913

House Bill 913, approved by the Florida Legislature in early May 2025, introduces changes that address some of the financial challenges faced by condo associations. If signed into law by Governor Ron DeSantis, key elements of the bill will include:

  • Reserve funding flexibility: Associations may fund reserves through loans or lines of credit.
  • Deferred reserve payments: Boards can pause contributions to reserves in favor of addressing urgent repairs.
  • Extended deadlines: Associations now have more time to complete required structural integrity studies.
  • Exemptions for smaller buildings: Certain buildings below a threshold will be exempt from conducting structural analyses.

These provisions are intended to balance building safety requirements with the financial realities facing many unit owners.

Insurance Provisions and Industry Reactions

Several amendments to insurance requirements in the bill have generated debate within the insurance community. Notably:

Appraisal Requirement Language Change

The bill previously mandated that condo associations determine replacement cost through an independent appraisal. The final version now states that replacement cost may be determined by appraisal or an update to a previous appraisal.

Interpretation of this language varies:

  • Some industry professionals express concern that removing the mandatory appraisal requirement could lead to inconsistent valuation methods and potential underinsurance.
  • Others maintain that carriers will still require appraisals, as a standard practice, regardless of legislative changes.

Loss Limit Based on Windstorm Models

Another provision allows insurance requirements to be met by insuring the building to cover the probable maximum loss from a 250-year windstorm event, based on accepted hurricane loss models.

This loss-limit approach is seen by some as a way to reduce premiums. However, it has also raised questions about whether it could lead to underinsurance if buildings are not insured to their full replacement value.

Meeting Attendance and Governance Considerations

The bill also affects condominium governance procedures. While a proposed restriction on video conferencing was removed, the final legislation requires that a quorum of board members be physically present at meetings, even if the meeting itself is conducted via video. This could present challenges for boards with part-time or out-of-state members, particularly in emergency situations.

Future Clarifications and Implementation

Stakeholders anticipate further guidance from the Florida Office of Insurance Regulation regarding acceptable valuation methods and limits on loss-based policies. Additionally, legislators may revisit the bill to clarify certain provisions during upcoming sessions.

HB 913 represents Florida’s ongoing efforts to fine-tune condominium governance and insurance requirements in the wake of the Surfside tragedy. While the bill offers some financial relief to associations and unit owners, its long-term impact, particularly regarding property insurance, will depend on regulatory interpretation and market response.

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.
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May 16, 2025

Mission Underwriters Expands Digital Distribution Capabilities with Talage Acquisition

Mission Underwriters has taken a major step forward in modernizing commercial insurance distribution through its acquisition of Talage, a submission management platform designed specifically for the commercial insurance sector. The move strengthens Mission’s technology stack with a proven, API-driven platform and deepens its ability to serve MGAs, agents, and brokers in today’s digital marketplace.

Adding Proven Tech and Talent to the Mission Ecosystem

The acquisition brings Talage’s AI-powered, API-first SaaS platform into the Mission portfolio. Talage enables structured digital submissions and live quoting for high-volume commercial lines, improving the efficiency and effectiveness of the insurance submission process for carriers, agents, and brokers.

The deal also brings Talage’s full team, including CEO Craig Fuher, under the Mission umbrella. Fuher, a seasoned insurance and technology leader, has guided Talage to become a respected innovator in the digital distribution of small commercial insurance. The Talage team joins Mission with continued support for existing customers and plans to grow the platform’s capabilities in collaboration with new partners across the industry.

Supporting MGAs with Scalable Distribution Tools

By aligning with Talage, Mission gains more than just technology. It adds in-house technical expertise that can be leveraged across its suite of MGAs. Talage will now play a central role in Mission’s strategy to enhance submission intelligence, expand digital integrations, and improve connectivity between program partners and the broader wholesale insurance ecosystem.

Talage’s functionality complements Mission’s broader vision to empower underwriting talent and provide infrastructure that supports long-term growth. With this acquisition, Mission can now offer scalable, digital-first submission tools to MGAs and retail agents navigating increasingly complex distribution challenges.

Designed for Insurance, Built by Insurance Professionals

Talage stands out in the insurance tech space for being created by people who understand the industry firsthand. The platform is designed to solve everyday workflow problems faced by commercial insurance professionals. As part of the Mission ecosystem, it will continue to evolve, backed by a stable financial and operational foundation and informed by the needs of real users.

