Author: completebodyneeds

The Texas Department of Insurance, Division of Workers’ Compensation announced leadership staff changes. DWC is launching a new program area, AI Innovation and Integration, focused on the responsible, mission-driven use of artificial intelligence to modernize processes and reduce administrative burdens, and evaluate how system participants are using AI services. Allen Craddock, formerly DWC’s chief administrative law judge, will serve as deputy commissioner for this new area. Craddock brings a strong record of operational improvements in Hearings and will apply that same focus to agency modernization. He is board-certified in workers’ compensation law, practiced in the field for 15 years before…

A 5.0 magnitude earthquake rocked the Texas Panhandle early Thursday morning, one of the strongest recorded in Texas. Effects from the earthquake were felt throughout the rural region and as far as southern Oklahoma and New Mexico. According to the U.S. Geological Survey, the earthquake occurred at 5:21 a.m. nearly 24 miles south-southeast of Spearman near the top of the Texas-Oklahoma border. On social media, Spearman residents said the earthquake shook homes. Some in Oklahoma City, nearly 250 miles away, reported feeling the effects of the earthquake. No structural damage or injuries have been reported so far. The USGS expects…

Shepherd Insurance announced that Matt Kleymeyer has joined the firm as the President of Employee Benefits, further strengthening the organization’s commitment to delivering innovative employee benefits solutions and exceptional client service. Based out of Shepherd’s headquarters in Carmel, Indiana, Kleymeyer brings nearly 20 years of employee benefits experience to the organization. His career has spanned nearly every facet of the business across both small and large group markets, including sales, client service, operations, and leadership. Prior to joining Shepherd, Kleymeyer served as Area Executive Vice President and Indiana Market Leader at Gallagher, following the successful growth and sale of an…

Odyssey Group Holdings, Inc., based in Stamford, Connecticut, made several leadership changes at its U.S. insurance subsidiary, Hudson Insurance Group, based in New York City. After more than 20 years with the company, Chris Gallagher will retire from Hudson, effective October 1, to pursue other career opportunities. Odyssey Group’s CEO Carl Overy will assume the role of president and CEO of Hudson in addition to his current responsibilities. As part of Hudson’s succession plan, Trevor Howard will be appointed chief underwriting officer, and Andre Virgilio will assume the role of chief operating officer for Hudson Crop & Livestock. Howard joined…

Mortgage rates in the US, already the highest in almost a year, rose for a third week, squeezing affordability as home price growth accelerates. The average for a 30-year, fixed loan climbed to 6.58% from 6.55% a week earlier, Freddie Mac said in a statement Thursday. The rate was 6.74% a year ago. The property market is facing pressure from the recent flareup in hostilities with Iran that is roiling energy markets and threatening to drive up inflation and push borrowing costs higher. Until the fragile ceasefire fell apart earlier this month, rates were beginning to drift lower, giving a…

Prudential Financial Inc. said it reimbursed 437 individuals about a total of 2.85 billion yen ($17.4 million) as part of remediation efforts following a regulatory probe into employee misconduct at its Japan business. In addition to the 498 individuals who presented claims as announced on Jan. 16, an independent panel at the company has reviewed 365 subsequent individual inquiries, of which 125 representing claims of 792 million yen were eligible for reimbursement, according to a company filing on Friday. The insurer has suspended new life insurance sales in Japan until Nov. 5 after an internal investigation earlier this year found…

Tesla this week expanded its robotaxi service to Orlando and Tampa, as the electric-vehicle maker races to prove that it can scale its autonomous ride-hailing business beyond its initial launch markets. The move comes a day before Tesla reports second-quarter earnings, with Wall Street closely watching the progress on robotaxis, which underpin much of the company’s valuation as CEO Elon Musk shifts focus toward artificial intelligence, autonomous driving and humanoid robots. Tesla launched its robotaxi service in Austin in June last year and expanded to Dallas and Houston earlier this year and Miami this month. The company has also been…

A married couple from New Bedford, Massachusetts was sentenced yesterday for a scheme to defraud at least 50 individuals or insurance providers seeking insurance coverage through their business, BL Insurance Brokerage, LLC. According to U.S. Attorney Leah B. Foley, a federal district court judge in Boston sentenced Brendan and Lisa Lawler to eight months in prison, to be followed by three years of supervised release. The defendants were also ordered to pay restitution in an amount to be determined at a later date. Federal prosecutors said that the Lawlers defrauded at least 50 individuals or insurance providers. Court documents claim…

Spanish insurer Mapfre said on Thursday that losses from the June 24 earthquakes in Venezuela would be up to €25 million ($28.5 million), after its first-half net profit grew 9.4% despite storm-related claims in Spain and Portugal and negative currency effects in Turkey. Growing profits and Mapfre’s $1.54 billion acquisition of U.S.-based Safety Insurance, also announced on Thursday, demonstrate a push for expansion even as it absorbs geopolitical and catastrophe-related headwinds. Storms in Portugal and Spain cost Mapfre about €50 million in Q1, which was absorbed without major difficulty, CFO Jose Luis Jimenez said Result in Turkey was hit by…

Munich Re reported second-quarter proft that exceeded analyst estimates on “very low” major-loss expenditures in its property-casualty reinsurance business. Net income amounted to about €2.2 billion ($2.5 billion) in the three months through June, the Munich-based reinsurer said in a preliminary earnings release Friday. The analyst consensus compiled by Bloomberg had anticipated €1.66 billion. Munich Re’s shares were down 0.2% at 1:32 p.m. in Frankfurt. The company also pointed to a “pleasing operational performance” overall and a “very strong investment result” in the quarter. It said its primary insurance unit Ergo delivered a profit of about €300 million. The earnings…