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Global Warming Can’t Be Ignored, Montana’s Top Court Says, Upholding Landmark Climate Case

Article 0 Comments Montana’s Supreme Court upheld a landmark climate ruling that said the state was violating residents’ constitutional right to a clean environment by permitting oil, gas and coal projects without regard for global warming. The justices, in a 6-1 ruling, rejected the state’s argument that greenhouse gases released from Montana fossil fuel projects are minuscule on a global scale and reducing them would have no effect on climate change, likening it to asking: “If everyone else jumped off a bridge, would you do it too?” Related: Montana To Ask State Top Court To Overturn Landmark Climate Ruling The plaintiffs can enforce their environmental rights “without requiring everyone else to stop jumping off bridges or adding fuel to the fire,” Chief Justice Mike McGrath wrote for the majority. “Otherwise the right to a clean and healthful environment is meaningless.” Only a few other states, including Hawaii, Illinois, Pennsylvania, Massachusetts and New York, have similar environmental protections enshrined in their constitutions. Related: Montana Youth Climate Activists Get Historic Win in State Case The lawsuit filed in 2020 by 16 Montanans —who are now ages 7 to 23 — was considered a breakthrough in attempts by young environmentalists and their attorneys...

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Chicago Restaurant Owners to Pay $125K in Overtime Back Wages

Article 0 Comments The U.S. Department of Labor obtained a consent judgment and order in the U.S. District Court for the Northern District of Illinois on Dec. 2, 2024, that requires D’Nuez Corp. and owners Antonio Rendon and Albino Rendon – operators of three restaurants in Chicago and Berwyn – to pay 53 employees a total of $125,000 in overtime back wages and liquidated damages – owed by the employer. The judgment resolves a Nov. 13, 2024 complaint filed by the department after its Wage and Hour Division investigators found the family-operated Chicago companyand its owners violated the Fair Labor Standards Act when they did the following: Failed to pay servers and kitchen staff an overtime premium of time and one-half their hourly rate of pay for hours over 40 in a workweek. The restaurants paid overtime hours in cash at straight time. Failed to display a Fair Labor Standards Act poster as required. The court’s action follows the division’s review of payroll records at two Mexican-fusion restaurants in Chicago on S. Archer Avenue and W. 18th Street from Feb. 28, 2021, to Sept. 26, 2023, that determined the employers owed $62,500 in back wages to the affected employees. In...

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G-7 Considers Options to Harden Price Cap on Russian Oil

Article 0 Comments Group of Seven nations are exploring ways to toughen the price cap on Russian oil as they seek to better target Moscow’s ability to fund its war against Ukraine, according to people familiar with the matter. Options under consideration range from essentially replacing the mechanism with a full ban on handling Russian crude to lowering the price threshold from the current $60 to about $40, the people said. The people, who spoke on condition of anonymity to discuss sensitive talks, cautioned that discussions were ongoing and there’s no consensus yet on a next step. Under the current terms of the price cap, western operators can insure and transport oil only when it’s purchased below the price threshold. The US and European Union also introduced an embargo on most imports in the months after Russia’s full-scale invasion. That’s seen Moscow turn to a covert fleet of tankers, often operating with unknown insurers or owners, to move its crude to new markets, particularly in Asia. This shadow fleet has helped Russia work around the restrictions, with prices for its crude selling above the price cap for most of the year. In response, G-7 nations have sanctioned dozens of vessels...

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Preparing for Medicare Changes in the New Year

Advisor tip: Ensure your clients are aware of their total premium cost for 2025, including the increased Part B and Part D premiums. 2. Medicare Part B Premium Adjustments: What’s changing? Premiums for Medicare Part B outpatient and physician services coverage will adjust for inflation. The surcharge known as the income-related monthly adjustment amount, or IRMAA, will apply to higher-income beneficiaries. The IRMAA adjustment tier for 2025 premiums will be based on beneficiaries’ modified adjusted gross income for 2023. What it means for beneficiaries: Inflation-based adjustments to IRMAA brackets could shift some beneficiaries into different IRMAA tiers. Advisor tip: Help clients understand their MAGI calculation and appeal IRMAA surcharges if their income was temporarily elevated in 2023 due to unusual life events, such as a retirement or a one-time capital gain. 3. Additional Benefits Under the Inflation Reduction Act: What’s changing? Free vaccines recommended by the Advisory Committee on Immunization Practices and caps on annual Medicare Part D prescription drug plan premium increases will take effect. What it means for beneficiaries: Reduced costs for preventive care and predictable premiums. Advisor tip: Educate clients about these benefits and encourage them to utilize preventive services. Broader Considerations And Looking Ahead While the...

