INSURANCE NEWS
China Probes Exposure of HK Units of Banks, Insurers to Local Gov’t Debt: Sources Say
China’s financial sector regulator is looking into the exposure of the Hong Kong units of domestic banks and insurers to the country’s local government debt, three sources with knowledge of the matter said, as part of its efforts to contain …
BNP Paribas Considers Buying Fosun’s Ageas Stake
BNP Paribas SA is considering a potential acquisition of Fosun International Ltd.’s stake in Belgian insurer Ageas, according to people with knowledge of the matter. The French lender has been holding discussions on a possible purchase of Fosun’s holding in …
Music Festivals Canceled This Year Reveal Rising Costs of Producing Large Events
For four decades, the Riverbend Festival delighted music fans in Tennessee with headlining acts like Lionel Ritchie and ZZ Top, but this year the show won’t go on. “Riverbend is reevaluating and restructuring in order to be successful in the …
Sierra Club Sues SEC for Weakening Climate Risk Disclosure Rules
A major environmental group has sued to challenge new rules issued by the U.S. Securities and Exchange Commission requiring public companies to report climate-related risks, arguing they do not go far enough to protect investors. The Sierra Club and the …
Terrorist Threat to US Has Reached ‘Whole Other Level,’ FBI’s Wray Warns
Terrorist threats toward the US have reached a “whole other level” from the already heightened situation before the Oct. 7 attack by Hamas on Israel and its response, FBI Director Christopher Wray said Tuesday. “You’ve seen a veritable rogue’s gallery …
People Moves: Former Louisiana Commissioner of Insurance Donelon Joins McGlinchey
McGlinchey Stafford, headquartered in New Orleans, named former Louisiana commissioner of insurance and attorney Jim Donelon as a member. While his insurance regulatory practice is national in scope, he will primarily work from the Baton Rouge and New Orleans offices. …
Buttigieg Scolds Railroads for Not Doing More to Improve Safety Since Ohio Derailment
Transportation Secretary Pete Buttigieg has reiterated his concerns about railroad safety and scolded the industry for not doing more to improve since last year’s fiery Ohio derailment. In a new letter to the freight railroads’ main trade group, Buttigieg acknowledged …
Massachusetts Couple Charged With $627K in Workers’ Compensation Fraud and More
A Hopkinton, Massachusetts couple has been arrested and charged in connection with separate schemes to defraud their workers’ compensation insurance carriers, the Small Business Administration (SBA) and their mortgage lender. According to the U.S. Attorney, Ronaldo Solano and Adriana Solano …
Dozens Allege Child Sexual Abuse in Maryland Treatment Program Run by Catholic Order
More than three dozen people allege in two lawsuits filed Tuesday that they were sexually abused as children at a Maryland residential program for youths that closed in 2017 following similar allegations. In the separate lawsuits, attorneys detailed decades of …
Police Say Private Jet Was Short on Approach to Virginia Runway When It Crashed, Killing 5
A small private jet was short on its approach to a rural Virginia airport’s runway when it struck trees and crashed into a hillside and burned, killing all five people aboard, state police said Monday. The twin-engine IAI Astra 1125 …
Waymo’s Robotaxi Expands into Los Angeles, Starting Free Rides in Parts of City
Robotaxis will begin cruising the streets of Los Angeles this week when Google spinoff Waymo starts offering free rides to some of the roughly 50,000 people who have signed up for its driverless ride-hailing service. Waymo is expanding into Los …
California Insurance Commissioner: Allow Cat Modeling in Rates for Wildfires
California Insurance Commissioner Ricardo Lara said he will allow catastrophe modeling to be used in rate regulation for wildfires, a move he says will help restore insurance options for Californians, including allowing. It was the latest phase of Lara’s Sustainable …