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AM Best Downgrades Financial Rating of Illinois’ Prime Insurance

Article 0 Comments AM Best has downgraded the Financial Strength Rating to B (Fair) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bb+” (Fair) from “a-” (Excellent) of Prime Insurance Company based in Chicago, Illinois. Concurrently, AM Best has maintained the under review with negative implications status for these Credit Ratings (ratings). The ratings of Prime reflect its balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM). These rating actions reflect AM Best’s continuing concerns related to the adequacy of the company’s loss reserves and its decreasing risk-adjusted capitalization contributing to a lower overall balance sheet assessment. AM Best also revised the assessment of Prime’s ERM to marginal from appropriate reflecting concerns regarding the effectiveness of Prime’s reserve risk management relative to the size and complexity of this risk. The marginal assessment also contemplates the effectiveness of the company’s capital management plans and the potential regulatory implications related to lower risk-based capital levels as prescribed by the National Association of Insurance Commissioners. Management’s ability to meet these required levels is another consideration, the ratings agency said. Prime reported $111 million adverse reserve...

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New Illinois Law Requires Insurance for High-Speed E-Bikes

Article 0 Comments Some Illinois e-bike riders will need to carry insurance starting in 2027 under a law signed this week by Governor JB Prtizker. The new law requires riders of e-bikes and e-motors capable of traveling over 28 mph to have a driver’s license, title, registration and insurance. Illinois joins New Jersey as the only states to require insurance for high-seed e-bikes. Most states consider e-bikes to be in the same class of vehicles as bicycles, meaning riders don’t need to carry liability insurance, according to Progressive. Illinois Senate Bill 3484 draws a distinction between bicycles, lower-speed e-bikes and higher-powered e-bikes. “As these high-powered devices become faster and more common on our streets and sidewalks, the stakes are simply too high to leave them unregulated and outpacing public safety,” Illinois Secretary of State Alexi Giannoulias said. E-bikes have grown in popularity in recent years, leading to a rise in serious injuries. E-bikes have also led to a spike in claims involving battery related fire risks, according to Verisk. The Illinois law prohibits e-bikes and micromobility devices such as e-scooters, electric skateboards and electric unicycles from operating on sidewalks, and prohibits them from operating over 28 mph on roads, bike...

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Ross Fire Grows Into One of Largest Wildfires on Record in North Texas

Article 0 Comments The Ross Fire has grown into one of the largest wildfires in the Dallas-Fort Worth area’s recorded history, scorching 85,000 acres across Palo Pinto and Jack counties in just three days. The fire, which began Monday near Palo Pinto, grew with extraordinary speed in the dry ranchland. By Tuesday, officials reported that the fire had doubled in size in a few hours to about 50,000 acres. By Wednesday, the estimate had climbed above 80,000 acres. As of Friday morning, the Texas A&M Forest Service said the fire was 26% contained, which refers to the portion of the fire’s perimeter where firefighters have established a line or barrier aimed at stopping the fire from spreading. Firefighters have reported extreme fire behavior, including trees torching in groups amid strong winds. There have been no reports of injuries from the fire, but some rural residents have been advised to evacuate over the past three days and officials told residents in or near affected areas to be prepared to leave quickly if conditions change. Local officials have closed numerous roads in Palo Pinto County, including parts of U.S. 180 and Texas 254 as crews continue responding to the fire. As much...

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First US Phosphate Plant in Decades Planned Amid Global Conflict

Article 0 Comments Farm cooperative CHS Inc. and fertilizer producer OCP North America are proposing a $450 million phosphate fertilizer plant in Louisiana, bolstering domestic supplies as global conflicts have increasingly thwarted the flow of foreign crop nutrients. The proposed plant in Waggaman, Louisiana, the first of its kind in the US in over four decades, would produce more than a million tons of phosphate-based fertilizer annually, according to a Wednesday press release. The US produced about 5 million metric tons of finished phosphate fertilizers in 2024, according to Bloomberg Green Markets. The announcement comes as global fertilizer markets have been roiled by geopolitical conflict, first in Russia and Ukraine and then in the Middle East. Trade disruptions have elevated prices for the key crop nutrients and stoked concerns in the US about food security. The facility could reduce US dependency on imported phosphate fertilizers by more than 48%, according to the release. “We need to clap real loud for that. That is a really big deal,” Agriculture Secretary Brooke Rollins said of the plant at an event in Louisiana on Wednesday. The facility will provide “true competition for the American farmer’s dollar as a new entry comes to play...

