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INSURANCE NEWS
Hedge Funds Make Their Move as Litigation Finance Assets Slump
A losing streak in litigation finance is attracting hedge funds and other alternative investment managers looking to invest in legal claims at distressed valuations, according to people familiar with the matter. Firms working in distressed-debt special situations including Davidson Kempner …
Seoul Condemns Strike on Vessel in Strait of Hormuz as Probe Continues
South Korea strongly condemned what it described as an attack on a civilian cargo vessel in the Strait of Hormuz after a government investigation found the ship was struck by unidentified objects, though it stopped short of assigning blame. “Attacks …
Ships’ Signals Go Haywire as Hormuz Strait Tensions Escalate
Geolocation data for some ships in the Persian Gulf showed locations and speeds that defied logic, pointing to an increase in signal interference following fresh attacks by Iran on neighboring countries. The tracking data showed about 120 vessels in a …
People Moves: Da Costa to Head Markel US Cyber, Tech E&O; Brown & Riding Names Kerr Leader of Private Client Practice
Markel Insurance Appoints Da Costa to Lead U.S. Cyber and Tech E&O Portfolio Markel, the insurance operations within Markel Group Inc., appointed Raphael Da Costa to lead its U.S. cyber and tech E&O portfolio. Da Costa oversees Markel’s U.S. cyber …
Ex-Ohio State Players to Join a Sexual Abuse Lawsuit Against the School
Thirty former Ohio State football players, including some former NFL players, have agreed to join a federal lawsuit against the university over the sexual abuse of student athletes decades ago by a team doctor, a lawyer in the case said …
Explosion and Fire at New Orleans Area Refinery to Cause Production Disruption
No injuries were reported after an explosion and a fire at a refinery in the New Orleans area on Friday, officials said. Residents near Chalmette Refining said they heard an explosion at around 1 p.m. The refinery is in Chalmette, …
Banks and Crypto Backers Tussle as Senators Eye Landmark Digital Asset Bill
Banking groups are floating last-minute changes to a compromise on stablecoin yield as a key Senate panel begins considering a landmark digital asset bill. The proposed changes would tweak the compromise brokered by Senators Thom Tillis, a Republican, and Angela …
Some College Finals Delayed After Canvas Online Platform Hacked
Disruptions for college students are set to drag into the weekend after hackers briefly took down an online platform used by thousands of schools around the world, from Princeton University in the US to the University of Manchester in the …
Fertilizer Firms See Profit Windfall as War Upends Supplies
Fertilizer makers are seeing a windfall from Iran’s war, highlighting the impact of the conflict’s upheaval on supply chains for the key crop nutrients. CF Industries Holdings Inc. and Nutrien Ltd. each reported nearly 20% jumps in sales for the …
People Moves: Novatae Names Voorhees as Managing Director of Personal Lines
Novatae Risk Group, the wholesale insurance business of World Insurance Associates, announced that Brian Voorhees will be joining the company as its new managing director of personal lines. In this role, Voorhees will lead Novatae’s personal lines with responsibility for …
US opens probe into start-up Avride self-driving crashes in Texas
The National Highway Traffic Safety Administration said Friday it is opening an investigation in a series of crashes of start-up Avride autonomous vehicles that raised questions about the competency of the vehicles. NHTSA said the vehicles’ performance may indicate inappropriate …
Florida Governor Signs Bill Dropping Building Permits for Work Valued at $7,500 or Less
Florida’s governor has signed House Bill 803 into law, dropping building permit requirements for construction work valued at $7,500 or less. The law takes effect July 1. “A local government that issues building permits shall exempt an owner of a …
