New York City Files Suit Against Hyundai, Kia Over Thefts
New York City has joined other municipalities in suing carmakers Hyundai and Kia for not having immobilizer anti-theft technology in some of their vehicles, which the municipalities claim has resulted in record car thefts and created a public nuisance around …
POSTED JUNE 07, 2023 2:07 PM |
Insurance Group Hamilton Mulls Potential IPO, Sale
Hamilton Insurance Group is considering strategic options amid growing momentum for deals involving insurance and reinsurance companies, people familiar with the matter told Reuters. The Bermuda-based group has been discussing options with potential advisers, including an initial public offering (IPO) …
POSTED JUNE 07, 2023 2:04 PM |
California Insurers’ Inability to Price Risk Is Causing Headaches
California regulations restrict insurers from using sophisticated computer models to consider the rapidly growing wildfire risks from climate change — and that limitation is a factor pushing US insurers out of the state. State Farm General Insurance Co. announced at …
POSTED JUNE 07, 2023 1:07 PM |
Kazakhstan Presses Ahead With $16.5B Claim Against Oil Majors
Kazakhstan is pressing ahead with $16.5 billion in claims against international oil majors over disputed project costs and has no plans for a possible out-of-court settlement, Energy Minister Almasadam Satkaliyev said. The legal wrangling underscores the risks for foreign companies …
POSTED JUNE 07, 2023 1:04 PM |
China’s Wheat Growers Face ‘Disaster’ After Heavy Rain Batters Crop
After two weeks of continuous heavy rains, a farmer surnamed Chen in China’s Henan province surveys bent stalks of saturated wheat in sodden fields that will take days to dry out before harvesting can start. The rains are also causing …
POSTED JUNE 07, 2023 12:56 PM |
Tesla’s $2.6 Billion SolarCity Buyout Ruled Fair as Dismissal of Shareholder Suit Upheld
esla Inc.’s $2.6 billion acquisition of SolarCity in 2016 was “entirely fair” to shareholders, Delaware’s top court ruled, upholding the dismissal of an investor lawsuit and sparing Elon Musk from a potential multibillion-dollar hit. The Delaware Supreme Court on Tuesday …
POSTED JUNE 07, 2023 12:38 PM |
Wildfires Force Miners to Halt Operations in Eastern Canada
Several mining companies have temporarily halted operations and exploration activities in eastern Canada as unprecedented wildfires rage. Iron Ore Co. of Canada, which is majority owned by Rio Tinto Group, is in the process of idling operations at the mine, …
POSTED JUNE 07, 2023 12:30 PM |
Another Soft Market Is Inevitable
In recent weeks, executives of brokers and carriers have been delivering mixed messages about conditions in the commercial insurance market. “The long curve, the larger trend, is bending in a positive direction for buyers.” John Drummond, head of Broking, North …
POSTED JUNE 07, 2023 8:27 AM |
Appeals Court Won’t Revisit Towers Watson $80M D&O Denial for Willis Merger Lawsuit
A federal appeals court has denied insurance broker Towers Watson a rehearing of a May ruling that found it may not be entitled to $80 million in insurance to cover settlements of shareholder lawsuits related to the merger between Towers …
POSTED JUNE 07, 2023 12:20 PM |
U.S. Tightens Crackdown on Crypto With Lawsuits Against Coinbase, Binance
The top U.S. securities regulator sued cryptocurrency platform Coinbase on Tuesday, the second lawsuit in two days against a major crypto exchange, in a dramatic escalation of a crackdown on the industry and one that could dramatically transform a market …
POSTED JUNE 07, 2023 12:17 PM |
Guy Carpenter Names Rousseau CEO of EMEA and Global Capital Solutions
Guy Carpenter announced the appointment of Laurent Rousseau to the newly created position of Guy Carpenter CEO of EMEA and Global Capital Solutions, effective September 4, 2023. Rousseau will be located in London and will report to Dean Klisura, Guy …
POSTED JUNE 07, 2023 12:08 PM |
Navigating the Unknowns with Chatbots and Insurance
Insurers are in the risk business, but how prepared are they for the risks presented by generative AI and chatbots in insurance? On this episode of The Insuring Cyber Podcast, Tim Johnson, partner at law firm Browne Jacobson, discussed how …
POSTED JUNE 07, 2023 12:00 PM |
Cycling Fatalities Reach 46-Year High
Cyclist fatalities reached a multi-decade high in 2021. According to a recent report from the National Highway Traffic Safety Administration, 966 pedal cyclists were killed in traffic crashes in 2021. That marked the most deaths in one year since 1975. …
POSTED JUNE 07, 2023 5:11 AM |
Keys Staffing Firm Owner Gets 32 Months for Illegal Worker Tax Violations
The owner of several Key West staffing companies is on his way to prison after a federal judge sentenced him to more than two years for hiring unauthorized alien workers and failing to pay taxes on their wages. Batyr Myatiev, …
POSTED JUNE 07, 2023 5:01 AM |
Oregon City to Clear Sidewalk Tents to Settle Lawsuit with People With Disabilities
Portland, Oregon will remove tents blocking sidewalks under a tentative settlement in a lawsuit brought by people with disabilities who said sprawling homeless encampments prevent them from navigating Oregon’s most populous city. The federal class action lawsuit, filed in September, …
POSTED JUNE 07, 2023 5:01 AM |
