INSURANCE NEWS
Google Settles AI-Related Chip Patent Lawsuit That Sought $1.67B
Google on Wednesday reached a settlement in a patent infringement lawsuit over chips that power the company’s artificial-intelligence technology, according to a filing in Massachusetts federal court. The settlement comes the same day that closing arguments were scheduled to begin …
California County Paying $5M Settlement Over Arrest Of Election Technology Company Founder
Los Angeles County agreed to pay $5 million to the founder and CEO of a software company who was briefly accused of stealing data on county poll workers in a case he said was pushed by conspiracy theorists. The Board …
People Moves: Former California Earthquake Authority CEO Pomeroy Joins GeoVera
Glenn Pomeroy, former CEO of the California Earthquake Authority (CEA), joined GeoVera as executive vice president of marketing and regulatory affairs effective February 1. GeoVera is headquartered in Fairfield, Calif. Pomeroy has over 30 years of industry experience, including eight …
Heavy Rains Cause Elevated Flooding Risks in Texas
HOUSTON (AP) —Heavy rains in Texas on Wednesday closed schools and elevated flooding risks around Houston in another round of soaking downpours that have made for a soggy and dangerous week across large portions of the U.S. A stretch of …
Texas Mutual Reports Nearly 6% Increase in Severe Injuries in 2023
Texas Mutual saw nearly 6% more severe injuries reported in 2023 compared to the previous year, according to an incident trends report released by the insurer. The construction industry reported the most serious incidents by industry in Texas in 2023. …
Fifth Circuit Upholds $502K Award for Louisiana Church in Hurricane Laura Damage Suit
The United States Fifth Circuit Court of Appeals earlier this month upheld a 2022 decision against Church Mutual Insurance Co. in favor of Sugartown United Pentecostal Church in Dry Creek, Louisiana, which sits about 50 miles northeast of Lake Charles. …
Kansas Commissioner Schmidt to Serve on Three NAIC Committees
Kansas Insurance Commissioner Vicki Schmidt announced that she will be serving on three committees for the National Association of Insurance Commissioners (NAIC) in 2024. Committee assignments were made at the NAIC’s winter meeting in January. Schmidt was assigned to the …
Walmart to Pay $60K over Sex Discrimination Case at Iowa Store
Walmart will pay $60,000 and provide other relief to settle a sex discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. The EEOC charged in its suit that Walmart refused to promote an employee …
People Moves: Aventum Promotes Eldridge to MD; Aon Names Dando as EMEA Head of Strategy, Technology Group; Chubb Taps WTW’s Källs as Country Mgr, Sweden/Finland
This edition of International People Moves details appointments at the re/insurance group Aventum, the broker Aon, and insurer Chubb. A summary of these new hires follows here. Aventum Promotes Eldridge to MD Aventum, the London-based re/insurance group that operates across …
Witness Affidavit Not Needed Before ‘John Doe’ Auto Suit Filed – SC Supreme Court
A driver may file a “John Doe” civil action against an unknown driver, even without first obtaining an statement from a third-party witness. But an affidavit must be produced promptly upon request, the South Carolina Supreme Court decided Wednesday. The …
Amazon Pulls Plug on UK Home Insurance Venture
Amazon has pulled the plug on its UK home insurance venture – a comparison website – after launching in October 2022. “Over the last year, we have been evaluating various businesses and programs, and as a part of that we’ve …
Reinsurance Market Likely to Begin Softening in 2025 as Capacity Rises in 2024: Fitch
Reinsurers’ underwriting margins are expected to peak in 2024 on the significant price rises and tighter terms and conditions achieved during 2023 and in the January 2024 renewals, which will likely lead to softer market conditions in 2025, according to …