Dam Owner Fined $1M in Field Turf Pollution of Washington River

A company that operates a century-old hydroelectric dam near Mount Rainier National Park and its chief operating officer each pleaded guilty to a single criminal count Monday in connection with a spill of synthetic field turf and the tiny rubber …

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Florida Speaker Says Tort-Reform Bill May See Changes Before It’s Approved

A Florida tort-reform bill that picks up where previous insurance-market rescue bills left off has passed its first milestone and now moves to the full House Judiciary Committee. But the speaker of the House said the measure is far from …

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Murdoch Testified Fox News Hosts Endorsed Idea That Biden Stole Election

Fox Corp. Chairman Rupert Murdoch acknowledged under oath that some Fox hosts “endorsed” the notion that the 2020 U.S. presidential election was stolen, according to a court filing unsealed Monday. Murdoch’s acknowledgment is included in a filing from Dominion Voting …

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Global Insurance M&A Hits 10-Year High, Despite Slowdown in H2 2022

The insurance sector saw 449 completed mergers and acquisitions (M&A) worldwide during 2022, up from 418 the previous year – the highest for a decade, according to law firm Clyde & Co’s insurance growth report. However, there was a marked …

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Hong Kong’s FWD Group Raises $1.8 Billion in Private Placements Over Past 2 Years

FWD Group Holdings Ltd. raised a total of $1.8 billion in private placements over the past two years, as the pan-Asian insurance company owned by Hong Kong billionaire Richard Li moves a step closer to its planned initial public offering. …

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AXA Sells Stake in Monte dei Paschi After Providing Cash Call Support

AXA said on Monday it was selling virtually all of the 8% stake in Monte dei Paschi di Siena acquired when it invested into a make-or-break new share issue at the state-owned Italian bank. AXA paid 200 million euros in …

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Appeals Board in California Defines How Close Water Must be for Workers

The California Department of Industrial Relations’ Occupational Safety and Health Appeals Board issued a precedential decision related to the provision of water at outdoor worksites, which required water must be as close as practicable to the areas where employees are …

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5 Dead, Including Patient in Medical Flight Crash in Nevada

All five people aboard a medical transport flight, including a patient, were killed in a plane crash in northern Nevada, according to an air ambulance company. The Lyon County Sheriff’s office said authorities began receiving calls about the crash near …

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Florida Nursing Home Operator Acquitted of Causing Patient Deaths in Hurricane Irma

A judge on Friday acquitted a Florida nursing home administrator accused of causing the overheating deaths of nine patients after Hurricane Irma in 2017, saying that his employees had provided care and prosecutors had not proven he should have known …

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Michigan Judge Rejects Agency’s Bid to Shield Pro-Union Starbucks Workers From Firing

A federal judge in Detroit on Thursday dealt a blow to a U.S. labor agency by drastically narrowing his recent order that had barred Starbucks Corp SBUX.O from retaliating against pro-union workers nationwide to cover only one Michigan store. U.S. …

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Worker Killed in High Rise Condo Balcony Collapse

A balcony on a high rise condominium on the New Jersey shore collapsed onto a lower balcony, killing a construction worker, authorities said. Officials in Sea Isle City said the eighth-floor balcony at the Spinnaker condominium collapsed onto the seventh-floor …

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People Moves: Aspire General in California Names Chairman

Aspire General Insurance, based in Rancho Cucamonga, California, named Byron Storms chairman of the board. Storms has worked in senior leadership positions, including president of National General. He joined Aspire General in 2015 and will continue to serve as president …

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Fire at Tennessee Uranium Processing Complex Contained

A fire that broke out Wednesday at the Y-12 National Security Complex in a building where uranium is processed has been contained, officials said. The fire at the facility in Oak Ridge, Tennessee, was reported shortly after 9 a.m. in …

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Liberty Mutual Tackling U.S. Personal Lines Challenges

The story of U.S. personal lines challenges impacting the results of multiline insurers was repeated for Liberty Mutual, which reported underwriting losses and waning policy growth in the segment in 2022. President and Chief Executive Officer Tim Sweeney reported overall …

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Shipping Industry Intensifies Calls to Free Seafarers Still Trapped by Russia-Ukraine War

The global shipping industry is stepping up calls for the United Nations and aid groups to help evacuate hundreds of seafarers on more than 60 merchant vessels that are still stuck in Ukrainian ports a year after Russia’s invasion. In …

