Insurance Broker Acrisure Touches $23 Billion in Valuation After Latest Funding

New You can now listen to Insurance Journal articles!Acrisure said on Tuesday it had raised $725 million in a fresh funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority, valuing the insurance brokerage at $23 billion. …

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Construction Worker Falls to Her Death from High-Rise West Palm Condo

New You can now listen to Insurance Journal articles!A 23-year-old construction worker fell to her death from a 13th-floor balcony of a condominium complex in West Palm Beach, police said. Delores Yamileth Martinez-Ponce worked for a flooring company and was …

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Police in Arizona Find 1,200 Catalytic Converters as Thefts Soar

An Arizona man was facing multiple theft charges last week after detectives found more than 1,200 catalytic converters packed into a storage unit, a case that highlights a national surge in thefts of the pricy auto parts that play a …

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As Uvalde Parents Seethe, Recourse Against Police May Be Limited

Texas police accused of bungling the response to a mass shooter in an Uvalde school where 19 children and two teachers were killed aren’t likely to be held liable in a civil court, benefiting from broad immunity granted government entities. …

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Jury’s Duty in Depp-Heard Trial Doesn’t Track Public Debate

A seven-person civil jury in Virginia will resume deliberations Tuesday in Johnny Depp’s libel trial against Amber Heard. What the jury considers will be very different from the public debate that has engulfed the high-profile proceedings. For six weeks, testimony …

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National Grid Worker Electrocuted at Massachusetts Worksite

A 35-year-old employee of utility National Grid died at the hospital after he was electrocuted at a work site in Massachusetts early Thursday, officials said. The worker was alone in an electrical box in Medford when he was electrocuted at …

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Rhode Island Becomes 19th State to Legalize Recreational Marijuana

Rhode Island’s governor signed legislation Wednesday making the state the 19th in the nation to legalize and regulate recreational marijuana, an issue that some lawmakers have been working on for years. “Together we got this job done and we got …

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California Transit Agency Failed to Stop Gunman, Lawsuit Charges

One year after a problem employee shot and killed nine coworkers in a rampage at a light rail yard, the family of one of the victims filed a lawsuit alleging negligence and wrongful death by the Northern California transportation agency, …

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Financial Services Firms Face Disclosure Requirements for Biodiversity Investments

DAVOS, Switzerland – Financial firms already struggling with climate-compliance due to unclear measurement metrics will soon face new disclosure requirements for biodiversity, or nature-related, investments. “Nature is a financial risk for business,” Elizabeth Mrema, co-chair of the Taskforce on Nature-related …

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Musk Sued by Twitter Investors for Stock ‘Manipulation’ During Takeover Bid

Billionaire Elon Musk was sued by Twitter Inc .investors claiming he manipulated the company’s stock price downward, as the chief executive of electric carmaker Tesla Inc. mounts a $44 billion takeover bid for the social media platform. The investors said …

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North Carolina Unveils Flood-Warning System for Roads

The North Carolina Department of Transportation has armed itself with an advanced flood-warning system designed to help pass the word to motorists on any flood risks to roads, bridges and culverts. A news release from the department says the system …

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New York City Firms’ Return-to-Office Plans Face Persistent COVID Headwinds

Efforts by financial firms and others to bring workers back to Manhattan offices more than two years after the start of the coronavirus pandemic face persistent headwinds, consultants said, with commuters still worrying about COVID-19 as well as safety. New …

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Massachusetts Joins States Suing Makers, Marketers of ‘Forever Chemicals’

Massachusetts has sued more than a dozen companies involved in the manufacture or marketing of so-called forever chemicals, alleging they knowingly polluted the environment and endangered public health, state Attorney General Maura Healey said Wednesday. The companies have known about …

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Court Upholds Washington Commissioner’s Action’s Against Armed Citizens Legal Defense Network

The Superior Court of Lewis County upheld Washington Insurance Commissioner Mike Kreidler’s fine and cease-and-desist order against Armed Citizens Legal Defense Network Inc. for illegally acting as an insurer in Washington. In March 2020, Kreidler ordered Armed Citizens to stop …

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Jury Grants 2 Former Philadelphia Police Officers $1M Bias Verdict Against City

Two former police officers whose gender discrimination and sexual harassment lawsuit led Philadelphia’s police commissioner to resign have won a $1 million verdict against the city. A federal jury on Tuesday found that Cpl. Audra McCowan and Patrol Officer Jennifer …

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Study Finds Climate Change Could Hit U.S. Corn Belt Hard

Climate change could hit U.S. Corn Belt especially hard, a study from Emory University finds. Without “major technological advances in agricultural practices,” the U.S. Corn Belt will be unsuitable for cultivating corn by 2100, moderate projections show. The study focused …

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Report: California Workers’ Comp Written Premium for 2021 Down 2%

