INSURANCE NEWS
Openly Secures $100 Million in Series D Funding
Insurtech homeowners insurer Openly said has raised $100 million in Series D funding, led by Eden Global Partners. There was additional participation in the round from a mix of current and new investors including Gradient Ventures, Clocktower Technology Ventures, Trinity …
California Truck Drivers Ask Governor to Sign Job-Saving Bill as Self-Driving Big Rigs Are Tested
California lawmakers, union leaders and truck drivers are trying to steer Democratic Gov. Gavin Newsom toward signing into law a proposal that could save jobs as self-driving trucks are tested for their safety on the roads. The legislation would ban …
Markets/Coverages: AmTrust Introduces Admitted Lawyers Professional Liability
Global specialty P/C insurer AmTrust Financial Services introduced a new admitted lawyers professional liability policy from AmTrust PRO for mid-sized law firms. “In today’s competitive and complex legal environment, even a small error or simple oversight by an individual attorney …
OSHA Fines Georgia Concrete Pipe Maker $246,000 After Death of Worker in Florida
The death of a 19-year-old Florida worker could have been prevented if a concrete pipe maker had ensured that employees followed proper safety procedures, the U.S. Occupational Safety and Health Administration said. OSHA cited Foley Products Co., based in Georgia, …
MGM Resorts Recovers From Cyberattack, but Still No Digital Room Keys
MGM Resorts said on Wednesday its hotels and casinos were back to normal operations but it was working to resolve issues at its luxury Excalibur hotel and casino in Las Vegas, over a week after a cyberattack disrupted its systems. …
Maritime Industry Eyes Nuclear Power for Ships as Tech Advances; Insurers Are Wary
The maritime industry is exploring whether nuclear fuel can be used to power commercial ships as advancements in technology open up such options, industry officials said. Nevertheless, any possible nuclear fuel solutions for ships are at least 10 years away …
Tech Update: Conduit Re Partners With hyperexponential for Price Decision Intelligence
Conduit Re, the Bermuda-based global reinsurer, is achieving end-to-end underwriting with pricing decision intelligence (PDI) company hyperexponential. Using the PDI platform, hx Renew, Conduit Re is now able to rapidly develop and iterate its pricing models and rating landscape. Conduit …
Climate Change Made Deadly Floods in Libya and Greece More Extreme
The low-pressure weather system that unleashed unprecedented amounts of rain across the eastern Mediterranean last week was made more likely and more intense by climate change. Global warming caused by human emissions of greenhouse gases made the heavy rainfall over …
UK Firm Sold Thousands of Unverified Jet Engine Parts, CFM Says
Jet engine maker CFM International said on Wednesday thousands of engine components may have been sold with forged paperwork by a British distributor, as the fallout from a probe into falsely certified parts reached London’s High Court. Matthew Reeve, a …
UK Watchdog Sets 3-Month Deadline to Improve Car Insurance
Britain’s financial watchdog has told motor insurers they have three months to improve the value they give customers in products that top up coverage, or face potential sanctions. The Financial Conduct Authority (FCA) said on Wednesday it had asked insurers …
John Grisham, Other Top Authors Sue OpenAI Over Copyrights
A trade group for U.S. authors has sued OpenAI in Manhattan federal court on behalf of prominent writers including John Grisham, Jonathan Franzen, George Saunders, Jodi Picoult and “Game of Thrones” novelist George R.R. Martin, accusing the company of unlawfully …
Berkshire Hathaway Energy Shows Unusual Risk Appetite in Wildfire Court Fight
Berkshire Hathaway Energy Co.’s PacifiCorp has been battered in an unprecedented court fight over the utility’s failure to prevent massive wildfire destruction in Oregon. The largest grid operator in the western US faces the risk that it will have to …