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Chile Finalizes Major Earthquake Insurance With World Bank

Chile is finalizing a deal with the World Bank for insurance against high-intensity earthquakes that would impact the country’s fiscal policy and public debt, the Finance Ministry said on Thursday. “The insurance would allow Chile to receive pre-established compensation payments, …

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Former Pitching Coach Sues New York Mets for Age Discrimination

Phil Regan sued the New York Mets and former general manager Brodie Van Wagenen, alleging age discrimination and wrongful termination when he was moved out as pitching coach after the 2019 season. Regan, a former big league pitcher who turns …

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Vermont Considers Ending Clergy Exemption From Abuse Reporting Laws

The Vermont Legislature is considering a proposal that would end an exemption to the state’s child abuse and neglect reporting laws for members of the clergy. On Wednesday, the Vermont Senate Judiciary Committee held the first of what could be …

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Thunderstorms, Possible Tornadoes Ravage Central New Jersey

After a rare tornado warning was issued Tuesday, a strong line of thunderstorms ripped through central New Jersey with powerful winds that caused many trees to be ripped out of the ground in Pennington and West Windsor. Some of the …

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Meta Loses Bid to Toss $175M Verdict in Streaming Patent Case

A federal judge in Austin, Texas on Tuesday rejected a request by Meta Platforms Inc’s to throw out a $175 million jury patent verdict for walkie-talkie app maker Voxer Inc. U.S. District Judge Lee Yeakel’s decision leaves intact the jury’s …

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BNP Paribas Sued in France by Climate Advocacy Groups Over Fossil-Fuel Financing

Three climate-minded organizations are set on Thursday to sue BNP Paribas, the eurozone’s biggest bank, on grounds its loans to oil and gas majors breach a legally binding duty to ensure its activities do not harm the environment. The three …

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3 Massachusetts Firms to Pay $325K Over Asbestos Work at State University

A Waltham-based construction contractor, Devens-based plumbing contractor, and Woburn-based demolition company will pay up to $325,000 in civil penalties to settle allegations of illegal asbestos work during a renovation project at Fitchburg State University (FSU) in the spring and summer …

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When Preparing for Work Falls Under Virginia Workers’ Compensation

An employee who was injured when while scraping ice off his company-owned truck parked at his home is entitled to workers’ compensation benefits, the Virginia Workers Compensation Commission has ruled, reversing a deputy commissioner’s denial of benefits. “We find that …

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Hopeful Cannabis Sales Data an Encouraging Sign for Insurance Specialists

News has been rife with dreary tidings for the cannabis industry over the past year, but a surprisingly encouraging outlook has emerged among the persistent din of downward harbingers like a flower glut, investment funding shrinkage, and layoffs. Industry sales …

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XPT Specialty Acquires Texas’ Craig & Leicht

XPT Specialty announced the acquisition of Texas-based wholesale agency Craig & Leicht. Founded by Amy Leicht-Craig and former TSLA president Matt Leicht, CIC, CPCU, ASLI, Craig & Leicht has earned a strong reputation for their multi-faceted experience in a wide …

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Stablecoin Regulatory Crackdown Sends Warning to Industry

The U.S. Security and Exchange Commission’s warning shot on Binance’s stablecoin over whether or not it is a security could offer a hint at what type of dollar-pegged tokens may draw regulatory scrutiny, critical information for other digital asset firms …

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Bird Flu Costs Pile Up as Outbreak Enters Second Year

The ongoing bird flu outbreak has cost the government roughly $661 million and added to consumers’ pain at the grocery store after more than 58 million birds were slaughtered to limit the spread of the virus. In addition to the …

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Austrian Children Take Government to Court Over Climate Change

A dozen minors filed a lawsuit with Austria’s top court Tuesday seeking to force the government to ensure their constitutional rights are protected by taking tougher action against climate change. A lawyer for the group said the case submitted to …

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Gay Couple Wins ‘Landmark’ Health Insurance Case in South Korea

A gay couple won a lawsuit in South Korea granting them spousal coverage from the national health insurance program, an apparent first in the country that only legally recognizes marriage as between heterosexual couples. In its ruling, the Seoul High …

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Britain Says Global Accounting Rules Are Crimping UK Economy

