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Archive: March 2023

How a Labor Supplier and Insurance Broker Scammed to Evade Workers’ Compensation
Insurance Journal | March 30, 2023
How a Labor Supplier and Insurance Broker Scammed to Evade Workers’ Compensation
An unlicensed labor broker for the construction industry has pleaded guilty plea to participating in a fraud scheme in order to evade more than $1 million in workers’ compensation premiums. According to Manhattan prosecutors, Salvador Almonte, Jr. underreported the size …
Near $27B Underwriting Loss in 2022 Largest for U.S. P/C Insurers Since 2011
Insurance Journal | March 30, 2023
Near $27B Underwriting Loss in 2022 Largest for U.S. P/C Insurers Since 2011
Key financial results for private U.S. property/casualty insurers significantly worsened in 2022 from a year earlier, according to preliminary results from global analytics provider Verisk and the American Property Casualty Insurance Association (APCIA). The industry recorded a net underwriting loss …
Lloyd’s Lab Selects 13 Insurtechs for Its Next Innovation Accelerator
Insurance Journal | March 30, 2023
Lloyd’s Lab Selects 13 Insurtechs for Its Next Innovation Accelerator
The Lloyd’s marketplace announced it has invited 13 insurtechs to join the next cohort of its innovation accelerator, the Lloyd’s Lab, following a competitive pitch process where the firms presented innovative insurance solutions for the market. Lloyd’s Lab received more …
California Commissioner and FAIR Plan Agree to up Commercial Coverage to $20M
Insurance Journal | March 30, 2023
California Commissioner and FAIR Plan Agree to up Commercial Coverage to $20M
California Insurance Commissioner Ricardo Lara and the California FAIR Plan Association agreed to more than double its existing commercial coverage limits to $20 million for businesses unable to find coverage in the normal insurance marketplace. Lara and the FAIR Plan …
Apex Risk & Insurance Services Launches in California
Insurance Journal | March 30, 2023
Apex Risk & Insurance Services Launches in California
Apex Risk & Insurance Services launched in the San Diego, California area. CEO Peter Katkov, a seasoned insurance professional with more 15 years in the industry, founded Apex Risk & Insurance. Apex specializes in personal and commercial property/casualty insurance. The …
Vista Equity Partners Completes $2.6B Buy of Duck Creek Technologies
Insurance Journal | March 30, 2023
Vista Equity Partners Completes $2.6B Buy of Duck Creek Technologies
Duck Creek Technologies on March 30 announced the completion of its acquisition by Vista Equity Partners in an all-cash transaction valued at approximately $2.6 billion, or $19 per share. “We are excited to commence our partnership with Vista Equity Partners …
Russia Still Uses Western Insurance for Half of Tanker Fleet That Exports Its Oil
Insurance Journal | March 30, 2023
Russia Still Uses Western Insurance for Half of Tanker Fleet That Exports Its Oil
Russia still relies on Western insurers to cover more than half of the tanker fleet that exports its oil, according to data compiled by Bloomberg, and the country’s energy officials are voicing concerns about the situation. The Group of Seven …
Nashville School Shooting Spotlights Security at Private Schools
Insurance Journal | March 30, 2023
Nashville School Shooting Spotlights Security at Private Schools
An alarm blared and lights flashed as a heavily armed assailant stalked the hallways of The Covenant School. Surveillance footage of the shooting Monday at the private Christian school in Nashville showed many familiar security measures, including the double set …
Delaware Waits to See If Governor Will Veto Marijuana Bills Passed by Lawmakers
Insurance Journal | March 30, 2023
Delaware Waits to See If Governor Will Veto Marijuana Bills Passed by Lawmakers
The Delaware Senate gave final approval Tuesday to bills legalizing recreational marijuana use by adults in the state and authorizing the establishment of a state-licensed and regulated cannabis industry, setting up a potential battle with Democratic Gov. John Carney. The …
Crews in Kentucky Work to Recover Loose Methanol, Other Barges on Ohio River
Insurance Journal | March 30, 2023
Crews in Kentucky Work to Recover Loose Methanol, Other Barges on Ohio River
Crews were working Wednesday to remove three remaining barges that got loose on the Ohio River, including one carrying methanol. A total of 10 barges got loose early Tuesday on the river near Louisville, the Kentucky Energy and Environment Cabinet …