California written premium for 2021 was 2% below 2020 and 14% below 2019, a new report shows. The Workers’ Compensation Insurance Rating Bureau of California issued released its quarterly experience report, an update on California statewide insurer experience valued as …

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Federal Judge Upholds New York Law Allowing Lawsuits Against Gun Industry

A federal judge on Wednesday threw out a lawsuit by a group of gun manufacturers, distributors and retailers challenging the constitutionality of a New York law that allows the state and people affected by gun violence to sue the industry. …

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New York Opens New Window for Adult Sex Abuse Survivors to Sue

Adult sexual assault survivors who missed legal deadlines to sue their abusers would get a second chance to file lawsuits under a bill that received final approval Monday from New York’s Legislature. Once it becomes law, the Adult Survivors Act …

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UCLA to Pay Nearly $700M in Doctor Abuse Lawsuits

The University of California system announced Tuesday it will pay nearly $375 million to more than 300 women who said they were sexually abused by a UCLA gynecologist, bringing a record amount in total payouts by a public university in …

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California Moves Toward Allowing Lawsuits Over Illegal Guns

Spurred by Tuesday’s deadly elementary school shooting in Texas, California senators approved giving people the power to sue those who traffic in illegal firearms, mimicking a Texas law that is intended to deter abortions. Democratic Gov. Gavin Newsom sought the …

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Fairfax-Backed Digit Insurance Targets $5B in India IPO Valuation: Sources

India’s Digit Insurance, backed by Canadian billionaire Prem Watsa’s Fairfax Group, is considering raising about $500 million in an initial public offering at a valuation of $4.5 billion to $5 billion, three people aware of the matter told Reuters. Founded …

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Ford to Pay States $19.2 Million Over False Advertising Claims

Ford Motor Co. will pay $19.2 million to resolve allegations it falsely advertised real-world fuel economy and payload capacity for some hybrids and pickup trucks, the Iowa Attorney General’s Office said on Tuesday. The multi-state settlement covers 2013–2014 C-Max hybrids …

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New York City to Pay $7M to Man Wrongfully Convicted in 1996 Killing

New York City has agreed to pay $7 million to a man who spent 23 years behind bars for a murder he didn’t commit, Comptroller Brad Lander said Monday. Grant Williams was exonerated last July in the 1996 shooting of …

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Arthur J. Gallagher Acquires Frederickson Partners in California

Arthur J. Gallagher & Co. acquired Menlo Park, California-based Valerie Frederickson & Company Inc., dba Frederickson Partners. Founder Valerie Frederickson and her team will continue to operate under the direction of Scott Hamilton, global managing director, human resources & compensation …

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Tesla Blocked From Shunting California Sex Harassment Suit into Arbitration

Tesla Inc. must keep defending itself in open court against claims that female employees face “rampant sexual harassment” in its largest California factory, a California judge ruled, spurning the company’s request for closed-door arbitration. Alameda County Superior Court Judge Stephen …

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Forecasters Predict 7th Straight Above-Normal Hurricane Season

The Atlantic hurricane season is poised to deliver another round of above-normal storms for the seventh consecutive year, the National Oceanic and Atmospheric Administration (NOAA) said on Tuesday. NOAA forecasters estimate 14 to 21 named storms, six to 10 of …

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Takeaways from Our Conversation on Cannabis Lounges

Anytime a cannabis lounge opens in some U.S. city it tends to garner a lot of media attention, and the headlines have been buzzing lately with lounge news. In California, Woody Harrelson recently opened a lounge in West Hollywood, and …

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Loudoun School Sues to Halt Grand Jury Work

The Loudoun County School Board has asked for a temporary injunction that would halt the work of a grand jury convened as part of an ongoing state investigation into the district. The board filed a civil complaint Thursday arguing that …

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Court Blocks Bulk of Florida’s New Social Media Law as Free Speech Violation

Most of a Florida law that sought to stop social media companies from restricting users’ political speech violates the companies’ free speech rights and cannot be enforced, a federal appeals court ruled on Monday, agreeing with a lower court. However, …

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Nevada Ending Emergency Declarations, Business Restrictions for Pandemic

COVID-19 emergency declarations for Nevada have ended as the public health agency for metro Las Vegas noted that the pandemic isn’t over and said it will continue to monitor spread of the virus and provide assistance with vaccinating and testing. …

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California Teacher Suspected of Molesting Kids in Classroom

A substitute teacher was arrested on suspicion of molesting four female students in a classroom at a Southern California elementary school, authorities said. The alleged victims, ages 8 and 9 years old, told investigators the teacher touched them in appropriately …

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Forest Fire in Northern New Hampshire Nearly Contained

CONWAY, N.H. — A forest fire in northern New Hampshire that’s burned 106 acres was nearly contained, officials said Friday. The Bemis Fire in Crawford Notch State Park, the White Mountain National Forest, and on private land began on May …

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YES and No: New York’s Yankees Network Sues Insurer Over Denial of COVID Losses