A central plank of global accounting rules has become a “performance penalty” which holds back investment in Britain, its financial services minister Andrew Griffith said on Tuesday. So-called mark-to-market, or valuing investments on a regular basis to reflect changes in …

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Shipping Industry Grapples With Ways to Cut Cargo Fires at Sea

Global shipping companies are exploring ways to boost safety in transporting cargoes as risks grow from fires erupting inside containers or in cars at sea, officials said on Wednesday. Shipping transports around 90% of world trade onboard different vessels including …

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Scott Kipper Returning as Nevada’s Insurance Commissioner

Scott Kipper will become the Insurance Commissioner at the Nevada Division of Insurance for the third time. Department of Business and Industry Director Terry J. Reynolds named Kipper to the role on Tuesday. His appointment to head the DOI is …

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California Airport, 50K in Bay Area Lose Power Due to Fire

A power substation fire temporarily caused outages at the Oakland International Airport and left 50,000 customers around the east San Francisco Bay Area without electricity Sunday, Oakland fire officials said. The Oakland Fire Department responded to a fire on Pacific …

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Neighbors Recoil at Florida Pool Shaped Like Gun

The swimming pool in the backyard of Louis Minardi’s home may be distinctive to Florida: The custom-built pool is shaped like a six-shooter revolver, in a state made famous – sometimes infamous – by guns, gun politics and gun culture. …

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Loss Adjuster McLarens Forms Strategic Alliance in Egypt, Expanding Regional Footprint

Global claims services provider McLarens has established a strategic alliance with Egypt Global Adjusters (EGA), a leading Egyptian loss adjusting firm, headquartered in Cairo. Operating as McLarens’ exclusive affiliate in Egypt, the partnership with EGA will further strengthen McLarens’ regional …

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VW Faces Possible Recalls After Environmental NGO Wins Emissions Software Lawsuit

A German court on Monday ruled in favor of an environmental NGO’s lawsuit against the federal motor authority for releasing cars with software on exhaust gas recirculation it argues is illegal, in a judgment which could lead to a wave …

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Facebook Temporarily Fights Off $3.7B UK Mass Action Over Market Dominance

Facebook on Monday temporarily fought off a collective lawsuit valued at up to 3 billion pounds ($3.7 billion) over allegations the social media giant abused its dominant position to monetise users’ personal data. However, a London tribunal gave the proposed …

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High-Rise Fire in Maryland Kills One, Displaces 400 Residents

One person died and one is in critical condition after a fire early Saturday at a high-rise apartment building in a suburb of Washington, D.C., the Washington Post and other local media reported. The fire in downtown Silver Spring sent …

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Lockton Launches Affinity Biz in Australia, New Zealand and Pacific, Led by Dasgupta

Lockton, the world’s largest privately owned insurance brokerage, announced the launch of an Affinity Schemes business in Australia, New Zealand and Pacific. The business will be led by Tanya Dasgupta who recently joined Lockton as National Manager – Affinity Schemes …

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UK’s Legal & General Launches Fresh UK Lawsuit Against Glencore After Bribery Scandal

Legal & General Group Plc have launched a fresh lawsuit against Glencore Plc, months after the commodities giant pleaded guilty to allegations of market manipulation and bribery. A group of Legal & General funds filed claims against Glencore on Jan. …

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FWD to Buy Majority Stake in Malaysian Insurer Ahead of Planned IPO

FWD Group Holdings Ltd., the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has agreed to buy a majority stake in Gibraltar BSN Life Bhd., a move that allows it to tap into the Southeast Asian market’s growth …

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Orderly Runoff Didn’t Work. Florida’s United P&C Now Insolvent, Headed for Liquidation

Just days after some 90,000 policies from troubled United Property & Casualty Insurance Co. were transferred to Slide Insurance as part of a wind-down of the carrier, it was announced that UPC is officially broke and will soon be liquidated. …

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Washington Man Ordered to Repay $127K in Workers’ Comp Scam

A Washington contractor who claimed he was too injured to work despite reportedly running his own construction company was ordered to pay back the state more than $127,000. Daniel Joseph Lesieur, of Washougal, pleaded guilty to felony second-degree theft for …

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Insurer Can’t Object to Asbestos Makers’ Bankruptcy, Despite Fraud Concerns

