A federal judge sentenced former Georgia Insurance Commissioner John Oxendine to serve three and a half years in prison after Oxendine pleaded guilty to health care fraud By JEFF AMY Associated Press July 12, 2024, 1:22 PM ET • 1 min read ATLANTA — A federal judge on Friday sentenced former Georgia Insurance Commissioner John
The latest people news in the industry today. Chubb Limited announced several executive appointments within its North American general insurance business. John Lupica, previously Vice Chairman, Chubb Group and President, North America Insurance, was named Executive Chairman. Juan Luis Ortega, formerly Executive Vice President, Chubb Group and President, Overseas General Insurance, will succeed Lupica as
LONDON, July 12, 2024–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Aspen Insurance UK Limited (AIUK) (United Kingdom), Aspen Bermuda Limited (ABL) (Bermuda), Aspen American Insurance Company (AAIC) (Austin, TX) and Aspen Specialty Insurance Company (ASIC) (Bismarck, ND). Concurrently,
Florida’s state-backed insurer of last resort has purchased $3.56 billion in reinsurance cover for this year’s potentially devastating hurricane season. In a Wednesday news release, Citizens Property Insurance Corporation said that the reinsurance would give the entity “the financial resources to pay claims following a 1-in-83-year hurricane without having to levy an assessment on most
PONDERAY — Greater Sandpoint Chamber of Commerce officials recently joined Spears Insurance in celebrating the grand opening of its new location. The insurance company is now located at 100 Vermeer Drive, Suite B, in Ponderay. Owner Carey Spears welcomed friends, family, clients, staff, Chamber Ambassadors and a chamber board member with a reception and
USDA Hosting Final Workshop on Nursery Insurance Option USDA recently expanded its Nursery Value Select Crop Insurance Program to all counties in all states. The Risk Management Agency is encouraging interested nursery producers to learn more about the program through an informational workshop. It will be valuable for producers in the newly expanded areas and
Heffernan Insurance Brokers acquired Costello Insurance Associates in Tempe, Arizona. Pat Costello and his team of five employees will continue to service their new and existing customers Costello services clients throughout the U.S. in obtaining coverage for corporate and pleasure aircraft, including jets, gliders, and drones, as well as operations such as flying clubs, flight
Insurers’ use of artificial intelligence (AI) must not discriminate against consumers, New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris said Thursday (July 11). Harris said this in a press release announcing the DFS’s adoption of guidance for insurers that use AI in underwriting and pricing. “New York has a strong track
Allstate has asked the state to approve an average 34.1% homeowners insurance rate hike for this year, the Department of Insurance confirmed Thursday . The rate hike request, filed in April 2023, was initially for 39.6%. But Consumer Watchdog, a Santa Monica-based consumer advocacy group, petitioned to intervene. Allstate lowered the request this past January
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even companies that have no revenue, no profit, and a record of falling short, can manage to find investors. But the reality is that when a company loses money each year, for long enough, its