Yankees Entertainment and Sports Network (YES), the broadcasting company for the New York Yankees, New York Nets and other area sports teams, is suing its insurer, Hartford Fire Insurance Co., for denying its claims for business losses that it maintains …

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NTSB Says Cause of Arizona Helicopter Crash Still Uncertain

Federal authorities investigating a fatal crash last month near Phoenix say the helicopter went into a near vertical descent for unclear reasons when it was about to land. The National Transportation Safety Board issued its preliminary report last week in …

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New Mexico Court Upholds $165M Damage Awards in FedEx Crash

The New Mexico Supreme Court upheld $165 million of jury awards against FedEx in a wrongful-death lawsuit stemming from a deadly crash involving a Texas family and a contract driver for the delivery company. The 2011 crash on Interstate 10 …

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Man Who Sued InfoWars’ Jones Among Victims of Massachusetts Fire

One of the four people who died in a fire at a Massachusetts apartment building last weekend had filed a defamation lawsuit against right-wing radio host Alex Jones and his InfoWars website in 2018, alleging they falsely identified him as …

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Florida Insurance Groups Divided on Proposed Special Session Bill

Florida’s insurance community appears to be split on the impact that two draft Senate bills will have on the property insurance crisis, with some praising the changes and others warning that they won’t go far enough to rescue struggling carriers …

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Financial Risks of Climate Change Are Exaggerated: Senior HSBC Banker

Central bank policymakers and other global authorities are exaggerating the financial risks of climate change, a senior HSBC banker in charge of sustainable investments said in remarks that drew criticism from climate activists. The bank said his views did not …

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Pollution Kills 9 Million People a Year, Mostly in Poorer Nations

Premature deaths from common pollution sources have risen by two-thirds globally since 2000, a dark consequence of the economic development that has lifted millions from extreme poverty this century. More than 90% of the deaths have occurred in rapidly developing …

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Charges of Violence, Bullying Follow Mass Employee Exodus at Calgary Oil Firm

When two-thirds of the brokers at a prominent Calgary oil firm quit without explanation around the Easter weekend, the exodus chilled Canada’s oil market. Now, a lawsuit filed against the firm, NE2 Group, purports to offer a window into life …

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Zurich Insurance to Sell Russian Business to Local Team

Zurich Insurance has agreed to sell its Russian business to members of the local team, it said on Friday, as the Swiss insurer became the latest company to announce its exit from the Russian market. A slew of companies — …

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Florida Appeals Court Slashes $600,000 Attorney Fee on $52,000 Claim

Florida may have one of the most generous attorney-fee mechanisms in the country, sometimes resulting in plaintiff’s fees that are several times greater than the amount of damage awards. It’s enough to drive property insurers crazy – or toward the …

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‘Borat’ Actor Cohen Drops $9M Suit Against Cannabis Company Over Billboard

Actor Sacha Baron Cohen has dropped his lawsuit against a Massachusetts cannabis dispensary that used an image of his character Borat on a billboard without his permission. A document filed in Boston federal court on Tuesday said the two sides …

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California Employers Cited $1.75M in Refinery Worker Death

The Cal/OSHA Process Safety Management Unit cited Valero Refinery of Benicia and three contractors a combined $1.75 million for serious safety violations following a confined space death of a 35-year-old worker who suffocated in a regenerator overflow well. Cal/OSHA inspectors …

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Climate Change Boosted Cost of Japan’s Typhoon Hagibis by $4B: Study

The effects of human-caused climate change were responsible for roughly $4 billion of the $10 billion in insured losses resulting from Typhoon Hagibis that struck Japan in October of 2019, according to a new analysis of the storm. Hagibis, which …

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Global Supply Stress Worsened in April, NY Fed’s Index Shows

Stress on global supply chains worsened in April as coronavirus lockdown measures in China and the war in Ukraine lengthened delivery times, and air freight costs between the United States and Asia rose, the New York Federal Reserve reported in …

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CAC Adds Eisenstat and Sharp; Alliant in California Names Graham-Helwig Senior Vice President

CAC Specialty added Rick Eisenstat and Justin Sharp to its natural resources team. Eisenstat is an environmental law specialist and will serve as vice president. His expertise in environmental law. He most recently worked with Galloway, Johnson, Tomkins, Burr and …

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Growth of Massive New Mexico Wildfire Slowed

Firefighters have been able to slow the growth of a massive wildfire burning in the mountains of northeastern New Mexico as they prepared Wednesday for another round of red-flag weather that has the potential to push the flames through more …

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Native American Man Files Suit in Oregon Alleging Bogus Detention

A lawsuit alleges a Salem, Oregon, police officer accused a Native American man of stealing a car he was working on, grabbed him, shoved him onto the hood of his police car and handcuffed him with no justification for arrest. …

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Rise of Remote Work to Define Future of City of London

More than 85% of UK finance workers no longer view the office as their main place of work, highlighting the challenge the industry faces if it tries to persuade bankers to return to pre-pandemic norms. The demand for a new …