A liability insurer has no standing to object to its insured’s bankruptcy plan, even if the carrier feels that the plan unfairly exposes it to potentially fraudulent claims, a federal appeals court decided this week in an asbestos case that …

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G20-Backed Standards Body Approves First Global Company Sustainability Rules

The G20-backed International Sustainability Standards Board on Thursday approved “global baseline” rules for firms disclosing how climate change affects their business, after calls to curb greenwashing in a “pivotal” year for climate reporting. Subject to ‘balloting’, or standard checks before …

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Allianz Returns to Q4 Net Profit After U.S. Funds Debacle

Germany’s Allianz on Friday swung to a fourth-quarter net profit, marking a return to the black after taking big charges a year earlier for a U.S. funds scandal. The fourth quarter was helped by strength at its life and health …

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Allstate: $307M in January Cat Losses and Keeps the Auto Rate Hikes Coming

Allstate Corp. said it estimated catastrophe losses for the month of January of $307 million, or $243 million after-tax from nine events primarily in Texas and California. Catastrophe losses for the January events were estimated at $309 million, partially offset …

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Delaware County Settles Lawsuit Over Arrest Caught on Video for $25K

Delaware officials have agreed to pay $25,000 to settle a federal lawsuit alleging that police used excessive force and made an unlawful arrest in an encounter with a teenage drug suspect. A judge on Tuesday approved a stipulation of dismissal …

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Turkey Earthquakes to Cost Insurers $2.4 Billion: Karen Clark & Co.

Catastrophe modeling firm Karen Clark & Co. (KCC) said on Thursday it expects insured losses of $2.4 billion from the devastating dual Kahramanmaras earthquakes that hit Turkey earlier this month. The number of people killed by the deadliest earthquake in …

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Guest at Daytona Hotel Dies After Being Struck by Forklift During Storm Repairs

A guest at an oceanfront hotel in Florida has died after being run over by a forklift working on storm repairs, authorities said. The 62-year-old woman, whose name wasn’t immediately released, was struck Monday while walking through the parking lot …

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Markets/Coverages: Beazley Launches Private Equity Liability Product for Portfolio Firms

Specialist insurer Beazley has launched a new private equity liability insurance product, designed to focus on the inherent directors and officers (D&O) risks within the long-term lifecycle of portfolios held by private equity firms. Across the full lifecycle of investments, …

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New Zealand Searches for Missing After Cyclone; Sizable Economic Cost Expected

New Zealand is still searching for people missing in the aftermath of Cyclone Gabrielle amid fears the death toll will continue to climb. Five people are now confirmed dead after the cyclone devastated large areas of the nation’s North Island, …

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Court to Rehear Challenge to Connecticut’s Transgender Athlete Policy

A federal appeals court has reinstated a challenge to Connecticut’s policy of allowing transgender girls to compete in girls high school sports, two months after a three-judge panel upheld the rules. The 2nd U.S. Circuit Court of Appeals in New …

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RiverStone Completes Reinsurance-to-Close with MS Amlin, Largest in Lloyd’s History

RiverStone International, a leading acquirer and reinsurer of legacy and discontinued insurance business, has completed an agreement with MS Amlin Underwriting Ltd. to provide MS Amlin Syndicate 2001 with a reinsurance-to-close (RITC) of the 2018 and prior years of account. …

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AXIS Capital Commits to Greenhouse Gas Reduction Goals

AXIS Capital Holdings Ltd. announced its commitment to a 50% absolute reduction of Scope 1 and 2 greenhouse gas (GHG) emissions by 2030 across its global operations. The action is the company’s latest step in its ambition to transition to …

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Scandinavian Airline SAS Hit by Cyber Attack, Affecting App

Scandinavian airline SAS said it was hit by a cyber attack Tuesday evening and urged customers to refrain from using its app but later said it had fixed the problem. News reports said the hack paralyzed the carrier’s website and …

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Washington Contractor Fined $400K for Safety Violations in Fatal Trench Collapse

A Kent, Washington contractor is facing more than $400,000 in fines for safety violations that led to the death of a construction worker last year in Renton. Surjit Gill, 36, was killed when the dirt walls of the trench he …

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Atlantic City Casino Workers Seek Support for Smoking Ban

Atlantic City casino dealers pushing for a smoking ban received support from several state lawmakers Monday at a long-awaited hearing on a bill that would end smoking inside the nine casinos. Dealers, cocktail servers and other casino workers — some …

