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People Moves: Higginbotham Promotes Russell to President, Private Client Services

Article 0 Comments Higginbotham announced the promotion of long-time executive team member and former Chief Operating Officer, Personal Insurance Mary Russell to the position of President, Private Client Services. This move marks the final division of the president title that Higginbotham Chairman and CEO Rusty Reid has held since 1989 into three separate division titles, with Chris Rooker as President, Business Insurance; Michael Parks as President, Financial Services and Employee Benefits; and Mary Russell as President, Private Client Services. In her new role as president, Russell will provide top executive coordination while overseeing operations throughout the division, leading a dedicated team that serves more than 44,000 individual clients across the 17-state Higginbothamfootprint. In 2013, Russell received Safeco’s Personal Achievement Award and was named Travelers’ Personal Insurance Agent of the Year. In 2016, the Private Risk Management Association (PRMA) honored her with the JoAnn Heltibridle Award, which annually recognizes one insurance professional who stands for passionate industry support and client service excellence. In 2019, Russell was named a Great Woman of Texas by the Fort Worth Business Press. Russell holds Certified Insurance Service Representative (CISR), Certified Insurance Counselor (CIC), and Certified Private Risk and Insurance Advisor (CPRIA) designations. In 2022, Russell...

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Texas Health System Loses COVID-19 Business Interruption Suit – 5th Circuit

Article 0 Comments A Texas nonprofit health system who purchased a specialized commercial property insurance policy is not covered for business interruption losses caused by COVID-19, a 5th Circuit Court of Appeals panel ruled, relying on existing precedent that COVID-19 does not physically harm property. Baylor Scott & White Holdings (BSW), the largest nonprofit health system in Texas, sued insurer Factory Mutual Insurance Co. in February 2021 for denying a claim seeking business interruption losses as a result of COVID-19 totaling over $192 million. BSW said its claim was predicated on physical loss and/or physical damage to property caused by, among other things, the presence of COVID-19″ at its facilities. The policy BSW purchased from Factory Mutual covered two general types of claims – property damage and time element claims. The policy excludes coverage for contamination, and any cost due to contamination including the inability to use or occupy property or any cost of making property safe or suitable for use or occupancy. The policy contains additional coverages, including the Communicable Disease Response Extension and the Interruption by Communicable Disease Extension. Under the extensions, the policy covers up to $5 million for cleanup, removal and disposal of the presence of...

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A Potential Atlantic Hurricane Is About to Clash With a Cloud of Saharan Dust

Article 0 Comments A cluster of thunderstorms is threatening to become the Atlantic’s next tropical storm or hurricane — if it can survive a cloud of dust from the Sahara. The storms southwest of the Cape Verde islands have a 70% chance of strengthening into a tropical system within seven days, the US National Hurricane Center said. But to the north is a large, lobster-claw-shaped outbreak of dust and dry air from Africa’s largest desert that could sap them of their power. The budding storm looks “to be in a fairly moisture-rich environment at the moment,” said Phil Klotzbach, a hurricane researcher at Colorado State University. “However, there is some dust/dry air to the north” that’s presenting a potential obstacle to their development, he said. If the thunderstorms manage to evade the dry air and grow into a tropical storm, the system would have a good chance of nearing the Windward Islands by the weekend. That’s the gateway into the larger Caribbean Sea. In June and July, large clouds of dust and dry air billow off the Sahara into the Atlantic. That haze, along with ocean temperatures that tend to be cooler at this time of year, would usually stifle...

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FINRA Goes Quiet as Its Caseload Plunges

“I felt that examiners came in with the idea that they were going to find violations, and it was just a question of how many,” Mark Cresap, a money manager in the Philadelphia area, said in an interview. His firm, Cresap Inc., manages about $1 billion in assets. Examiners would spend months at a time at his firm, Cresap said. FINRA, he said, was devoting too much time scrutinizing small, well-intentioned companies and not enough time looking at firms trying to skirt the rules. Broker Joe Romano, president of Romano Brothers & Co., said FINRA’s oversight often fixated on minor violations rather than major fraud. Perceived overregulation has even driven one firm to challenge the constitutionality of parts of FINRA. That case is making its way through the appeals process. New Chief In 2016, Robert Cook, a former white-collar law partner and SEC official, took the helm of FINRA. The year before, FINRA had a record high of 1,147 enforcement actions, based on the number of settlements and complaints filed by the regulator. FINRA’s internal statistics on disciplinary actions show a higher count, though a similar decline over the years. In one of his first major actions, Cook launched FINRA360, described...

Navacord reinforces commitment to Ottawa with the expansion of two local specialty brokers 0

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Navacord reinforces commitment to Ottawa with the expansion of two local specialty brokers

Toronto, ON (June 12, 2024) – Navacord is pleased to reaffirm its commitment to the Ottawa region, with the expansion of two specialty brokers including Petrela, Winter & Associates, a construction specialist, and Jones DesLauriers, renowned for their expertise in commercial, auto dealerships, and technology segments. Effective May 29, Petrela, Winter & Associates, a Navacord Broker Partner since 2015 and leading specialty brokerage servicing the construction and real estate development industries, opened their newest office in Ottawa. Established in 1979, Petrela Winter has built a strong brand and reputation, offering specialized insurance, and bonding solutions and advice to contractors and developers across Canada. Located at 1545 Carling Avenue, Petrela Winter’s Ottawa office is now officially open for business, led by Alexander Petrela, alongside a strong team of seasoned risk advisors. Petrela Winter’s other office locations include Toronto, London, and Sudbury. “Ottawa is near and dear to us as some of our oldest client relationships that date back to the earliest days of our firm are based there. We’re immensely proud to be a part of the local community, and excited to build on our success there, working with the region’s construction and development community,” says Roy Ferreira, President and CEO...

