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Category: Insurance Journal

Pimco Warns LA City Utility Faces Steep Liabilities After Fires
Insurance Journal | January 30, 2025
Pimco Warns LA City Utility Faces Steep Liabilities After Fires
The Los Angeles Department of Water and Power is facing the risk of significant financial liability for damages in the utility’s response to the Palisades Fire, according to Pacific Investment Management Co. “Given the sheer size of insured and uninsured …
Maryland Regulator Resolved $33 Million in Insurance Complaints in 2024
Insurance Journal | January 30, 2025
Maryland Regulator Resolved $33 Million in Insurance Complaints in 2024
The Maryland Insurance Administration reports that it recovered nearly $33.3 million in 2024 for Marylanders by helping resolve insurance-related issues and complaints. Acting Commissioner Marie Grant said the money was recovered through a rapid response program, consumer complaint units, an …
Judge Extends Ban on Alliant Employees Soliciting Marsh Agency’s Customers
Insurance Journal | January 29, 2025
Judge Extends Ban on Alliant Employees Soliciting Marsh Agency’s Customers
A federal judge in Manhattan has extended an order blocking three Alliant Insurance Services employees from soliciting or contacting any current Marsh & McLennan Agency (MMA) clients or using a spreadsheet of MMA clients that MMA alleges they took when …
Oklahoma Issues Cease-And-Desist Against Unlicensed Auto Warranty Company
Insurance Journal | January 29, 2025
Oklahoma Issues Cease-And-Desist Against Unlicensed Auto Warranty Company
The Oklahoma Insurance Department (OID) has issued a Cease-and-Desist Order against Select Auto Inc., doing business as Select Auto Protect, due to the unauthorized sale of auto warranty contracts in Oklahoma. Effective immediately, the company must stop all sales activities …
East Palestine and Norfolk Southern Reach $22M Settlement for Train Derailment
Insurance Journal | January 29, 2025
East Palestine and Norfolk Southern Reach $22M Settlement for Train Derailment
East Palestine and Norfolk Southern have announced a $22 million settlement resolving all of the village’s claims arising from the disastrous 2023 train derailment near the Ohio-Pennsylvania border that prompted a national reckoning on railroad safety. The settlement is to …
Michigan Joins Multistate Enforcement Action Against Block, Inc.
Insurance Journal | January 29, 2025
Michigan Joins Multistate Enforcement Action Against Block, Inc.
Michigan joined 47 state financial regulatory agencies in a coordinated enforcement action against Block, Inc., for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use. Michigan is set to …
Moody’s RMS Adds to LA Fires Insured Loss Estimates With Range of $20B-$30B
Insurance Journal | January 20, 2025
Moody’s RMS Adds to LA Fires Insured Loss Estimates With Range of $20B-$30B
Moody’s RMS Event Response said insured losses for the January 2025 Los Angeles fires will likely fall in the $20 billion to $30 billion range. The Jan. 17 estimate from Moody’s RMS came a day after CoreLogic put out a …
City of London’s Tallest Tower Fully Leased With RiverStone International Deal
Insurance Journal | January 20, 2025
City of London’s Tallest Tower Fully Leased With RiverStone International Deal
The tallest skyscraper in the City of London financial district has reached full occupancy just over four years after it was completed. RiverStone International, a holding company that acquires insurance businesses, has leased the final remaining floor at 22 Bishopsgate, …
Four Canadian Banks Quit Climate Group as Exodus Begun by Wall Street Picks Up
Insurance Journal | January 20, 2025
Four Canadian Banks Quit Climate Group as Exodus Begun by Wall Street Picks Up
Four of Canada’s biggest banks are leaving the industry’s top climate-finance alliance, joining Wall Street peers and extending an exodus that started in early December. Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, Bank of Montreal and National Bank of Canada …
Red Sea Trade Route to Remain too Risky Even After Gaza Ceasefire: Industry Executives
Insurance Journal | January 20, 2025
Red Sea Trade Route to Remain too Risky Even After Gaza Ceasefire: Industry Executives
Companies transporting their products around the world are not ready to return to the Red Sea trade route in the wake of a Gaza ceasefire deal because of uncertainty over whether Yemen’s Houthis will continue to attack shipping, industry executives …