INSURANCE NEWS
St. Pete Approves New Rays Ballpark and Redevelopment of Current Site
ST. PETERSBURG, Fla. (AP) — The Tampa Bay Rays are on track to get a long-sought new ballpark following a city council vote Thursday on a major redevelopment project that also guarantees the team will stay where it is for …
Treasury Warns That Anti-Woke Banking Laws Like Florida’s Are Security Risk
WASHINGTON (AP) — The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing. The Associated Press obtained a copy of the letter …
Buffett’s PacifiCorp Suspected of Collusion by Wildfire Victims’ Law Firms
The law firms leading class-action litigation against PacifiCorp over the 2020 Labor Day weekend wildfires in Oregon want to examine whether the utility owned by Warren Buffett’s Berkshire Hathaway is colluding with other law firms to reach lowball settlements with …
Allstate, State Farm Sued Over $4 Billion Maui Fire Settlement
A half-dozen Maui wildfire victims sued a group of insurers, including State Farm and Allstate, accusing them of throwing a wrench into a tentative $4 billion deal to settle their claims. The lawsuit filed Friday in state court in Maui …
What Role Does Insurance Play in a Politically Charged Climate?
Law enforcement officials are continuing to investigate a July 13 shooting at a Butler, Pa. rally for former President Donald Trump’s 2024 election campaign. During the incident, the former president was injured, one spectator was killed, and two more were …
People Moves: WTW’s Risk & Broking Unit Names Marsh’s Clarke as President, Garrard Appointed Chair; Everest Names McBride, Garcia for Key Claims Roles
This edition of International People Moves details appointments at insurance broker WTW and the re/insurer Everest Group. A summary of these new hires follows here. WTW’s Risk & Broking Unit Names Marsh’s Clarke as President, as Garrard Becomes Chair Insurance …
Somali Piracy Revives Sharply After Years of Quiet
Somali piracy — the scourge of merchant shipping more than a decade ago — has had a resurgence this year, the industry’s main observer of the crime said. There were eight acts of piracy and hijackings in the first half …
Without Backup Plans, Global IT Outages Will Happen Again
Elements of Friday’s global IT outage, which grounded planes and hit services from banking to healthcare, have occurred before and until more contingencies are built into networks, and organizations put better back-up plans in place, it will happen again. Friday’s …
Dark Fleet Caper Exposes Growing Risks in Crowded Malacca Strait
A collision that set two vessels ablaze off Singapore has underlined the growing risks in the crowded Straits of Malacca, as the dark fleet expands and lackluster Chinese demand leaves dozens of the tankers idling. The Ceres I, a 23-year-old …
Allianz Sees Damages Worth Tens of Millions for German Vineyards
Insurer Allianz SE expects to pay German winemakers tens of millions of euros in insurance claims this year after many vineyards lost their entire harvest to heavy frosts. While mild temperatures earlier in the year helped shoots to develop sooner, …
Vulnerabilities in Non-Banks Leave Door Open to ‘Shocks’, G20 Watchdog Says
Patchy progress on implementing reforms to make money market funds and other types of “non banks” safer has left the global financial system vulnerable to more shocks, the G20’s risk watchdog said on Monday. The Financial Stability Board said that …
Fire-Hit Tanker Enters Malaysia Terminal Area After Being Detained by Coast Guard
A tanker that was involved in a collision near Singapore last week entered the area of Malaysia’s Bertam floating oil terminal on Monday morning after it was intercepted by local authorities on Sunday, shipping data from LSEG and Kpler showed. …