This acquisition reinforces Mission’s goal of delivering value through innovation, integration, and expert support. By embedding Talage within its operations, Mission is expanding access to smarter, faster, and more effective insurance distribution technology for the wholesale market.

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.
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May 15, 2025

PAK Programs Expands Cyber Coverage for Beverage Industry

In an age where cyberattacks are becoming more frequent — and more damaging — PAK Programs is taking a proactive step to protect the alcoholic beverage industry. The specialty insurer, long known for serving breweries, wineries, and beverage distributors, has unveiled a suite of enhanced cyber coverages aimed at helping businesses respond to and recover from a growing array of cyber threats.

Addressing an Escalating Risk

Cybercrime is no longer confined to tech companies or financial institutions. Food and agriculture businesses, including alcoholic beverage manufacturers, are increasingly being targeted by cybercriminals. From ransomware to data breaches, these attacks can result in major disruptions, financial loss, and reputational damage.

PAK Programs’ expanded cyber offerings are designed to meet this moment. Their updated coverage now includes:

  • Data Compromise Response Expenses
  • Cyber Extortion Protection
  • Privacy Incident Liability
  • Network Security Liability
  • Reward Payments for information leading to the identification of cybercriminals

These new additions provide policyholders with critical tools and financial support to minimize damage, recover faster, and stay resilient in the face of digital threats.

Why Cyber Protection Matters for Beverage Producers

“Evolving technologies such as artificial intelligence (AI) are becoming more sophisticated and accessible to bad actors, increasing the risk of cybercrime for businesses,” said Larry Chasin, CEO of PAK Programs. “For alcoholic beverage manufacturers and distributors, a cyber incident can lead to a breach of personal information, extensive business interruption, substantial financial losses, and more.”

The goal of the enhanced cyber suite is to give business owners peace of mind, knowing they have access to not only robust coverage but also the industry-specific expertise PAK Programs is known for.

A Legacy of Industry-Focused Coverage

For nearly three decades, PAK Programs has delivered insurance solutions tailored to the unique needs of the alcoholic beverage industry. The enhanced cyber coverage joins a broad portfolio that includes:

  • Business property and equipment insurance
  • Liquor liability
  • Farm liability
  • Pollution liability
  • Employment practices liability

By bundling cyber protection with these specialized coverages, PAK Programs offers a comprehensive risk management solution for businesses in the beverage space.

Learn More

To explore the full range of cyber coverage options and learn how PAK Programs supports beverage manufacturers and distributors with customized protection, visit pakprograms.com.

About Pak Programs PAK Programs is a leader in the design, administration and marketing of customized insurance programs for wineries and vineyards, breweries, wine and liquor retailers, cideries, meaderies, distilleries, and liquor and wine importers and distributors. Founded in 1996, PAK Programs combines a wealth of experience and expertise to form a dedicated team of specialists and offers the financial strength of partner Great American Insurance Companies with their A.M. Best Rating of A+ (Superior). Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.  
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May 15, 2025

Leadership Shake-Up at UnitedHealth Group as CEO Andrew Witty Abruptly Resigns

UnitedHealth Group, one of the most powerful forces in American health care, was rocked on Tuesday, May 14, by the sudden resignation of its chief executive officer, Andrew Witty. The company cited “personal reasons” for his departure and announced that Stephen Hemsley, current executive chairman and former CEO, will step back into the top role effective immediately.

Financial Outlook Withdrawn Amid Cost Concerns

In addition to the leadership change, UnitedHealth Group withdrew its financial forecast for the remainder of 2025, citing unexpectedly high medical costs. The company stated that it anticipates a return to growth in 2026. Following the announcement, UnitedHealth Group’s stock fell by more than 17 percent. This adds to a broader downward trend that began in April after the company reported quarterly earnings below market expectations, resulting in a near 50 percent decline in stock value over the past month.

Recent Events Affecting the Company

The company has recently experienced multiple high-profile challenges. In December 2024, Brian Thompson, then CEO of UnitedHealthcare, was killed in Manhattan. The suspect, Luigi Mangione, was arrested five days later and has pleaded not guilty to the murder charge. Authorities stated that Mangione was not a customer of UnitedHealthcare and had been carrying a written statement criticizing the health care industry at the time of his arrest.

Following the incident, Tim Noel, a longtime employee of UnitedHealthcare, was appointed as Thompson’s successor in January 2025.

The company has also been the target of a cyberattack affecting its payment systems.

