INSURANCE NEWS
Authorities: Man Fleeing Police in Alabama Caused Crash That Injured Gayle Manchin
HOMEWOOD, Ala. (AP) — A man fleeing police caused the Alabama car crash that injured Gayle Manchin, head of an economic development partnership of the federal government and 13 state governments and the wife of U.S. Sen. Joe Manchin, along …
Florida House Votes to Loosen Child Labor Laws a Year After Tougher Immigrant Statute
TALLAHASSEE, Fla. (AP) — A year after Florida enacted a law making it more difficult for employers to hire immigrants illegally, a move that has reportedly exacerbated a labor shortage and has added to property insurance repair costs, the state …
Chile’s Second-Largest Refinery Shuttered Due to Power Outage Following Wildfires
The Aconcagua refinery, Chile’s second-largest with a capacity to process 102,000 barrels per day (bpd) of crude, has been shut down since Friday following a power outage caused by forest fires raging in the country, its owner said on Sunday. …
EquiLend Restores Some Services After Cybersecurity Incident
Fintech firm EquiLend said on Friday some services, including trading and post-trading solutions, had been restored, more than a week after it suffered an outage due to unauthorized access to its systems. EquiLend, a company at the heart of securities …
Report: Top AI Trends for Insurers in 2024 Include Claims, Other Insurance Processes
Insurers are prepared for artificial intelligence to move beyond task automation and machine learning to advanced uses in 2024, a new report examining the industry and how it’s using AI shows. The report from Xceedance, a provider of operations support, …
Hedge Funds’ Mega Returns Set Off Demand Spiral for Catastrophe Bonds
As hedge funds rake in record profits in one of the riskiest corners of the debt market, the products behind those returns are now drawing in more mainstream investors. Catastrophe bonds, which last year formed the basis for the best-performing …
EU Agrees New Push to Repair, Not Replace, Defective Consumer Goods
Consumers will be given greater rights to have goods such as washing machines and smartphones repaired under new rules agreed by the European Union and aimed at reducing waste from defective or broken products simply being dumped and replaced. Along …
N Carolina Lawmakers Say Changes Could Come for State’s High-Risk Driver Pool
North Carolina has a rather unique setup for auto insurance, allowing insurers to place high-risk drivers into the state Reinsurance Facility, a non-profit, state-created pool. That system came under new scrutiny last week, with some state lawmakers questioning if it …
People Moves: CIWA Names Four New Board Members
The California Insurance Wholesalers Association (CIWA), a professional trade association focused on California E&S insurance wholesalers, carriers and supporting entities, named four new members to its board of directors. New directors include: Mark Kaufman, regional executive vice president, XPT Specialty …
Liberty Mutual to Eliminate 250 Positions
Liberty Mutual has confirmed it is eliminating about 250 positions, or 0.5% of its global workforce, as it continues implementing new organizational structures within US Retail Markets and Global Risk Solutions units. In an email a spokesperson said some employees …
Europe’s Toughest ESG Rule Hits Wall of German Objections
The European Union’s most stringent ESG rule to date may be scuppered due to eleventh-hour German opposition to the plan. The EU was on track to move forward with the Corporate Sustainability Due Diligence Directive after December, when lawmakers and …
Tobacco Giants’ Patent Settlement Clears Path for Smokeless Products
Tobacco giants Philip Morris International Inc. and British American Tobacco Plc settled a series of patent suits that clears a path for both firms to bring their cigarette alternative products to US and European markets. The accord ends legal challenges …