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Archive: October 2023

Universal Ready to Add Florida Policies Again, Contemplates Potential Rate Cuts
Insurance Journal | October 30, 2023
Universal Ready to Add Florida Policies Again, Contemplates Potential Rate Cuts
Universal Insurance Holdings, after discontinuing more than 160,000 policies over the last two years, now sounds like it’s ready to start growing again in its home state of Florida. “As we move forward, we’re more confident in the Florida market, …
NFP Buys UK-Based Resolute Insurance Services
Insurance Journal | October 27, 2023
NFP Buys UK-Based Resolute Insurance Services
NFP, a New York City-based property/casualty broker, announced it has acquired Resolute Insurance Services, an independent insurance broker based in the West Midlands. Financial details of the deal were not disclosed. NFP said the acquisition expands its commercial insurance product …
Bankman-Fried Acknowledges ‘Mistakes’ But Testifies He Did Not Defraud Anyone
Insurance Journal | October 27, 2023
Bankman-Fried Acknowledges ‘Mistakes’ But Testifies He Did Not Defraud Anyone
Sam Bankman-Fried, testifying in his own defense at his fraud trial on Friday, acknowledged that a “lot of people got hurt” when the FTX cryptocurrency exchange he founded collapsed, but said he did not defraud anyone or take customer funds. …
Re/insurer SiriusPoint and MGA Banyan Risk Extend Capacity Relationship
Insurance Journal | October 27, 2023
Re/insurer SiriusPoint and MGA Banyan Risk Extend Capacity Relationship
SiriusPoint Ltd., the specialty insurer and reinsurer, and managing general agent Banyan Risk Ltd. announced an extension of their capacity partnership. The deal extends for three years the Bermuda-based companies’ existing commercial relationship. At the same time, it concludes the …
The Hartford Q3 Income Jumps 93% on Commercial Lines Results
Insurance Journal | October 27, 2023
The Hartford Q3 Income Jumps 93% on Commercial Lines Results
The Hartford reported a 93% increase in third quarter net income to $645 million driven by results in its commercial lines segment. The Hartford, Connecticut-based insurer said third quarter net income in commercial lines grew more than 80% to $519 …
Communities Can’t Recycle or Trash E-Cigarettes. So What Happens to Them?
Insurance Journal | October 20, 2023
Communities Can’t Recycle or Trash E-Cigarettes. So What Happens to Them?
With the growing popularity of disposable e-cigarettes, communities across the U.S. are confronting a new vaping problem: how to safely get rid of millions of small, battery-powered devices that are considered hazardous waste. For years, the debate surrounding vaping largely …
Oklahoma Captive Program Reports 25% Net Gain of Captive Insurers in 2023
Insurance Journal | October 20, 2023
Oklahoma Captive Program Reports 25% Net Gain of Captive Insurers in 2023
The Oklahoma Insurance Department’s Captive Insurance Division reported a 25% net gain in captive insurers for 2023. As of September 30, the state has licensed 11 new captive insurers for the year. There are 55 actively licensed captive insurers, along …
TWIA Board to Hold Interim Meeting to Discuss 2024 Budget
Insurance Journal | October 20, 2023
TWIA Board to Hold Interim Meeting to Discuss 2024 Budget
The Texas Windstorm Insurance Association (TWIA) Board of Directors will hold an interim meeting on Tuesday, October 31 at 10:00 a.m. CT to review preliminary information about the Association’s 2024 budget. TWIA staff will preview the 2024 budget ahead of …
Independent Insurance Agents of Illinois Presents Annual Awards
Insurance Journal | October 20, 2023
Independent Insurance Agents of Illinois Presents Annual Awards
The Independent Insurance Agents of Illinois ((IA of IL) presented awards to top agents and agencies during the association’s annual convention held in Peoria last week. Connor & Gallagher OneSource (CGO) of Lisle was awarded the IIA of IL Agency …
Computer Systems for Almost All Kansas Courts Offline Due to Security Incident
Insurance Journal | October 20, 2023
Computer Systems for Almost All Kansas Courts Offline Due to Security Incident
TOPEKA, Kan. (AP) – Computer systems for almost all of Kansas` courts have been offline for five days because of what officials call a “security incident,” preventing them from accepting electronic filings and blocking public access to many of their …