Leadership and Background

Andrew Witty joined UnitedHealth Group as CEO in 2021. Before that, he was the chief executive of GlaxoSmithKline and served as chancellor of the University of Nottingham from 2013 to 2017. In a published opinion article after Thompson’s death, Witty acknowledged issues within the health care system and affirmed UnitedHealth Group’s mission to improve it.

UnitedHealth Group operates across multiple sectors of the U.S. health care system. Its primary businesses include UnitedHealthcare, the health insurance arm, and Optum, which manages a large network of physicians, clinics, and pharmacy services. In late 2024, the U.S. Department of Justice and four Democratic attorneys general filed an antitrust lawsuit against the company to prevent its planned $3.3 billion acquisition of Amedisys, a home health care provider.

In Summary

Andrew Witty’s resignation marks a significant leadership change at UnitedHealth Group during a period of financial uncertainty and organizational challenges. With Stephen Hemsley reassuming the CEO role, the company faces ongoing scrutiny and strategic decisions in a complex health care landscape.

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.
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May 15, 2025

Revau’s Strategic Merger Marks a New Era in North American Specialty Insurance

Revau Advanced Underwriting has taken a bold leap forward with the announcement of a transformational merger involving Brazos Specialty Risk Insurance and Twenty Mile Insurance Services. This strategic move, unveiled on May 12, 2025, significantly enhances Revau’s presence in the United States and sets the stage for its continued expansion across North America.

Strengthening a North American Specialty Insurance Powerhouse

Montreal-based Revau, a prominent managing general agent (MGA) in Canada’s property and casualty insurance market, has partnered with two high-performing Texas-based MGAs — Brazos and Twenty Mile. Brazos brings deep expertise in specialty trucking insurance, while Twenty Mile offers a strong foothold in construction-related liability solutions. Together, they form a unified entity with expanded operational capabilities and geographic reach.

This merger positions Revau as a pre-eminent player in North America’s specialty insurance market, leveraging the combined group’s underwriting excellence, technological infrastructure, and market specialization.

Uniting Data-Driven Capabilities with Industry Expertise

At the core of the merger is a shared commitment to innovation and data intelligence. Brazos and Twenty Mile contribute robust, data-rich underwriting frameworks, which Revau will amplify through its advanced analytics platform and digital infrastructure. This integration provides:

  • Deeper insight into risk, customer behavior, and market trends
  • Faster decision-making through real-time, data-informed intelligence
  • Innovative product development by identifying untapped opportunities
  • Operational efficiency that reduces costs and boosts productivity

This new data ecosystem is expected to generate smarter underwriting, enhance claims operations, and support scalable growth.

Leadership Continuity and Cultural Synergy

Key to the merger’s success is the integration of leadership. Tom Spitalny (President of Brazos) and Christopher Polk (President of Twenty Mile and CEO of both MGAs) will remain in place and become shareholders in Revau as part of a cash-and-equity structure. Together with Revau’s executive team, they’ve already launched collaborative efforts to align underwriting, claims, technology, and company culture.

By retaining the expertise and relationships cultivated by Brazos and Twenty Mile, Revau ensures continuity in service quality and local market knowledge.

A Defining Milestone in Revau’s Growth Journey

This is the eighth — and most significant — transaction for Revau since its 2020 partnership with private equity firm Novacap. It exemplifies Revau’s ambition to evolve from a domestic MGA into a continental force capable of delivering customized insurance solutions at scale.

President and CEO Jean-François Raymond emphasized the milestone, stating, “We are thrilled to collaborate with such an experienced and talented group, building a strong partnership model that delivers value for all stakeholders and sets the stage for future success.”

Looking Ahead

This merger signals more than just expansion — it reflects a shared vision for redefining specialty insurance through technology, data, and partnership. As the integration unfolds, brokers, carriers, and policyholders across North America can expect enhanced capabilities, deeper insights, and greater access to innovative insurance solutions.

Get the latest insurance market updates and discover exclusive program opportunities at ProgramBusiness.com
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May 14, 2025

Hub International Secures $1.6 Billion Investment, Reaches $29 Billion Valuation

Hub International Limited has announced a $1.6 billion minority equity investment, bringing its enterprise valuation to $29 billion. This marks the highest valuation to date for a private insurance brokerage. The funding round was led by funds and accounts managed by T. Rowe Price Investment Management, Inc., Alpha Wave Global, and Temasek. Both new and existing investors participated in the round.

