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Tag: insurance-journal

Riverstone in Loss Portfolio Transfer Deal With Lyft Subsidiary
Insurance Journal | March 20, 2025
Riverstone in Loss Portfolio Transfer Deal With Lyft Subsidiary
RiverStone International has signed an agreement with Lyft subsidiary Pacific Valley Insurance Co. to provide a loss portfolio transfer reinsurance for a commercial auto liability portfolio. The deal is effective from Jan. 1, 2025. Guy Carpenter was the broker of …
AI Is Turbocharging Organized Crime, EU Police Agency Warns
Insurance Journal | March 20, 2025
AI Is Turbocharging Organized Crime, EU Police Agency Warns
The European Union’s law enforcement agency cautioned Tuesday that artificial intelligence is turbocharging organized crime that is eroding the foundations of societies across the 27-nation bloc as it becomes intertwined with state-sponsored destabilization campaigns. The grim warning came at the …
ERGO Enters US Small Business Insurance Market With Full Buy of NEXT Insurance
Insurance Journal | March 20, 2025
ERGO Enters US Small Business Insurance Market With Full Buy of NEXT Insurance
Munich Re said it has acquired NEXT Insurance, which will become part of the reinsurer’s major primary insurance business, ERGO. The agreement in place values NEXT Insurance at $2.6 billion. ERGO already owned nearly 30% of the digital insurance company’s …
Greenpeace to Pay $660 Million in Damages to Texas Oil Firm
Insurance Journal | March 20, 2025
Greenpeace to Pay $660 Million in Damages to Texas Oil Firm
Greenpeace has been ordered to pay more than $660 million in damages to Energy Transfer Partners LP after the Texas-based oil company accused the environmental group of defamation in connection with protests against an oil pipeline almost a decade ago. …
Young Insurance Agents – Share Your Thoughts About the Industry Today
Insurance Journal | March 20, 2025
Young Insurance Agents – Share Your Thoughts About the Industry Today
Are you a young insurance agent, 40 years old or younger? Do you know a young insurance agent? Insurance Journal is once again looking for young insurance agents to participate in this year’s Young Insurance Agents Opinion Survey. Tell us …
Contractors Insurance Alert: Construction Defect Lawsuits Rising
Insurance Journal | March 20, 2025
Contractors Insurance Alert: Construction Defect Lawsuits Rising
A new report identifying commercial litigation waves likely to pick up steam in 2025 highlights one particular theme that could further lengthen the tail of general liability claims for insurers writing policies for contractors and builders. The 2025 “Commercial Litigation …
Third Time’s a Charm? Insurance Agent Is Charged Again.
Insurance Journal | March 20, 2025
Third Time’s a Charm? Insurance Agent Is Charged Again.
A grand jury for Baltimore County has handed down a third indictment charging Michael C. Okolo, of Parkville, Maryland, with theft of property valued at $100,000 or more. This is the third time since September 2024 that Okolo has been …
Kentucky Allows Unlicensed Adjusters in Three Counties After Storms Batter State
Insurance Journal | March 20, 2025
Kentucky Allows Unlicensed Adjusters in Three Counties After Storms Batter State
Unlicensed adjusters can work in three Kentucky counties once they register on temporary basis, the state’s insurance commissioner decreed after wind events caused serious damage in the northern part of the state. “The commissioner is allowing temporary registration for unlicensed, …
Alabama Lawmakers Approve Ban on Machine-Gun Conversion Devices
Insurance Journal | March 20, 2025
Alabama Lawmakers Approve Ban on Machine-Gun Conversion Devices
MONTGOMERY, Ala. (AP) — Alabama lawmakers on Tuesday approved a ban on Glock switches and other conversion devices that convert semi-automatic weapons into machine guns, after a deadly year that included multiple mass shootings. A bipartisan coalition pushed the Alabama …
Transportation Firm Faces Fines, Remediation Costs for Connecticut Oil Tanker Spill
Insurance Journal | March 20, 2025
Transportation Firm Faces Fines, Remediation Costs for Connecticut Oil Tanker Spill
Soundview Transportation faces a series of penalties and payments totaling $350,000 over a November 2022 oil tanker accident in Norfolk, Connnecticut, announced state Attorney General William Tong. In addition to the penalties, Soundview has take responsibility for the ongoing remediation …