Acera Insurance partners with Dorey & Tolgyesi 0

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Acera Insurance partners with Dorey & Tolgyesi

Partnership marks Acera’s fourth deal in Ontario in 2024 Calgary, AB (Jun. 15, 2024) – Acera Insurance Services Ltd. continues to expand in Ontario and is pleased to announce its partnership with Dorey & Tolgyesi Insurance Brokers Ltd. of Kingston. This marks Acera Insurance’s fourth deal in Ontario so far in 2024, following partnerships with KRS Insurance Brokers Inc., Green Benefits Group and Dominion Group Benefits. “As a wholly independent and Canadian-owned brokerage, Acera Insurance is proud to stand out as a viable alternative to foreign investors and insurance-company owned aggregators,” says Bruce Rabik, Chief Operating Officer, Acera Insurance. “We are pleased to welcome partners like Dorey & Tolgyesi who are not willing to sacrifice independence in their pursuit of growth.” Dorey & Tolgyesi is the largest, independent brokerage in Kingston and has a second location in Bath. Co-founder Ernie Tolgyesi has been steadfast in maintaining a local independent broker channel since opening Dorey & Tolgyesi more than 15 years ago. “Acera Insurance is defending the true Canadian brokerage option,” says Tolgyesi. “While looking to grow, I also wanted to preserve real choice and impartial solutions for the people and businesses of Kingston and our surrounding communities. This made Acera...

Way.com Aims to Curb Millions in Catastrophic Hurricane Damage with Insurance Partner CURE and New Parking Solution 0

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Way.com Aims to Curb Millions in Catastrophic Hurricane Damage with Insurance Partner CURE and New Parking Solution

Fremont, CA (June 25, 2024) – In an innovative new partnership, Car Super App Way.com and CURE Auto Insurance are teaming up to protect customers’ cars from damage due to hurricanes and tropical storms. In 2022, damage from Hurricane Sandy resulted in $36.8 billion in New Jersey alone. The initiative, called the Catastrophe Loss Mitigation program, is a white glove service from start to finish where customers in projected impact zones of severe hurricane and flooding events will be notified via phone alert, in advance of the storm, of a prepaid local parking garage reservation and credits for Uber transportation to and from dropping off their vehicle. CURE’s signing makes it the first to market, amongst auto insurers, for this type of hurricane and flood loss prevention. Three additional carriers have recently signed on to partner with Way for the program, and the team is hoping to add any other carriers wanting to help customers protect their vehicles against this avoidable loss. CURE’s Chief Operating Officer, Sean Albert, emphasized that there’s never been a more critical time than now to recognize that we can do better as an industry than solely focusing on a well-oiled disaster recovery plan. The headlines...

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Oklahoma Insurance Department to Hold Inaugural OK Captive Day

Article 0 Comments The Oklahoma Insurance Department (OID) announced it will hold the inaugural OK Captive Day on Tuesday, August 20, 2024. This event aims to educate key industries in Oklahoma about the Oklahoma Captive domicile and the benefits of a captive insurance company, OID said. A captive insurance company is a type of self-insurance that provides coverage for the risks of a parent company or related entities. Recently, the number of captive insurance companies in Oklahoma has increased to an all-time high and continued future growth is projected for the state. OK Captive Day presents an opportunity for prospective and current captive owners, risk managers, industry experts and regulators to connect, learn, and collaborate. “The development of our captive insurance program has been one of my top priorities since taking office,” Oklahoma Insurance Commissioner Glen Mulready said. “During a hard-market, captives can be a key solution for many Oklahoma businesses, and we want to continue our momentum after adding more than $100 million in captive insurance premium over the past year.” The event will be held at the Embassy Suites Oklahoma City Downtown Medical Center. Registration is limited to the first 250 participants. Source: Oklahoma Insurance Department Topics Oklahoma...

12 Insights Into Boomers’ Retirement Realities 0

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12 Insights Into Boomers’ Retirement Realities

Start Slideshow At first glance, a majority of baby boomers appear content with their financial situation in retirement, according to a recent survey from IRALOGIX, a retirement industry fintech provider.  Probe a little deeper, however, and their contentment is counterbalanced by having to adapt to fixed incomes, heavy reliance on Social Security, coping with rising living costs, feeling socially disconnected, managing health care expenses and other challenges.  “Retired boomers have a unique perspective on financial security compared to other generations,” Peter de Silva, chief executive of IRALOGIX, said in a statement. “They rely strongly on early and proactive retirement saving, and the importance of stable, dependable income sources like Social Security and traditional monthly pensions.” In contrast to younger age groups, financial security for boomers is about both accumulating wealth and managing unexpected costs to ensure long-term stability, de Silva said.  Forty-five percent of retirees surveyed advised younger generations to establish a retirement savings plan as soon as possible and diligently adhere to it. Others advised paying off as much debt as possible before retirement, and setting specific retirement goals and factoring them into a savings plan. “This approach reflects their resilience and adaptability, offering valuable insights into prudent financial...

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LPL Rep Suspended for Trading in Deceased Client’s Account

The Financial Industry Regulatory Authority has suspended a registered representative with LPL Financial and fined him $7,500 for unauthorized trading in the account of a deceased client. According to FINRA’s order, Ronald Gene Chronister’s brokerage customer passed away on Jan. 8, 2021, after being hospitalized for several weeks. On Jan. 15, 2021, unaware of the client’s death, Chronister made a trade in the customer’s account to fund an upcoming required minimum distribution. Later that day, Chronister learned of the customer’s death, the order states. However, on Feb. 19, 2021, Chronister “falsely stated in an email to LPL that he had spoken with the customer in early January 2021 about the trade.”