Decade of Growth and Strategic Investment

The new valuation is the latest in a series of increases reflecting Hub's strategic growth over the past decade. Since 2013, when Hellman & Friedman (H&F) first invested in the company at a $4.4 billion valuation, Hub has consistently grown its enterprise value. Altas Partners’ 2018 minority investment coincided with a $10 billion valuation, followed by a $23 billion valuation in 2023 with Leonard Green & Partners (LGP). During the same timeframe, Hub’s annual revenue rose from $1.1 billion to $4.8 billion as of 2024.

Role of Acquisitions in Expansion

A significant contributor to this growth has been Hub’s acquisition strategy. In just the past month, the company has added multiple firms to its portfolio. These include:

  • DeMarie Insurance: A Florida-based agency with expertise in coastal property and small business insurance.
  • Guru of Insurance: A Texas-based digital insurance agency focused on online distribution.
  • AGP: A Midwest commercial lines brokerage with a strong regional footprint.

These acquisitions align with Hub’s strategy of expanding through targeted purchases that enhance specialization and regional presence.

Utilization of Funds and Shareholder Structure

Proceeds from the investment will support continued mergers and acquisitions, debt reduction, and other corporate initiatives. These initiatives are part of Hub’s Liquid Private Placement (LPP) program, launched in 2023 with LGP’s involvement. The LPP provides liquidity for institutional shareholders without requiring secondary sales. In this latest round, limited share sales indicate the majority of funds will be directed toward growth initiatives.

Hub’s ownership structure remains unchanged. H&F retains a controlling interest, while Altas Partners and LGP maintain their minority stakes and board representation. Hub’s management team also holds a substantial equity interest.

Advisory and Legal Support

Morgan Stanley and Goldman Sachs served as financial advisors on the transaction, which is expected to close by the end of May 2025. Simpson Thacher & Bartlett LLP provided legal counsel.

About Hub International

Founded in Chicago, Hub International is recognized as the fifth-largest insurance broker globally. The firm focuses on serving middle-market clients and has built a reputation for industry specialization, risk management solutions, and strategic growth through innovation and acquisitions.

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.
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May 14, 2025

Trump Signs Executive Order Targeting Lower Prescription Drug Prices

On May 12, U.S. President Donald Trump signed an executive order that aims to reduce the cost of prescription drugs in the United States by aligning prices with those paid in other developed countries. The move introduces several directives to federal agencies and pharmaceutical companies, outlining aggressive pricing targets and strategies intended to make medications more affordable for American consumers.

Key Provisions of the Executive Order

  • “Most Favored Nation” Pricing Model
    The order instructs drugmakers to lower U.S. drug prices to match the lowest price available in comparable countries. Companies have 30 days to make significant progress toward this goal. If not, the administration plans to pursue additional measures.

  • Potential Tariffs and Import Strategies
    President Trump announced that if domestic prices remain above international levels, the administration may impose tariffs on pharmaceuticals. The order also includes provisions to consider importing drugs from other developed countries and implementing export restrictions.

  • Direct-to-Consumer Purchasing Programs
    The administration will explore programs allowing consumers to purchase medications at the same prices paid in other countries. This includes a directive to the Department of Commerce and other agencies to examine the export of pharmaceutical products and ingredients.

Industry and Market Response

  • Market Rebound
    After an initial decline in premarket trading, pharmaceutical stocks rose following the announcement. Investors reacted positively due to the lack of immediate enforcement mechanisms in the order. Companies like Merck & Co, Pfizer, Gilead Sciences, and Eli Lilly saw gains ranging from 2.9% to 7.1%.

  • Industry Criticism
    Trade groups expressed strong opposition. Stephen Ubl, CEO of the Pharmaceutical Research and Manufacturers of America (PhRMA), warned that the order could threaten innovation and reduce access to treatments. He attributed high U.S. drug prices to foreign underpayments and the role of intermediaries.

Legal and Regulatory Considerations

  • Potential Legal Challenges
    Legal experts anticipate litigation over the order’s reach, especially regarding drug importation, which may exceed statutory limits. Challenges are expected to intensify if enforcement actions begin to materialize.

  • Federal Trade Commission (FTC) Involvement
    The order also empowers the FTC to investigate and enforce actions against anti-competitive practices in the pharmaceutical industry. Practices under scrutiny may include agreements with generic manufacturers to delay market entry of lower-cost alternatives.