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Researchers to Build ‘Cat 6’ Hurricane Simulator with 200 mph Winds

The Category 6 hurricane’s howling winds accelerate to a startling 200 mph in Miami, mercilessly pummeling a two-story wood-frame house until the roof tears off and the rattling windows explode. And a towering 20-foot storm surge spawns battering waves, swamping …

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Architect of Allianz Fraud Made $60 Million as He Lied to Investors, U.S. Says

The star portfolio manager at the center of a fraud at the U.S. funds unit of Allianz SE relied on the German insurer’s good name to lure investors and thrived from a lack of oversight as he pocketed $60 million …

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Asked to Rethink 41% Rate Increase, Florida Farm Bureau Did. New Request is Even Higher

When Florida Farm Bureau Insurance companies filed for a 41% rate increase for homeowners last December, the Florida Office of Insurance Regulation asked company actuaries to sharpen their pencils, review all data and try again. The insurer’s vice president said …

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11th Circuit: Safeco Doesn’t Owe in Subro Claim by Agency’s E&O Carrier

A federal appellate court threw out a Florida jury verdict that would have required a Liberty Mutual unit to pay $1.6 million in damages for failing to defend an independent insurance agency against a lawsuit that accused it of failing …

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California Business Owners Arraigned for Workers’ Comp Fraud

Three California business owners were arraigned for insurance fraud this week after an investigation reportedly showed they illegally conspired to lower workers’ compensation premiums. Troy Williams, 49, of Angels Camp, Nanci Morman, 68, of Somerset, and John Allison, 63, of …

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Maryland Internship Program Trains Firefighters of Tomorrow

Three firefighters entered a building that simulated a burning third-floor apartment fire. In the training exercise, Bryan Duvall douses the flames with a hose while Tiffany Huber and Riley Becker search for a missing firefighter. The rescuers’ vision is impaired …

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Climate Change Is Hurting Insurance Industry: Report

Climate change is hurting the insurance industry and only 8% of insurers are preparing adequately for its impact, consultants Capgemini and financial industry body Efma said in a report on Tuesday. Insured losses from natural catastrophes have increased 250% in …

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U.S. SEC Chair Says Much to Be Done to Protect Crypto Investors

Cryptocurrency assets are highly speculative and investors in them need more protections or they could lose trust in the markets, Gary Gensler, chair of the U.S. Securities and Exchange Commission, said on Monday. Generally, people who buy cryptocurrencies do not …

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Sunshine State Could See Higher Risk of Property-Destroying Wildfires

Perhaps the rain from hurricanes can help extinguish the wildfires. That may be the only silver lining to computer modeling reports suggesting that just as hurricanes and flooding from tropical storms are likely to increase in Florida in coming years, …

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Hacker Shows Off a Way to Unlock Tesla Models, Start Cars

Tesla Inc. customers might love the carmakers’ nifty keyless entry system, but one cybersecurity researcher has demonstrated how the same technology could allow thieves to drive off with certain models of the electric vehicles. A hack effective on the Tesla …

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Judge Advances Suit Alleging Virginia Police Officers Protected Sex Traffickers

A federal judge ruled Wednesday that a lawsuit against two former police officers accused of protecting a sex trafficking ring in northern Virginia in exchange for sex can move forward. The former Fairfax County officers, Michael O. Barbazette of Manassas …

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Workers’ Comp Claims from 10 Years of Legal Cannabis in Colorado Reveal a Boring Trend

Data on injured workers from the nation’s most mature adult-use cannabis market is pretty boring. No excessive claims resulting from injuries suffered by stoned forklift drivers, high cultivators, or even dispensary workers who were hurt during a robbery. How about …

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FedNat to Cancel 56,000 Policies Under Restructuring Plan; Monarch Finds Investor

Starting today, May 16, Florida insurance agents and 68,000 policyholders will have 45 days to find new homeowners and dwelling coverage, under a financial restructuring plan submitted by FedNat Insurance and its sister companies. But unlike an insolvency, FedNat Insurance …

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Agency Promotes Shulz to Expand Tennessee as Captive Domicile

The Tennessee Department of Commerce & Insurance has named Michael Shulz to be director of business development for the insurance division, promoting the growth of Tennessee-based captive insurance companies. Tennessee already ranks 10th in the world for the number of …

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Delaware Cannabis Fate Uncertain as Bill Goes to Governor

Delaware’s state Senate on Thursday gave final approval to a bill legalizing possession of up to one ounce of marijuana by adults for recreational use. The legislation cleared the Democrat-led Senate on a 13-7 party line vote. Sen. Bruce Ennis …

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Woodruff Sawyer in California Adds Holloway; LP Names Marsh HR Director

Woodruff Sawyer named Andrew Holloway as a vice president, surety. Holloway was previously regional manager at Hartford Bond for 17 years, working in both Southern and Northern California. He will be based in Woodruff Sawyer’s Walnut Creek, California, offices. Woodruff …

