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AM Best has downgraded the outlook for Society Insurance, a mutual company based in Fond du Lac, Wisconsin, shifting it from stable to negative. At the same time, the credit rating agency confirmed the company’s strong Financial Strength Rating of A- and Long-Term Issuer Credit Rating of “a-,” both considered excellent. This change comes after … Read more

Coverys, a Boston-based insurer known for medical professional liability coverage, has agreed to sell its Italian managing general agent, AEC Agenzia di Assicurazione e Riassicurazione SpA (AEC), to Italy’s Edge Group, a prominent insurance brokerage platform. The financial terms of the deal were not disclosed. AEC has been a key player in the Italian insurance … Read more

Bleach maker Clorox has taken legal action against the tech company Cognizant, accusing it of helping hackers access Clorox’s network during a major cyberattack in 2023. The lawsuit claims that hackers connected to a group known as Scattered Spider easily tricked Cognizant’s support staff into handing over employee passwords by simply asking for them over … Read more

The ongoing US government shutdown has put the National Flood Insurance Program (NFIP) on hold, causing disruptions in thousands of property transactions and opening doors for private flood insurers. Since the NFIP stopped issuing new policies, renewals, and amendments on September 30, many homebuyers are turning to private insurers for flood coverage. Experts say this … Read more

Alliant Insurance Services has welcomed Melissa Koontz as the new senior vice president in its employee benefits group, a move that strengthens the company’s reach in the Pacific Northwest. Koontz will be based in Spokane, Washington, bringing her expertise to a national client base. In her new role, Koontz will focus on creating employee benefits … Read more

Markel Insurance, part of Markel Group Inc., has named Tom Hillier as its new chief underwriting officer (CUO) as it prepares for a major shakeup in its international business structure. The insurance company plans to shift from its current two-division system to five separate businesses by the end of 2025, aiming for clearer focus and … Read more

The European Union has rolled out its 18th set of sanctions against Russia, aiming to hit the country’s oil and energy sectors harder. The key move is a new, lower price cap on Russian crude oil, set at about 15% below its current average market price. Right now, that works out to roughly $47.60 a … Read more

Dennis Flaherty, a 74-year-old insurance public adjuster from Bettendorf, Iowa, has been charged with forgery and identity theft, according to the Iowa Insurance Division. The charges come after an investigation that began in August 2024 revealed Flaherty allegedly forged signatures on insurance checks from his clients and their banks. He then reportedly deposited these checks … Read more

Uber Technologies Inc. is taking legal action against a group of lawyers and medical providers in Los Angeles, accusing them of filing false insurance claims that have cost the company millions in legal expenses. This marks Uber’s third racketeering lawsuit this year targeting alleged fraud schemes tied to rideshare insurance. The lawsuit, filed Monday in … Read more

More than 300 years after the first Lloyd’s insurance contract for a ship was arranged in a London coffee shop, the marine insurance world faces a new and serious challenge. Lithium-ion batteries, now common in electric vehicles (EVs), are creating a big fire risk on ships. These batteries, which pack a lot of power, are … Read more