USG Insurance Services, Inc., a national wholesaler and MGA, is pleased to announce the hire of Greg Howard, CPCU, ARM, Producer/Broker: Commercial Lines, in the Houston, TX branch. Howard brings 30 years of industry experience to the USG team, most recently from Burns & Wilcox. As Producer/Broker at USG, Greg will expand his industry relationships… Continue reading USG Announces Hire of Howard in Houston, TX
Author: Farkas Laura
Aon & WTW Follow Marsh’s Lead and Sever All Ties with Russia
In response to Russia’s invasion of Ukraine, brokerage behemoths Aon and WTW have both announced plans to withdraw all of their operations from the country. Following Marsh McLennan’s lead last week, the world’s three largest insurance brokers have all severed ties with Russia. Insurers such as Generali have also left the country following its widely… Continue reading Aon & WTW Follow Marsh’s Lead and Sever All Ties with Russia
Putin’s Threat to Hold Planes Hostage Leaves Lloyd’s of London Facing Billions in Losses
If Vladimir Putin follows through on his threat to seize foreign-owned planes, Lloyd’s of London insurers could face losses of up to $10 billion. On Thursday, Russia published a draft law that would allow it to hold approximately 500 foreign-owned aircraft hostage. Western sanctions against the Kremlin have given leasing companies, many of which are… Continue reading Putin’s Threat to Hold Planes Hostage Leaves Lloyd’s of London Facing Billions in Losses
Swiss Re Halts New Business, Renewals with Russia and Belarus
Swiss Re announced on Monday that it would not be accepting new business from Russian or Belarussian clients, and that it would not be renewing existing business with Russian clients. The reinsurer said in an email that it was reviewing its current business relationships in Russia and Belarus. Swiss Re is the latest in a… Continue reading Swiss Re Halts New Business, Renewals with Russia and Belarus
Commissioner Lara Approves Higher Commercial Coverage Limits Offered by California FAIR Plan
Insurance Commissioner Ricardo Lara approved increases in the limits of coverage to the California FAIR Plan Association’s (FAIR Plan) commercial programs that are offered to businesses, no later than May 1, 2022. This action by Commissioner Lara allows those businesses unable to secure insurance coverage in the normal insurance market with access to insurance they… Continue reading Commissioner Lara Approves Higher Commercial Coverage Limits Offered by California FAIR Plan
Berkshire Rejects Shareholder Call to Replace Warren Buffett as Chairman
Berkshire Hathaway Inc on Friday urged the rejection of four shareholder proposals recommending that it replace Warren Buffett as chairman, report on its plans to handle climate risk and reduce greenhouse gases and improve diversity. The company, run by Buffett since 1965, also said the 91-year-old received $373,204 in compensation for 2021, down from $380,328… Continue reading Berkshire Rejects Shareholder Call to Replace Warren Buffett as Chairman
John Perry Joins Alliant’s Employee Benefits Group in Portland, Maine
Alliant has hired employee benefits veteran John Perry as Vice President within its Employee Benefits Group. The Portland, Maine-based benefits consultant will design tailored employee benefits solutions that enhance organizational efficiencies and bolster the bottom line. “John has extensive expertise creating highly strategic solutions that help clients meet their business objectives and evolve with changing… Continue reading John Perry Joins Alliant’s Employee Benefits Group in Portland, Maine
Boy Scouts Secure More Abuse Survivors for $2.7 Billion Bankruptcy Settlement
An additional 9,000 people who claim they were sexually abused while in the Boy Scouts of America voted in favor of a $2.7 billion compensation plan, bringing it to nearly 86 percent of all ballots cast ahead of a bankruptcy-court trial next week. The additional votes among the approximately 82,200 people who have filed sexual-abuse… Continue reading Boy Scouts Secure More Abuse Survivors for $2.7 Billion Bankruptcy Settlement
Many Condo Owners – and FL Legislature – Can’t Agree on Funding Reserves for Repairs
In the end, legislators couldn’t face the prospect of forcing thousands of condominium owners across Florida to be subjected to massive fees for repairs of their aging buildings. A late-session amendment to a condo reform bill by the Senate on Thursday included strict new inspections of aging condominium buildings but removed the requirements for condominiums… Continue reading Many Condo Owners – and FL Legislature – Can’t Agree on Funding Reserves for Repairs
Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims
State Farm said Thursday that metal thieves in search of platinum, rhodium and palladium are stealing catalytic converters in ever-greater numbers, sending auto-insurance claims soaring across the U.S. Last year, State Farm paid $62.6 million for 32,265 catalytic converter theft claims nationally — a 1,173% increase from 2019. “It’s the metals in general that are… Continue reading Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims