INSURANCE NEWS
Hormuz Transit Security Is ‘Hour to Hour’ Play, Chubb CEO Says
US efforts to open shipping channels in the Strait of Hormuz will allow a gradual increase in vessel transit, though security remains volatile, Chubb Ltd. Chief Executive Officer Evan Greenberg said. “It’s from day to day, hour to hour,” Greenberg, …
AM Best Upgrades Credit Ratings of Missouri’s Columbia
AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of Columbia Mutual Insurance Company and its affiliates, collectively referred to …
Texas Supreme Court Blocks Bid to Stop SpaceX Beach Closures
Siding with SpaceX and the General Land Office, the Texas Supreme Court on Friday ruled that environmental groups did not have a right to sue to preserve public access to a beach that has been closed during rocket launches. The …
Court Orders Ohio Restrictions on Kids’ Use of Social Media Restored
Ohio’s law requiring children under 16 to get parental consent to use social media apps must be restored, a divided panel of the Sixth Circuit Court of Appeals ruled last week. The decision comes as a blow to NetChoice, which …
Volunteers Risked Lives to Save Survivors in Texas Plane Crash
The business jet barreled cockeyed down the dark highway, knocking down one light pole after another, an orange glow of sparks trailing it. From a distance, Ivan Franco thought it must be a car. But as he approached in his …
People Moves: Platinum Specialty Underwriters Adds McGarry, Berger to Property Program
Platinum Specialty Underwriters, a specialty underwriting platform announced the addition of two experienced property insurance leaders, Bryan McGarry and Adam Berger, to support the continued growth and expansion of its property capabilities with program launch later this summer. McGarry joins …
West Set to Sizzle This Summer While Northeast Stays Cooler
The U.S. West and Gulf Coast are set to broil this summer while the rest of the nation may face dreary and cool days — thanks in part to El Niño. The U.S. Climate Prediction Center sees the western and …
Baby Formula Maker Nara Issues Recall After FDA, CDC Flag Botulism Cases
Baby formula maker Nara Organics said it is voluntarily recalling all of its infant formula, currently available in the United States, over potential risk of bacterial contamination. The company said the U.S. FDA and CDC contacted it late Friday and …
US Acts to Speed Up Power Grid Hook-Ups for AI Data Centers
US regulators have taken their biggest step yet to speed the connection of data centers to the country’s grids while simultaneously attempting to slow surging utility bills that have angered Americans. The Federal Energy Regulatory Commission approved a series of …
Mississippi Insurance Department Fires Examiner After Credit Union Scandal
The Mississippi Insurance Department has fired its top examiner, a month after he was implicated in a multimillion-dollar embezzlement scandal at his wife’s credit union. Chad Bridges, the director of financial and market regulation at the insurance department since early …
NYC Mayor, Other Leaders Want Ban on Horse Carriage Rides After Teen’s Death
The death of a young tourist who jumped from a runaway horse carriage in Central Park has intensified calls to ban the old-time attraction from one of New York City’s most recognizable destinations. Romanch Mahajan, 18, died after he got …
California AG Announces $7M Settlement with Property Manager in Algorithmic Rent Scheme
A property management company is paying $7 million for what the California Attorney General calls an “algorithmic rent alignment scheme.” California Attorney General Rob Bonta worked on the settlement as part of a coalition of nine attorneys general with LivCor …