Featured Articles Blog

0

Uncategorized

Super Bowl 2024 Highlights NFL’s Aging Billionaire Problem

What You Need to Know The NFL was responsible for 93 of the 100 most-watched TV broadcasts last year, and brought in nearly $20 billion in revenue. Growth has created succession-planning challenges — and could force the doors open for investors driven by financial imperatives. Bringing in institutional owners and private equity investors could help teams raise capital and give minority partners a way to cash out. When she was nine years old, Virginia McCaskey attended the first NFL playoff game, at Chicago Stadium in December 1932. The Chicago Bears, coached by her father, George “Papa Bear” Halas – the team’s founder and owner — beat the Spartans of Portsmouth, Ohio, by a score of 9-0 to become the then 12-year-old league’s champions. Moved indoors because of a blizzard, the game, a precursor to the annual championship now known as the Super Bowl, was played in front of about 11,000 people on a 60-yard field using dirt and manure left over from a traveling circus. One punt hit the stadium’s organist. Two years later, a radio station owner paid $7,952.08 (about $180,000 in today’s dollars) to buy the Spartans and move them to Detroit, where they now play as the Lions. Now, the 101-year-old McCaskey owns...

15 Hottest Up-and-Coming U.S. Housing Markets: 2024 0

Uncategorized

15 Hottest Up-and-Coming U.S. Housing Markets: 2024

Start Slideshow In November, the high mortgage rates that had been weighing on the housing market started to trend downward from their nearly 8% peak in October, reaching as low as 6.6% in mid-January, according to a recent report by The Wall Street Journal and Realtor.com.  In response, both pending and existing home sales leveled off in December, with bigger declines averted by lower mortgage rates. The housing market is unlikely to return to balance this year, the Realtor.com 2024 Housing Forecast suggests, but it will move in that direction. Still, buyers continue to find limited inventory. The report noted that low buyer demand and possibly even lower seller activity is bolstering prices, which rose by 1.2% annually in December and remained about 37% higher than pre-pandemic levels at the national level. Homes spent four fewer days on the market than in December 2022 but still remained there two weeks less than before the pandemic — an indication of low for-sale inventory. According to the report, demand in affordable locales keeps inventory conditions tight, price growth strong and time on market snappy, even though housing activity remains constrained nationally.  The most recent Wall Street Journal/Realtor.com Emerging Housing Markets Index identifies housing...

0

Uncategorized

Birny Birnbaum Gives Up NAIC Consumer Rep Role

Birny Birnbaum has ended his 25-year run as a funded consumer representative at the National Association of Insurance Commissioners. Birnbaum, the executive director of the Austin, Texas-based Center for Economic Justice, first became an NAIC consumer rep in 1999, when he took over from the center’s previous executive director, Victoria Benitez. Birnbaum said in an email interview that he decided not to reapply because he no longer felt his work at the association was doing much good. “I think there are more effective ways to promote and achieve improved consumer protection, greater availability and affordability of insurance, address structural racism in insurance and stop the numerous unfair and deceptive practices in life insurance and annuities than attending NAIC meetings,” Birnbaum said. What it means: Financial professionals who follow the NAIC may have a harder time understanding it now that Birnbaum is no longer providing his plain-English analyses of its work. Consumer reps: The NAIC, a group for state insurance regulators, created the consumer rep program in 1992. The group pays for the funded reps to travel to NAIC meetings and speak up for consumers. Other, unfunded reps pay their own meeting-related travel bills. Grace Arnold of Minnesota is the regulator who serves...

