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Archive: April 2023

Q1 Commercial P/C Rates Hold Steady, Up 5%: MarketScout
Insurance Journal | April 10, 2023
Q1 Commercial P/C Rates Hold Steady, Up 5%: MarketScout
In a “deliberate and modest fashion,” the composite rate for commercial property and casualty lines increases 5% during the first quarter 2023, according to MarketScout. The Dallas-based distribution and underwriting company’s Market Barometer showed cyber lead the way with a …
Washington Shutters Pot Businesses Due to Old Pesticide
Insurance Journal | April 10, 2023
Washington Shutters Pot Businesses Due to Old Pesticide
Cannabis regulators have halted operations at several outdoor pot farms and processing facilities on a stretch of former fruit orchards in north- central Washington state after testing found high levels of chemicals related to a dangerous pesticide used decades ago. …
Judge Cancels Montana Gas Plant Permit Over Climate Impacts
Insurance Journal | April 10, 2023
Judge Cancels Montana Gas Plant Permit Over Climate Impacts
A judge canceled the air quality permit for a natural gas power plant that’s under construction along the Yellowstone River in Montana citing worries over climate change. State District Judge Michael Moses ruled that Montana officials failed to adequately consider …
Russia Threatens to Bypass UN-Brokered Grain Deal, Cites Insurance as Barrier
Insurance Journal | April 10, 2023
Russia Threatens to Bypass UN-Brokered Grain Deal, Cites Insurance as Barrier
Russia on Friday threatened to bypass the UN-brokered grain deal unless obstacles to its agricultural exports were removed, while talks in Turkey agreed removing barriers was a necessary condition to extending the agreement beyond next month. The Black Sea grain …
Tornado Damages Homes in Louisville, Kentucky
Insurance Journal | April 10, 2023
Tornado Damages Homes in Louisville, Kentucky
The National Weather Service said it was surveying damage from an EF-1 tornado that touched down in Kentucky. The weather service said preliminary information indicated the tornado swept through the Newburg neighborhood of Louisville with maximum winds of 90 mph …
Four Dead in Plane Crash off Florida’s Gulf Coast
Insurance Journal | April 10, 2023
Four Dead in Plane Crash off Florida’s Gulf Coast
The bodies of two men and two women have been recovered following a small plane crash just off Florida’s Gulf Coast, police said Thursday. The plane had just taken off from Venice Airport when it crashed into the Gulf of …
NC Senate Approves Bill Giving Lawmakers, Insurance Commissioner More Appointments to Boards
Insurance Journal | April 10, 2023
NC Senate Approves Bill Giving Lawmakers, Insurance Commissioner More Appointments to Boards
The North Carolina General Assembly would get to choose more members of several powerful state commissions, including the Utilities Commission, an economic investment committee, and environmental and health boards, under legislation approved by the Republican-controlled Senate on Thursday. The elected …
Russia’s GAZ Group Files $348M Suit Against Volkswagen
Insurance Journal | April 10, 2023
Russia’s GAZ Group Files $348M Suit Against Volkswagen
The Gorky Automobile Plant, part of Russia’s GAZ Group which was contracted to assemble cars for Volkswagen, has filed a lawsuit to recover 28.4 billion roubles ($348 million) from the German automaker, court records show. The lawsuit, details of which …
Lead Paint Testing Firm Executives Accused of Marketing Faulty Devices
Insurance Journal | April 10, 2023
Lead Paint Testing Firm Executives Accused of Marketing Faulty Devices
Three former executives of a company that makes machines that test lead levels in humans deliberately concealed a problem with the devices that produced falsely low results for tens of thousands of children, federal prosecutors in Boston said last week. …
AM Best Places Ratings of R&Q and Subsidiaries Under Review with Negative Implications
Insurance Journal | April 10, 2023
AM Best Places Ratings of R&Q and Subsidiaries Under Review with Negative Implications
AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of R&Q Insurance Holdings’ three wholly owned program management subsidiaries: Accredited Surety and Casualty Co. …