Blink Parametric Launches Flight Disruption ‘FlyEasy’ travel proposition with Zurich Indonesia and Zurich Edge 0

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Blink Parametric Launches Flight Disruption ‘FlyEasy’ travel proposition with Zurich Indonesia and Zurich Edge

‘FlyEasy’ parametric cover is now available on Zurich Indonesia’s Travel Product: offering real-time lounge access for delayed flights This expansion is part of the agreement signed in January 2024 to offer this award-winning flight delay solution to Zurich’s customers across Asia Pacific via the Zurich Edge Platform Cork, Ireland (Dec. 19, 2024) – Blink Parametric is pleased to announce that its flight disruption assistance solution is now available as ‘FlyEasy’ coverage on the Zurich Indonesia direct channel via the Zurich Edge platform. Leveraging parametric technology, the proposition has been designed to instantly activate coverage benefits upon confirmation of a flight delay. This seamless, fully-digital approach provides ultimate convenience to customers, relieving them of traditional claims processes and allowing them to enjoy their travels with greater peace of mind. This integration is the second rollout this year under the framework agreement to offer Blink Parametric solutions to Zurich Asia Pacific network partners and customers across Singapore, Hong Kong, Malaysia, Indonesia and Japan. The first was with Singapore-based OTA Klook in March. Once a customer registers their flight details pre-travel, Blink Parametric monitors that flight in real-time. In the event of a flight delay of two-hours, the customer will automatically be offered...

Team Of Silicon Valley Veterans Launch Stand Insurance, Using Physics-Driven AI To Insure The World’s Climate-Impacted Properties 0

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Team Of Silicon Valley Veterans Launch Stand Insurance, Using Physics-Driven AI To Insure The World’s Climate-Impacted Properties

After raising $30 million, Stand launches first product: California homeowners insurance that insures and fortifies properties to be resilient to wildfire San Francisco, CA (Dec. 16, 2024) – Stand, the company reimagining insurance for climate-impacted properties, is pleased to announce the launch of its debut product: California homeowners insurance that insures and fortifies properties to be resilient to wildfire. Founded earlier this year, Stand is emerging from stealth with a world-class team, the backing of top-tier reinsurers, an AM Best A- Rating, and $30M in funding from Inspired Capital, Lowercarbon, Equal Ventures & Convective Capital. With this foundation, the company is poised to write over $2B in home coverage within its first year. It is no secret that the insurance market is in a climate crisis. Amidst the 4th worst fire season in California history, insurers are leaving large geographies to avoid fire risk. Many homeowners are now under-insured, self-insured, or on government plans of last resort. The problem is not unique to wildfire: nearly half of all homes ($22 trillion worth) in the U.S. are at severe or extreme risk of damage from climate-driven events. Stand has re-thought insurance for this new era, offering a solution that protects property while...

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Viewpoint: Strategies for Brokers as M&A Slows and Insurance Rates Soften

Article 0 Comments The brokerage industry is adapting to a changing landscape as macroeconomic conditions temper the tailwinds that have driven growth in recent years. High interest rates, historical valuations, and tighter access to capital have slowed M&A activity, with deal flow declining nearly 20% in the first nine months of 2024 compared to the same period in 2023. Meanwhile, moderating renewal rate increases in the property & casualty market—a reliable driver of organic revenue growth—are further pressuring brokers to adopt new strategies. While these shifts create new challenges, they also present opportunities for brokerages to focus on margin expansion, activate new sources of growth, and invest in new capabilities and talent to navigate the evolving environment. Opportunities in a Shifting Market While still a highly favorable macroeconomic market for brokerage, M&A activity that flourished previously was fueled by easy access to affordable capital and robust cash flows. Simultaneously, organic growth was supported by a hardening rate environment and inflation-driven exposure increases, contributing to strong financial performance. Shareholder value, including that of financial sponsors and employees, benefited from more liquid capital markets and historically high valuation multiples, driving record transaction volumes. As these conditions moderate, brokers are navigating a more...

