The insurer says it was forced to foot the defense bill after repeated requests went unanswered
Author: Awais
A year after it was acquired by its CEO’s new holding company, Universal North America has added offices in Florida and changed its name. Universal Insurance Co. of North America, admitted in Florida with offices in Sarasota and in Orlando, as well as in Fort Worth, Texas, is now known as One Alliance North America Insurance Co., the carrier announced. Miguel Barrales remains president, and Rafael Cedeño Camacho is chairman of the board and CEO. “This name not only reflects the company’s strong footprint in numerous states and financial stability, but also its shared identity and unified vision as part…
U.S. railroads including CSX Corp, Union Pacific and BNSF are moving to recapture freight from truckers as tightening trucking capacity and rising road-haul rates bolster rail’s competitive position. For years, low trucking rates and greater flexibility helped road carriers capture cargo that might otherwise have moved by rail, weighing on rail volumes and limiting pricing power. That dynamic is now shifting, at least temporarily. Freight broker C.H. Robinson said trucking capacity is shrinking as small carriers exit the market and federal scrutiny of driver licensing, safety and insurance requirements intensifies. The added pressure is reducing driver supply and raising operating…
More tankers came under attack in Gulf waters on Thursday as the U.S.–Iran war escalated, and Iranian drones entered Azerbaijan, threatening to spread the crisis to more oil producers in the region. A Bahamas-flagged crude oil tanker was targeted by an Iranian remote-controlled boat laden with explosives while anchored near Iraq’s Khor al Zubair port, according to initial assessments. A second tanker at anchor off Kuwait was taking on water and spilling oil after a large explosion on its port side. (Editor’s note: This Reuters wrap-up article was published at 3:19 p.m. on March 5.) Nine vessels have come under…
September gala will crown standouts across leadership, mentorship, and workplace culture
Maritime traffic in the Strait of Hormuz has ground to a near-complete halt, with no oil shipments going through in the past 24 hours, as the Middle East war disrupts the vital waterway. A review of shipping signals have confirmed only two commercial transits in the past 24 hours, the Joint Maritime Information Center said in note on Friday. Those crossings were cargo ships rather than oil tankers, according to the multinational naval advisory group that focuses on the Middle East. The escalating war in the region has prompted dozens of fully-laden oil and gas tankers to stay hunkered down…
A group of 24 U.S. states sued President Donald Trump’s administration on Thursday in the first legal challenge to his newly imposed 10% global tariffs, alleging that the president cannot sidestep a recent U.S. Supreme Court ruling that invalidated most of his previous tariffs on imported goods by citing new legal authority. The Democratic-led states, including New York, California and Oregon, argue the new tariffs, which Trump announced immediately after the high court ruling on February 20, are also illegal. The tariffs were imposed for 150 days under the Trade Act of 1974, which is meant to address short-term monetary…
Seafarers have the right to refuse to sail on ships passing through the Middle East Gulf, including the Strait of Hormuz, after the threat level for the region was raised to its highest level, the leading labor union and shipping industry groups said on Thursday. Around 300 ships are anchored on both sides of the Strait while the U.S.-led war against Iran escalates. Since February 28, nine ships have been damaged and at least one seafarer has been killed. As part of negotiated arrangements reached on Thursday between mariners and commercial shipping companies, known as the International Bargaining Forum (IBF),…
European Union countries gave the final approval on Thursday to a new climate target to slash greenhouse gas emissions 90% by 2040, pressing ahead with the bloc’s ambitious climate agenda despite political resistance. The new climate target is a hard-fought political compromise, struck by governments and EU lawmakers last year. It is more ambitious than most major economies’ emissions-cutting commitments, including China’s. In practice, the target will require an 85% emissions reduction from European industries against 1990 levels. The EU will pay developing countries via carbon credits, so they cut emissions on Europe’s behalf to make up the rest, to…
The New York hospital giant is now out of network with plans offered by the Elevance subsidiary after the two failed to agree on terms.
Elementum Advisors, LLC, an alternative investment manager that specialises in collateralized natural catastrophe event reinsurance investments, has announced the promotion of employee Valerie Medelyan to the position of Chief Compliance Officer.Elementum Advisors continues to promote from within, as the firm that manages portfolios and funds of catastrophe bonds and other insurance-linked securities (ILS) raises up performing staff and ensures a robust operational structure at the firm, as well as its future succession strategy. Valerie Medelyan has worked for the company for more than five years from its Chicago headquarters. She joined Elementum Advisors in 2021 as an associate counsel and…
More than 300,000 members at risk The stakes are considerable. BCBSM has 4.5 million members statewide, and the 300,000 patients at risk of losing in-network access rely on 16 facilities across southeast Michigan, including University Hospital, C.S. Mott Children’s Hospital, Rogel Cancer Center, and Frankel Cardiovascular Center.
Still, USRM president Hamid Mirza had signaled during the Q4 2024 results call that Liberty Mutual was “primed to fight for market share in 2025 and beyond,” particularly in package business combining personal auto and homeowners, as reported by Carrier Management.
MINNEAPOLIS — Gabi has big brown eyes, pigtails, and a genetic condition that makes her bones brittle. They fracture easily, leaving the 2-year-old in such pain that her mother quit her job cleaning offices to stay home and cradle her in the one-bedroom apartment they share with six relatives. When federal immigration agents descended on their city, officers deported Gabi’s father and detained her aunt. Gabi was born in the U.S. and is an American citizen. Her best chance to stand, or even walk, someday is a complex surgery on her legs and feet that was scheduled for January. But…