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Ohio Train Derailment Prompts West Virginia Utility to Take Water Safety Steps

A West Virginia water utility is enhancing its water treatment process as a precaution following the derailment of a train hauling chemicals that later sent up a toxic plume in Ohio. West Virginia American Water said Sunday that it’s also …

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J&J Talc Unit Faces Bankruptcy Judge After Tactic Rejected

Johnson & Johnson’s subsidiary shouldering talc-related lawsuits goes before a bankruptcy judge on Tuesday for the first time since a U.S. appeals court last month nixed the company’s attempt to offload the litigation into Chapter 11 proceedings. A three-judge panel …

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Earthquakes in Turkey to Cost Insurers More Than $1 Billion, Verisk Estimates

Economic losses for the Feb. 6, 2023 earthquakes in Turkey will likely exceed US$20 billion, while insured losses will likely be more than US$1 billion, according to Extreme Event Solutions at Verisk (formerly AIR Worldwide). These estimates are based on …

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Reuters: After Multi-Billion U.S. Fund Collapse, Allianz Shifts Investment Strategy

For years, Allianz, one of the world’s biggest investors, piled billions into property, wind farms and even London’s sewage system, but now it is moving to shun such “alternative” investments for plain vanilla bonds, people with knowledge of the matter …

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Indian Insurtech Startup InsuranceDekho Raises $150 Million to Grow SME Business

Indian fintech startup InsuranceDekho raised $150 million from a clutch of investors led by Goldman Sachs Asset Management, an unusually large investment round that will help it target an under-served domestic market. TVS Capital Funds co-led the equity and debt …

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Nevada Mine Cited for Major Safety Violation in Worker Death

Federal investigators cited a Nevada gold mine for safety violations in the death of an underground worker, including inadequate inspections and a defective rearview camera on the truck she backed into a deep hole before crashing to the mine floor. …

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As ChatGPT’s Popularity Explodes, U.S. Lawmakers Take an Interest

ChatGPT, a fast-growing artificial intelligence program, has drawn praise for its ability to write answers quickly to a wide range of queries, and attracted U.S. lawmakers’ attention with questions about its impact on national security and education. ChatGPT was estimated …

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India’s Kotak Mahindra Bank Weighs Sale of Stake in General Insurance Unit: Sources

Kotak Mahindra Bank Ltd., backed by billionaire Uday Kotak, is considering selling a minority stake in its general insurance unit, according to people familiar with the matter. The lender is working with an adviser on the potential sale of a …

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Car-Data Firms Flop as Automakers See Dollar Signs in Software

Auto companies promising billions in new software revenue by the end of the decade have been hiring engineers left and right, poaching executives from tech giants and trying to figure out how to process and monetize the oodles of data …

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Two Arrested in Homemade Bombing of Georgia Woman’s Home

Georgia authorities have arrested two men, a month after a homemade bomb destroyed part of a home near Savannah. Caleb Kinsey, 33, and Stephen Glosser, 36, were apprehended last week after an investigation into the bombing at the Richmond Hill …

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Federal Investigators Subpoena Pilots Over Close Call at JFK Airport

Federal investigators said Friday they have issued subpoenas to force the pilots of an American Airlines jet to sit for recorded interviews about a close call on a runway at New York’s Kennedy Airport last month. The National Transportation Safety …

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Cinematographer’s Ukrainian Relatives Sue Baldwin over New Mexico Set Shooting

The Ukraine-based relatives of a slain cinematographer are seeking damages in her death from actor Alec Baldwin in connection with a fatal shooting on the set of a Western movie, under a civil lawsuit filed Thursday in Los Angeles. The …

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Texas DWC Taking Comments on Proposed Rule Change to Update Insurance Code

The Texas Department of Insurance, Division of Workers’ Compensation (DWC) is accepting public comments on a proposed rule to amend 28 Texas Administrative Code Section 165.1. The changes would add Texas Mutual’s physical address, update Insurance Code references, and make …

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Zurich Insurance Reports Net Income of $4.6B in 2022, Down 12% From 2021

Zurich Insurance Group reported net income attributable to shareholders of $4.6 billion in 2022, a 12% decrease from $5.2 billion in 2021, which was driven mainly by a lower level of capital gains, net losses on divestment of businesses and …