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Court Lets Connecticut Police Hiring Lawsuit Proceed

A former Bridgeport assistant police chief’s lawsuit claiming he was defrauded out of the police chief’s job can go forward, a state appeals court has ruled. James Nardozzi’s lawsuit stemmed from the hiring scandal that landed the city’s police chief …

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California Lawmakers Raise Awards for Malpractice Lawsuits

The California Legislature has agreed to increase how much money people can win in medical malpractice lawsuits, resolving one of the thorniest disputes in state politics by raising a cap on damages for the first time in 47 years. California …

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TikTok Sued After 10-Year-Old Dies in ‘Blackout Challenge’

TikTok Inc. was blamed in a lawsuit for the death of a 10-year-old girl who allegedly participated in an online challenge in which people choke themselves until they black out. Nylah Anderson, an intelligent child who could speak three languages, …

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Strems, Adjusters, Restoration Firm Settle Florida Citizens Lawsuit for $1M

A now-suspended Miami lawyer, along with the successor to his law firm, a public claims adjuster and a restoration company, have agreed to pay a total of $1 million to settle a lawsuit brought by Citizens Property Insurance Corp. that …

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KPMG Faces $18 Million Fine for Misleading British Regulator

KPMG faces a 14.4 million pound ($17.6 million) fine after admitting it misled regulators during spot checks on audits of construction group Carillion and software firm Regenersis. The Financial Reporting Council (FRC), the British auditing regulator, told a London tribunal …

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Activist Group Says U.S. Insurers Trying to Weaken Climate-Related Regulations

A number of businesses within the U.S. insurance sector are trying to weaken or delay emerging climate-related insurance regulation at federal and state levels, according to climate think tank InfluenceMap. Research from the group released on Thursday reportedly shows that …

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Black Female Officers Sue Kansas City Police Department

Two Black female police officers allege in separate lawsuits that they were subjected to discrimination, retaliation and a hostile work environment at the Kansas City Police Department. Officer Rashawnda Williams said in her lawsuit that her male colleagues made misogynistic, …

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Tesla Fails to Block Its First Jury Trial Over Fatal Crash

Tesla Inc. can’t escape a trial over claims the automaker is responsible for the death of a Florida teenager who crashed a Model S into a wall at 116 miles an hour in 2018. A federal judge’s ruling paves the …

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COVID-19 Orders Not an Excuse for Business to Skip Rent, Connecticut Court Rules

Connecticut’s Supreme Court ruled Tuesday that executive orders issued by Gov. Ned Lamont affecting restaurants during the COVID-19 pandemic could not not be used by a Norwalk eatery as an excuse not to pay the rent. The court ruled against …

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Deadly Hawaii Helicopter Crash Was ‘100% Preventable’

Federal investigators blamed a deadly 2019 helicopter crash in Hawaii on the pilot’s decision to keep flying into worsening weather, and in a report this week they accused regulators of lax oversight of air tours that are popular among tourists …

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Takeaways from Our Conversation with Cannabis Data Chief

Global cannabis sales for 2022 will reach just over $35 billion, and will almost double that in the next few years – and with newly legal states coming online, continued growth in the big states, more products, and more marketing …

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BXS Insurance Acquires Texas’ Wall 2 Wall

BXS Insurance, Inc. (BXSI), a subsidiary of Cadence Bank acquired the assets of Wall 2 Wall Benefit Services (Wall 2 Wall) which is headquartered in Stafford, Texas, a city within the Houston metropolitan statistical area. Wall 2 Wall, founded by …

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Aircraft Lessors Begin ‘Vigorous’ Pursuit of Insurance Claims for Seized Jets in Russia

Lessors with hundreds of jets stuck in Russia are preparing for what one said would be a “vigorous” pursuit of insurance claims while maintaining discreet contact with some customers after Moscow blocked the jets from leaving. The loss of over …

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Face-Scanner Clearview Agrees to Limits in Court Settlement

Facial recognition startup Clearview AI has agreed to restrict the use of its massive collection of face images to settle allegations that it collected people’s photos without their consent. The company in a legal filing Monday agreed to permanently stop …

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Biden Administration Asks U.S. Supreme Court to Shun Bayer Weedkiller Appeal

President Joe Biden’s administration on Tuesday asked the U.S. Supreme Court not to hear Bayer AG’s bid to dismiss claims by customers who contend that its Roundup weedkiller causes cancer, as the company seeks to avoid potentially billions of dollars …

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Two Barges Break Free in Flooding, Float Down the Potomac

WILLIAMSPORT, Md. (AP) — Two construction barges broke free from their moorings amid flooding on the Potomac River over the weekend and floated downstream before being snagged by underwater materials, a National Park Service official said. The larger barge carrying …

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$11.4M Jury Award Prompts Oregon Resort to Change Bike Policy