Online Policy Self-Servicing, Support and Quoting Capabilities Set Leading Insurance Carriers Apart 0

Uncategorized

Online Policy Self-Servicing, Support and Quoting Capabilities Set Leading Insurance Carriers Apart

Wilmington, Del. (Jan. 23, 2024) – Keynova Group, the principal competitive intelligence source for digital financial services firms, is pleased to announce the results of the Q4 2023 edition of its semi-annual Online Insurance Scorecard, an evaluation of 12 of the largest U.S. auto and property insurance carriers’ website capabilities. Progressive once again earns first place for its online user experience, achieving the highest overall score. Trends identified in Keynova Group’s Scorecard show the leading insurance carriers advancing digital policy management with innovations to drive accurate and efficient policy changes, self-servicing and expanded online quoting and servicing for an array of policy types. “Carriers are increasingly implementing nuanced capabilities that facilitate policyholder decisions and expedite policy-related actions,” said Beth Robertson, managing director, Keynova Group. “When effectively implemented, these online solutions defray the expense of live agent interactions while also building policyholder engagement through positive digital experiences.” Key Findings: Self-servicing Advances Enhance Policy Updates Carriers continue to advance digital capabilities that enable policyholders to efficiently locate information and complete tasks online. As policy updates are an important area of expanded self-servicing, 75% of Scorecard carriers now enable some or all policy updates to be initiated and completed online with immediate updates...

Chicken Processing Plant Fined $393K for Endangering Ohio Employees 0

Uncategorized

Chicken Processing Plant Fined $393K for Endangering Ohio Employees

Article 0 Comments A chicken processing plant – with a long history of violations ‒ continues to ignore federal safety regulations and expose workers to multiple hazards while they process chickens for commercial sale, federal inspectors found. Inspectors with the U.S. Department of Labor’s Occupational Safety and Health Administration opened a follow-up inspection under the agency’s Severe Violator Enforcement Program at Case Farms Processing Inc. in Winesburg, Ohio on Aug. 7, 2023. OSHA found machine guarding and OSHA found machine guarding and trip-and-fall hazards in the facility’s live hang department that were substantially similar to violations cited in a previous case. OSHA cited the company for three repeat, seven serious and four other-than-serious violations for not using required lockout/tagout procedures, not training workers in such procedures, a lack of machine guarding to protect workers from contact with operating machine parts and exposing workers to fall and electrical hazards. The processing plant faces $393,449 in proposed OSHA penalties. “Case Farms Processing continues to ignore federal safety regulations to protect workers on the job. Returning to a facility to find similar violations identified in previous inspections demonstrates a callous disregard for the safety of workers,” said OSHA Area Director Larry Johnson in...

0

Uncategorized

Louisiana Furniture Retailer Settles Race Discrimination Lawsuit for $105K

Article 0 Comments A furniture retailer and lessor based in Louisiana has agreed to pay a former employee $105,000 to settle a race discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. Affordable Rent-to-Own, LLC, doing business as Affordable Home Furnishings, subjected an African American manager to a hostile work environment and fired him when he complained, the EEOC found. According to the EEOC’s lawsuit, a white account manager at Affordable Home Furnishings’ Florida Boulevard store in Baton Rouge repeatedly used the word “n****r” while working with an African American manager-in-training. Soon after the manager-in-training reported the slurs to other managers, the company fired him, the EEOC says. Such alleged conduct violates Title VII of the Civil Rights Act of 1964, which prohibits race discrimination and retaliation for complaining of discrimination. The EEOC filed its suit (EEOC v. Affordable Rent-to-Own, LLC d/b/a Affordable Home Furnishings, Civil Action No. 3:22-cv-00676) in U.S. District Court for the Middle District of Louisiana. Under the three-year consent decree settling the suit, approved today, Affordable Home Furnishings will pay the former employee $105,000 in back pay and damages, and also conduct training; revise policies; set up a complaint hotline;...

0

Uncategorized

Court Orders Texas Adjuster to Cease Using Lloyd’s Trademarked Names

Article 0 Comments A Texas public adjuster committed willful infringement when he formed a corporation and a limited liability company with the names “Certain Underwriters at Lloyds London, Inc.” and “Certain Underwriters of Lloyds London,” a U.S. district court ruled on Feb. 7. The Southern District of Texas granted Lloyd’s permanent injunction in its bid to stop adjuster Eric Ramirez from using its federally trademarked names. Ramirez agreed to the motion. Ramirez was retained by various policyholders in pursuing claims under insurance policies issued at Lloyd’s. After an appraisal umpire ruled against Ramirez’s position in one recent case, he filed lawsuits and administrative complaints accusing Lloyd’s of improper business practices. Ramirez accused Lloyd’s of not properly registering to do business in Texas, failing to pay taxes which he presumably claims are due to the State of Texas, and seeking damages in the form of compensation he would have received from the policyholder if it had received a larger damage award on its claim. Lloyd’s, the world’s premier insurance marketplace, does not sell or issue insurance policies in Texas. Ramirez formed businesses with the state of Texas named “Certain Underwriters at Lloyds London, Inc.” and “Certain Underwriters of Lloyds London, LLC.”...

