INSURANCE NEWS
President Biden Visits East Palestine, Ohio to Assess Cleanup After Train Derailment
EAST PALESTINE, Ohio (AP) — President Joe Biden on Friday surveyed the federal cleanup in East Palestine, Ohio, more than a year after an explosive fire from a derailed train carrying hazardous chemicals, and saw up close the lingering hostility …
Insurtech Cake Completes $1.3M in Pre-Seed Funding
Cake, an insurtech based in Indianapolis, has announced the completion of a $1.3 million pre-seed funding round led by venture capital company Markd. Additional sponsors included 2ndF, Iridium Bloom LLC, 101 Weston Labs, IIANC, and other industry-specific strategic partners. The …
Turkey Plans Fine for SSR’s Local Unit Over Mine Spill
Turkey plans to fine a unit of SSR Mining Inc. after a landslide at its Copler gold mine and have the company cover the cost of removing millions of tons of waste, three government officials said. Anagold Madencilik, 80%-owned by …
Markets/Coverages: Connecticut Opens Door to Real Estate Insurer Honeycomb
The Connecticut Insurance Department has given Honeycomb Insurance approval to write policies statewide. Honeycomb offers customizable insurance coverage for apartment complexes, condominium associations, and single-family rental dwellings. The insurer promises technology-enabled and streamlined service, underwriting and pricing for commercial insurance …
Germany to Approve Cannabis Bill This Week in Legalization Drive
German lawmakers will approve delayed legislation decriminalizing personal use of cannabis this week, paving the way for it to take effect on April 1, according to Health Minister Karl Lauterbach. The law, set to pass the lower house of parliament …
‘Citizens 2.0’ is 86’d but Other Florida Insurance, Liability Bills Still Alive
A move to revamp the state-backed property insurer of last resort into Florida’s main wind carrier, a plan dubbed “Citizens 2.0,” appears to have died in the Legislature this year. But other insurance-related bills are still alive, and the governor’s …
Markets/Coverages: Vantage Risk Introduces U.S. Primary Casualty Insurance
Vantage Group Holdings Ltd., the Bermuda-based insurer and reinsurer, is offering U.S. primary casualty in addition to its existing Bermuda and U.S. excess casualty products, continuing the company’s expansion of specialty insurance capabilities. Vantage said its new U.S. Primary Casualty …
Uber Sues Drivers’ Insurer Alleging Its Claims Practices Have Fueled Tort Litigation
Uber Technologies last Friday sued an auto insurer to have it defend and indemnify it regarding multiple lawsuits that are seeking to hold Uber vicariously liable for accidents involving Uber drivers in New York. The technology company maintains that the …
FTX Investors Sue Sullivan & Cromwell, Say Law Firm Aided Fraud
FTX investors sued Sullivan & Cromwell, accusing the law firm of aiding illicit schemes that helped advance a multi-billion dollar fraud before the crypto exchange’s collapse. Sullivan & Cromwell’s services “went well beyond those a law firm should and ordinarily …
Flying Got Safer Last Year Almost Everywhere Except Russia
Flying further improved its safety record last year, extending a long-term trend that’s set to continue despite quality lapses at Boeing Co. and maintenance setbacks in Russia, where sanctions have put decades of progress at risk. There were 124 fatalities …
Seafarers Can Refuse to Sail Through Red Sea as Houthis Step Up Attacks: Industry
Seafarers have the right to refuse to sail on ships passing through the Red Sea in a new industry agreement as the situation escalates and further vessels are attacked by Yemen’s Iran-aligned Houthis, a labor union and industry groups said …
Remote Workers Often First to Get Laid Off Despite Legal Risk
Remote workers are more likely to be laid off or miss out on promotion opportunities than their peers who work in the office or in hybrid environments, potentially exposing employers to costly discrimination lawsuits. A January survey from Live Data …