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Mercury Insurance Founder Joseph Dies at Age 104

Article 0 Comments George Joseph, who founded Mercury General Corp. nearly 65 years ago, has died at age 104, the company announced this week. Joseph served as chairman from the company’s founding and led Mercury as CEO for 45 years, ending his time at the helm in 2006. After stepping down as CEO, he remained the company’s as executive chairman. George Joseph During his time as CEO, Mercury grew from a small California insurer with six employees and 90 agents into a large writer of private passenger automobile insurance. The company completed a public offering in 1985, and expanded beyond California beginning in 1989. It was listed on the New York Stock Exchange in 1996. The company’s written premiums broke the $3 billion mark in 2006. Joseph was recognized during his career for his contributions, including being named “Company Person of the Year” by the Professional Insurance Agents Association in 1987. Joseph was also known for his efforts to change Proposition 33, California’s insurance law, which many carriers have blamed for forcing them to use outdated catastrophe models and for keeping them from raising rates to better reflect the state’s growing wildfire risk. In 2010 and 2012, he backed two...

Applied Systems Launches New Vendor Certification Program 0

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Applied Systems Launches New Vendor Certification Program

New program enables agencies and brokerages to extend their technology strategy with certified integrations in a faster, more secure way Chicago, IL (Aug. 12, 2026) – Applied Systems® is pleased to announce it has launched its Vendor Certification Program, a new third-party integration program that provides customers with a fast, trusted way to extend the value of their Applied solutions. The new program formalizes Applied’s decades-long commitment to an open, connected ecosystem, giving vendors a clear, single path to certification and giving mutual customers a faster, lower-cost way to activate the technology partners of their choice. Every certified vendor completes a thorough onboarding and certification process, ensuring each integration meets Applied’s standards for quality and reliability before it ever reaches an agency or brokerage. Activating a certified integration is easy, faster than a standard integration build, and doesn’t require any additional purchase from Applied. Certified vendors have access to the latest Applied Epic releases, ensuring integrations stay current, reliable, and ready to meet their most demanding challenges. Initial companies with certified integrations include Ascend, Adapt, Coverflow, Fulcrum, Inteveo EcoLink, Lightspeed, Outmarket, Quandri, RecordLinker, Sonant, and Xilo, with more expected to join in the months ahead. “Applied has long supported a vibrant...

New Majesco Research Exposes the Insurance Alignment Gap Between Insurers and Their Customers That Will Define a New Era of Growth 0

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New Majesco Research Exposes the Insurance Alignment Gap Between Insurers and Their Customers That Will Define a New Era of Growth

Insurers that connect modernization, AI, and operational transformation to customer affordability, preparedness, and trust will define the next era of insurance growth Morristown, NJ (July 1, 2026) – Majesco, the insurance industry’s foremost innovator in AI-native and cloud-native software, is pleased to announce the release of its latest Thought Leadership research report, The Insurance Alignment Gap: Where Insurer Priorities and Customer Protection Needs Converge…and Diverge. The research found that while insurers are prioritizing operational efficiency, profitability, core modernization, AI, and a more intelligent operating model, customers are focused on affordability, financial vulnerability, preparedness, relevance, and trust. The findings underscore that insurers and customers are often looking at the same problems from opposite perspectives, making it increasingly important for insurers to translate internal transformation into customer-relevant value. “The insurance industry is at a pivotal moment where enterprise transformation and customer expectations and reality can no longer evolve on separate tracks,” said Denise Garth, Chief Strategy Officer at Majesco. “Insurers are modernizing to improve efficiency, competitiveness, and agility, while customers are looking for protection that feels affordable, understandable, and relevant to the risks they face every day. The result is a strategic alignment challenge, but also a powerful growth opportunity. Insurers most...

