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Viewpoint: Premium Audits Help Insurers Navigate Regulatory Compliance
Insurance Journal | July 10, 2024
Viewpoint: Premium Audits Help Insurers Navigate Regulatory Compliance
Leading carriers and managing general agents (MGAs) are increasingly seeking to assess their premium income via audits to ensure exposures are reported accurately, while tackling potential premium leakage and addressing possible non-compliance with state regulatory and rating bureau guidelines. How …
Marsh McLennan Agency to Acquire The Horton Group
Insurance Journal | July 10, 2024
Marsh McLennan Agency to Acquire The Horton Group
Marsh McLennan Agency said it has a definite agreement to buy Illinois-based brokerage The Horton Group, Inc. Terms were not disclosed. The deal is expected to close during the third quarter 2024. “We have been impressed by the Horton team …
CSU Research Team Increases Atlantic Hurricane Forecast
Insurance Journal | July 10, 2024
CSU Research Team Increases Atlantic Hurricane Forecast
Hurricane Beryl got the respected team of researchers at Colorado State University to rethink its forecast for the Atlantic hurricane season, which has already seen three named storms. CSU’s Department of Atmospheric Science now calls for an “extremely active” total …
Houston Struggles With Beryl’s Blackouts and Searing Heat
Insurance Journal | July 9, 2024
Houston Struggles With Beryl’s Blackouts and Searing Heat
Houston is struggling through Hurricane Beryl’s chaotic aftermath, with blackouts, blocked roads, internet disruptions and spotty access to gas expected to linger well after the storm’s floodwaters recede. More than 1 million homes and businesses are likely to be without …
Southern California Wildfire Has Now Burned Nearly 27,000 Acres
Insurance Journal | July 9, 2024
Southern California Wildfire Has Now Burned Nearly 27,000 Acres
A Southern California wildfire that grew to be the biggest of the year is now at nearly 27,000 acres. The Lake Fire in Santa Barbara County erupted on Friday northeast of Los Olivos. An evacuation order was issued for an …
Michigan DIFS Bulletin Prohibits Discounting Labor Costs for Depreciation
Insurance Journal | July 9, 2024
Michigan DIFS Bulletin Prohibits Discounting Labor Costs for Depreciation
Michigan Department of Insurance and Financial Services (DIFS) Director Anita Fox released a new bulletin explicitly prohibiting insurers from discounting labor costs for depreciation when paying a homeowners insurance claim unless the insured has agreed in advance to the reduction …
Ohio Apartment Building Set to Reopen After Nearby Deadly Gas Explosion
Insurance Journal | July 9, 2024
Ohio Apartment Building Set to Reopen After Nearby Deadly Gas Explosion
A 16-story apartment building in Ohio may reopen early next month, several weeks after it was temporarily shuttered following a deadly natural gas explosion that severely damaged a neighboring building. Youngstown officials had ordered the evacuation of the International Towers …
California Wildfire Outlook: ‘A Challenging Season for Firefighters’
Insurance Journal | July 1, 2024
California Wildfire Outlook: ‘A Challenging Season for Firefighters’
While the historically official start to California’s wildfire season is still a ways off, the best forecast of the what’s ahead may be to look back on the year so far, and so far it’s been far busier for firefighters …
Ohio Company to Pay $23K Over Disability Discrimination Suit
Insurance Journal | July 1, 2024
Ohio Company to Pay $23K Over Disability Discrimination Suit
Pearl Interactive Network, Inc., a Columbus, Ohio-based telecommunications company, resolved a charge of disability discrimination filed with the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency’s Cleveland Field Office announced. During the EEOC’s investigation, the agency found that Pearl …
AM Best Ratings Unchanged for Accredited, Onex’s New Program Management Unit
Insurance Journal | July 1, 2024
AM Best Ratings Unchanged for Accredited, Onex’s New Program Management Unit
AM Best confirms that the financial strength rating and long-term issuer credit ratings of Accredited’s subsidiary companies remain unchanged following their acquisition by Onex Partners from R&Q Insurance Holdings Ltd. — a deal that was completed on June 28. AM …