INSURANCE NEWS
Indiana, West Virginia Pass New Restrictions on Third-Party Litigation Financing
Efforts to reign in third-party litigation financing are on their way to becoming law in Indiana and West Virginia, a scorecard that is less than what business and insurance interests had hoped for this spring. In Indiana, Gov. Eric Holcomb …
Chief Risk Officers Say Cybersecurity Most Pressing Risk: Survey
In an inaugural EY/Institute of International Finance (IIF) global insurance risk management survey, cybersecurity was ranked as the highest concern for chief risk officers. CROs surveyed said the top five risk types or risk management types for the coming year …
SEC Charges 2 Investment Firms, Doles Out $400,000 in Fines, for ‘AI Washing’
The U.S. Securities and Exchange Commission this week said it settled charges against two investment advisers related to “AI washing.” The firms, Delphia Inc. and Global Predictions Inc, will pay a total of $400,000 in civil penalties for making false …
Panel Asks W.Va. Supreme Court if Opioid Distribution Can Cause a Public Nuisance
CHARLESTON, W.Va. (AP) — A federal appeals court asked West Virginia’s highest court Monday whether opioid distributions can cause a public nuisance as it reviews a landmark lawsuit against three major U.S. drug distributors accused of causing a health crisis …
Justice Department to Sue Apple for Antitrust Violations
The Justice Department is poised to sue Apple Inc. as soon as Thursday, accusing the world’s second most valuable tech company of violating antitrust laws by blocking rivals from accessing hardware and software features of its iPhone. The suit, which …
Risk Strategies Acquires North American Units of H.W. International
Global specialty brokerage Risk Strategies reported that it has acquired the U.S. and Canadian operating entities of global insurance holding company, H.W. International B.V. Based in New York City, Hugh Wood Inc. (U.S.) provides commercial lines, personal lines, and group …
Nine Dead After South Korean-Flagged Vessel Capsizes off Japan, South Korea Says
At least nine people were killed when a South Korean-flagged vessel capsized off Japan, South Korea’s foreign ministry said on Thursday. Two South Korean nationals were among the dead, it said, adding that the Japanese coastguard had rescued an Indonesian …
UK Insurer Direct Line Posts Operating Loss as it Grapples With Auto Claims Inflation
Direct Line posted a 2023 operating loss as it grapples high motor claims inflation, but reinstated its dividend as the British home and motor insurer tries to fend off takeover offers from Belgian rival Ageas. The 189.6 million pound ($242.6 …
Texas Contractor Faces $257K Fine After Teenager’s Death in Trench Collapse
A Houston, Texas-area contractor is facing more than a quarter million dollars in fines after a federal investigation found the company’s willful regard for required safety procedures contributed to a teenager’s death when a a 15-foot trench wall collapsed on …
Markets/Coverages: Tech Firm Gabriel Partners With Re/insurer Chaucer and Crisis Mgmt Specialist to Offer Active Assailant Product
Gabriel, an Israel-based technology company that tackles the challenge of mass shootings and workplace violence threats, announced it has partnered with global specialty re/insurance group Chaucer and crisis management specialists Merrill Herzog to provide an active assailant insurance product designed …
Ohio’s Cedar Point Amusement Park Fined $50K in Age Discrimination Suit
An Ohio will pay $50,000 to settle an age discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. Cedar Fair, L.P., doing business as Cedar Point, and Magnum Management Corporation, which own, operate, and …
Chicago Sues Glock Over Proliferation of Illegal Machine Guns on City Streets
CHICAGO (AP) — The city of Chicago sued Glock Inc. on Tuesday, alleging the handgun manufacturer is facilitating the proliferation of illegal machine guns that can fire as many as 1,200 rounds per minute on the streets of the city. …