Carlyle’s Sedgwick Valued at $13.2 Billion in Investment Deal With Altas
Carlyle-owned claims management company Sedgwick said on Thursday it had secured an investment from private equity firm Altas Partners via a deal that valued it at $13.2 billion. The valuation is much higher than the $6.7 billion Sedgwick was worth …
Tokio Marine Kiln Launches Specialty Reinsurance Division
Tokio Marine Kiln (TMK), the international specialist insurer, announced the formation of a new Specialty Reinsurance division to support the company’s growth ambitions in the sector. The new division will be led by Phil Taylor who will be appointed head …
UK Retailer Tesco Loses Legal Battle Over ‘Fire and Rehire’ of Staff
Tesco was not entitled to terminate some employees’ contracts and offer to rehire them on less favorable terms, the United Kingdom’s Supreme Court ruled on Thursday. Shopworkers’ union Usdaw took legal action against Britain’s biggest retailer after Tesco sought to …
A Continent Ablaze: South America Surpasses Record for Fires
South America is being ravaged by fire from Brazil’s Amazon rainforest through the world’s largest wetlands to dry forests in Bolivia, breaking a previous record for the number of blazes seen in a year up to Sept. 11. Satellite data …
As Storm Bebinca Approaches, Taiwan Uses AI to Predict Typhoon Paths
As tropical storm Bebinca barrels towards waters off northern Taiwan gathering strength into a possible typhoon, weather forecasters in Taipei are using a new and so far successful method to help track its path – artificial intelligence (AI). AI-generated forecasts, …
OpenAI, Nvidia Executives Discuss AI Infrastructure Needs With Biden Officials
OpenAI Chief Executive Officer Sam Altman and Nvidia Corp. CEO Jensen Huang met with senior Biden administration officials and other industry leaders at the White House on Thursday to discuss how to fill the massive infrastructure needs for artificial intelligence …
Venture Capital Fund Ends Grant Program for Black Women After Lawsuit
An Atlanta-based venture capital fund on Wednesday agreed to stop operating a program that awarded grants to small businesses run by Black women to settle a lawsuit by an anti-affirmative action group that claimed it discriminated based on race. Fearless …
How Big Was the Cat? Investigator Warns About Claims of Clogged Toilets
Did you hear the one about cat poop clogging a toilet, resulting in thousands of gallons of sewage water in the home and a big insurance claim? Lin Werkheiser, an insurance fraud investigator, has heard that one and many more …
Buffett’s Insurance Leader Ajit Jain Sells Large Part of Berkshire Stake
Ajit Jain, the longtime top insurance executive at Warren Buffett’s Berkshire Hathaway BRKa.N, sold more than half of his Class A shares in the conglomerate this week. According to a Wednesday night regulatory filing, the 73-year-old Jain sold 200 Berkshire …
Plumbing Supply Firm Loses Appeal Over Sales Reps’ Overtime Pay
A federal appeals court has upheld a district court ruling that a wholesale distributor of plumbing supplies has wrongly exempted its inside sales representatives from overtime pay for years. The 1st Circuit Court of Appeals denied F.W. Webb’s request for …
$1 Billion San Francisco Tower’s Revival Clouded by Lawsuit
One of San Francisco’s most iconic buildings is celebrating its reopening after a four-year, $250 million makeover meant to symbolize the city’s renewal. It’s doing so under the shadow of a lawsuit from one of its key tenants. The Transamerica …
Oregon Workers’ Comp Pure Premium Rate to Drop 3.2%
Oregon employers will pay on average less for workers’ compensation coverage in 2025. The Oregon Department of Consumer and Business Services the decline in workers’ comp rate, which marks 12 years of average decreases in the pure premium rate. Employers …
TD to Pay $28 Million for Sharing Inaccurate US Consumer Data
Toronto-Dominion Bank will pay almost $28 million in fines and restitution after the Consumer Financial Protection Bureau said the lender shared inaccurate information about tens of thousands of US customers with consumer reporting companies. A CFPB investigation found the information …
Maryland Supreme Court Hears Child Sex Abuse Lawsuit Arguments
The Supreme Court of Maryland heard arguments on Tuesday about the constitutionality of a 2023 law that ended the state’s statute of limitations for child sexual abuse lawsuits following a report that exposed widespread wrongdoing within the Archdiocese of Baltimore. …
Justin Timberlake Reaches Plea Deal to Resolve Drunken Driving Case
Justin Timberlake is scheduled to enter a new plea Friday in his drunken driving case in New York’s Hamptons, prosecutors said. Details of the plea weren’t disclosed, but a person with knowledge of the deal said Timberlake has agreed to …
Supreme Court’s Zeal to Curb Agency Power Looms in New Term
Fresh off a blockbuster US Supreme Court decision that rolled back the power of federal agencies to regulate business, big-government foes are pressing an even bolder agenda. As the court prepares to start its new term next month, conservatives are …
Francine Estimated to Cause $9B in Damage With $1.5B in Insured Losses
A preliminary estimate shows total damage and economic loss from Hurricane Francine in the U.S. is expected to be $9 billion. The storm effects are continuing to be felt, and some areas have yet to report complete information about damage, …
People Moves: Lockton Names Young SVP
Lockton, based in Kansas City, Missouri, hired benefits consultant Chad Young as senior vice president based in its Houston office. Young previously served as an account executive at Aetna and held senior account executive roles at Assurant and The Hartford. …
People Moves: JM Wilson Hires Musolf and Hudson as Assistant Property & Casualty Underwriters; Group Captive Program Leader Albian Joins Ryan Alternative Risk
JM Wilson, headquartered in Portage, Michigan, hired Savana Musolf and Lisa Hudson as assistant property and casualty underwriters. Musolf works with independent insurance agents and company underwriters in Michigan and Texas. Before joining JM Wilson, Musolf worked for over two …
Sentry Buys Nonstandard Auto Insurer The General From American Family for $1.7B
Sentry Insurance said it is buying nonstandard auto insurer The General from American Family Insurance for about $1.7 billion to mark the largest acquisition in the company’s 120-year history. Sentry will pay $1.1 billion in cash and assume liabilities and …
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