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Category: Insurance Journal

Hottest Year Ever Sees World Breach 1.5C Global Warming Target
Insurance Journal | January 10, 2025
Hottest Year Ever Sees World Breach 1.5C Global Warming Target
Earth’s warming exceeded 1.5C on an annual basis for the first time in 2024, according to two major climate science agencies. It’s the most potent evidence yet that countries are failing to meet a Paris Agreement goal of limiting global …
Winter Weather Wallops US Farmers
Insurance Journal | January 10, 2025
Winter Weather Wallops US Farmers
A nasty dose of winter weather has pummeled much of the U.S. from Kansas to the East Coast, leaving many Americans to dig out of the blizzard — including farmers. And more is on the way, with the polar air …
Texas Refineries Prepare for First Winter Storm, Frigid January
Insurance Journal | January 10, 2025
Texas Refineries Prepare for First Winter Storm, Frigid January
Texas refineries are bracing for an onslaught of cold, snow and freezing rain as the US South’s first major winter storm sweeps in during what’s projected to be a frigid month. While temperatures in the upcoming storm aren’t expected to …
Warner Pacific Completes Acquisition of 5 Acrisure General Agencies
Insurance Journal | January 10, 2025
Warner Pacific Completes Acquisition of 5 Acrisure General Agencies
General agency Warner Pacific said it has acquired five general agencies from broker and fintech specialist, Acrisure, effective Dec. 1 2024. Financial terms were not disclosed. Westlake Village, California-based Warner Pacific’s Jan. 7 announcement said it will provide general agency …
People Moves: AIG Moves Flatt to Global CUO; Tooker Now President at The Hartford; Berkley Financial Names Brinkley Chief of Claims
Insurance Journal | January 10, 2025
People Moves: AIG Moves Flatt to Global CUO; Tooker Now President at The Hartford; Berkley Financial Names Brinkley Chief of Claims
American International Group (AIG) said Christopher Flatt, currently head of AIG North America alternative channels, has been named global chief underwriting officer, effective immediately. Flatt also held the the position of interim CEO of managing general underwriter Private Client Select …
Cal/OSHA Says Safeway Exposed Workers to Hazardous Conditions at Largest Warehouse
Insurance Journal | January 10, 2025
Cal/OSHA Says Safeway Exposed Workers to Hazardous Conditions at Largest Warehouse
The California Division of Occupational Safety and Health cited Safeway $182,000 in proposed penalties for safety violations that reportedly put roughly 1,700 workers at risk of serious injuries at the company’s warehouse in Tracy, their largest facility in the nation. …
Collateral Agreement Didn’t Mention Tort Claims, Cutting SUNZ Out of BP Funds
Insurance Journal | January 10, 2025
Collateral Agreement Didn’t Mention Tort Claims, Cutting SUNZ Out of BP Funds
If insurance carriers want to have dibs on a company’s assets as premium security or collateral, they had better specify that those assets include potential tort-claim settlements, a federal appeals court said Wednesday. In a case that involved a Florida …
Catastrophe Bond Funds Say They’ll Dodge Losses as LA Fires Rage
Insurance Journal | January 10, 2025
Catastrophe Bond Funds Say They’ll Dodge Losses as LA Fires Rage
The wildfires sweeping through Los Angeles are unlikely to trigger significant losses for catastrophe bonds designed to capture such risks. Roughly 12% of the $50 billion cat-bond market is currently exposed to wildfire risk, according to Florian Steiger, chief executive …
Insured Losses From Los Angeles Wildfires Rising: $8B to $20B
Insurance Journal | January 9, 2025
Insured Losses From Los Angeles Wildfires Rising: $8B to $20B
Editor’s note: This story has been updated with new AccuWeather total loss estimates. With aerial firefighting returning as strong Southern California winds died down for a bit, damage assessments from a handful of destructive Los Angeles area blazes are sure …
Hub Acquires Connecticut’s Byrnes Agency
Insurance Journal | January 9, 2025
Hub Acquires Connecticut’s Byrnes Agency
Insurance broker Hub International Limited has acquired the assets of Byrnes Agency, Inc. in Connecticut. Terms of the transaction were not disclosed. Founded in 1932, Byrnes Agency is located in Dayville and Norwich. The agency offers a full line of …