Mt. Hood Skibowl in Oregon will keep cyclists off its forested trails this summer after losing a lawsuit from a man who said he slammed into a signpost and was paralyzed from the waist down. A Multnomah County jury awarded …

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Visit to Plant Clinic Extends Life of Comp Claim, Carolina High Court Finds

If insurers and employers want to deny a workers’ compensation claim because it was filed too late, they shouldn’t inadvertently pay a latent medical bill, which extends the clock under the quirks of North Carolina’s comp statutes. And the Industrial …

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‘Broken Arm Poster’ Can be Sent Via Email, Florida DWC Again Proposes

Workers’ compensation insurers in Florida will no longer have to ship posters to their insured employers if a Florida rule change is finalized this summer. The familiar “broken arm poster” has been a fixture in workplaces for decades, letting employees …

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Idaho Sex Discrimination Lawsuit Settled for $400K

The city of Boise, Idaho, has agreed to settle a sex discrimination lawsuit filed by a former Boise police officer for $400,000. Federal court documents filed Thursday say the city agreed to settle the lawsuit with Sierrna Berg. Berg is …

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High Hazard Dams in New Hampshire Growing in Number

The number of dams in in New Hampshire most at risk of failing has increased 51% in the past three years, according to an Associated Press analysis. The state saw its numbers of high hazard dams in either poor or …

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U.S. SEC Gives Public Until June 17 to Weigh In on Climate Risk Proposal

The U.S. Securities and Exchange Commission (SEC) on Monday extended until June 17 the period for public comment on its landmark proposal to require U.S.-listed companies to disclose a range of climate-related risks and greenhouse gas emissions. Gary Gensler, who …

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U.S. Labor Board Accuses Starbucks in Buffalo of Retaliatory Firings

Starbucks Corp. violated federal law by firing, threatening, and carrying out surveillance on union activists in New York, U.S. labor board prosecutors alleged in a complaint. The agency’s Buffalo regional director said in a filing Friday that the company illegally …

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Foreign Institutional Investors Steer Clear of India’s Biggest IPO

Foreign institutional investors have on the whole steered clear of India’s biggest share sale, deeming it too expensive given currency risks and the global market backdrop. With just hours to go until the end of the subscription period for the …

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Minnesota Senate Passes Bill to Distribute $300M Opioid Settlement

The Minnesota Senate last week voted unanimously to create a framework for distributing about $300 million that the state is receiving as part of a settlement with opioid distributors and manufacturers. Counties and cities across Minnesota will be receiving a …

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Revised Online Speech Policy Ending Suit Against New Orleans

A federal lawsuit accusing the New Orleans city government of infringing on employees’ online free speech rights has been settled after the city revised its policy, according to court records. The Tulane University Law School’s First Amendment Law Clinic filed …

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Generali Increases Stake in Indian Non-Life Joint Venture

Italy’s top insurer Generali said on Friday it had completed the acquisition of a 25% stake in its Indian non-life insurance joint venture, increasing its holding to 74% after receiving regulatory and competition approvals. When it announced the deal in …

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AGCO Ransomware Attack Disrupts Tractor Sales During U.S. Planting Season

U.S. agricultural equipment maker AGCO Corp. said on Friday a ransomware attack was affecting operations at some of its production facilities, and dealers said tractor sales had been stalled during the crucial planting season. Georgia-based AGCO said in a statement …

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Another Florida Insurer Adds Binding Arbitration Endorsement Amid Losses

Heritage Property & Casualty Insurance Co. reported more losses for the first quarter of 2022 and a spike in its combined ratio. But company officials said Friday they are taking aggressive steps, including rate increases, policy changes and tightened underwriting …

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Vermont Financial Services Regulator Pieciak Announces Run for State Treasurer

Vermont’s former chief financial services regulator, Mike Pieciak, announced last Friday that he is running to be state treasurer. Pieciak made the announcement in Montpelier just days after stepping down from his post as commissioner of the Department of Financial …

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Rescuers Search for Survivors After Powerful Explosion at Havana Hotel

Relatives of the missing in Cuba’s capital desperately searched Saturday for victims of an explosion at one of Havana’s most luxurious hotels that killed at least 26 people. They checked the morgue, hospitals and if unsuccessful, they returned to the …

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Dubai Aerospace Files Insurance Claims of $1B for Aircraft Stranded in Russia

The Middle East’s biggest plane-leasing firm wrote off half-a-billion dollars for aircraft stranded in Russia, after the Kremlin issued a law preventing foreign-owned jets from leaving the country without state permission. Dubai Aerospace Enterprise booked a $538 million write-off for …

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Insurer Aviva Urges UK Government to Detail How It Will Reach Net Zero Emissions

The British government should practice what it preaches on net-zero emissions, according to insurer Aviva Plc and conservation group WWF. Having said last year that UK-based companies must detail how they will deliver on their 2050 emission-reductions goals, the government …