Arthur J. Gallagher & Co. Acquires MGB Re 0

Uncategorized

Arthur J. Gallagher & Co. Acquires MGB Re

Rolling Meadows, IL (Jan. 16, 2024) – Arthur J. Gallagher & Co. is pleased to announce that its reinsurance division, Gallagher Re, has acquired Toronto-based MGB Re. Terms of the transaction were not disclosed. MGB provides reinsurance solutions to health maintenance organizations (HMOs), managing general underwriters (MGUs) and insurance companies in the U.S. medical sector. The MGB leadership team of Andrew Barth, Jacqueline Greer and Thomas McGrath will operate under the direction of Jim Fallon, Gallagher Re’s Eastern Region Manager in North America and Rob Fast, Life, Accident and Health Segment Leader in North America. “MGB’s strong client relationships and expertise will accelerate the growth of our medical reinsurance business and broaden our service offerings,” said J. Patrick Gallagher, Jr., Chairman and CEO. “I am very pleased to welcome Andrew, Jacqueline and Thomas to our growing, global team.” About Arthur J. Gallagher & Co. Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants. For more information, visit www.ajg.com. SOURCE: Arthur J. Gallagher &...

Securian Canada and CAA partner to offer new life and health & dental insurance solutions 0

Uncategorized

Securian Canada and CAA partner to offer new life and health & dental insurance solutions

Toronto, ON (Jan. 17, 2024) – Securian Canada, a leading insurance provider of innovative, life-ready insurance solutions in Canada, is excited to announce a new partnership with the Canadian Automobile Association (CAA). Through this new partnership, CAA introduced an innovative suite of insurance products and a digital-first customer experience to their more than seven million Members across the country, effective January 1, 2024. “We are incredibly excited to work alongside Securian Canada to expand CAA’s life and health & dental insurance portfolio,” said Tim Shearman, President and CEO of CAA National. “Our organizations share values and an unwavering commitment to providing solutions rooted in genuine care for our Members. Together, we are poised to deliver new market-leading products and exceptional Member services, staying true to our commitment to continually seek new ways to increase Membership value.” Through this partnership, CAA Members have access to a streamlined portfolio of life and health & dental insurance products, available at preferred prices for Members and delivered through a convenient and user-friendly digital platform. “We are proud to be partnering with a trusted household brand like CAA to deliver innovative insurance solutions that aim to enhance the financial security of their Members across Canada,”...

Canadians continue to prioritize travel in 2024 despite economic challenges 0

Uncategorized

Canadians continue to prioritize travel in 2024 despite economic challenges

Allianz Global Assistance’s seventh annual Vacation Confidence Study reveals that 70 per cent of Canadians plan to take a vacation in 2024 Cambridge, ON (Jan. 14, 2024) – Vacation confidence continues to rise in the face of financial pressures, with seven in ten Canadians saying they plan to take a vacation in 2024, according to the seventh annual Vacation Confidence Study from Allianz Global Assistance. The leading travel insurance and assistance provider’s study, conducted in partnership with Ipsos, revealed that vacation confidence is strongest among high-income households (85 per cent), university graduates (80 per cent) and families with children (79 per cent). These encouraging travel intentions are reinforced by the 72 per cent of Canadians who say that an annual vacation is important to them. Those over the age of 55 – who were among the slowest to return to travel in recent years – are driving the rise in vacation confidence with a 10-point increase from last year’s study. Considered to be some of the country’s most avid travellers, the 55+ generation has now rebounded to its 2019 numbers in terms of travel intentions. “Canadian travellers are a resilient bunch. Despite facing unprecedented challenges in recent years, as our...