INSURANCE NEWS
HDI Global Acquires Indiana Lubermens Insurance Company
HDI Global Insurance Company (HDI) has acquired Indiana Lumbermens Insurance Company (ILIC), a subsidiary of Pennsylvania Lumbermens Mutual Insurance Company (PLM). HDI has purchased one hundred percent (100%) of the shares of ILIC from PLM. The transaction closed on November …
Honda Recalling 2.5 Million US Vehicles Over Fuel Pump Issue
Honda Motor‘s American unit is recalling 2.54 million vehicles in the United States over risks of fuel pump failure, the first recall for the issue by the Japanese automaker. Honda previously recalled 628,000 U.S. vehicles in 2021 and 136,000 in …
Novo Nordisk Sues Florida Pharmacies After Finding Impurity in Compounded Wegovy
(Reuters) – Novo Nordisk has sued one compounding pharmacy and refiled a lawsuit against another after finding their products claiming to contain the active ingredient for its in-demand weight-loss drug Wegovy were impure, some by as much as 33%. The …
Citgo Wins $54M from Lloyd’s Insurers After Oil Seized by Venezuela Government
(Bloomberg) — Citgo Petroleum Corp. was awarded an insurance payment of more than $54 million for almost 1 million barrels of crude seized by the Venezuelan government. A jury in federal court in Manhattan decided late Monday that insurers must …
Rite Aid Banned From AI Facial Recognition by FTC After Misuse
Rite Aid Corp. must stop using facial recognition for the next five years as part of a privacy settlement with the US Federal Trade Commission, which said the pharmacy chain misused the technology to mistakenly tag consumers as shoplifters. In …
Audit Finds Tennessee Prisons Severely Understaffed and Officers Worried for Safety
NASHVILLE, Tenn. (AP) –Tennessee prisons are severely understaffed, with a vacancy rate at one prison of 61%, leading to unsafe conditions for both inmates and guards, a state audit of the prison system found. The audit by the state comptroller`s …
Parametric Re/Insurer NormanMax Gets in Principle Nod to Launch Lloyd’s Syndicate
NormanMax Insurance Holdings, the Ft. Lauderdale, Fla.-based parametric re/insurance group, has received “in principle” approval from Lloyd’s to launch a syndicate, which will be managed by Apollo Syndicate Management Ltd. NormanMax Syndicate 3939 aims to commence underwriting in April 2024, …
Tesla Faces Inquiry by Norway’s Safety Regulator Over Suspension Failures
Tesla faces an inquiry by Norway’s traffic safety regulator into suspension failures in the company’s electric cars that could result in a recall, the agency told Reuters. Norwegian Public Roads Administration (NPRA) senior engineer Tor-Ove Satren said the agency started …
China Earthquake Update: 137 People Killed, 12 Still Missing, 207,000 Homes Wrecked
A dozen people were still missing on Thursday after a 6.2-magnitude earthquake struck northwestern Gansu province late Monday, and netizens questioned the speed at which rescue operations had ended. Chinese media reported that search-and-rescue work in Gansu ended at 3 …
Shipping Costs Soar as War and Climate Risks Choke Key Waterways
Global shippers of crude and fuels are grappling with a spike in booking costs for some tankers taking lengthy diversions to avoid disruptions at the Suez and Panama canals. Chartering costs for a so-called Suezmax, the largest class of oil …
Yemen’s Houthis Vow More Attacks on Ships in Red Sea Despite US Naval Force
Yemen’s Houthi rebels vowed to continue targeting ships in the Red Sea despite a US move to compile an international naval task force to protect maritime trade in one of the world’s most important waterways. The Iran-backed group also warned …
Iceland’s Volcanic Eruption Is Dramatic. But It Won’t Cool the Planet.
A volcanic eruption on Iceland’s Reykjanes Peninsula sent lava flowing through a 4-kilometer (2.5-mile) crack in the Earth’s crust. The eruption began in earnest on Monday and occurred near the evacuated fishing town of Grindavík, with lava shooting into the …