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Illinois Truck Parts Company to Settle $200K Sexual Harassment Suit

CHICAGO – Monro, Inc., owner and operator of more than 1,000 auto care locations across the country, will pay $200,000 and provide other relief to resolve a sexual harassment lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the …

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Earthquake Recovery Continues on Northern California Coast

Humboldt County authorities have released the latest statistics on recovery from the December earthquake and aftershocks that struck the Northern California coast. Roughly 91 structures have been red-tagged as unsafe to occupy and more than 300 structures have been yellow-tagged, …

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31% of Workers Filing COVID Claims Suffer Long-Term, but Rate Declining: New York Fund

A report released this month by New York State Insurance Fund found that 31% of workers who filed claims for COVID-19 continued medical treatment or took time off work more than 60 days after the initial infection. NYSIF’s report is …

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People Moves: CFC Taps Markel’s Bailey to Lead Cyber U/W; Lockton Hires James as Head of Facilities & Binders; WTW Appoints Aon’s Van Ede for Trade Credit

This edition of International People Moves details appointments at the MGA CFC Underwriting, Lockton, and WTW. A summary of these new hires follows here. CFC Taps Markel’s Bailey as Cyber Underwriting Leader CFC Underwriting, the London-based specialist managing general agent, …

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NFL Must Face Class Action Lawsuit Over ‘Sunday Ticket’ Prices

The National Football League (NFL) must face a $6 billion class action alleging it unlawfully limited televised games and drove up the cost of its “Sunday Ticket” package, a U.S. judge ruled on Tuesday. Sunday Ticket lets subscribers watch local …

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Quake Latest: More Than 16,000 Dead Across Turkey, Syria; Rescue Efforts Intensify

Thousands of foreign aid workers have arrived in Turkey to help rescue people from under the rubble and deliver urgent supplies to areas stricken by this week’s twin earthquakes. The death toll has surpassed 16,000 across Turkey and neighboring Syria, …

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Group of Institutional Investors Back Lawsuit Against Shell’s Board Over Climate Risk

A group of European institutional investors is backing a novel London lawsuit against energy giant Shell’s board over alleged climate mismanagement in a case that could have far-reaching implications for how companies tackle emissions. ClientEarth, an environmental law charity turned …

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The Super Bowl Is Coming… Are Your Clients Planning Accordingly?

Hurts will try and put the hurt on Mahomes. The brothers Kelce will battle it out. The pregame show will last six hours. People will watch commercials they will actually remember. Rihanna at the half. Confetti and champagne at the …

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People Moves: CIWA Names New President, Vice President and Board for 2023/24

The California Insurance Wholesalers Association named four new members of the board of directors and promoted two current members to top leadership roles. New officers of the executive board include: John Donahue, president of M.J. Hall & Co., was promoted …

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Rethink Needed on How to Regulate Big Tech in Finance Services: BIS Official

A rethink is needed on how to directly regulate activities of Big Tech companies in financial services, given their size and influence, a top official at an international forum for central banks said in Wednesday. Data-rich Big Tech companies such …

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Americanas’ $4B Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record

A $4 billion accounting shortfall would typically raise alarm bells for an auditor. Somehow, a PricewaterhouseCoopers LLP affiliate didn’t catch it at Americanas SA. Investor and consumer groups are calling for closer scrutiny of the accounting firm after the unveiling …

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Ruff Ruling for Nationwide: Ohio Court Says Insurer Must Cover Canine Bite

An Ohio Court of Appeals panel said that Nationwide must indemnify a canine owner whose bulldog bit a passer-by, ruling that a policy exclusion barring coverage for bodily injury for a dog with a prior history of attacking or biting …

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UK’s Royal Mail Faces Threat From Ransomware Group LockBit

UK’s Royal Mail is facing a threat from ransomware group LockBit, according to information published on a website, at a time when the British postal and parcel firm is grappling with the fallout of a “cyber incident” from last month. …

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Quake Latest: Turkey Declares Emergency Rule; Death Toll Rises Across Turkey, Syria

Turkey declared a three-month state of emergency in areas struck by two massive earthquakes earlier this week, allowing the government more leeway for rescue and reconstruction efforts. Emergency teams are racing against the clock to save potentially thousands of victims …

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After 2 Worker Deaths, New York Roofing Firm Still Ignoring Fall Protections, Claims OSHA

