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Category: Insurance Journal

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 …
People Moves: GuideOne Insurance Appoints Wei Huang to Board of Directors
Insurance Journal | January 9, 2025
People Moves: GuideOne Insurance Appoints Wei Huang to Board of Directors
GuideOne Insurance, headquartered in West De Moines, Iowa, appointed Wei Huang to its board of directors. Huang, who serves as the senior vice president and senior client investment officer at Northern Trust Asset Management, has over two decades of experience …
ZestyAI Receives Approval From Missouri Department of Insurance
Insurance Journal | January 9, 2025
ZestyAI Receives Approval From Missouri Department of Insurance
ZestyAI, a provider of AI-powered climate and property risk analytics solutions, has received regulatory approval from the Missouri Department of Insurance for its Severe Convective Storm suite, including Z-HAIL, Z-WIND, and Z-STORM. ZestyAI’s Severe Convective Storm suite has already received …
He Saved the Chocolates But Lost His Workers’ Compensation Insurance
Insurance Journal | January 1, 2025
He Saved the Chocolates But Lost His Workers’ Compensation Insurance
An employee who was injured when rescuing chocolate candies from the heat in his employer-owned delivery truck is not due workers’ compensation benefits. The Virginia Workers’ Compensation Commission (WCC) upheld a deputy commissioner’s denial of benefits, agreeing that Ronald Mark …
Arkansas Hospital to Pay $14K in Back Wages
Insurance Journal | December 31, 2024
Arkansas Hospital to Pay $14K in Back Wages
An investigation by the U.S. Department of Labor’s Wage and Hour Division found Methodist Family Health in Little Rock, Ark. terminated a worker while out on family medical leave, a violation of the Family Medical Leave Act. The worker had …
Power Company to Pay $61M Over Emissions Violations at Eastern Missouri Plant
Insurance Journal | December 31, 2024
Power Company to Pay $61M Over Emissions Violations at Eastern Missouri Plant
The U.S. District Court for the Eastern District of Missouri entered an order on Dec. 17 requiring Ameren Missouri to spend $61 million on projects intended to mitigate violations of the federal Clean Air Act (CAA), including 14 years of …
Storm System Spawned 45 Reports of Tornadoes Across South
Insurance Journal | December 31, 2024
Storm System Spawned 45 Reports of Tornadoes Across South
Officials assessed the damage on Sunday after a strong storm system moved across the southern U.S. over the weekend, spawning tornadoes and killing at least four people. There were at least 45 reports of tornado damage across Texas, Louisiana, Mississippi, …
Illinois Contractor Faces $266K in Fines for Endangering Workers
Insurance Journal | December 31, 2024
Illinois Contractor Faces $266K in Fines for Endangering Workers
Federal inspectors have again cited a Zion, Illinois contractor with an extensive history of endangering workers by exposing them to fall hazards. The latest violations were discovered when employees were found roofing a residential structure without required fall protections – …