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Europe’s Top Court Rules Against Compensation for Banco Popular Investors

Europe’s top court said on Thursday that Banco Popular shareholders who took part in its capital increase in 2016 are not entitled to compensation for losses suffered after the Spanish bank was wound down and rescued. European authorities orchestrated an …

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People Moves: Zurich Adds Sustainability Posts; Pie Attracts 4 Execs; Big ‘I’ Names Invest Chief

Zurich Creates Role to Support Energy and Construction Clients With Sustainability Zurich North America has created three roles to support its construction and energy customers in their sustainability objectives. “Climate change is one of the most urgent risks confronting our …

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Most Homeowners Underinsured for Trends in Inflation, Building Costs: APCIA

A new American Property Casualty Insurance Association (APCIA) survey of over 1,000 U.S. homeowners who have a homeowners insurance policy, reveals a majority of insured homeowners have not taken important steps to ensure their insurance coverage is keeping pace with …

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Florida Governor Said to Be Eyeing Texas-Style Litigation Law for Special Session

With Florida lawmakers set to convene in less than three weeks to face the swirling winds of the state’s property insurance crisis, Gov. Ron DeSantis has yet to unveil a draft of the reform legislation he would like to see. …

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Collapse of Boston Power Plant Traps Construction Worker

Firefighters in Boston worked for more than three hours to rescue an injured construction worker after part of a historic power plant collapsed Wednesday while being redeveloped. Fire Commissioner Jack Dempsey told reporters the worker sustained life-threatening injuries when a …

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Paris Resident Seeks $22M for Health Damage Caused by Air Pollution

A Paris resident seeking 21 million euros ($22 million) for health damage caused by the city’s pollution got a boost from an adviser to the European Union’s top court who said the French state may be liable. The non-binding opinion …

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Fidelis Insurance Moves to New London Office

Fidelis Insurance Holdings Ltd. and its wholly owned UK subsidiaries have moved to new offices in London on the 42nd Floor of 22 Bishopsgate, London, EC2N 4BQ. Fidelis said the building’s advanced environmental credentials align with its ESG goals and …

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India’s Largest IPO Sells 67% on Day One

India’s largest initial public offering, which is expected to fetch 210 billion rupees ($2.7 billion), sold 67% of the issue on day one, after attracting anchor investors including sovereign funds from Norway and Singapore. Retail investors can place their orders …

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New Hampshire Hotel Damaged by Fire Had Smoke Alarms, Heat Detectors

Guest rooms at a New Hampshire hotel that was heavily damaged by fire had smoke alarms, in addition to a fire alarm system heat detector, state Fire Marshal Sean Toomey said Tuesday. The main hallways of the Red Jacket Mountain …

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Ouch. Massachusetts Worker Shoulders Burden of Injury Omitted From Lump Sum

A Massachusetts woman who signed a lump sum settlement with her workers’ compensation carrier over a right shoulder injury cannot later obtain benefits for a left shoulder injury linked to the same incident because she did not specifically mention the …

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New York City Launches $4M Traffic Safety Campaign

New York City is launching a $4 million campaign to counter rising traffic accidents and curb dangerous driving behaviors like speeding that have occurred at higher rates since the onset of the COVID-19 pandemic. The campaign — titled “Speeding Ruins …

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QBE Reports 22% Surge in Q1 Premiums, Expects Hit From Ukraine War

Australia’s QBE Insurance Group said on Thursday its first-quarter written premiums grew 22% in constant currency terms, as volatility because of the Russia-Ukraine war led to more demand to insure crops. The war in Ukraine has rattled commodity markets as …

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Allstate Q1 Net Income Returns to Black Despite Adverse Auto Results

First quarter 2022 insurance premiums earned grew 6.5% to about $11 billion at Allstate Corp., as net income was $630 million compared with a loss of about $1.4 billion during the first three months of 2021. CEO Tom Wilson said …

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UK Pay for Financial Services Workers Surges at Double National Rate

Pay for financial services workers in the UK has surged at double the pace for the rest of the economy since the pandemic began, widening inequality at a time when consumer spending power is being squeezed. The Institute for Fiscal …

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Global Supply Chain Woes Worsen, With Major Ports Facing Long Delays: Report

Global supply chain problems look to set to worsen, a new report published on Tuesday said, as China’s COVID-19 lockdowns, Russia’s invasion of Ukraine and other strains cause even longer delays at ports and drive up costs. The study by …

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Another Strems Law Firm Attorney Suspended by Florida Supreme Court

Fallout from the infamous Strems Law Firm’s litigation practices in Florida continues. Two years after Coral Gables plaintiffs’ attorney Scot Strems was suspended from practice for filing thousands of unnecessary lawsuits against property insurers and violating other Bar rules, and …

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BXS Insurance Morphing to Cadence After Mississippi-Texas Bank Merger

