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Tag: insurance-journal

Data Centers Will Have to Make Minimum Power Payments in Ohio
Insurance Journal | November 1, 2024
Data Centers Will Have to Make Minimum Power Payments in Ohio
Big data centers in Ohio will have to pay a minimum of 85% of the energy they need to cover the costs of grid improvements under a settlement submitted Wednesday by one of the state’s largest utilities. The pact was …
Judge Dismisses Lawsuit Against Minnesota Trooper in Fatal Shooting of Black Man
Insurance Journal | November 1, 2024
Judge Dismisses Lawsuit Against Minnesota Trooper in Fatal Shooting of Black Man
A federal judge has dismissed a civil rights lawsuit against a white Minnesota state trooper who shot and killed a Black man during a traffic stop last year, ruling that the trooper’s actions did not violate the law. On Wednesday, …
Texas Pecan Farmers Fight to Save Water Suply
Insurance Journal | November 1, 2024
Texas Pecan Farmers Fight to Save Water Suply
FORT STOCKTON — Zachary Swick plucked a pecan from one of the 78,000 trees at a sprawling West Texas farm — a rare sight in the desert known for oil rigs and pump jacks. He peeled away the pecan’s layers, …
Regional Banks With Florida Operations Brace for Loan Defaults After Hurricanes
Insurance Journal | November 1, 2024
Regional Banks With Florida Operations Brace for Loan Defaults After Hurricanes
Several regional lenders allocated loan-loss provisions in the third quarter to cover potential defaults by borrowers grappling with recent hurricanes, primarily in Florida, highlighting the risks extreme weather and climate change pose to banks. Two devastating hurricanes struck the Sunshine …
KBRA Says Florida Insurers Will Weather the Storms; Cat Fund Can Handle Payouts
Insurance Journal | November 1, 2024
KBRA Says Florida Insurers Will Weather the Storms; Cat Fund Can Handle Payouts
Florida’s Hurricane Catastrophe Fund, a state-created layer of reinsurance, expects to pay out about $4.6 billion to help cover insurers’ losses in Hurricanes Helene and Milton. But that won’t trigger a surcharge on premiums. And a number of Florida property …
Allstate Says It’s Ready to Grow Homeowners Line With All 3 Distribution Channels
Insurance Journal | November 1, 2024
Allstate Says It’s Ready to Grow Homeowners Line With All 3 Distribution Channels
Allstate said it sees opportunity where others may not — in homeowners insurance. And the insurer plans to use all three distribution channels to do it. Due to rising trends in the frequency and severity of weather-related losses and in …
Retrial Begins in Civil Suit Against Contractor Accused in Abu Ghraib Prison Scandal
Insurance Journal | November 1, 2024
Retrial Begins in Civil Suit Against Contractor Accused in Abu Ghraib Prison Scandal
A military contractor accused of contributing to the abuse of detainees at Iraq’s Abu Ghraib prison two decades ago is again on trial in a federal courtroom after a long-awaited civil case earlier this year ended with a hung jury. …
Global Reinsurers’ ROE Jumps to 22% in 2023, but Market Softening Unlikely: AM Best
Insurance Journal | November 1, 2024
Global Reinsurers’ ROE Jumps to 22% in 2023, but Market Softening Unlikely: AM Best
AM Best’s population of global reinsurance companies posted a return on equity (ROE) of 22% in 2023 – a five-year high that was driven mainly by favorable investment income and strong underwriting performance. The fundamentals are excellent but Hurricanes Helene …
Markets/Coverages: IQUW Launches Financial Institutions Product in Australia
Insurance Journal | November 1, 2024
Markets/Coverages: IQUW Launches Financial Institutions Product in Australia
IQUW, the London-based property and specialty re/insurer, has announced that its financial institutions (FI) product, FortiFI, has launched new wording for the Australian insurance market. Launched in the US earlier this year, FortiFI is one of the only fully end-to-end …
Ardonagh Advisory Agrees to Acquire Rowett Insurance Broking in UK
Insurance Journal | November 1, 2024
Ardonagh Advisory Agrees to Acquire Rowett Insurance Broking in UK
Ardonagh Advisory announced it has agreed to acquire Rowett Insurance Broking Ltd. in the UK. Rowett specializes in commercial, and personal insurance from its offices in St. Austell and Plymouth, England. Its subsidiary company, AGRi Insurance Facilities Ltd., specializes in …