Extreme Weather Is Driving More US Power Outages, Studies Show
For decades, residents of eastern Queens in New York City have complained that they’re more likely to lose power when extreme weather hits, even as lights in other parts of the city stay on. A new study that looks at …
Cracks in O’Hare Columns Aren’t Insured Property Damage, Just Bad Product – Court
Cracked steel columns are not “property damage,” but are building products that are not covered by a contractor’s general liability policy, the U.S. 7th Circuit Court of Appeals decided in an opinion that lets St. Paul and other insurers off …
Yemen’s Houthis Threaten Ships in Mediterranean Sea That Are Sailing to Israeli Ports
Yemen’s Houthis will target ships heading to Israeli ports in any area that is within their range, military spokesman Yahya Sarea said in a televised speech on Friday. “We will target any ships heading to Israeli ports in the Mediterranean …
Binance Crypto Founder Zhao Sentenced to Four Months in Prison
Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating U.S. laws against money laundering at the world’s largest cryptocurrency exchange. Once considered the most powerful crypto industry …
Pennsylvania High Court to Decide If Workers’ Compensation Covers CBD Oil
A veteran Pennsylvania workers’ compensation attorney will soon have a chance to argue before the Pennsylvania Supreme Court that his own use of cannabinoid oil (CBD oil) is covered by workers’ compensation. It’s an argument he won last November with …
Tech Update: Marsh McLennan Launches AI Solution to Manage Supply Chain Risks
Marsh McLennan, the insurance and reinsurance broker, has launched Sentrisk, an artificial intelligence-powered platform, which aims to help businesses manage global supply chain risk. Created through the combined capabilities of Marsh McLennan businesses Marsh and Oliver Wyman, Sentrisk uses advanced …
Kansas City Women’s Soccer Plans $800 Million Stadium District
After a failed vote to build a downtown Kansas City Royals stadium, another of the city’s professional sports teams is planning to expand with a mixed-used entertainment district. The Kansas City Current, the city’s National Women’s Soccer League team, will …
Class Action Settlements Flooded With Fraudulent Claims by Scammers
Artsana, a maker of child car booster seats, last year agreed to settle claims that it had misled customers about how to use its products, offering $50 to people who had bought Chicco-brand seats. The company, which did not admit …
Death of 4 Officers in Charlotte Shows Risks Police Face When Serving Warrants
(AP) Arrest warrants must be served to alleged criminals if society is going to function. But there is no guarantee of safety for police officers knocking on their doors. The grim risks came into stark relief Monday when four law …
Israeli Cyber Security Startup Apex Gets Initial Investment From OpenAI’s Altman
Israeli cyber security startup Apex, which focuses on protecting the rapid use of artificial intelligence (AI) tools, said on Thursday it received an undisclosed investment from OpenAI Chief Executive Sam Altman. In all, Apex raised $7 million in a seed …
AXA’s Q1 Revenues Rise 6%, Led by P/C Business Growth
AXA, Europe’s second-largest insurer, reported a 6% increase in total revenue during the first quarter to €34 billion ($36.4 billion), compared with €31.8 billion ($34.1 billion) in Q1 2023. The increase in Q1 gross written premiums (GWP) and other revenues …
Uber Hit With £250 Million Suit From London’s Black Cab Drivers
Uber Technologies Inc. was sued by thousands of London’s black cab drivers in a suit seeking hundreds of million pounds accusing it of unlawfully operating in the capital city. The claim alleges Uber improperly obtained a license to operate in …
AXA, Apollo’s Athora Scrap Life-Insurance Deal in Germany
Athora Holding Ltd., an insurance affiliate of Apollo Global Management Inc., and AXA SA have terminated a deal to transfer life insurance policies in Germany almost two years after announcing it. The deal was meant to shift €19 billion ($20.3 …
Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance
Increased premiums combined with lackluster customer satisfaction scores are driving record numbers of auto insurance customers into the market for a new policy, according to the J.D. Power 2024 U.S. Insurance Shopping Study. Nearly half (49%) of U.S. auto insurance …
An Origin Story: The History of the Professional Liability Underwriting Society
The Professional Liability Underwriting Society (PLUS), as it exists today, does not have a written narrative or any acknowledgment on its website about how the organization was created, the timeline, the individuals primarily involved, or all the events that had …
Miami Retirement Fund Class Action Alleges Globe Life Officers Concealed Fraud
After an investment research firm dropped a bombshell last month and sent shares of Globe Life Inc. plunging by 53%, the insurance company denied the allegations that officers had concealed fraud and sexual harassment issues. But this week, the City …
Florida’s Heritage Insurance Sees More Profits in Q1 This Year
Heritage Insurance Holdings Inc. (HRTG) on Wednesday reported earnings of $14.2 million in its first quarter of this year, about the same as earnings for Q1 of 2023, but down from the $31 million in net income reported for the …
Abuse Probe Into New Orleans Catholic Clergy Expands
NEW ORLEANS (AP) — Authorities have expanded an investigation of clergy sexual abuse in the Roman Catholic Church in New Orleans to include senior church officials suspected of shielding predatory priests for decades and failing to report their crimes to …
Probe Into Death of Nurse on Home Visit Alleges Employer Failed to Protect Workers
A home health care company failed to protect a visiting nurse who was killed during an appointment with a convicted rapist at a Connecticut halfway house and should be fined about $161,000, federal workplace safety officials said Wednesday. The Occupational …
Marsh McLennan Agency Acquires Long Island Broker AC Risk Management
Marsh McLennan Agency, a subsidiary of Marsh, reported it has acquired AC Risk Management (ACRM), an independent commercial lines brokerage based in Melville, New York. Terms of the acquisition were not disclosed. Founded in 2012, ACRM primarily offers property/casualty insurance …
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