State Farm Fire and Casualty Co., a subsidiary of State Farm Insurance, has agreed to pay the federal government $100 million in restitution for its alleged failure to handle flood insurance claims following Hurricane Katrina. The settlement brings to an end a legal process that began more than 16 years ago, when two whistleblowers filed… Continue reading State Farm Subsidiary to Pay $100M for False Katrina Claims
Author: Farkas Laura
Distinguished Programs Expands Coastal Builder’s Risk Coverage to Additional States
Distinguished Programs, a national insurance program manager, today officially announces the expansion of Coastal Builder’s Risk coverage to five additional states – Alabama, Hawaii, Mississippi, Rhode Island and commercial properties only in Texas. The Distinguished Coastal Builder’s Risk Program covers all risks for brand new construction, remodeler’s risk and betterments only projects in select states*.… Continue reading Distinguished Programs Expands Coastal Builder’s Risk Coverage to Additional States
Mental Health Startup Alma Raises $130 Million to Expand Platform for Clinicians
Alma, a mental-health startup that helps therapists manage their practices and contract with insurers, announced a $130 million funding round from investors including private equity firm Thoma Bravo and Cigna Corp.’s venture capital arm. According to a person familiar with the situation who asked not to be identified because they were discussing private information, the… Continue reading Mental Health Startup Alma Raises $130 Million to Expand Platform for Clinicians
Small Business Insurance Customer Satisfaction Bounces Back: JD Power
During the pandemic, a toxic combination of business disruption and economic uncertainty strained the relationship between small businesses and their commercial lines insurers, causing customer satisfaction to fall for the first time in seven years beginning in 2020. That trend has reversed, according to the J.D. Power 2022 U.S. Small Commercial Insurance StudySM, which was… Continue reading Small Business Insurance Customer Satisfaction Bounces Back: JD Power
Whistleblower Says Twitter Misled U.S. Regulators on Hackers, Spam
Twitter Inc. misled federal regulators about its defenses against hackers and spam accounts, according to a whistleblower complaint filed by the social media company’s former security chief Peiter Zatko. According to documents relayed by congressional investigators, Zatko, a well-known hacker known as “Mudge,” claimed in an 84-page complaint that Twitter falsely claimed it had a… Continue reading Whistleblower Says Twitter Misled U.S. Regulators on Hackers, Spam
Meta Reaches $37.5M Settlement of Facebook Location Tracking Lawsuit
Meta Platforms Inc settled a $37.5 million lawsuit accusing Facebook’s parent company of violating users’ privacy by tracking their movements through their smartphones without their permission. A preliminary settlement of the proposed class action was filed in federal court in San Francisco on Monday, and it must be approved by a judge. It resolved claims… Continue reading Meta Reaches $37.5M Settlement of Facebook Location Tracking Lawsuit
Eastern KY Residents Sue Coal Companies, Alleging Negligence Made Flood Damage Worse
Nearly 60 residents of the Lost Creek community in Breathitt County are suing coal mining companies which operate nearby, alleging the companies’ negligence contributed to the devastation of historic flooding last month that caused death and the destruction of homes and personal property. The residents are suing Blackhawk Mining and Pine Beach mining companies, alleging… Continue reading Eastern KY Residents Sue Coal Companies, Alleging Negligence Made Flood Damage Worse
Tinubu®’s Surety Solution for Brokers and Agents Utilized by 50% of Annual $7B U.S. Surety Bonds Market
Tinubu® , a provider of technology for the surety and credit insurance industries, announces that its Tinubu Surety Solution for Brokers and Agents platform is now being used by 50 percent of the annual $7 billion surety bond market in the U.S. In February of 2022, the technology company migrated 100 percent of its 5,000… Continue reading Tinubu®’s Surety Solution for Brokers and Agents Utilized by 50% of Annual $7B U.S. Surety Bonds Market
Global Footprint Supports Strong Reinsurance Premium Growth: Gallagher Re
In the first half of 2022, the world’s globally diversified major reinsurance companies saw some of the strongest reinsurance premium growth, with pricing gains for commercial business a key driver of expansion. Gallagher Re, a reinsurance broker, reported that premium growth across the reinsurers it monitors averaged 12% in H1 2022, helped by continued favorable… Continue reading Global Footprint Supports Strong Reinsurance Premium Growth: Gallagher Re
BTIS Announces Partnership with Kamillio on Direct-to-Consumer Insurance Technology
Builders & Tradesmen’s Insurance Services, Inc. (BTIS), an insurance intermediary focused on serving small businesses with end-to-end insurance solutions, is pleased to announce a partnership with Ontario-based insurtech platform Kamillio. The uniquely intelligent Kamillio platform offers a new perspective on the insurance buying system, acting as a storefront that agents can use to deliver a… Continue reading BTIS Announces Partnership with Kamillio on Direct-to-Consumer Insurance Technology