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NHTSA Laid Off 4% of Staff, Spokesperson Says

Article 0 Comments The National Highway Traffic Safety Administration laid off 4% of its staff as part of a government-wide trimming of probationary employees, a spokesperson said Monday. The agency has pending investigations into Tesla TSLA.O, which is headed by Elon Musk, the CEO of the automaker and President Donald Trump’s senior adviser leading efforts to shrink the government. NHTSA said under President Joe Biden the agency grew by 30% and is still considerably larger after the job cuts earlier this month. Its workforce was about 800 before the job cuts. “We have retained positions critical to the mission of saving lives, preventing injuries, and reducing economic costs due to road traffic crashes,” NHTSA said, adding it “will continue to enforce the law on all manufacturers of motor vehicles and equipment.” Last week, President Donald Trump’s nominee to serve as the second highest ranking official at USDOT vowed the government will take a fair and objective approach to overseeing auto safety probes into Tesla. NHTSA in October opened an investigation into 2.4 million Tesla vehicles equipped with Full Self-Driving (FSD) software after four reported collisions, including a fatal 2023 crash, among other open safety probes. In January, NHTSA opened a...

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LA Mayor Removes Fire Chief in Fallout From Palisades Blaze

Article 0 Comments Los Angeles Mayor Karen Bass removed Fire Chief Kristin Crowley, citing failures in the department’s response to the devastating Palisades wildfire. Bass appointed former LAFD Chief Deputy Ronnie Villanueva, a 41-year LAFD veteran, as interim chief while the city launches a search for Crowley’s permanent replacement, according to an emailed statement from her office on Friday. Related: Zurich Insurance Sees $200 Million LA Wildfire Loss Bass said Crowley’s dismissal stemmed from key lapses, including sending home 1,000 firefighters on the morning the Palisades fire broke out and refusing to conduct an “after action report.” “The heroism of our firefighters – during the Palisades fire and every single day – is without question. Bringing new leadership to the Fire Department is what our city needs,” Bass said. Related: California Insurance Commissioner Rejects State Farm’s 22% Rate Request The Palisades blaze exploded on Jan. 7, driven by hurricane-force gusts, ripping through an area almost twice the size of Manhattan, claiming at least 12 lives and destroying 6,800 structures. A second major blaze, the Eaton Fire, which left 17 dead, was in an unincorporated area of Los Angeles County, outside the city and Bass’s purview. Economists at the University of...

CSIO Publishes Commercial Lines Data Standards for Cyber and Errors & Omissions 0

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CSIO Publishes Commercial Lines Data Standards for Cyber and Errors & Omissions

Toronto, ON (Feb. 18, 2025) – CSIO is pleased to announce that its Commercial Lines (CL) Working Group has added Cyber and Errors & Omissions (E&O) to the list of segments with published CL Data Standards – a key 2025 priority for broker efficiency. This brings the total number of segments with real-time quoting enabled through an Application Programming Interface (API) to 14. The addition of Cyber allows brokers to seamlessly quote and bind cyber risks up to $1 million. By publishing the CL Data Standards for E&O, CSIO has now incorporated over 380 Insurance Business of Canada (IBC) codes for instant API quoting. The related business requirements for these new segments are included in CSIO’s latest XML Standards release (v1.48). Developed by the CL Working Group, CL Data Standards provide a consistent workflow for brokers by allowing them to quote and bind commercial risks in seconds directly through their Broker Management Systems (BMS). This workflow alleviates common pain points such as logging into portals, emailing or calling insurers and manually resubmitting information to obtain a quote. A simplified quoting process means brokers can focus on delivering high-quality insurance solutions to their customers. “Together, the Commercial Lines Working Group responded...

GUS Welcomes Omyload to Its Network of Property Restoration Professionals 0

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GUS Welcomes Omyload to Its Network of Property Restoration Professionals

Montreal-based clothing & textile cleaning company joins GUS Montreal, QC (Feb. 18, 2025) – GUS, the largest 100% Canadian-owned and operated network of property restoration professionals, is proud to welcome Omyload, an innovative clothing and textile cleaning company to its group. This integration strengthens and reaffirms GUS’s commitment to innovation and sustainable development. Founded by Jessica Lahaie, Pascale Allaert, and Sébastien Témoin, Omyload is the first wet cleaning and textile restoration service in North America to significantly reduce water consumption, capture 98% of plastic micro-particles, and eliminate petroleum-derived solvents commonly used in the industry. The company serves the Greater Montreal area with cleaning techniques that greatly reduce the ecological footprint while using no harmful products. Additionally, Omyload offers a 100% online pickup service, providing customers with unprecedented convenience. “The arrival of Omyload in our network marks a major step forward in our pursuit of innovation and sustainability,” said Jaime Smith, Director of Franchise Development at GUS. “Their revolutionary approach to textile cleaning—combining efficiency with environmental responsibility—is exactly what our industry needs. Together, we will transform the property restoration sector and provide greener, more responsible solutions to our clients.” Sébastien Témoin, CEO of Omyload, added: “We are very proud of this...

