Business is war.
Progressive Insurance faces allegations in federal court after the company declined to include future surgical costs when calculating a $500,000 underinsured motorist settlement for accident victims. Idalia Bernal and John Pankratz filed the lawsuit in Pennsylvania’s Eastern District following a May 2023 pedestrian collision that left Bernal with severe injuries requiring multiple operations. The couple…
Reliance Global Group purchased Solana tokens as part of its Digital Asset Treasury program to expand blockchain exposure. The company has added Bitcoin, Ethereum, Cardano, and XRP to its holdings before acquiring the Solana network’s native cryptocurrency. Moshe Fishman serves on the advisory board at Reliance and directs insurtech operations. He said the network’s performance…
Aspida Life Insurance Company launched a registered index-linked annuity that ties returns to equity market performance while limiting downside exposure. The DreamPath product allows buyers to link funds to the Nasdaq-100, S&P 500, MSCI Emerging Markets, or Russell 2000 indices with buffer protection against losses. Buyers select risk levels and choose fixed interest or market-linked…
A federal appeals court overturned a liability decision against the owner and insurer of the T/V Margara after the tanker damaged nearly 7,000 square meters of coral reef off Puerto Rico in April 2006. The First Circuit ruled on Oct. 23 that the government must prove by preponderance of evidence that the vessel posed a…
Kentucky’s highest court determined that workers’ compensation insurers remain responsible for claims when employees finish their careers in different states. The Supreme Court of Kentucky affirmed on Oct. 23 that Kentucky Employers’ Mutual Insurance must cover Troy Stidham’s occupational hearing loss despite his final nine months working in Alabama. Stidham operated shuttle cars for Clas…
A federal appeals court ruled that Aspen American Insurance must defend law firm Marcus & Cinelli in a professional liability case alleging fraudulent conveyance and tortious interference. The Second Circuit reversed a lower court decision on Monday, finding that actions taken by the firm while handling client assets fell within coverage terms. Patterson Belknap Webb…
Progressive Insurance faces federal court action in Pennsylvania’s Eastern District after allegedly refusing to account for future medical procedures when assessing a $500,000 underinsured motorist claim. Idalia Bernal and John Pankratz filed the lawsuit following a May 2023 pedestrian accident in Pittsburgh that left Bernal with multiple fractures and injuries requiring extensive treatment. The couple…
CyberCube estimates insured losses from the Amazon Web Services outage on Oct. 20 will range from $38 million to $581 million. The disruption affected more than 2,000 large organizations and roughly 70,000 total companies that depend on AWS infrastructure. Snapchat, Fortnite, Roblox, and Coinbase were among the platforms that experienced service interruptions. The cyber risk…
Delos Insurance Solutions will add 265,000 Southern California homes to its wildfire coverage after upgrading its risk assessment technology. The managing general agent uses satellite imagery and wildfire science to evaluate properties in Los Angeles, Orange, Riverside, San Bernardino and San Diego counties, bringing its total coverage to 2.5 million homes. The company says 65…
Kinsale Capital Group chief operating officer Brian D. Haney will retire on March 2, 2026, after 20 years in specialty insurance. The Richmond, Virginia, insurer promoted him to its board of directors, effective Oct. 23, and will retain him as a senior adviser for investor relations after he steps down. The company elevated Stuart P….