The nation’s second-largest bank-owned insurance brokerage, BXS Insurance, is changing its brand name to Cadence Insurance, the company announced. The BXSI name is changing but the people are not, CEO Markham McKnight said in a news release. The rebranding comes …

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Jury Awards $15M in Wrongful Death of University of Virginia Lacrosse Player

A former University of Virginia lacrosse player is liable for fatally beating his girlfriend in 2010 and must pay $15 million in damages in a wrongful death lawsuit, a jury found Monday. George Huguely V is currently serving a 23-year …

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Insurtech Joyn Adds Coverage in Five Western U.S. States

Insurance technology company Joyn Insurance Services Inc. announced that it will offer coverage in an additional five states for effective dates beginning June 1. The company is adding property, general liability, and excess lines of coverage in Arizona, Colorado, Nevada, …

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Report Forecasts ‘Above-Normal’ U.S. Wildfire Season, Worse in Drought-Plagued West

The U.S. has in store an “above-normal” wildfire season if a prediction out on Wednesday from fire weather experts holds true – “intense” may be a better word for the expectations in Western region. Early predictions for the 2022 fire …

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Death of Boston Subway Patron Blamed on Faulty Door System

A passenger door on a Boston subway car did not function properly when a man got his arm stuck in it and was dragged to his death last month, federal investigators said Monday. The trains are equipped with safety features …

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AIG Q1 Net Income Up as Underwriting Profit Soars

First quarter underwriting profit soared as AIG reported net income of $4.25 billion compared with $3.87 billion during the 2021 first quarter. Underwriting income in AIG’s General Insurance unit was $446 million during the first three months of 2022, compared …

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Medical Marijuana Industry Booming in Florida in Last Two Years

As in other states that have legalized medical marijuana, Florida has seen a huge increase in doctors, users and dispensary businesses in the last few years, thanks in part to the COVID-10 pandemic. “Cannabis is one of the few industries …

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Hard Drives Stolen During Break-in at Washington Department of Labor Regional Office

Hard drives, laptops, cellphones, office equipment, door access key cards, gas cards and other items were stolen during a recent burglary at the Washington State Department of Labor & Industries regional office in Tukwila. The Tukwila Police Department is investigating …

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California City Pushing Back on $85M Award in Restraint Case

San Diego County lawyers are seeking to wipe out an $85 million jury award to the family of man who died after being restrained by sheriff’s deputies in 2015, or get a new trial in the lawsuit that generated the …

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FAIR Plan Launches Higher Coverage Limits for Commercial, Business Properties

The California FAIR Plan is now offering increased coverage limits for commercial and business properties. The higher limits are being made available in response to customer requests for FAIR Plan coverage of higher value commercial properties. California Insurance Commissioner Ricardo …

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Investigation Underway Into Fire That Ravaged Popular New Hampshire Hotel

Three people were injured in a windswept fire that ripped through a landmark North Conway, New Hampshire hotel Saturday afternoon. Two were firefighters who were battling the blaze at the Red Jacket Mountain View Resort in North Conway. None of …

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Louisiana Judge Orders Liquidation of Lighthouse

A Louisiana district court judge last week ordered the liquidation of Lighthouse Property Insurance Co., the troubled homeowners insurer who held policies in Louisiana, Florida, Texas, North Carolina and South Carolina. Judge Richard “Chip” Moore, III of the 19th Judicial …

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People: Florida OIR’s Phillips Moves to Branch, Epic Hires Kennedy

Kennedy Joins EPIC’s Vanbridge EPIC Insurance Brokers and Consultants, a property and casualty insurance brokerage, announced that James Kennedy has joined the firm as a principal with Vanbridge, its financial services division. Kennedy will work in the private equity space. …

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Connecticut Legislators Pass Consumer Data Privacy ‘Bill of Rights’

Consumers in Connecticut will be able to know when their personal information is being tracked and how it’s being used under a wide-ranging data privacy bill that’s headed to Gov. Ned Lamont’s desk. The legislation, dubbed a “consumer bill of …

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Help Wanted as New York City Implements Law Requiring Salary Ranges in Job Ads

Help wanted. The job: putting one of the nation’s most far-reaching salary disclosure laws into practice. Location: New York City. Just four months ago, city lawmakers overwhelmingly voted to require many ads for jobs in the nation’s most populous city …

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People Moves: Highwing Names McKenney CEO; Gorst & Compass Adds Oliva in California

Highwing named Jim McKenney CEO, and added an advisory board of experienced professionals to support its expansion. McKenney will lead the company’s team of insurtech professionals. President and Co-founder Erik Mitisek will remain with the firm, leading new business development, …

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Vermont Financial Regulator Pieciak to Leave Post

Vermont Governor Phil Scott announced Commissioner Mike Pieciak will be stepping away from his role leading the Vermont Department of Financial Regulation (DFR) next month to pursue other opportunities. Pieciak was appointed to lead the consumer watchdog agency by Gov. …

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