TWIA Board Approves $500M Line of Credit Ahead of 2024 Storm Season
The Texas Windstorm Insurance Association (TWIA) Board of Directors met in Austin on May 7 for its second quarterly meeting of the year, where it completed financial preparations for the 2024 storm season. TWIA’s board voted secure a $500 million …
White House to Push Cybersecurity Standards on Hospitals
The Biden administration intends to require hospitals to meet minimum cybersecurity standards after a single hack exposed the data of 100 million Americans. “We look to putting in place minimum cybersecurity standards for hospitals in the near term,” Anne Neuberger, …
Tech Update: Aon Updates Its Pricing Platform to Enhance Underwriting Decisions
Insurance broker Aon plc announced an update to its Pricing Platform that aims to bring enhanced visualization and automation capabilities to re/insurance underwriters. The software update has also added new business lines including U.S. Financial lines and Cyber, as well …
Former Louisiana Lawmaker James D. Cain Passes Away
Former Louisiana lawmaker James David Cain passed away on May 8, Insurance Commissioner Tim Temple announced. Cain served 20 years in the Louisiana House of Representatives and another 16 years in the Louisiana Senate, where he led the Insurance and …
Survivors of Alleged Abuse in Illinois Youth Detention Facilities Speak Out
CHICAGO (AP) — Three men who say they were sexually abused as children while incarcerated at Illinois juvenile detention centers came forward Tuesday as part of a lawsuit that chronicles decades of disturbing allegations of systemic child abuse. Calvin McDowell, …
Missouri Roofing Contractor Cited for 21 Violations in Fall Hazard Exposures
Federal workplace safety inspectors have cited a Missouri roofing contractor for 21 violations for illegally exposing roof workers — five times in seven weeks — at six Wentzville residential worksites to the dangers of fall hazards, the construction industry’s leading …
Mexico Is Battling 159 Active Wildfires
Mexico is fighting 159 active wildfires across the country amid the year’s second heat wave that has also put the nation’s power grid under stress. Mexico’s national weather service issued an alert that at least 12 states would experience temperatures …
EU Firms’ Appetite for China Investment Sinks to Record Low
China is losing its luster as a top country to invest in as firms seek to avoid geopolitical risks and turn to Southeast Asia and Europe, according to a survey by the European Union Chamber of Commerce in China. Only …
Nine Out of 10 Wrongful Death Lawsuits Settled Over Astroworld Crowd Surge
HOUSTON (AP) — Nine of the 10 wrongful death lawsuits filed after a deadly crowd surge at the 2021 Astroworld music festival have been settled, including one that was set to go to trial this week, an attorney said Wednesday. …
People Moves: Higginbotham Announces Executive Promotions in Financial Services, Employee Benefits
Higginbotham announced a series of executive promotions within the Financial Services division. These moves are intended to match current growth at Higginbotham and prepare for future milestones by drawing on deep bench strength to scale-up operations and enhance client services. …
Texas Launches Compensation Program for Border Property Crime Damage
Texas landowners along the U.S.-Mexico border who have experienced damage caused by border property crime can now file for reimbursement of up to $75,000, attorney general Ken Paxton announced this week. Texas lawmakers last year approved a law to create …
China Construction Bank Sued in US Over Reinsurance Fraud Losses
China Construction Bank Corp., the nation’s third-largest commercial lender, was accused in a US lawsuit of enabling a massive fraud in the reinsurance industry that left companies with “monumental losses” and sinking stock prices. The bank allowed employees to conspire …
Markets/Coverages: FloodFlash Launches New Parametric Auto Dealer Program
FloodFlash has added a dealer program in its efforts to support more U.S. businesses ahead of a hurricane season that is widely anticipated to be amongst the worst in recent memory. Stored on large, flat areas of often impermeable land, …
Liberty Mutual Posts $1.5B Net Income for Q1, Reversing Loss
Liberty Mutual Holding Company on Thursday reported first quarter 2024 net income of $1.5 billion compared to loss of $74 million during the same period last year. The combined ratio for the first three months of 2024 improved to 95.8 …
Nuclear Verdicts Surge to $14.5 Billion in 2023 – Report
Nuclear verdicts of at least $10 million reached a 15-year high in 2023, while 27 verdicts were “thermonuclear,” or more than $100 million, according to a new study by research firm Marathon Strategies. The report, “Corporate Verdicts Go Thermonuclear,” found …
Personal Auto Insurers Have Edge on Innovation: AM Best
After two years of challenges for personal auto insurers, rating agency AM Best delivered a positive assessment: U.S. personal auto insurers are the furthest ahead when it comes to innovation. Personal auto insurers’ innovative processes include automated claims management and …
What Risks Do Advanced AI Models Pose in the Wrong Hands?
The Biden administration is poised to open up a new front in its effort to safeguard U.S. AI from China and Russia with preliminary plans to place guardrails around the most advanced AI models, Reuters reported on Wednesday. Government and …
Spouse Married After Injury Can Still Seek Damages in Asbestos Claim – Fla. High Court
The Florida Supreme Court has opened the door a little wider to wrongful death claims from people who weren’t married to victims at the time of injury, upsetting what defense lawyers said was a decades-old common-law practice. In Ripple vs. …
Lawyers Handling Lawsuits Over Maui Wildfires to Get Investigation Documents
A judge on Friday forced the Hawaii attorney general’s office to turn over to lawyers involved in the hundreds of lawsuits over last summer’s Maui wildfires all documents, interviews and data collected by the outside team hired to investigate the …
California Construction Company Fined $371K for Fatal Trench Collapse
Cal/OSHA cited D’Arcy & Harty Construction Inc. $371,100 for failing to protect employees working in a trench excavation at a construction site in San Francisco. On Sept. 28, 2023, an employee was replacing sewer parts inside the eight-foot-deep trench at …
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