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People Moves: Bakofsky at Florida OIR, Gorman at North Carolina

Bakofsky Named Chief of Staff at Florida OIR Florida Insurance Commissioner David Altmaier announced that communications director Alexis Bakofsky has been elevated to chief of staff. Bakofsky joined the state Office of Insurance Regulation in 2019 and has also served …

St. Johns Insurance Insolvent, to be Liquidated, Florida DFS Reports

St. Johns Insurance Co., one of the larger property/casualty insurers based in Florida, is now insolvent and will soon be liquidated. The Florida Department of Financial Services posted a notice Friday that a judge in Leon County, Florida, had appointed …

People Moves: Surplus Line Association of California Names Beaver Board Chair, Gobler Vice Chair, Washington Secretary

The members of the Surplus Line Association of California elected Janet Beaver as chair of the SLA board. Eligible members of the SLA elected her via an electronic vote taken prior to the SLA’s virtual annual meeting on Feb. 8. …

New York State Ethics Commission Hit by Cyber Attack

ALBANY, N.Y. (AP)— New York’s ethics commission has shut down its online filing system as authorities investigate a “deliberate malicious cyberattack.” The Joint Commission on Public Ethics said late Friday that a forensic analysis confirmed the attack several days after …

Virginia School Board to Appeal Judge’s Ruling Blocking Elite School’s Admissions Policy

A federal judge ruled Friday that a Virginia school system illegally discriminated against Asian Americans when it overhauled the admissions policies at an elite public school. The ruling from U.S. District Judge Claude Hilton found that impermissible “racial balancing” was …

VW Fears Most of Its Cars on Cargo Ship ‘Felicity Ace’ Are Beyond Salvage

Volkswagen AG has lost hope that many of its roughly 4,000 vehicles aboard a cargo ship that caught fire last week in the Atlantic can be saved. The automaker’s brands and dealers have started notifying customers that the U.S.-bound vehicles …

California Commissioner Wants to Require Insurers to Factor Wildfire Safety Steps into Pricing

California Insurance Commissioner Ricardo Lara announced new regulations he believes will improve wildfire safety and drive down the cost of insurance for homeowners and businesses. The proposed regulations, which could be in effect by this summer, call for insurance companies …

Lemonade Execs Expect ‘Peak Losses’ in 2022

With unfavorable development and product mix changes propelling fourth-quarter and full-year loss 2021 ratios into the 90s—up 20 points over comparable 2020 periods—Lemonade guided shareholders that results will get worse in 2022. “2022 is expected to be our year of …

Fire on Massive Car Transport Ship, Felicity Ace, Is Likely Extinguished

The fire on the cargo ship Felicity Ace, which had burned for more than a week, is likely extinguished and the vessel is now being towed, according to the operator MOL Ship Management. The ship had been transporting thousands of …

Pandemic, Other Risks Weigh on Minds of Middle-Market Execs

Most middle-market firms experienced a recovery following the height of disruptions caused by COVID-19 and remain mostly optimistic about the global economy, but other business risks loom large. According to a survey of 1,000 executives by Chubb and the National …

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