  • Ongoing Antitrust Focus
    The FTC has a long-standing role in overseeing healthcare market competition. The agency is expected to coordinate with other federal bodies and hold public sessions to gather insights on pharmaceutical pricing practices.

Background and Context

The United States has historically paid higher prices for prescription drugs compared to other developed nations. The executive order represents a renewed attempt by the Trump administration to address these disparities following earlier efforts that were blocked by the courts. The current move is positioned as part of a broader agenda to control inflation and reduce costs for American households.

President Trump highlighted anecdotal evidence of pricing discrepancies during the announcement, including a comparison of the cost of a weight-loss injection between London and the U.S. He emphasized the principle that all countries should pay equal prices for medications.

Next Steps

The administration plans to monitor pharmaceutical companies’ progress over the next month. If price reductions are not achieved voluntarily, the government will pursue rulemaking and other regulatory actions to enforce compliance.

The full impact of the executive order will depend on the development and execution of specific regulatory measures, the outcomes of any legal proceedings, and responses from the pharmaceutical industry and international stakeholders.

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.
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May 14, 2025

Nevada Legislature Halts Bill to Increase Minimum Trucking Insurance Requirement

A bill in the Nevada Legislature that sought to double the minimum liability insurance requirement for certain in-state commercial trucking operations has been withdrawn from consideration. SB180 proposed raising the insurance minimum from $750,000 to $1.5 million for drivers operating exclusively within Nevada.

Legislative Progress and Withdrawal

The Nevada Senate narrowly approved SB180 in an 11-10 vote and was subsequently scheduled for a hearing by the Assembly Growth & Infrastructure Committee. However, on May 8, the committee chairman announced that the bill had been pulled from the hearing schedule. This action effectively ends its advancement during the current legislative session.

Industry Response

Trucking and insurance industry representatives voiced strong opposition to the bill. Organizations such as the Nevada Trucking Association, the Owner-Operator Independent Drivers Association (OOIDA), and the American Property Casualty Insurance Association actively engaged with lawmakers and their members in Nevada to express concerns.

Paul Enos, President of the Nevada Trucking Association, testified that the bill could negatively impact small businesses and the broader trucking industry without offering clear benefits. Enos suggested that any changes to liability insurance requirements should be addressed at the federal level.

OOIDA also reached out to its Nevada-based members, describing the proposed insurance increase as unnecessary and potentially harmful to small and family-owned trucking operations. According to the association, the bill would not contribute to highway safety and could risk jobs across the industry.

Insurance Market Implications

The American Property Casualty Insurance Association stated that most insurers typically do not provide single-layer coverage above $1 million. As a result, the bill would require truck operators to purchase two separate insurance policies to meet the proposed $1.5 million threshold. The association warned that such changes could increase operating costs, potentially leading to higher prices for consumer goods in Nevada.

Outcome and Commentary

Following the bill’s narrow passage in the Senate, industry groups continued to advocate for its defeat in the Assembly. The decision to withdraw SB180 was described by opponents as a significant outcome influenced by coordinated efforts among various stakeholders.

While the legislation will not proceed in the current session, the discussion around minimum liability insurance requirements remains a topic of interest for both state and federal policymakers.

Get the latest insurance market updates and discover exclusive program opportunities at ProgramBusiness.com
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May 13, 2025

Self-Defense Insurance Gains Traction Amid Rise in Gun Ownership

A growing segment of the insurance market is emerging in response to increased gun ownership and expanded self-defense laws across the United States: self-defense insurance. Sometimes referred to as "concealed carry insurance" or "gun liability insurance," these policies are designed to assist policyholders who use force in self-defense incidents, covering certain legal and financial costs.

What Is Self-Defense Insurance?

Self-defense insurance policies typically offer legal support for individuals who use a firearm or other force in a claimed act of self-defense. Covered services often include:

  • Criminal defense attorneys
  • Civil litigation defense
  • Bail bond reimbursement
  • Payment for expert witnesses
  • Crime scene cleanup (in some policies)
  • Coverage for accidental discharge
  • TSA violation expenses
  • Protection extended to spouses and minor children

Some plans offer tiered membership levels, ranging from $11 to nearly $60 per month. These tiers may provide different levels of training, support, and coverage. Coverage typically ceases if the policyholder is convicted of a violent crime, and in some cases, legal fees and other benefits may be subject to reimbursement.

