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Four Minnesota Men Indicted in Multi-Million-Dollar Scheme to Transport Stolen Catalytic Converters
Insurance Journal | November 1, 2023
Four Minnesota Men Indicted in Multi-Million-Dollar Scheme to Transport Stolen Catalytic Converters
MINNEAPOLIS (AP) – Federal officials have charged four Minnesota men in a multi- million-dollar scheme to transport stolen catalytic converters to buyers in several states. U.S. Attorney Andrew M. Luger in Minneapolis announced the indictments Tuesday. All four men are …
Patriot Growth Acquires Ohio’s Douce James Agency
Insurance Journal | November 1, 2023
Patriot Growth Acquires Ohio’s Douce James Agency
Patriot Growth Insurance Services, LLC (Patriot), one of the nation’s largest and fastest-growing insurance services firms, expanded its presence in Ohio and Pennsylvania with its partnership with the Douce James Agency. This partnership adds additional property and casualty expertise to …
Missouri Manufacturer Agrees to Settle Discrimination Suit
Insurance Journal | November 1, 2023
Missouri Manufacturer Agrees to Settle Discrimination Suit
Tapco Inc, a manufacturer and molder of farm equipment in Bridgeton, Missouri, agreed to conciliate two federal discrimination charges alleging sexual harassment and constructive discharge with the U.S. Equal Employment Opportunity Commission (EEOC), the agency announced. According to the charges, …
Bank Completes Sale of Eastern Insurance to Gallagher
Insurance Journal | November 1, 2023
Bank Completes Sale of Eastern Insurance to Gallagher
Eastern Bankshares, Inc., the stock holding company for Eastern Bank, has completed the previously disclosed sale of its insurance operations, which conduct business as Eastern Insurance Group, to Arthur J. Gallagher & Co. Under the agreement, Gallagher acquired Eastern Insurance …
UK’s Ardonagh Acquires Commercial Broker for SMEs in Switzerland
Insurance Journal | November 1, 2023
UK’s Ardonagh Acquires Commercial Broker for SMEs in Switzerland
The Ardonagh Group, the London-based independent insurance distribution platform, has agreed to acquire ASSEPRO, the largest independent commercial broker for small and medium-sized enterprises (SMEs) in Switzerland, with operations in Austria and Liechtenstein. Ardonagh will fund the transaction with a …
Whistleblower Says Southern Co. Should Repay $382M for Failed Clean Coal Plant
Insurance Journal | November 1, 2023
Whistleblower Says Southern Co. Should Repay $382M for Failed Clean Coal Plant
(AP) — A former employee is suing to force a Mississippi utility to repay $382 million that the federal government gave to build a failed coal- fueled power plant. Kelli Williams, a former construction manager for Atlanta-based Southern Co., filed …
Insurtech Layr Closes $10M Funding to Expand Reach for Brokerage Platform
Insurance Journal | November 1, 2023
Insurtech Layr Closes $10M Funding to Expand Reach for Brokerage Platform
Layr, an Atlanta-based insurtech that promises to digitize insurance brokerage operations, said it has raised $10 million to expand operations, marketing and functionality. “One of every four dollars in the GDP goes through the insurance industry,” yet the industry is …
RenRe Completes $3.3 Billion Acquisition of Validus Re From AIG
Insurance Journal | November 1, 2023
RenRe Completes $3.3 Billion Acquisition of Validus Re From AIG
RenaissanceRe Holdings Ltd. announced it has concluded its acquisition of Validus Re, the treaty reinsurance business of American International Group. AIG received total consideration of $3.3 billion in cash, including a pre-closing dividend, and approximately $275 million in RenaissanceRe common …
NC Commissioner Fires Top Fire Marshal Officials as Feud with Lawmakers Continues
Insurance Journal | November 1, 2023
NC Commissioner Fires Top Fire Marshal Officials as Feud with Lawmakers Continues
North Carolina Insurance Commissioner Mike Causey appears to have escalated a feud with lawmakers, firing three officials at the state fire marshal’s office after legislation stripped Causey of the marshal’s job. Causey, insurance commissioner since 2017, recently sent a top …
Global Insurance Prices Continue to Stabilize in Q3 as US Cyber Premiums Drop: Marsh
Insurance Journal | November 1, 2023
Global Insurance Prices Continue to Stabilize in Q3 as US Cyber Premiums Drop: Marsh
Global commercial insurance prices increased 3% in the third quarter of 2023, the same as the prior quarter, according to the Global Insurance Market Index released by the insurance broker Marsh, a business of Marsh McLennan. The third quarter marks …