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Category: Insurance Journal

North Dakota Contractor Fined $505K After Failing 3 Inspections
Insurance Journal | March 30, 2023
North Dakota Contractor Fined $505K After Failing 3 Inspections
Twice in 2022, the owner of a Mandan, North Dakota excavation company sat behind the controls of an excavator, supervising employees below as they installed municipal water lines in trenches as deep as 10 feet without protection against deadly collapses, …
Arkansas Lawmakers Revamp Bathroom Bill Condemned as Too Extreme
Insurance Journal | March 30, 2023
Arkansas Lawmakers Revamp Bathroom Bill Condemned as Too Extreme
LITTLE ROCK, Ark. (AP) – An Arkansas bathroom bill that went further than a 2016 North Carolina law that was repealed after widespread boycotts was revamped Tuesday following complaints from members of the transgender community and their families that it …
Michigan Becomes First State in Decades to Repeal ‘Right-to-Work’ Law
Insurance Journal | March 30, 2023
Michigan Becomes First State in Decades to Repeal ‘Right-to-Work’ Law
Michigan, long known as a mainstay of organized labor, on Friday became the first state in decades to repeal a union-restricting law known as “right-to-work” that was passed over a decade ago by a Republican-controlled Legislature. The state’s “right-to-work” law …
People Moves: Everest Insurance Names Kendrick as Non-Exec Chair of European Board of Directors; OONA Insurance Appoints Marsh’s Zandueta as President, CEO
Insurance Journal | March 30, 2023
People Moves: Everest Insurance Names Kendrick as Non-Exec Chair of European Board of Directors; OONA Insurance Appoints Marsh’s Zandueta as President, CEO
This edition of International People Moves details appointments at Everest Insurance and OONA Insurance (formerly Mapfre Insurance). A summary of these new hires follows here. Everest Insurance Names Chubb’s Kendrick Chairman of European Board of Directors Everest Insurance, the insurance …
How a Labor Supplier and Insurance Broker Scammed to Evade Workers’ Compensation
Insurance Journal | March 30, 2023
How a Labor Supplier and Insurance Broker Scammed to Evade Workers’ Compensation
An unlicensed labor broker for the construction industry has pleaded guilty plea to participating in a fraud scheme in order to evade more than $1 million in workers’ compensation premiums. According to Manhattan prosecutors, Salvador Almonte, Jr. underreported the size …
Near $27B Underwriting Loss in 2022 Largest for U.S. P/C Insurers Since 2011
Insurance Journal | March 30, 2023
Near $27B Underwriting Loss in 2022 Largest for U.S. P/C Insurers Since 2011
Key financial results for private U.S. property/casualty insurers significantly worsened in 2022 from a year earlier, according to preliminary results from global analytics provider Verisk and the American Property Casualty Insurance Association (APCIA). The industry recorded a net underwriting loss …
Lloyd’s Lab Selects 13 Insurtechs for Its Next Innovation Accelerator
Insurance Journal | March 30, 2023
Lloyd’s Lab Selects 13 Insurtechs for Its Next Innovation Accelerator
The Lloyd’s marketplace announced it has invited 13 insurtechs to join the next cohort of its innovation accelerator, the Lloyd’s Lab, following a competitive pitch process where the firms presented innovative insurance solutions for the market. Lloyd’s Lab received more …
California Commissioner and FAIR Plan Agree to up Commercial Coverage to $20M
Insurance Journal | March 30, 2023
California Commissioner and FAIR Plan Agree to up Commercial Coverage to $20M
California Insurance Commissioner Ricardo Lara and the California FAIR Plan Association agreed to more than double its existing commercial coverage limits to $20 million for businesses unable to find coverage in the normal insurance marketplace. Lara and the FAIR Plan …
Apex Risk & Insurance Services Launches in California
Insurance Journal | March 30, 2023
Apex Risk & Insurance Services Launches in California
Apex Risk & Insurance Services launched in the San Diego, California area. CEO Peter Katkov, a seasoned insurance professional with more 15 years in the industry, founded Apex Risk & Insurance. Apex specializes in personal and commercial property/casualty insurance. The …
Vista Equity Partners Completes $2.6B Buy of Duck Creek Technologies
Insurance Journal | March 30, 2023
Vista Equity Partners Completes $2.6B Buy of Duck Creek Technologies
Duck Creek Technologies on March 30 announced the completion of its acquisition by Vista Equity Partners in an all-cash transaction valued at approximately $2.6 billion, or $19 per share. “We are excited to commence our partnership with Vista Equity Partners …