19 06, 2019

Tower Hill Specialty Adds Coverage Options in Mississippi

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Tower Hill Specialty has further expanded into the Southeast and is now offering manufactured housing and dwelling fire insurance policies in Mississippi. Optional coverage features include equipment breakdown and service line endorsements. The equipment breakdown option provides coverage for items …

19 06, 2019

Higginbotham in Texas Buys Commercial Insurance Unit of Extraco Banks

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Extraco Banks has sold its commercial insurance operation to Fort Worth, Texas-based independent insurance broker, Higginbotham. Extraco Insurance is a group of five property/casualty insurance professionals operating in Waco, Temple and Hamilton, Texas, for 19 years. The group will continue …

19 06, 2019

Drug Makers’ Supply Chain Probed as Blood Pressure Pill Tests Positive for Carcinogens

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An online pharmacy told U.S. regulators it found another cancer-causing chemical in widely prescribed blood-pressure pills, raising new questions about a complex global web of companies that produces medicine for millions of people. A solvent called dimethylformamide was discovered in …

19 06, 2019

Caribbean Insurers’ Net Income Rebounds After 2016-2017 Hurricane Seasons: AM Best

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An analysis of AM Best-rated property/casualty insurers based in the Caribbean found that overall net income rebounded significantly following the 2016-2017 hurricanes to $32.2 million in 2018 compared with a $4.3 million loss in the previous year. After losses in …

19 06, 2019

Viewpoint: Fixing America’s Flood Insurance Problem in 5 Steps

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The National Flood Insurance Program (NFIP) was originally created by Congress to transfer U.S. flood insurance risk to private insurers. However, in 1978, (when private insurance carriers assumed over 40 percent of the nation’s flood insurance risk), NFIP administrators used …

19 06, 2019

State Regulators Reviewing Proposed Sale of Workers’ Comp Specialist Applied Underwriters

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A possible sale of workers’ compensation specialist Applied Underwriters looks to be a step closer to reality. The California Department of Insurance is reviewing an application for the sale of the Calif.-based Berkshire Hathaway subsidiary. CDI officials confirmed with Insurance …

19 06, 2019

Company Cited, Fined $341K After Fatality at Texas Tire Retreading Facility

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A Mississippi company faces more than $341,000 in penalties for failing to protect employees from serious safety hazards, a practice that led to a worker’s death at a plant in Texas, federal safety officials say. The U.S. Department of Labor’s …

19 06, 2019

Legacy Specialist Compre Completes 3 Run-Off Acquisitions

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Compre, the London-based independent re/insurance legacy specialist, announced it has signed three transactions involving Basler Versicherung AG (Baloise), Helvetia Swiss Insurance Co. Ltd. (Helvetia), and an undisclosed European insurance group. Compre has acquired each company’s share of the Gibbon Pools, …

19 06, 2019

Lloyd’s Must Demonstrate Progress in Tackling Sexual Harassment: Bank of England

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The Bank of England called for Lloyd’s of London to demonstrate progress in tackling the insurance market’s culture of sexual harassment. The BOE’s director of insurance supervision Anna Sweeney said she would work together with the Financial Conduct Authority to …

19 06, 2019

Midwestern Floodwaters Harming Louisiana, Mississippi Seafood Businesses

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This is a bad year for people who make their living from seafood in Louisiana and Mississippi. Floods from the Midwest are killing oysters, and driving crabs, shrimp and finfish out of bays and marshes, into saltier water where they …