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SEC to Drop Lawsuit Against Coinbase, Firm Says

Article 0 Comments Coinbase said on Friday the U.S. securities regulator planned to withdraw its lawsuit against the crypto exchange, ending a contentious years-long legal battle once considered existential for the trading platform and the broader sector. The Securities and Exchange Commission has moved quickly to overhaul its approach to policing the crypto sector under Republican leadership since President Donald Trump took office. The agency has established a dedicated task force and rescinded key crypto-related accounting guidance. The SEC, which declined to comment, has been expected to review pending court cases and walk back its litigation even before overhauling its regulations, Reuters previously reported. Still, the decision to recommend dismissing its lawsuit against Coinbase, one of a number of lawsuits brought under the SEC’s prior chair, would be the most dramatic move yet under the acting Republican leadership. “The war against crypto, at least as it applies to Coinbase, is over,” Coinbase Chief Legal Officer Paul Grewal said in an interview. Republican officials at the SEC have immediately begun to overhaul the agency’s crypto policies, even before the arrival of Paul Atkins, Trump’s crypto-friendly pick for SEC chair. Revisiting cases against crypto firms – especially those which violated the SEC’s...

First Onsite acquires Great Canadian Roofing & Siding 0

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First Onsite acquires Great Canadian Roofing & Siding

Mississauga, ON (Feb. 20, 2025) – First Onsite Property Restoration, Canada’s leading property restoration company, is pleased to announce that it has acquired a majority stake in Great Canadian Roofing & Siding. Great Canadian Roofing & Siding operates in Alberta and Saskatchewan with offices in Calgary, Edmonton, Red Deer and Saskatoon. Over the years, the company has evolved from a roofing company into a full-service, one-stop, energy-efficient renovation specialist with a range of residential services from roofing, siding, windows and doors, stone and stucco, to insulation and thermal imaging. “Great Canadian Roofing & Siding has a strong and well-respected reputation in the markets it serves. While getting to know the company, we have been very impressed by the organization and we have high expectations for this partnership,” said Peter Corsano, EVP of Operations at First Onsite Property Restoration. Today’s acquisition enables First Onsite to support its insurance partners with enhanced service offerings. Additionally, when there’s a catastrophic weather event or property damage, First Onsite can better help its customers get back on their feet quickly. This announcement comes on the heels of a record-breaking hailstorm that hit the Calgary area in early August 2024, resulting in nearly $2.8 billion in insured...

P&C Insurance: Mind The Gap(s) 0

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P&C Insurance: Mind The Gap(s)

By Stephen Applebaum and Alan Demers — The expression “Mind the gap” dates to the 1960s when it was first announced on the London Underground. The purpose was to warn passengers of the potentially dangerous gap between the train door and platform which are not perfectly aligned. It has since evolved to become a general warning about the danger of open space or gap between two points. It applies especially well to the many risks and headwinds faced by the insurance industry today. And if unattended, may be irreversible or much harder to close. The P&C industry is by design, resilient with layers of financial insulation. Reinsurance, surplus capital, low-risk and liquid investment portfolios are just some of these layers with individual state oversight to monitor financial stability. The insurance model has been tested over time during high inflationary periods and severe catastrophic events and alternating hard and soft market cycles.  However, the last three years are arguably the most challenging from fluctuating inflation and worsening climate risks. Meanwhile, there are emerging and widening gaps that both threaten and are reshaping massive segments such as real estate and homeownership. Climate Resilience Gap As made painfully obvious by the recent series...

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AM Best: US P/C Industry Improves Despite 2024 Underwriting Loss

Article 0 Comments The U.S. property/casualty industry took another underwriting loss in 2024, but results improved thanks to rate increases and changes in risk selection. A report from industry rating agency AM Best this week said U.S. P/C insurers posted an underwriting loss of $2.6 billion in 2024 – a large improvement over the underwriting loss of $24.6 billion recorded in 2023. The estimated combined ratio for 2024 was 98.9 compared to 101.9 for 2023. AM Best said it expects the industry in 2025 to “build on its solid rebound” with improved underwriting and operating results – even in the face of more losses from secondary perils and continued adverse litigation trends such as social inflation and third-party litigation funding. The personal lines segment will be a driver of expected improvement, AM Best said. In 2024, personal lines posted a net underwriting loss of $11.9 billion compared to a loss of $36.7 billion in 2023. Rate increases in auto and home insurance, the combined ratio for auto was 98.7 (from 104.9 in 2023) and homeowners was 105.7 (from 110.9 in 2023). AM Best said personal lines premium increased 12.9% in 2024, and is projecting to increase 9% this year. “Insurers...

Canada’s leading network of independent insurance brokers always puts Canadian clients first 0

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Canada’s leading network of independent insurance brokers always puts Canadian clients first

Toronto, ON (Feb. 18, 2025) – As Canada and the United States navigate increasing trade tensions, Canadian Broker Network (CBN) today reaffirms our unwavering commitment to Canadian insurance clients. As the country’s leading network of independent insurance brokers, representing more than $3.5 billion in property-casualty premiums, CBN offers Canadian businesses and individuals a trusted insurance solution that is free from foreign control or influence. “With rising economic uncertainty and evolving risks, it’s never been more important to work with an independent, Canadian broker who understands the local landscape,” said Lorie Phair, President of CBN. “Our member brokers are not tied to corporate mandates or external investors. We are fiercely independent and deeply rooted in our communities from coast to coast, ensuring that every decision is made with our clients’ best interests in mind.” A Purely Canadian Advantage With 30 locally owned and operated brokerages represented in more than 100 offices across the country, CBN: Understands local communities, offering deep local expertise, supporting our communities and offering real choice with an array of unbiased insurance solutions to choose from. Supports the Canadian economy by hiring locally and reinvesting in Canadian communities to strengthen businesses and families. Makes local decisions to respond quickly...