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Liz Ann Sonders: ‘Froth’ Is a Lousy Market Indicator

Investors can “put it in your back pocket as something to be mindful of. To the extent that there’s a negative catalyst, it does mean that there’s sort of money and attitudes on one side of the boat, but in and of itself, it doesn’t suggest a downturn. I think these rotations under the surface are likely to continue to characterize the market,” the strategist said. If mega-cap stocks continue to outpace the rest of the market, conditions could align “for something that looks like the first half of 2024, which at the index level you would’ve thought nothing to see here, nothing to worry about, successive new highs, but a lot more churn and weakness under the surface,” said Sonders, adding that this wouldn’t be a big surprise heading into 2025. For several months starting mid-July, the market saw a traditional improvement in breadth, with participation down the cap spectrum, “but now we’ve got that rotation back into the Magnificent Seven” mega-cap tech stocks, she noted. Investors may place a greater premium on the ability to grow earnings in 2025 than on profitability levels, which mattered significantly in the last year, Sonders suggested. Image: Bloomberg

Lockton Unveils New Global Parametric Insurance Practice 0

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Lockton Unveils New Global Parametric Insurance Practice

Lockton’s Global Parametric Insurance Practice is set to help businesses adopt cost-effective alternative risk solutions, addressing the widening gap between insured and uninsured losses Kansas City, MO (Dec. 12, 2024) – Lockton, the world’s largest independent insurance brokerage and people solutions consulting group, has announced the launch of its new Global Parametric Insurance Practice. This initiative brings together a team of experts, including data scientists and modelers, dedicated to developing efficient, customized parametric solutions to help clients protect against risks that traditional insurance often overlooks. “Over the past three years, Lockton has invested significantly in parametric expertise and resources across the U.S., Latin America, Europe, and Singapore,” said Diego Monsalve, Latin America and Caribbean Head of Risk Practices and International Head of Parametric Solutions. “This global team is uniquely positioned to address our clients’ risk management challenges through innovation, delivering the high-caliber solutions they’ve come to expect from Lockton. We are excited to support our clients as we move forward with this initiative.” As natural disasters such as hurricanes and wildfires increase in frequency and severity, and as new risks arise, including cyber threats and supply chain disruptions, the need for supplementary insurance solutions is growing. The parametric insurance market...

BrokerLink Wraps Up 2024 With Four More Acquisitions 0

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BrokerLink Wraps Up 2024 With Four More Acquisitions

Toronto, ON (Dec. 17, 2024) – BrokerLink is pleased to announce it is closing the year by welcoming four new acquisitions from Ontario and Alberta: Ontario Wide Insurance Solutions Inc. (“Ontario Wide Insurance”), Donnell Financial Services on November 1, Shuman Insurance LTD. (“Shuman Insurance”) and Assurances Robichaud Insurance (“Robichaud Insurance”), effective December 1. Growing our footprint in Ontario Since 2009, Ontario Wide Insurance has provided customers with personalized service for home, auto and business insurance. In addition, the brokerage offers solutions for trucking, cargo, professional liability and niche properties. Ontario Wide Insurance is passionate about giving back to their community and is a proud supporter of Halton Women’s Place. Robichaud Insurance has offered personalized home, auto and business insurance to the people of Northern Ontario since 1937. This Kapuskasing-based brokerage has also established a strong portfolio by specializing in insurance solutions for municipal and forestry industries. The brokerage is a dedicated supporter of several local charities and community events, including local minor hockey teams, chamber of commerce events and snowmobile clubs. Additionally, the acquisition of Donnell Financial Services in Burlington, Ontario enables BrokerLink to expand its service offerings and enhance its expertise to offer employee benefits solutions. Broadening our presence...