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Category: Insurance Journal

KCC Completes Review of California Wildfire Model
Insurance Journal | August 1, 2025
KCC Completes Review of California Wildfire Model
The California Department of Insurance completed a review of the KCC US Wildfire Reference Model Version 3.0, making it the state’s second wildfire catastrophe model. The new model for use by insurers in assessing wildfire risk in property insurance ratemaking …
Specialty Program Group Acquires Miami-Based ANOVA Marine Insurance
Insurance Journal | August 1, 2025
Specialty Program Group Acquires Miami-Based ANOVA Marine Insurance
Specialty Program Group, a specialty insurance brokerage and distribution firm headquartered in Chicago, has acquired Florida-based ANOVA Marine Insurance, a managing general agent and Lloyd’s coverholder. ANOVA, in business since 2011, offers automated coverage and global policies for cargo, and …
Radioactive Wasp Nest Found at SC Site Where US Once Made Nuclear Bombs
Insurance Journal | August 1, 2025
Radioactive Wasp Nest Found at SC Site Where US Once Made Nuclear Bombs
COLUMBIA, S.C. (AP) — Workers at a site in South Carolina that once made key parts for nuclear bombs in the U.S. have found a radioactive wasp nest but officials said there is no danger to anyone. Employees who routinely …
‘Soft Market Under Stress’ Offers Unique Window of Opportunity for Insurance Buyers
Insurance Journal | August 1, 2025
‘Soft Market Under Stress’ Offers Unique Window of Opportunity for Insurance Buyers
A buyer-friendly competitive commercial insurance market is likely to be short-lived, according to a new analysis of second-quarter 2025 market conditions from global professional services firm Aon. “This is not a typical soft market cycle; it’s a soft market under …
Bayer Adds $1.37 Billion to Reserves for Ongoing Roundup Litigation
Insurance Journal | August 1, 2025
Bayer Adds $1.37 Billion to Reserves for Ongoing Roundup Litigation
German pharmaceutical and biotechnology group Bayer said on Thursday it had set aside an additional 1.2 billion euros ($1.37 billion) in provisions to address ongoing litigation in the United States over weed killer Roundup. The German group said that, on …
NY and NJ Flash Flood Threats Recede as Weather Stabilizes
Insurance Journal | August 1, 2025
NY and NJ Flash Flood Threats Recede as Weather Stabilizes
Thunderstorms disrupted New York City transit and inundated roads just as workers started their the home-bound commute Thursday, but conditions were improving into the night and Friday morning commuters can likely expect smoother journeys. All flash flood warnings in New …
BHP, Vale Accused of ‘Cheating’ UK Law Firm out of $1.7 Billion in Fees
Insurance Journal | August 1, 2025
BHP, Vale Accused of ‘Cheating’ UK Law Firm out of $1.7 Billion in Fees
BHP and Vale are facing a London lawsuit from the law firm representing hundreds of thousands of people over Brazil’s worst environmental disaster, alleging the companies sought to cheat the firm out of legal fees by procuring settlements. BHP said …
Legal Risks Seen Accelerating Climate Adaptation Plans
Insurance Journal | August 1, 2025
Legal Risks Seen Accelerating Climate Adaptation Plans
Countries that fall short in efforts to limit global warming to 1.5°C face growing legal risks that could push them to accelerate climate adaptation efforts. The threat of lawsuits now looms over companies and governments that don’t take aggressive climate …
Indianapolis Man Sentenced to 8 Years for Setting Fire to Bus and Station
Insurance Journal | August 1, 2025
Indianapolis Man Sentenced to 8 Years for Setting Fire to Bus and Station
An Indianapolis man has been sentenced to eight years in federal prison after pleading guilty to setting fire to an IndyGo bus and bus station, causing approximately $1.8 million in damage. Demarcus McCloud, 46, was sentenced to eight years in …
Oklahoma Man Charged with Damaging TV Station’s Weather Radar
Insurance Journal | August 1, 2025
Oklahoma Man Charged with Damaging TV Station’s Weather Radar
An Oklahoma man is facing charges for damaging the weather radar equipment of a local TV station, the office of Attorney General Gentner Drummond announced. Anthony Tyler Mitchell, 39, allegedly vandalized the power supply of News 9’s NextGen live radar. …