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Archive: March 2023

AM Best Downgrades Credit Ratings of Topa in California
Insurance Journal | March 20, 2023
AM Best Downgrades Credit Ratings of Topa in California
AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “bbb+ (Good) from “a-” (Excellent) of Topa Insurance Co. in Calabasas, California, and its subsidiary, Dorchester Insurance Company Ltd. …
Moseley Law Firm, Mitchell Adjusting Under More Legal Troubles
Insurance Journal | March 20, 2023
Moseley Law Firm, Mitchell Adjusting Under More Legal Troubles
A judge in Louisiana and a prosecutor in Texas have taken action to block two separate insurance fraud schemes: One by a law firm whose lawyers admitted filing claims on behalf of homeowners it did not represent and another by …
Reliance Acquires Assets of Truck Team Insurance in Utah
Insurance Journal | March 20, 2023
Reliance Acquires Assets of Truck Team Insurance in Utah
Reliance Partners acquired the assets of Truck Team Insurance in Salt Lake City, Utah. Truck Team Insurance Owner Brent Tate will also join Reliance Partners’ team as vice president of sales. He has more than 20 years of commercial insurance …
NSM Insurance Adds 3 Medical Stop Loss, Managed Care Specialty Firms
Insurance Journal | March 20, 2023
NSM Insurance Adds 3 Medical Stop Loss, Managed Care Specialty Firms
Pennsylvania-based insurance program specialist NSM Insurance Group has completed its acquisition of three businesses that specialize in the field of medical stop loss insurance and managed care insurance. The firms are Sequoia Reinsurance Services in Minnesota, and IOA Re’s two …
‘Climate Time Bomb Ticking’, Warns UN Chief, Urging Faster Cuts to Emissions
Insurance Journal | March 20, 2023
‘Climate Time Bomb Ticking’, Warns UN Chief, Urging Faster Cuts to Emissions
U.N. Secretary General Antonio Guterres warned that the “climate time bomb is ticking” as he urged rich nations on Monday to slash emissions sooner after a new assessment from scientists said there was little time to lose in tackling climate …
California Care Home Charged in Connection With COVID Deaths
Insurance Journal | March 20, 2023
California Care Home Charged in Connection With COVID Deaths
A Southern California residential care home company and three of its managers have been charged in connection with 14 COVID-related deaths at one of its facilities three years ago, prosecutors said. The criminal complaint alleges Silverado Senior Living Management failed …
Alabama Jury: Delivery Worker to Get $1.9M After Fall at Dollar General Store
Insurance Journal | March 20, 2023
Alabama Jury: Delivery Worker to Get $1.9M After Fall at Dollar General Store
An Alabama jury has decided that Dollar General stores must pay almost $2 million to a delivery worker who was injured when a ramp collapsed at a store. Driver Jason Agee in 2019 was pushing a rolling cart full of …
Chile Completes $630M Earthquake Insurance Deal With World Bank
Insurance Journal | March 20, 2023
Chile Completes $630M Earthquake Insurance Deal With World Bank
Chile has agreed to an earthquake insurance program with the World Bank protecting it from $630 million worth of damage from strong earthquakes, in an effort to shore up risks to public debt from possible natural disasters. The insurance will …
Kentucky University Agrees to $14M Settlement in Wrestler’s Death
Insurance Journal | March 20, 2023
Kentucky University Agrees to $14M Settlement in Wrestler’s Death
A Kentucky university has agreed to a settlement of more than $14 million over the death of a student wrestler hours after practice, the school announced. The settlement over the death of junior Grant Brace, 20, of Louisville, Tennessee, includes …
Credit Suisse Rescue Fails to Quell Contagion Fears as Banking Stocks Plummet
Insurance Journal | March 20, 2023
Credit Suisse Rescue Fails to Quell Contagion Fears as Banking Stocks Plummet
Banking stocks and bonds plummeted on Monday as the hit to investors from UBS Group’s state-backed takeover of Credit Suisse fanned concerns about the health of the global banking sector. UBS shares fell by as much as 16% in early …