INSURANCE NEWS
11 Sent to Hospital After Ammonia Leak at Southern California Building
An ammonia leak at a Southern California business sent 11 people to the hospital, authorities said. The leak was reported shortly before 9:15 a.m. on Friday in a commercial building in Buena Park, the Orange County Fire Authority said. The …
Kids Suing Social Media Over Addiction Find a Win Amid Losses
Minors and parents suing Meta Inc.’s Facebook and other technology giants for the kids’ social media platform addictions won an important ruling advancing their collection of lawsuits in a California court. A state judge on Oct. 13 threw out most …
Rutter’s Stores Pays $1 Million for Payment Card Data Breach
Pennsylvania Attorney General Michelle Henry announced a settlement with York-based convenience store chain, Rutter’s, regarding cybersecurity attacks that exposed information from more than a million customer payment cards. The attacks happened over a nine-month span in 2018 and 2019, involving …
Progressive Q3 Earnings Skyrocket as Combined Ratio Gets Closer to Goal
Progressive Corp. posted significant improvement in third quarter earnings late last week – with net income of $1.12 billion compared to $124.1 million a year ago during the same period. Progressive gave a snapshot of it’s Q3 earnings in announcing …
Florida Citrus Forecast Improves Over Last Year When Hurricanes Hit State
The forecast for Florida citrus, the state’s signature crop, is expected to improve in the upcoming season compared to last year when twin hurricanes battered the state at the start of the citrus season, according to estimates released Thursday. Florida …
Rite Aid Files for Bankruptcy Amid Rising Debt, Opioid Litigation
Debt-laden Rite Aid filed for bankruptcy protection on Sunday and said it would close underperforming stores, as the drugstore chain comes under pressure from lawsuits alleging that it helped fuel the U.S. opioid crisis. The filing will allow it to …
Deadly Indonesian Cough Syrup Was Almost Pure Toxin, Prosecutors Say in Court Filing
An Indonesian drugmaker whose cough syrup is among products linked to the deaths of more than 200 children last year used ingredients with toxin concentrations of up to 99% in 70 batches of medicine, prosecutors said in a court filing. …
UK Watchdog Fines Equifax $13.4M for Role in ‘One of Largest’ Cyber Breaches
Britain’s financial watchdog said on Friday it had fined consumer credit rater Equifax Ltd. 11 million pounds ($13.4 million) for its role in “one of the largest” cyber-security breaches in history. The Financial Conduct Authority (FCA) said that in 2017 …
Catastrophe Bond Market Defies Global Selloff With Record Returns
As bond markets everywhere get battered by a cocktail of higher interest rates, deficit angst and hawkish central bankers, one class of debt instrument is handing creditors double-digit returns: catastrophe bonds. Investors in the $40 billion market for so-called cat …
500K Vehicles Stolen in H1 2023; Dodge Chargers Top List
Vehicle thefts continue to plague the nation, according to a new report released by the National Insurance Crime Bureau (NICB). The report was released to coincide with National Crime Prevention Month. Nearly 500,000 vehicles were reported stolen nationwide in the …
Musk’s X Illegally Fired Worker Challenging Office Return; NLRB
Elon Musk’s X illegally fired an employee in retaliation for her internet posts challenging its return-to-office policy, the U.S. labor board alleged on Friday. In the complaint, a regional director of the U.S. National Labor Relations Board (NLRB) accused X …
Ford Recalls Over 238,000 Explorers to Replace Axle Bolts
Ford is recalling more than 238,000 Explorers in the U.S. because a rear axle bolt can fail, potentially causing a loss of drive power or allowing the SUVs to roll away while in park. The recall comes after U.S. safety …