INSURANCE NEWS
Officials Approve Large Solar Farm in Mississippi Despite Residents’ Objections
JACKSON, Miss. (AP) — What could become Mississippi’s largest solar energy project was approved by a county board this week over objections from people who live near the proposed site. Hinds County supervisors voted 3-2 in favor of a conditional …
Ship Hit by Yemen’s Houthis in Red Sea Has Sunk, UK Navy Says
A vessel hit by a sea drone in the Red Sea last week has sunk, the UK Navy said, the second confirmed to go down since Yemen’s Houthi rebels began attacks on shipping in the region. The bulk commodity carrier …
German Port Workers Strike Could Cost $6 Billion in Lost Trade: Russell Group Analysis
Port strikes at five key five German ports may cost $6 billion (£4.71 billion) in lost trade according to analysis by Russell Group, a data and analytics company. There is a 24-to-48-hour strike by port workers across the five key …
People Moves: Canopius Taps AXA XL’s Houghton as Product Leader, Specialty; Swiss Re Promotes Camara to Head of P/C Re in Northern, Central, Eastern Europe
This edition of International People Moves details appointments at Canopius and Swiss Re. A summary of these new hires follows here. Canopius Taps AXA XL’s Houghton as Product Leader, Specialty Canopius, the London-based global specialty and property and casualty re/insurer, …
The Era of Super-Wild Weather Is Already Here
Wildfires in Canada that burned continuously for over a year. Floods that brought Dubai to a standstill. Deadly heat blanketing the streets of New Delhi. The first half of 2024 has laid bare the catastrophic extremes that now characterize the …
UK Hospital Hackers Say They’ve Demanded $50 Million in Ransom
A cohort of Russian-speaking hackers is demanding $50 million from a UK lab-services provider to end a ransomware attack that has paralyzed services at London hospitals for weeks, according to a representative for the group. Qilin, as the group is …
EU Regulators Call for Changes to Landmark ESG Rulebook
Europe’s ESG rulebook, which is seen as the benchmark for setting sustainability-disclosure requirements worldwide, keeps getting pushback from the regulators charged with enforcing it. In an opinion to the European Commission, regulators for the markets, banking and insurance industries called …
A $29 Billion Weed Market Fights to Diversify
Michael Diaz-Rivera’s experience simultaneously represents the promise and failure of social equity licenses for the cannabis industry. Diaz-Rivera’s conviction in 2006 for marijuana possession made him eligible when Colorado agreed in 2020 to set aside licenses for members of historically …
Take Cover: Lightning Caused $1.2B in Homeowners Claims in 2023, Says Triple-I
Damage to U.S. homes due to lightning resulted in $1.2 billion in homeowners insurance claims in 2023, up 30% from 2022.. The number of lightning-caused U.S. homeowners insurance claims increased by 13.8% over 2022, with numbers from the top 19 …
Exxon Suit Targeting Activist Group Arjuna Tossed by Judge
A federal judge dismissed a lawsuit by Exxon Mobil Corp. against Arjuna Capital after a lawyer for the activist investor group vowed not to try to resurrect a shareholder policy opposed by the company. The judge in Fort Worth, Texas, …
Uninsured Roofing Firm Owner Sentenced for Attempted Cover-Up of Workplace Death
The owner of a New York roofing company has been sentenced for attempting to cover up an employee’s on-the-job death. Law enforcement investigators determined that Jeremiah Wiedemann, owner of Wiedemann Sons Roofing, had moved the victim to a different location …
AM Best Revises Outlooks to Stable for Philadelphia Contributionship Group
AM Best reports it has has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of the members of the Philadelphia Contributionship Group that …