INSURANCE NEWS
Ships Fleeing the Red Sea Now Face Perilous African Weather
Ships sailing around the southern tip of Africa are wrestling with a bout of bad weather that has already run one vessel aground and seen another lose more than 40 containers overboard. CMA CGM SA said on Thursday that its …
What Happened to Reinsurance Class of 2023? Hard Market Defies Age-Old Patterns.
Catastrophic events, such as major hurricanes and the Sept. 11 terrorist attacks, traditionally have led to hard markets that in turn drove the formation of startup reinsurers to fill capacity needs. Reinsurers launched in “the class of 1992,” “the class …
Abbott Accused at Trial of Hiding Fatal Risk of Infant Formula
Abbott Laboratories hid the risks of its premature-infant formula causing a potentially fatal bowel disease from parents even though company officials acknowledged the peril in internal documents, a lawyer told a Missouri jury. The company was accused of putting profits …
Insurers Hike Rates as Extreme Storms Like Beryl Proliferate, Bringing Forecasts for Fatter Profits
Destructive storms like Hurricane Beryl that knocked out power to 3 million homes and businesses in Texas are growing more frequent and intense, and insurers are jacking up rates in response. That could mean big profits for property and casualty …
Hurricane Beryl’s Remnants Spawn Severe Storms in Midwest and Northeast
INDIANAPOLIS (AP) — The remnants of Hurricane Beryl dropped tornadoes and threatened flooding Wednesday as the system churned into Canada and the northeastern U.S. after leaving millions in the Houston area without power. Beryl, which landed in Texas on Monday …
Texas Steel Plant Fined $269K for Endangering Workers
Two years after the U.S. Department of Labor added Kyoei Steel LTD to its program for severe violators of federal safety and health regulations, inspectors returned for a follow-up inspection at the Vinton, Texas steel fabrication and recycling facility and …
Half a Million Will Be Under Houston Outages a Week After Beryl
Days after Hurricane Beryl crashed through the city, Houston is still grappling with the aftershocks. Large swaths of America’s fourth-largest city are still without power, shutting stores and snarling traffic at non-functioning lights. Gas stations are either closed or swamped …
Lawsuit Against West Virginia Troopers Settled in Death of Maryland Man
CHARLESTON, W.Va. (AP) — A judge approved a $1 million settlement Tuesday in a wrongful death lawsuit that accused West Virginia state police troopers of using excessive force on a Maryland man who was walking along a highway last year. …
NTSB Investigating Crash of Small Plane That Killed Three in North Carolina
MARION, N.C. (AP) — Three people were killed when a small plane crashed in western North Carolina, officials said Monday. McDowell County Emergency Management said in a statement that emergency personnel responding to a report of a missing small plane …
Tennessee Sheriff Pleads Not Guilty to Using Prison Labor for Personal Profit
MEMPHIS, Tenn. (AP) — A sitting Tennessee sheriff pleaded not guilty Wednesday to charges that he illegally profited from the work of jail inmates under his supervision and housed dozens of them in a home outside of the prison without …
Origin Specialty Acquires Agribusiness Managing General Underwriter AIMS
Illinois-based specialty insurance broker Origin Specialty Underwriters Agency announced it has acquired Agricultural Insurance Management Services (AIMS), an agribusiness insurance-focused managing general underwriter based in Bow, New Hampshire. AIMS does most of its business in the Mid-Atlantic and East Coast …
AT&T Says Data From Around 109M Customer Accounts Illegally Downloaded
AT&T said Friday the company suffered a massive hacking incident as data from about 109 million customer accounts containing records of calls and texts from 2022 was illegally downloaded in April. The U.S. telecom company said the FBI is investigating …