Major Providers and Membership Growth

Two of the largest providers in the field are the U.S. Concealed Carry Association (USCCA) and U.S. Law Shield. Together, they serve a large and growing customer base:

  • USCCA reportedly had 860,000 members as of 2024.
  • U.S. Law Shield, which began in Texas in 2009, now operates in 46 states and serves between 600,000 and 700,000 members, with an additional 300,000 to 400,000 dependents included on plans.

Other providers include CCW Safe and Armed Citizens’ Legal Defense Network, which reported having over 22,000 members by the end of 2024.

Industry representatives estimate the total number of Americans holding some form of self-defense insurance has reached around two million. Many providers say their memberships have doubled in the past five years.

Market and Regulation

The rise in self-defense insurance coincides with an increase in firearm background checks and the passage of laws like "stand your ground" statutes, which expand legal protections for individuals using force in self-defense. Providers often market their services alongside firearm training programs, emphasizing the potential legal and financial consequences of self-defense incidents.

Several companies classify their offerings not as insurance but as prepaid legal plans or membership services. This classification means they are regulated differently depending on the state. Some states—such as New York and Washington—have taken legal action to stop the sale of these products, arguing they may violate laws prohibiting coverage for intentional illegal acts.

Legal and Financial Scope

According to available insurance filings, some providers spend a small portion of their revenue on direct legal defense. For example, two U.S. Law Shield entities operating in Florida and Virginia reportedly spent about 15% of revenue on legal expenses. In comparison, other types of insurance providers, such as medical and professional liability insurers, often spend 60% to 75% of premium revenue on claims.

USCCA estimates that it spent over $100 million in 2024 on training and firearms education. However, estimates suggest its maximum spending on legal defense coverage that year ranged between $31 million and $47 million. USCCA disputes this estimate, though it has not disclosed the exact figure. The company and its affiliated insurance provider are majority-owned by USCCA’s founder and his ex-wife.

Notable Cases

A recent Wall Street Journal article reported several incidents involving self-defense insurance claims:

  • Joshua Huston, a Florida homeowner, used a firearm against an alleged intruder on his property. Initially advised to accept a plea deal by a lawyer recommended through his USCCA membership, Huston later retained outside counsel. The charges were ultimately dismissed under Florida's stand-your-ground law. USCCA’s insurer later settled a related civil lawsuit on undisclosed terms.
  • David Edmondson, a business owner from California, used a firearm during a confrontation with a man who allegedly attempted to break into his van while he was sleeping inside. A U.S. Law Shield-appointed attorney represented Edmondson, and no charges were filed in the case.
  • Kayla Jean Giles Coutee, a Louisiana resident, purchased a firearm and a USCCA policy shortly before fatally shooting her estranged husband during a child custody exchange. USCCA initially paid a legal retainer but later denied further coverage, stating the incident did not qualify as self-defense. Giles Coutee was convicted of second-degree murder and is currently serving a life sentence; her case is under appeal.

Industry Outlook

While self-defense insurance remains controversial in some legal and political circles, membership continues to grow. Providers have focused on education, training, and legal support as part of their services. The industry remains loosely regulated, and classifications of these products vary by state.

Get the latest insurance market updates and discover exclusive program opportunities at ProgramBusiness.com
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May 13, 2025

NOAA Retires Billion-Dollar Disaster Database: What It Means for Insurers

The insurance industry is losing access to a long-standing tool for gauging the economic toll of extreme weather events. The National Oceanic and Atmospheric Administration (NOAA) has announced it will no longer update its Billion-Dollar Weather and Climate Disasters database, a move that comes amid broader federal budget cuts to climate initiatives.

A Trusted Resource Comes to a Close

Since its inception in 1980, NOAA’s Billion-Dollar Disasters database has documented 403 events that each caused at least $1 billion in economic damage. The tool has become a trusted benchmark not only for policymakers and the public but also for insurers tracking the scale and frequency of catastrophic weather events.

NOAA’s announcement, made quietly on May 8 via a “notice of change” on its website, cited “evolving priorities, statutory mandates, and staffing changes” as reasons for the discontinuation. Although the data will remain archived and accessible online, it will no longer be updated going forward.

The Role of the Database in the Insurance Sector

Mark Friedlander of the Insurance Information Institute emphasized that while NOAA’s data is valuable, the property and casualty (P&C) insurance industry has independent mechanisms for tracking covered losses. Importantly, NOAA’s database includes total economic losses, not just insured losses, providing a broader perspective on the financial burden of disasters.