Nanuet, New York-based roofing contractor ALJ Home Improvement Inc. is ignoring safety requirements despite having suffered the loss of two workers since 2019 in falls that were preventable, the Occupational Safety and Health Administration (OSHA) has charged, Seven federal workplace …

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Moody’s Downgrades SCOR’s Rating to A1 From Aa3 on Weakening Profits

Moody’s Investors Service downgraded the Insurance Financial Strength Rating (IFSR) of SCOR SE and its key operating entities to A1 from Aa3 while at the same time changing the company’s outlook to stable from negative. On Oct. 13, 2022, Moody’s …

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U.S. Firms in Taiwan Making Business Continuity Plans Amid Tensions With China

Almost half of companies surveyed by the American Chamber of Commerce (AmCham) in Taiwan are revising or plan to revise their business continuity plans amid tensions with China, while a growing number reported being impacted by those strains. China, which …

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Ride at Iowa Amusement Park Where 11-Year-Old Boy Died Will Never Reopen

ALTOONA, Iowa (AP) – The ride at an Iowa amusement park where an 11-year-old boy was killed in 2021 will never reopen, the park’s owners said. Bill Lentz, Adventureland’s general manager, said in a letter posted on the park’s website …

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ION Trading UK Prepares to Bring Clients Back Online After Cyber Attack

ION Trading UK, the technology firm hit by a cyberattack last week, told some clients that it has rebuilt relevant systems and will relaunch them after carrying out independent security testing. ION indicated that some systems could be available on …

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Ransomware Hackers Are Targeting Known Server Vulnerability, Italy Warns

Thousands of computer servers have been targeted by a global ransomware hacking attack targeting VMware ESXi servers, Italy’s National Cybersecurity Agency (ACN) said on Sunday, warning organizations to take action to protect their systems. The hacking attack sought to exploit …

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Investigators Say Burst Pipeline Killed Nevada Gold Mine Worker

Two miners were trying to remove a water pipeline at a gold mine in northeast Nevada last month when the pipe burst, killing one and injuring the other, according to a preliminary report issued by federal safety investigators. Alejandro Castaneda, …

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Factbox: Here Are Main Elements of New G7-Led Price Cap on Russian Oil Products

The Group of Seven rich nations, the European Union and Australia have set price caps for Russian diesel and other refined petroleum products to keep markets supplied while limiting Moscow’s revenues when an EU embargo kicks in. The EU measure, …

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G-7 Nations, EU Agree to Price Caps on Russian Refined Oil Products

European Union countries agreed to set price caps on Russian refined oil products to limit Moscow’s funds for its invasion of Ukraine, the Swedish presidency of the EU said on Friday. EU diplomats said the price caps are $100 per …

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Tesla’s Elon Musk Found Not Liable in Trial Over 2018 ‘Funding Secured’ Tweets

A U.S. jury on Friday found Tesla Inc. CEO Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had “funding secured” to take the electric car company private. Plaintiffs had claimed …

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Florida Citizens’ Endorsement Now in Effect: Claims Disputes to be Heard by Admin Judges

As of this month, most Florida Citizens Property Insurance Corp. claims disputes will now be heard and decided by the state Division of Administrative Hearings, not in a court of law. Officials at Citizens and at DOAH aren’t expecting a …

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California Workers’ Comp Department’s Medical-Legal Evaluation Regulations OK’d

The Office of Administrative Law approved the California Division of Workers’ Compensation regulations affecting its Medical-Legal Evaluation program. The regulations include the permanent adoption of emergency regulations allowing telehealth evaluation by Qualified Medical Evaluators, and changes to the rules regarding …

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People Moves: Former Arizona Insurance Regulator Joins Mitchell Sandler

Evan Daniels, a former Arizona insurance regulator, has joined Mitchell Sandler as counsel. Daniels joins the Washington, D.C.-based company after leading the Arizona Department of Insurance & Financial Institutions, where he led the state’s regulatory agency that licenses and oversees …

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Ransomware Attack Closes Nantucket Schools

Public schools on the Massachusetts island of Nantucket remained closed on Wednesday a day after a ransomware attack targeted the district’s computer system and prompted officials to send students home early. “Together with outside data security experts, our Information Technology …

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Amwins Global Risks Acquires UK Broker Roberts Armytage & Partners

