Despite the conversion, each company will retain its name, including the word “mutual,” according to the order. The regulator noted there will be no changes to policy terms or existing business operations, and policyholders will retain voting control following the reorganization.
Author: Awais
A federal grand jury on January 30 indicted a Massachusetts married couple for their alleged involvement in a scheme to defraud individuals and insurance providers through their business, BL Insurance Brokerage, LLC. According to U.S. Attorney Leah B. Foley of the District of Massachusetts, Brendan Lawler and Lisa Lawler, of New Bedford, were charged with conspiracy to commit wire fraud. In total, through this scheme, federal prosecutors allege that the Lawlers defrauded at least 50 individuals or insurance providers and stole more than $750,000 from insurance providers, premium finance companies and hard money lenders. According to Foley, both defendants were…
Vehicle thefts fell by 25% in Arizona in 2025 to the lowest rate in decades, and the third consecutive year of a decrease in the state, a new report shows. Data from the Arizona Automobile Theft Authority’s Auto Crime Tracker database shows that 12,686 vehicles were stolen in 2025 compared with 17,010 stolen in 2024. The 2025 for vehicle thefts was the lowest since the AATA’s inception in 1992. The record low was 16,785 in 2015. The Chevrolet Silverado remained as the top stolen vehicle with a reported 627 thefts. The Hyundai Elantra (418 thefts), the Hyundai Sonata (323), the…
The European food safety body on Monday advised a maximum threshold for the cereulide toxin used in infant formula, prompting some French producers to withdraw additional products from the market. Cereulide, a toxin that can cause nausea and vomiting, has been detected in ingredients from a Chinese factory supplying major formula makers including Nestle, Danone and Lactalis. The contamination triggered infant formula recalls in dozens of countries and heightened concerns among parents. Read more: Europe to Decide How Much Toxin in Baby Formula Is Too Much The European Commission asked the European Food Safety Authority to urgently establish a scientific…
More than $3 trillion. That’s the staggering price tag to build the data centers needed to prepare for the artificial intelligence boom. Not even the world’s biggest technology companies—not Amazon.com, not Microsoft or Meta Platforms—are prepared to foot the bill with only their own cash. The massive equity investments in private companies such as OpenAI and Anthropic don’t come close to this Industrial Revolution-size cost. And government payments and subsidies can ease the financial burden only so much. So where will the money come from? Debt markets. Which ones? All of them. Blue-chip bonds, junk debt, private credit and complex…
The Russian captain of a container ship that crashed into a U.S. tanker off the east coast of Britain in March last year was found guilty in a London court on Monday of causing the death of a crew member through gross negligence. Vladimir Motin, 59, was captain of the Solong when it hit the Stena Immaculate tanker, which was anchored and carrying just over 220,000 barrels of high-grade aviation fuel. The March 10 crash started a blaze on both ships and caused the death of Solong crew member Mark Pernia, a Philippines national whose body has never been found…
Appellate decision clarifies exactly what insurers must do – and what they don’t have to
The American Property Casualty Insurance Association (APCIA) announced the hiring of Meagan Myers Hanson as department vice president, advocacy, campaigns, and coalitions. Hanson will lead APCIA’s integrated advocacy campaigns, coordinate national and state-based coalitions, and shape messaging and engagement strategies to advance APCIA’s public policy priorities across the legislative, regulatory, and judicial arenas. “Meagan brings deep experience in strategic advocacy, public policy leadership, and coalition development-skills that will strengthen APCIA’s integrated campaigns across federal and state arenas,” said Nate Cook, APCIA’s chief strategy officer. David A. Sampson, APCIA president and CEO, said Hanson “brings the experience and strategic perspective that…
Marsh McLennan Agency (MMA) announced the acquisition of Robinson & Son, a Hudson Falls, New York-based agency specializing in the maritime industry. Terms of the acquisition were not disclosed. The agency, which offers both commercial and personal lines insurance, was founded in 2005 by James Robinson and his father Peter Robinson, who has since retired. All employees, including James Robinson, co-founder and agency principal, will join MMA and continue to operate out of their existing office location, according to the announcement. “The risks that our clients in the maritime space face today are evolving and becoming more complex than ever…
Beazley subsequently disclosed that Zurich had made three proposals in June 2025, including one valuing the company at 1,315 pence per share, implying an equity value of about £8.4 billion. That level was above the most recent offer and was also turned down. Beazley said it engaged with Zurich at the time and provided limited due diligence information “in a good faith effort to come to a shared understanding of value.”
Primary insurers in Florida aren’t the only ones reporting rate reductions for segments of the populace. Surplus lines also have seen premium decreases as well as significant policy count growth—at least for some slices of the market. The Florida Surplus Lines Service Office said in a new report that premiums for Coverage A (dwelling) on HO-3 policies fell by 8% from 2024 to 2025 for values in the lowest tier—$100,000 to $300,000 in value. In a higher tier, $1 million to $5 million in value, premiums dropped by 6% in 2025. “While surplus lines data should not be interpreted as…
Move over Florida and Texas. The United States has new hot spots for growth, and they both have Carolina in their name. North Carolina last year attracted more new residents, 84,000 people, from other parts of the country than any other state, a title held by Texas in 2024 and Florida in the two years before that. South Carolina had the highest overall growth rate last year at 1.5%, a distinction among states held by Florida in 2024, according to U.S. Census Bureau figures released this past week. Domestic migration, or people moving within the U.S., slowed in Texas. The…
An active 2026 tornado season is expected for the Central Plains, with approximately 15% more tornadoes than the 20-year average, according to the Kansas Institute of Tornado Dynamics (KITD). Factors influencing this forecast include persistent La Niña conditions, warmer-than-average Gulf of Mexico sea surface temperatures, and an intensified low-level jet stream. During the 2026 tornado season, it’s expected that 1,450-1,600 tornadoes will occur across the United States. A risky time for tornado development will be between April 15 and June 10, 2026, KITD said. High-risk regions include Central Oklahoma, Eastern Kansas, and Northern Texas. There’s a 22% higher chance of…
GeoVera Nova insurance entities have now secured the targeted $350 million of US earthquake reinsurance protection from the new Veraison Re Ltd. (Series 2026-1) catastrophe bond at slightly lower pricing than initially projected, Artemis has learned.This becomes the fourth catastrophe bond in the Veraison Re series of deals to secure a fully-collateralized source of capital markets backed US earthquake catastrophe reinsurance protection for GeoVera insurance underwriting companies. The transaction launched to investors earlier this month, with an initial target to secure the aforementioned $350 million of fully-collateralized reinsurance protection backed by collateral from the sale of the cat bond notes…