INSURANCE NEWS
Florida Firm Fined $16 Million Over Defect in Clothing Steamer Products
The Consumer Product Safety Commission (CPSC) reports that HSN Inc., of St. Petersburg, Florida, has agreed to pay a $16 million civil penalty. to settle charges that it failed to report complaints and injuries related to its garment steaming products. …
EU Watchdog Cautions Against One-Size-Fits-All Rules for Non-Bank Financial Sector
Regulators should keep on open mind when writing rules for the world’s $239 trillion “non-bank” financial sector to avoid one-size fits all approaches, the EU’s top securities watchdog said. Non-banks, a sector which includes hedge funds, real estate funds, insurers …
World’s Biggest Bank Had to Trade Via USB Stick After Cyber Attack
On Thursday, trades handled by the world’s largest bank in the globe’s biggest market traversed Manhattan on a USB stick. Industrial & Commercial Bank of China Ltd.’s US unit had been hit by a cyberattack, rendering it unable to clear …
Louisiana State Police Open Criminal Investigation Into McClenny Moseley, Apex Roofing
Louisiana State Police have opened a criminal investigation into efforts by McClenny Moseley & Associates and Apex Roofing to solicit customers after receiving a complaint by the state Insurance Department about “suspected fraudulent actions” related to insurance claims. An initial …
Cyber Attack Against Australia Port Operator Causes Massive Container Backlog
DP World Plc is struggling to work through a backlog of 30,000 shipping containers piled up at ports across Australia as the company resumes operations after a cyberattack. Friday’s hack on DP World, one of the world’s largest port operators, …
EU Court Sides With Car Service Firms in Data Fight With Sweden Truck Maker Scania
Swedish truck maker Scania must share car data, such as vehicle identification numbers, with repair shops and parts distributors, Europe’s top court said on Thursday in a ruling that could provide a boost for the latter looking to tap a …
Russia Flagship Carrier Aeroflot Says It Reached Settlement With Aircraft Leasing Firm
Russian flagship carrier Aeroflot said on Thursday it had clinched a settlement with leasing company BOC Aviation under which nine aircraft are to be handed over to Russian state insurance company NSK. A statement issued by Aeroflot said NSK would …
Freight Costs for Ships in Ukraine’s Export Corridor Ease Back to Former Levels
Freight costs for ships in Ukraine’s alternative export corridor have eased back to their former levels, a government source said on Friday, after brokers said earlier they had risen following an attack on a cargo vessel in the Black Sea …
Bank of England to Deepen System-Wide Stress Test for Banks, Insurers
The Bank of England said on Friday it would start the second leg to its first system-wide stress test of how banks, insurers, pension schemes and clearing houses collectively cope with shocks involving interest rates and risky asset prices over …
Former NFL Cornerback Among Six Killed in Crash in Downtown Houston
HOUSTON (AP) – A crash at a red light killed six people including former NFL cornerback D.J. Hayden in downtown Houston early Saturday. The two-vehicle crash occurred about 2 a.m. when a Chrysler 300, apparently “going very fast, high velocity,” …
Cyber ‘Catastrophe Bonds’ Move Step Closer to Hitting Public Debt Markets
Cyber catastrophe bonds may be about to move out of the shadows of private deal-making and into the public debt markets. So-called cat bonds, which farm out hard-to-insure risks to capital market investors in exchange for double-digit returns, have typically …
Ransomware Gang Lockbit Posts What It Says Is Boeing Data on Site
The notorious hacking gang Lockbit has posted what it described as documents belonging to Boeing Co. on its website, two weeks after claiming credit for a cyberattack against the aircraft manufacturer. LockBit recently posted the documents on the dark web …