Even without NOAA’s updates, Friedlander reassured stakeholders that this change will not affect the availability of property insurance or how storm claims are processed. “Insurers will continue to act as financial first responders,” he said, highlighting the industry’s role in disaster recovery efforts.

A Sign of Broader Climate Funding Cuts

NOAA’s decision is part of a larger trend of reduced federal support for climate-related programs. The White House’s April budget proposal included a plan to remove an entire wing of NOAA, slashing the agency’s funding by nearly $1.7 billion, or 27%. On the same day as the database announcement, FEMA’s acting director, Cameron Hamilton, was ousted after opposing similar cuts and defending the agency’s preparedness efforts for the upcoming hurricane season.

What Happens Next?

The loss of regular updates from NOAA’s disaster database leaves a gap in a widely cited, government-backed source of economic data on climate catastrophes. While the insurance industry has its own data sources, NOAA’s reports helped contextualize total losses, offering insight into the scale of damage beyond just the insured segment.

This development may prompt insurers, reinsurers, and risk analysts to rely more heavily on private and proprietary data platforms. It could also renew calls for public-private collaboration to ensure transparency and consistency in climate risk modeling, especially as extreme weather events grow more frequent and costly.

Stay informed and ahead of the curve — explore more industry insights and program opportunities at ProgramBusiness.com.
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May 13, 2025

Global Banking Standards Shift Toward Climate Risk Awareness

Global banking regulators are stepping up efforts to deepen their understanding of climate-related financial risks, with renewed attention to the implications of extreme weather events on financial stability. This comes as part of a broader debate among global policymakers regarding how climate change should intersect with central banking and financial regulation.

A Renewed Priority from the Basel Committee

On Monday, the oversight body of the Basel Committee on Banking Supervision — an influential international forum for banking regulators — met to review progress on climate-related risk initiatives. According to a statement from the Bank for International Settlements, the group agreed to prioritize efforts that examine how extreme weather events could impact financial institutions and broader markets.

As part of this initiative, the committee announced plans to release a voluntary disclosure framework on climate-related financial risks. While the Basel Committee does not have formal regulatory authority, its guidelines are widely adopted and have a significant impact on national banking regulations worldwide.

Diverging Regulatory Approaches

The move reflects growing momentum in some parts of the world to integrate climate change into financial oversight. European regulators, in particular, have taken an assertive stance. The European Central Bank has made climate risk management a core supervisory priority, and national regulators across the EU continue to expand their oversight in this area.

In contrast, the U.S.'s new administration has shown increasing reluctance to embed climate considerations into financial regulation. The U.S. Federal Reserve has conducted preliminary analysis on climate risks but maintains a limited scope for its involvement. Federal Reserve Chair Jerome Powell has reiterated that the Fed’s mandate restricts it from playing a central role in environmental policymaking.

Recent developments underscore this divergence. In January, the Federal Reserve withdrew from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) — an international body dedicated to addressing climate-related financial risks. The U.S. Treasury Department’s Office of the Comptroller of the Currency followed suit in March by stepping back from a joint climate risk framework, citing concerns over regulatory burdens and overlap.

Ongoing Debate and Policy Implications

The differing approaches between U.S. and European regulators reflect a broader transatlantic divide on environmental, social, and governance (ESG) priorities. In the U.S., political resistance to ESG-related policies has grown — with debates encompassing topics from fossil fuel regulation to corporate diversity initiatives.

Despite this pushback, analysts suggest that the Basel Committee's initiatives will continue to influence global standards. The committee's work is more closely aligned with European and British regulatory models — where climate risk is increasingly being woven into supervisory expectations for banks and insurers alike.

Implications for the Insurance Industry

For the insurance sector, the intensified global focus on climate risk presents both challenges and opportunities. Insurers are already on the front lines of managing the financial consequences of extreme weather events. As global regulators push for greater climate risk transparency and scenario analysis, insurers may need to expand their risk modeling capabilities and reevaluate underwriting practices.

The ongoing policy divergence also means insurers operating across jurisdictions will need to navigate a complex regulatory environment, balancing different disclosure expectations and risk assessment frameworks.

As the Basel Committee advances its work, the insurance industry will be watching closely to assess how future standards may shape long-term strategies for climate resilience, regulatory compliance, and capital planning.

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