A group of insurance companies filed a subrogation lawsuit against Norfolk Southern seeking to recoup on claims paid to cover damages from the February 2023 train derailment and subsequent release of toxic chemicals in East Palestine, Ohio, according to documents filed at the U.S. District Court for the Northern District of Ohio.
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Ryan Specialty to Implement Leadership Succession Plan in October 2024
Under the plan, Patrick G. Ryan, the Company’s Founder, Chairman, and Chief Executive Officer, will transition to the role of Executive Chairman, and Timothy W. Turner, President of Ryan Specialty and Chairman and CEO of Ryan Turner Specialty (“RT Specialty”), will become Chief Executive Officer.
‘Extremely Dangerous’ Hurricane Beryl Takes Aim at Caribbean
Hurricane Beryl, described by forecasters as “extremely dangerous,” is set to cause massive damage across the Caribbean’s Windward Islands on Monday.
Insurance Carriers Warn Standardizing Cyber Policies Could Limit Future Coverage
Insurers told a congressional hearing Thursday that they need the flexibility to determine what they will and won’t cover under cyber policies, saying they are still trying to understand the risks associated with cyberattacks.
Florida Property Rates Slow Dramatically Following Legal System Reforms
Researchers at the Insurance Information Institute (Triple-I) have determined that home insurance premiums in Florida rose at a much lower rate than originally projected in 2022 (41% less) and 2023 (80% less).
Vertafore: The State of Independent Agencies in 2024
This year, Vertafore heard from nearly 2,000 individuals working at independent agencies. This diverse pool of insurance professionals shared insights into their day-to-day experience working in the industry, the impacts of the unprecedented hard market, and how they leverage technology to serve their clients.
Uber, Lyft Agree to Boost Wages, Shell Out $175M to Settle MA Lawsuit
Uber and Lyft reached a $175 million settlement with Massachusetts Attorney General Andrea Campbell’s office to resolve a multi-year lawsuit that targeted the classification status of drivers working for the two companies, according to a statement released Thursday afternoon.
Supreme Court Curbs SEC’s In-House Judges in Fraud Cases
The US Supreme Court curbed the Securities and Exchange Commission’s ability to press complaints before in-house judges, saying defendants have a constitutional right to make their case to a federal jury when the agency is seeking financial penalties.
Jury Orders NFL to Pay Nearly $4.8B in ‘Sunday Ticket’ Case for Violating Antitrust Laws
A jury in U.S. District Court ordered the NFL to pay nearly $4.8 billion in damages Thursday after ruling that the league violated antitrust laws in distributing out-of-market Sunday afternoon games on a premium subscription service.
Big “I” 2024 Market Share Report: Independent Agency Channel Places 62.2% of All P&C Insurance
Based on 2023 data, this year’s report found that the independent agency channel places 62.2% of all p&c insurance written in the U.S., demonstrating the channel’s resilience amid the challenges posed by the hard market.