INSURANCE NEWS
911 Calls From Maui Capture Pleas For Stranded, and Those Caught in Fire’s Chaos
The day after the deadliest U.S. wildfire in a century destroyed a seaside community on Maui, the barrage of 911 calls didn’t stop: Reports of missing people, stranded family members and confused tourists trapped without food or water lit up …
Markets/Coverages: CFC Launches Embedded Transaction Liability Insurance Product
Specialty insurance provider CFC has launched what it is calling the first ever transaction liability insurance product to be embedded into online M&A platforms in the USA. CFC is initially making its Seller Protect available on the Flippa.com online M&A …
Florida Cat Fund to Borrow up to $3.8 Billion in New Bond Issue
(Bloomberg) — The state corporation that oversees the Florida Cat Fund is planning to borrow as much as $3.8 billion to ensure the fund has plenty of money on hand to reimburse property insurers for losses when homes are damaged …
US Appeals Court Revives Mexico’s $10B Lawsuit Against Gun Maker
A U.S. appeals court on Monday revived a $10 billion lawsuit by Mexico seeking to hold American gun manufacturers responsible for facilitating the trafficking of weapons to drug cartels across the U.S.-Mexico border. The Boston-based 1st U.S. Circuit Court of …
Brown & Brown’s Q4 Profit Jumps on Robust Growth in Fee, Investment Income
Insurance brokerage Brown & Brown reported an 85% surge in fourth-quarter profit to $268.6 million on Monday, helped by higher commissions and fees alongside better investment returns. The insurance industry typically enjoys stable demand for its products regardless of the …
UK Braces for More Hurricane-Strength Winds From Next Atlantic Storm
Just over a day after Storm Isha started to clear, the UK is bracing for more hurricane-strength winds off the Atlantic. Jocelyn — the 10th named storm of the season to hit the UK — will rip across the north …
French Regulator Fines Amazon for ‘Intrusive’ Staff Surveillance
French regulator CNIL said on Tuesday it had fined Amazon France Logistique 32 million euros ($35 million) for what the CNIL said was an “excessively intrusive” surveillance system set up to monitor the performance of staff. The CNIL said indicators …
Australia Imposes Sanctions on Russian Citizen Over Hack of Insurer Medibank
Australia imposed cybersecurity sanctions for the first time on a Russian hacker over his role in the breach of healthcare insurer Medibank Private Ltd. that exposed the sensitive private data of millions of Australians. Foreign Minister Penny Wong announced Tuesday …
Southwest Wins Appeal in Excess Dispute With Liberty
The 5th U.S. Circuit Court of Appeals ruled last week that Southwest Airlines can seek reimbursement under its Liberty Mutual cyber risk policy for costs incurred during a 2016 massive computer failure. An appeals court panel disagreed with the district …
Illinois Man Pleads Guilty to Arson and Insurance Fraud Scheme
An Illinois man admitted guilt in federal court last week for his involvement in a scheme to commit arson on residential properties and collect fraudulent insurance benefits. Rufis A. Jefferson, 47, of Venice, Illinois, pleaded guilty to 14 federal felony …
Family of Texas Woman Killed in Propane Truck Collision Files $150 Million Lawsuit
The family of a Texas woman killed in a January collision with a propane truck has filed a $150 million lawsuit against the propane company and the driver of the vehicle, citing negligence and wrongful death. Nineteen-year-old Yuliana Castillo and …
Vans, Dickies Owner VF Corp: Data of 35.5M Consumers Stolen in Recent Cyberattack
Apparel and footwear company VF Corp. disclosed last week that the personal data of about 35.5 million consumers were stolen as part of a December 2023 cyberattack. According to a Jan. 18 filing with the U.S. Securities and Exchange Commission, …