Amwins Global Risks, the London-based international arm of global specialty insurance broker Amwins, announced the acquisition of Roberts Armytage & Partners (RAP), the specialist, energy and marine-focused London broker. Financial details of the transaction were not disclosed. As the energy …

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Hackers of ION Trading Also Hit UK Postal Service, Canada Hospital, U.S. Local Agencies

The hacking group behind a cyberattack against the software firm ION Trading UK has recently conducted a series of breaches throughout the world, with its victims including the UK’s postal service and local government agencies in the US. The gang, …

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Crypto Thefts Hit Record $3.8B in 2022 on Surge in North Korea Hacking: Report

Thieves stole a record $3.8 billion worth of cryptocurrency in 2022 as sanctions on North Korea drove a surge in suspected hacking by the Asian nation. Overall crypto losses increased from $3.3 billion stolen in 2021, blockchain analysis firm Chainalysis …

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Amazon Fined for Worker Safety Violations in Three States

US federal workplace safety regulators fined Amazon.com Inc. more than $60,000 for putting warehouse employees at risk for lower back injuries and other musculoskeletal disorders. The Occupational Safety and Health Administration discovered the violations last year during inspections of Amazon …

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Washington Insurance Commissioner Fines Producers, Insurers

Washington Insurance Commissioner Mike Kreidler issued fines in January totaling $11,000 against insurance companies, producers, brokers, and individuals who violated state insurance laws and regulations. Following are the entities fined, and how much they were fined: Unauthorized Insurers DNProtect, Epik …

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Insurer, Tech Services Firm Settle Claim for Business Lost While Helping Clients Recover From Breach

A technology and cybersecurity services firm and its insurer have settled a business interruption claim linked to a data breach one month after a federal judge denied the insurer’s bid to have the claim dismissed. The claim involved business losses …

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Swiss Re Revamps Structure by Splitting Reinsurance Biz, Creating Client Business Unit

Swiss Re announced plans to streamline its organizational structure by splitting its current Reinsurance Business Unit into P&C Re and L&H Re, while creating a new business unit called Global Clients and Solutions. Swiss Re Corporate Solutions will continue as …

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Allstate Reports $310M Q4 Loss as Auto Claims Costs Motor Past Rate Hikes

As it had warned last month, Allstate Corp. reported a fourth quarter 2022 loss of $310 million as losses from auto insurance outpaced an increase in revenue. Results were in comparison to net income of $790 million for Q4 2021. …

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Britain’s Finance Ministry Issues Draft Rules to Regulate Cryptoassets

Britain’s finance ministry laid out its first set of rules to regulate cryptoassets on Wednesday, saying ongoing turbulence in the sector and the collapse of exchange FTX highlighted risks that need addressing. Cryptoassets, such as bitcoin BTC=BTSP, have little direct …

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Shell Accused of Greenwashing by Climate Group in SEC Claim

A climate activist group is urging the US Securities and Exchange Commission to investigate whether Shell Plc’s claims about its investments in renewable energy are misleading to investors. Global Witness said that it filed a complaint with the SEC’s Climate …

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New Jersey Approves MGA Honeycomb to Sell Commercial Real Estate Policies

The New Jersey Department of Insurance has given Honeycomb Insurance approval to sell policies statewide. The technology-based managing general agent (MGA) serves the commercial real estate market and will offer insurance for apartment buildings, condominium associations and single family rental …

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Pennsylvania Gov. Shapiro Orders Professional Licensing Streamlining

Gov. Josh Shapiro has signed an executive order aimed at reducing long wait times for professional applicants seeking to enter their fields in Pennsylvania. Under the order signed Tuesday, state agencies will be held to firm timelines to review license …

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New Mexico Prosecutors Formally File Charges in Baldwin Movie Set Shooting

Actor Alec Baldwin and a weapons specialist have been formally charged with involuntary manslaughter in the fatal shooting of a cinematographer on a New Mexico movie set, according to court documents filed by prosecutors Tuesday. Santa Fe District Attorney Mary …

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Western Tankers Ramp Up Russian Oil Shipments as Prices Remain Below G7 Price Cap

Western oil tankers ramped up their shipments of Russian crude in January as prices for Moscow’s flagship Urals grade held below an international price cap, according to market sources and Eikon data. The Group of Seven nations (G7), Australia and …

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