Finding Ways to Get Polluters to Pay for Climate Damages
The biggest achievement at the annual United Nations climate summit last year was committing to create a fund that would compensate the poorestcop28 for destruction wrought by global warming. One of the questions at the upcoming COP28 summit will be …
POSTED JUNE 07, 2023 5:00 AM |
Child Sexual Assault Lawsuit Bill Fails to Advance in Pennsylvania
Child sexual abuse survivors pressed Pennsylvania lawmakers Monday to move ahead with opening a two-year window for them to file otherwise outdated lawsuits over their claims, but a partisan fight in the Legislature kept the proposal bottled up with no …
POSTED JUNE 07, 2023 5:00 AM |
Vermont School Settles 1st Amendment Suit by Coach Over Comments on Trans Athlete
A Vermont school district will reinstate a middle school soccer coach who was suspended for misgendering a transgender female athlete, and will delete any reference to bullying investigations from his daughter’s school record, under the settlement of a lawsuit that …
POSTED JUNE 07, 2023 5:00 AM |
Takeaways from Our Conversation on ‘Behavior Products’
At first glance, it would be tempting to write off ventures like Behavior Labs or reepher, as consumer-oriented endeavors with little more than passing interest for insurance professionals specializing in cannabis. reepher, for example, is s a new type of …
POSTED JUNE 07, 2023 5:00 AM |
Demolition Company Vows Repairs After Implosion Fallout Damages Nearby Homes
A blast of air and dust from the implosion of two smokestacks at a shuttered coal-fired power plant in western Pennsylvania last week felled power poles and caused damage to nearby homes. But the demolition company is vowing full repairs. …
POSTED JUNE 07, 2023 5:00 AM |
SEC Sues Crypto Exchange Coinbase, One Day After Suing Binance
The U.S. Securities and Exchange Commission on Tuesday sued Coinbase, accusing the largest U.S. cryptocurrency platform of operating illegally because it failed to register as an exchange, in another blow to the crypto industry. The lawsuit is the SEC’s second …
POSTED JUNE 07, 2023 4:22 AM |
Nevada Insurance Commissioner Petitions to Place Friday Health in Receivership
Nevada Insurance Commissioner Scott Kipper has filed legal action with the Nevada District Court to place Friday Health Plans of Nevada under regulatory supervision. The action will enable Kipper to assume oversight and management of the day-to-day operations of the …
POSTED JUNE 06, 2023 8:17 PM |
West Texas Dollar General Store Hit With $294K Penalty
A federal workplace safety inspection at another Dollar General store, this time in Lamesa, Texas, found exit routes and walkways blocked and merchandise unsafely stacked, conditions that exposed employees and others to fire hazards and struck-by injuries that have been …
POSTED JUNE 06, 2023 4:42 PM |
3 Bodies Recovered in Iowa Building Collapse; Lawsuit Accuses City, Owners of Negligence
DES MOINES, Iowa (AP) – The bodies of three men have been removed from the site of a collapsed six-story apartment building in Davenport, Iowa, about a week after part of the century-old structure tumbled to the ground, the city’s …
POSTED JUNE 06, 2023 4:39 PM |
Skyward Specialty Offering 3.85M in Shares
Skyward Specialty Insurance Group, Inc announced that The Westaim Corporation is offering 3,850,000 shares of the Company’s common stock in an underwritten public offering. In addition to The Westaim Corporation, certain other stockholders (the “Selling Stockholders”) have also granted the …
POSTED JUNE 06, 2023 4:35 PM |
Hub Acquires Ohio’s HORAN Associates
Hub International Limited announced that it has acquired the employee benefits assets of HORAN Associates, Inc. and HORAN Smart Business, LLC (collectively HORAN Health). Terms of the transaction were not disclosed. With HORAN Health, Hub creates a new regional hub …
POSTED JUNE 06, 2023 4:32 PM |
Ryan Specialty Acquires Texas’ Point6
Ryan Specialty announced it has signed a definitive agreement to acquire certain assets of Point6 Healthcare, LLC (“Point6”), a distributor of medical stop loss insurance, pharmacy solutions, and complex claims management on behalf of retail brokers and third party administrators. …
POSTED JUNE 06, 2023 4:30 PM |
Florida OIR Hearing Set for Citizens’ Latest Rate Increases
The Florida Office of Insurance Regulation will hold a rate hearing Thursday, June 8, on Citizens Property Insurance Corporation’s proposed 12.5% average increase for homeowners and larger increases for other types of policies. The state-created insurance company, established more than …
POSTED JUNE 06, 2023 4:25 PM |
Florida Commissioner Names Two to Top Regulatory Spots
Florida’s insurance commissioner has appointed two longtime veterans of the department to high-level regulatory positions. Virginia Christy’s name will be familiar to anyone who has read Florida Office of Insurance Regulation consent orders when property insurers are deemed insolvent. Since …
POSTED JUNE 06, 2023 3:26 PM |
Viewpoint: Impact of Florida Tort-Reform Bill Becomes Clear, But Litigation Expected
On March 24, 2023, Governor Ron DeSantis signed into law House Bill 837, resulting in the enactment of sweeping tort reform (“the Act”). The Act impacts various aspects of the civil justice system. The most salient features of this latest …
POSTED JUNE 06, 2023 2:31 PM |