Green Cabbage Launches Finance & Insurance Market Data Spend Cube 0

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Green Cabbage Launches Finance & Insurance Market Data Spend Cube

New Spend Cube Enables Global Companies to Negotiate Smarter Deals with F&I Suppliers Pittsburgh, PA (Aug. 11, 2026) – Green Cabbage, the leading procurement intelligence partner for 2,600+ organizations across North America, EMEA, APAC, and LATAM, is pleased to announce the launch of its F&I (Finance & Insurance) Market Data Spend Cube. The F&I Spend Cube arms finance, procurement, and legal teams with independent market intelligence to identify spending patterns, eliminate overpayment, and unlock negotiation leverage across three critical spend categories: Market Data & Information Aggregators, Insurance & Financial Services Technology, and Financial Services Operations & Analytics. “This is what speed and client value looks like,” says Eric Cunningham, CEO of Green Cabbage. “Our clients asked for this, and it went directly into product in weeks, not quarters. This is a massive opportunity for CFOs. Finance & Insurance is one of the largest, most opaque spend categories on their balance sheet, and most have zero visibility into whether they’re getting market rates. The F&I Market Data Spend Cube represents Green Cabbage moving at the pace our clients expect: fast, focused, and ready to help finance and procurement teams unlock real value and negotiate from a position of market strength.” The...

DogPack and Healthy Paws Partner to Bring Pet Insurance into the DogPack Platform 0

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DogPack and Healthy Paws Partner to Bring Pet Insurance into the DogPack Platform

New integration brings seamless access to pet insurance directly into the DogPack platform, helping pet owners protect their dogs with ease Montreal, QC (Aug. 11, 2026) – DogPack, the leading global platform connecting dog owners through discovery, social content, and marketplace experiences, is pleased to announce a strategic partnership that introduces their United States market to Healthy Paws, a Chubb company, and a leading provider of accident and illness pet insurance coverage for dogs and cats. Through this collaboration, DogPack users will now have seamless access to pet insurance options directly within the app, helping pet owners protect their dogs with simple, transparent coverage. DogPack continues to expand beyond discovery, community, and travel into essential services for pet owners. With this collaboration, USA based users can explore insurance options in a way that feels natural, personalized, and aligned with their everyday experience on the platform. Based on their dog’s profile, users can view relevant coverage options and move through the process with a streamlined path to enrollment. “We’ve always been focused on building a platform that truly supports dog owners,” said Jonathan Punski, CEO of DogPack. “This partnership allows us to take that one step further. Our users don’t just...

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Some Gary, Indiana Residents Still Without Power Weeks After Storms

Article 0 Comments Things became all-too familiar for Kimya Williams after storms rumbled through Gary, Indiana, earlier this month leaving big chunks of the mostly-Black city in the dark for two weeks. The power outage reminded the 50-year-old of what she experienced in New Orleans in 2005 when Hurricane Katrina knocked out electricity to many. Williams’ home was one of more than 38,300 homes and businesses in Gary to lose power from the Aug. 11 storms. She initially tried to stick it out and stay put, but the darkness got the best of her and Williams’ left for Indianapolis to stay with her children. “It was too triggering. It was too dark,” Williams told The Associated Press Monday. On Monday, one of the poorest and blackest cities in America still had no power. The day before, Gary Mayor Eddie Melton called the pace of restoration “unacceptable.” “We’re at day 12 and 12 days is too long for families to be without power, 12 days is too long for parents to worry about their children and for businesses to lose revenue,” Melton said in an update to the community. Northern Indiana Public Service Co., the area’s electricity provider, said Monday that...