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Archive: September 2023

AXIS and Stone Point Credit Launch Monarch Point Re, Raising Over $400M of Capital
Insurance Journal | September 29, 2023
AXIS and Stone Point Credit Launch Monarch Point Re, Raising Over $400M of Capital
AXIS Capital Holdings Ltd., together with its direct and indirect subsidiaries and branches, announced that it has partnered with Stone Point Credit Adviser LLC to launch Monarch Point Re, a newly created collateralized reinsurer. The launch was accompanied by a …
Texas Comptroller: State Revenue Driven by Increasing Insurance Premiums
Insurance Journal | September 29, 2023
Texas Comptroller: State Revenue Driven by Increasing Insurance Premiums
When Texas lawmakers meet next month for a special session on funding public education, they will have more money available to them to spend than they anticipated when they passed the state’s $321.3 billion budget earlier this year, Texas Comptroller …
Keystone Adds Oklahoma’s Ascent to Growing Agency Network
Insurance Journal | September 29, 2023
Keystone Adds Oklahoma’s Ascent to Growing Agency Network
Keystone, the participant-owned insurance agency network, has added Ascent Insurance Group (formerly LBV Insurance) based in Edmond, Oklahoma to its growing network of agencies. Ascent is a boutique style commercial lines insurance brokerage specializing in workers’ compensation and commercial insurance. …
Invasive Spotted Lanternflies Found in Illinois, Threatening Crops and Native Tree
Insurance Journal | September 29, 2023
Invasive Spotted Lanternflies Found in Illinois, Threatening Crops and Native Tree
SPRINGFIELD, Ill. (AP) – Illinois is the latest state to find invasive spotted lanternflies, a winged insect that`s spreading across the eastern U.S. and is subject to squish-on-sight requests in New York and elsewhere. First detected in the U.S. nearly …
Ohio Trucking Company Faces Lawsuit for Harassing and Terminating Gay Mechanics, EEOC Alleges
Insurance Journal | September 20, 2023
Ohio Trucking Company Faces Lawsuit for Harassing and Terminating Gay Mechanics, EEOC Alleges
An Ohio trucking company violated federal law by subjecting two gay mechanics to harassment and termination because of their sexual orientation and retaliated against them for opposing or complaining about the harassment, the U.S. Equal Employment Opportunity Commission (EEOC) charged …
People Moves: Alliant Hires Montgomery as VP, Employee Benefits Group
Insurance Journal | September 20, 2023
People Moves: Alliant Hires Montgomery as VP, Employee Benefits Group
Alliant Insurance Services Hires Montgomery as VP, Employee Benefits Group Brian Montgomery has joined Alliant Insurance Services as vice president within its employee benefits group in Houston, Texas. Montgomery joins Alliant, based in Irvine, Calif., with over a decade of …
Texas Universities Grapple with Implementation of Controversial DEI Ban
Insurance Journal | September 20, 2023
Texas Universities Grapple with Implementation of Controversial DEI Ban
The Texas A&M University System issued staff guidance earlier this month on how to comply with the state’s ban on diversity, equity and inclusion initiatives, providing a first glimpse into how Texas universities are navigating the thorny implementation of the …
Markets/Coverages: Specialty MGA Nirvana Launches European W&I Binder
Insurance Journal | September 20, 2023
Markets/Coverages: Specialty MGA Nirvana Launches European W&I Binder
Nirvana, the London-based media, tech and cyber managing general agent (MGA), has launched its new European SME Warranty and Indemnity (W&I) binder. The team has a total available line size of €20 million ($21.4 million), in partnership with a handful …
US Authorities Scrutinize if Credit Suisse Misled Investors Before UBS Rescue: Filing
Insurance Journal | September 20, 2023
US Authorities Scrutinize if Credit Suisse Misled Investors Before UBS Rescue: Filing
U.S. authorities are seeking evidence from Credit Suisse to assess whether the bank misled investors about its financial health as it teetered towards a state-backed rescue by UBS six months ago. Credit Suisse “has received requests for documents and information” …
Private Prison Firm Pays Mississippi $5 Million After Audit Found Understaffing Issues
Insurance Journal | September 20, 2023
Private Prison Firm Pays Mississippi $5 Million After Audit Found Understaffing Issues
JACKSON, Miss. (AP) — A Utah-based private prison company has returned $5.1 million to the Mississippi Department of Corrections after an investigation found it failed to provide enough workers at one of the prisons it was operating, state Auditor Shad …